· Kael · Institutional · 6 min read
Three Stacked Yield Streams for BULK Institutional Depositors
BULK institutional accounts can stack three independent AURA/yield streams simultaneously post-mainnet: trading volume AURA, BulkSOL staking yield (including 12.5% of all exchange fees), and referral AURA. None of these require the same capital — they can all run in parallel.
TL;DR
BULK institutional accounts can run three AURA/yield streams simultaneously post-mainnet: trading volume AURA, BulkSOL AURA (staking yield plus 12.5% fee share, live now), and referral AURA. All three run in parallel — referral AURA does not draw from personal capital, it compounds on top of trading and BulkSOL returns.
Most yield strategies force a choice: deploy capital here or there. BULK’s mainnet structure (live since September 5, 2026) allows institutional accounts to run three independent income streams simultaneously — each drawing from a different mechanism, each with a different risk and return profile. None of them cannibalize each other.
Understanding how to stack all three is the difference between a basic trading account and an optimized institutional position. Note: Season 1’s original pre-deposit stream (deposit-and-hold, size × time) closed at mainnet launch — it’s referenced below only where historically relevant.
The Three Streams
Stream 1: Mainnet Trading AURA
Mechanism: AURA now accrues from mainnet trading activity rather than Season 1’s closed deposit-and-hold formula. The exact per-volume mechanics are not fully published, but kdot (CEO) has confirmed mainnet trading as a primary allocation signal alongside referrals and BulkSOL holding.
Key properties:
- Requires active trading, not passive capital sitting as margin
- Also generates access codes (1 per $1M volume) to invite new referrals during the invite-only period
- Capital requirement: USDC deposited as margin at
app.bulk.trade
Historical context: Season 1 pre-deposits (deposit-and-hold, USDC × time) converted automatically to trading margin at mainnet launch on September 5, 2026 — that mechanic is now closed. What earned AURA before now trades directly.
Who optimizes this now: Institutions running consistent trading volume, since that’s what both earns AURA and generates access codes for new referrals — not passive capital sitting as margin.
Stream 2: BulkSOL Staking Yield (Four Independent Sources)
Mechanism: BulkSOL is BULK Exchange’s native liquid staking token. Holding BulkSOL generates yield from four independent income streams simultaneously:
| Stream | Source | Notes |
|---|---|---|
| Solana staking yield | Native Solana PoS rewards | Standard ~7-8% APY base |
| MEV rewards | Validator MEV capture | Depends on validator selection |
| Exchange fee revenue | 12.5% of all BULK Exchange fees | Live now, mainnet trading generates the fees |
| Loopscale lending yield (optional) | PT-BulkSOL loop on Loopscale | Additional layer, adds leverage/liquidation risk |
The exchange fee stream is the critical one. Hyperliquid’s closest equivalent was HYPE staking, which routed a portion of exchange fees to stakers. BulkSOL routes 12.5% of all exchange fees proportionally to all BulkSOL holders, and this stream is live now that mainnet trading generates real fee revenue.
An institution that accumulated BulkSOL before mainnet holds a claim on exchange fee revenue that’s now compounding with real trading volume. Accumulating now still captures the ongoing yield, just without the earlier entry point.
Who optimizes this: Institutions with a multi-year time horizon on the position. The exchange fee stream is most valuable if BULK achieves significant trading volume — the same bet that paid off for early HYPE stakers. BulkSOL holders also earn weekly AURA independent of the fee/staking yield.
How to get BulkSOL: Available on Titan. See: BulkSOL AURA Guide
Stream 3: Referral AURA
Mechanism: Referral AURA now accrues from the trading activity of people you refer, replacing Season 1’s closed flat-rate deposit formula (1 AURA per $100 held). Mainnet access is invite-only — a referral also needs one of your access codes.
Key properties:
- Requires an active referral link plus a spare access code, not just a code
- No additional personal capital required beyond having an active, trading account
- Independent of Streams 1 and 2 — referral AURA is calculated separately and added on top
- Scales with your referral’s trading activity, not a one-time deposit
Historical note: Season 1’s referral formula was a flat, uncapped 1 AURA per $100 referred and held — that specific mechanic closed with pre-deposit at mainnet launch. The underlying principle (referral value doesn’t dilute the way pool-share value does) still applies.
Who optimizes this: Institutions with networks of investors, LPs, counterparties, or community members who can be introduced to mainnet trading. A few high-volume trading relationships outperform many small, inactive referrals.
See: The Institutional Referral Playbook
Stack Architecture: How to Run All Three Simultaneously
The three streams are not competing claims on the same capital. Here is how to structure all three:
Capital Pool A: USDC -> Margin, trade on mainnet (Stream 1)
Capital Pool B: SOL -> BulkSOL via Titan (Stream 2)
Network: Referral link + access codes -> referred traders (Stream 3, requires no additional capital from you)Stream 1 and Stream 2 draw from different asset pools. An institution holding USDC can deploy it as trading margin (Stream 1) while simultaneously acquiring BulkSOL with SOL or other capital (Stream 2). These do not compete.
Stream 3 requires only an active referral link and a spare access code, actively distributed to people likely to trade. The capital generating your referral AURA is not your capital — it belongs to the people you refer.
Example: $2M Institutional Stack
| Allocation | Stream | Weekly Yield | Notes |
|---|---|---|---|
| $1,000,000 USDC as trading margin | Stream 1 AURA | Scales with trading volume | Requires active trading |
| $200,000 equivalent in BulkSOL | Stream 2 Yield | Staking + fee share + AURA | Passive, live now |
| 3 referred active traders | Stream 3 AURA | Scales with their volume | Requires access codes to share |
Stream 3 (referral) can meaningfully add to the trading-volume-driven Stream 1 total — from relationships, with no additional capital deployed by the institution.
The Risk-Adjusted View
Each stream has a different risk profile:
| Stream | Capital at Risk | Liquidity | Upside Dependency |
|---|---|---|---|
| Trading AURA | Margin, plus leverage/liquidation risk while trading | High — margin withdrawable anytime | AURA/token conversion value at TGE, plus trading PnL |
| BulkSOL yield | BulkSOL price + SOL price | Moderate — liquid on Titan | BULK Exchange trading volume growth |
| Referral AURA | None (referral link is free) | N/A | Referrals actually trading |
Stream 1 carries the most risk of the three: it requires active trading, which layers leverage and liquidation risk on top of AURA/token uncertainty — a meaningfully different risk profile than Season 1’s passive deposit-and-hold mechanic.
Stream 2 has liquidity dependent on BulkSOL market depth on Titan. The long-term upside is correlated to BULK Exchange success.
Stream 3 has no capital at risk from the referrer’s perspective. The risk is that referred traders don’t stay active, which limits ongoing referral AURA.
Timing the Stack (Post-Mainnet)
BULK mainnet launched September 5, 2026, closing Season 1’s pre-deposit mechanic. The three streams now run on mainnet directly:
Getting started:
- Deposit USDC as trading margin and begin trading (Stream 1 — mainnet trading AURA — starts immediately)
- Acquire BulkSOL via Titan (Stream 2 starts immediately — weekly AURA plus staking yield and fee share)
- Get your referral link from your account dashboard, and an access code to share (Stream 3 starts when a referral trades)
Ongoing:
- Keep trading volume up — it’s the primary driver of Stream 1 and generates more access codes for Stream 3
- Hold BulkSOL for Stream 2’s passive yield, independent of trading activity
- Continue referral outreach — each active referral adds to Stream 3 AURA
Risk Disclaimer
AURA has no confirmed dollar value prior to TGE. BulkSOL yield rates are variable and depend on market conditions and BULK Exchange trading volume. The exchange fee stream (12.5% of fees) is only significant if BULK Exchange sustains substantial trading volume. Trading margin is withdrawable anytime, but active trading carries leverage and liquidation risk. This is not financial or investment advice.
Start your institutional position → app.bulk.trade
Related:
0 bps maker fees end ~October 5, 2026.
BULK's Genesis Phase waives maker fees for the first 30 days of mainnet. Trading is invite-only — a free access code plus a referral link gets you in.
Browse all topics
Every cluster on BuiltOnBulk. Jump to the hub for a deeper read.
