Exchange

$39.5M USDC has been deposited — all verifiable on-chain. 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.

The BULK Exchange referral program is live. Earn 1 AURA per $100 your referrals deposit and hold continuously for 72 hours — week 2 rule, no cap. Get your code in the Pre-Deposit Dashboard at early.bulk.trade/deposit.

BULK Exchange validators run the bulk-agave binary alongside standard Solana nodes, sharing identity keys and stake. 20+ independent operators represent ~5% of Solana total stake. Validators earn 12.5% of all exchange trading fees plus standard Solana rewards. JitoBAM support is coming, so Agave and BAM validators can both run it.