BULK Exchange mainnet is live and Zellic-audited, but "safe" means different things for a perp DEX than for a bank. Here is every risk category — protocol, custody, market, and phishing — ranked by how much it actually matters.
A breakdown of the September 6, 2026 BULK Exchange BTC liquidation cascade: what independent on-chain analysis and BULK's own statement each say happened, where their numbers diverge, and the fixes BULK has announced.
$39.5M USDC flowed into BULK's Season 1 pre-deposit vault before it closed at mainnet launch on September 5, 2026 — all verifiable on-chain. Mainnet is live and audited by Zellic. Here's what the data shows, what requires trust, and what the real risks actually are.
kdot just described BULK's endstate on Twitter: use your lend position as margin, trade undercollateralized options, hedge with perps. True portfolio margin across every instrument. This is the product roadmap most people are not pricing in.
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.
BULK Exchange charges 2.2–3.5 bps taker and offers maker rebates up to −2.0 bps. Genesis Phase gives every trader zero maker fees for the first 30 days of mainnet. No liquidation fees, no PFOF, no hidden spread costs.
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