Everything you need to understand perpetual futures, on-chain order books, MEV protection, liquidations, and funding rates — explained for traders moving from CEXes to Solana DeFi.
The advanced BULK AURA play: loop PT-BulkSOL on Loopscale for up to ~40% APY while stacking AURA from BulkSOL exposure. Worked example used a June 2026 maturity — structure applies to current Exponent markets.
BULK mainnet launched September 5, 2026. Pre-deposits converted automatically to trading margin, invite-only trading opened at 9am EST, and the Genesis Phase (0 maker fees) is live through roughly October 5.
The BULK leaderboard runs two concurrent scoring systems: Season 1 depositor rank (USDC × time held) and testnet trading history. Snapshot 1 (June 6): 7,615 wallets, $20.7M TVL, 48,971 leaderboard entries. See the actual top 25 AURA earners table and what your rank means.
The BULK Exchange paper trading competition ran May 19–28, 2026 with $50,000 in prizes, paid out May 29. The ranking formula changed mid-competition after gaming was discovered, and 27 wallets were banned for bot abuse. This page covers what actually happened and how to use the testnet now.
GMX is the most established perp DEX outside of Hyperliquid, with billions in TVL and years of live trading. BULK Exchange targets a fundamentally different architecture. This comparison covers execution model, fees, capital efficiency, and why the two serve different traders.
BULK's Genesis Phase waives maker fees entirely for the first 30 days of mainnet. Every day you trade after this window closes, you're paying a fee you could be paying zero on right now.
Mainnet is invite-only · Free code + referral link, no deposit required to look