Guides & Research

Hibachi (hibachi.xyz) is the #13 tokenless perp DEX at $543M in 30-day volume — founded by Varun Kumar (Hashflow co-founder) and focused on ZK-proof-settled stablecoin FX and crypto perpetuals: EURUSD, GBPUSD, AUDUSD plus spot and derivatives. Planning migration to Circle's Arc L1. Hibachi is a Circle Ventures portfolio company and Arc Builders Fund participant. $5M raised from Dragonfly Capital and Electric Capital. $HEAT token. KYC/AML compliance for institutional. BULK Exchange is Solana-native with BULKBFT CLOB and portfolio margin.

Hotstuff (hotstuff.trade) is the #16 tokenless perp DEX at $366M in 30-day volume — running its own L1 with DracoBFT consensus where validators are financial access points with built-in fiat-to-crypto rails. Hotstuff Liquidity Vaults (HLV) generate yield used directly as perp margin. Backed by Delphi Digital, Dialectic, Stake Capital, and Tykhe Ventures — with founders of 1inch, Safe, Biconomy, and Socket as investors. BULK Exchange is Solana-native with BULKBFT leaderless consensus, portfolio margin, and $8M from Anatoly Yakovenko and Wintermute. Both treat validators as part of the product — different architectures, same philosophy.

Ethereal (ethereal.trade) is the #15 tokenless perp DEX at $370M in 30-day volume, operating as "Meridian" in some contexts. It runs on Ethena Network's L3 (Arbitrum execution, Celestia data availability) with USDe as the native margin currency, earning Ethena yield while collateral is deposited. ENA token holders receive 15% of the Ethereal governance token at TGE. BULK Exchange is Solana-native with BULKBFT CLOB and BulkSOL yield. Two closed-loop yield-on-margin strategies on different chains.

Nado (nado.xyz) is the #7 tokenless perp DEX at $7.3B in 30-day volume — built on Ink L2, Kraken's proprietary Ethereum Layer 2, by a team from Kraken. 30+ perp pairs, 20x max leverage, $50M TVL, $42B+ cumulative volume, $4M+ protocol revenue in Q1 2026. Combines CLOB spot, perpetuals, and money markets in one cross-margin account with an NLP vault for natural-language trading. BULK Exchange is Solana-native with BULKBFT leaderless consensus and portfolio margin.

Ostium (ostium.com) is the #8 tokenless perp DEX at $4.7B in 30-day volume — an Arbitrum-based pool model specializing in real-world asset synthetic perpetuals: 71 markets spanning stocks, forex, commodities, and indices. 91% of open interest is non-crypto. OLP vault APY ~53%. Dual oracle system: Chainlink for crypto, custom pull oracle for RWA. Backed by General Catalyst, Jump Capital, Coinbase Ventures, and Wintermute with $27M raised. BULK Exchange is Solana-native with BULKBFT CLOB and portfolio margin.

Perpl (perpl.xyz) is the #18 tokenless perp DEX at $82M in 30-day volume — the only fully on-chain CLOB in the EVM ecosystem enabled by Monad L1's parallel EVM execution. $9.25M raised from Dragonfly Capital, HashKey Capital, and Mirana. Points program launched June 2026. BULK Exchange is Solana-native with BULKBFT validator-integrated CLOB. Of all the EVM-ecosystem competitors, Perpl's architecture is most structurally similar to BULK's approach: both bet on on-chain CLOB execution at throughput levels that standard chains cannot support.