Institutions that moved early on Hyperliquid turned idle capital into HYPE worth millions. BULK is running the same structural playbook — size × time AURA formula, Genesis zero maker fees, protocol fee revenue share — with one upgrade: a formal referral program that turns institutional networks into compounding yield.
For institutions routing serious capital into on-chain perpetuals, the BULK vs Hyperliquid comparison comes down to four structural points: portfolio margin efficiency, BULKBFT fair ordering vs sequencer MEV, Genesis Phase zero-fee window, and a formal referral program HL never built.
BULK Exchange uses portfolio margin by default — a 9-regime HMM model that claims up to 70% efficiency on hedged portfolios. This page explains how it works, how it differs from per-position margin, and when to use isolated margin instead.
1M AURA distributes every week. Formula: USDC deposited × time held. Every Saturday you're not in is AURA you can't recover.
Minimum $10 · Withdrawable anytime · Converts to trading margin at mainnet