Mikael

contents • perps • @bulktrade maxi

[Mikael @0xmichaelcrypt]

@0xgodzubby I just closed my trade.

waiting for my position.

[Mikael @0xmichaelcrypt]

@0xgodzubby I just closed my trade.

waiting for my position.

[Mikael @0xmichaelcrypt]

One exchange, Infinite markets

[kdot | bulk @kdotcrypto]

How I envision an endstate for BULK:

We have spoken at length around what perps will look like once our roadmap items are fully built out, but there's another half of the equation that is seemingly being ignored.

TradFi use options, and for onchain markets... That market is led by Deribit. Every option traded sits on a market makers book, and those makers gave to hedge their deltas which is typically done with perps. However - the leading liquidity venue for perps is binance, so a maker than wants the best fills on their hedges, execute perps where liquidity is the deepest.

A counterparty could trade the option and hedge delta on a singular venue, but the perp liquidity either isn't enough, or the capital required for options is 1:1 margin:notional. The current answer is to hedge your options via perps on binance to save slippage, but the capital requirement is far higher, and liquidity becomes fragmented across multiple venues.

The future I see for BULK is being a singular venue that allows undercollaterialised options, and deep seeded liquidity perps all wrapped in a unified and portfolio margined system.

The first step for BULK is standing among the current perp leaders on execution with our sub 20ms order matching, while working with deployers to ensure asset variety that extends beyond crypto. This allows the core team to focus on getting to endstate, with revenue generating frameworks that will then be used to bootsrap liquidity for options alongside our partners.

The result is a single venue where the option and its hedge live in one unified account, with portfolio margining that accounts for correlations, multi-asset collateral, and both inverse- and linear-margined options.

One unified span-inspired margin account
One collateral pool
One venue.

[Mikael @0xmichaelcrypt]

@0xgodzubby @PicksdotApp been a while I placed a bet

I'm coming back to use picks once again.

[Mikael @0xmichaelcrypt]

@glowburger @bulktrade how do I get in?

[Mikael @0xmichaelcrypt]

@kdotcrypto gbulk kobie

[Mikael @0xmichaelcrypt]

@0xgodzubby I'm super poised

[Mikael @0xmichaelcrypt]

@0xgodzubby @bulktrade @SugoiDaowarrior @rizzy_sol @X_Orthodox Will try to come

[𝘇𝘂𝗯𝗯𝘆 (𝗽𝗲𝗿𝗽𝘀 𝗮𝗿𝗰) @0xgodzubby]

the solana perps debate is brewing.

so many interesting figures have joined the conversation

w/ their perspective as to which perp is best aligned with solana.

i'm gonna be sharing the core of @toly, solana co-founder’s perspective as to what @bulktrade is building ↓

▪︎ why this matters:
> solana has struggled with value capture for sol (high usage but fees mostly burned or go to validators, not directly compounding for stakers).
> projects like bulk try to fix that via extra revenue streams.
> anatoly is pushing for deeper integration (e.g., building markets directly on-chain or with tight protocol ties) rather than parallel systems.

I'll start by doing a brief intro as to what bulk is proposing:

▪︎ what is bulk?

bulk is a high-performance solana perps exchange that operates as a specialized execution layer alongside a standard validator node.

any solana validator operator can choose to also run a bulk node.

bulk functions like an off-chain or parallel exchange (order books, matching engine, etc.) that leverage solana validators for security and distribution.

▪︎ the pitch:
> bulk generates trading fees (maker/taker fees) that go to the bulk nodes/validators.
> validators can then share some of that revenue with sol stakers (similar to how jito mev or other orderflow markets work today on solana).
> this then gives sol stakers indirect value capture from exchange activity.

so basically, bulk is trying to create a powerful trading venue that "borrows" solana's validator infrastructure and passes some economic benefits back to sol holders/stakers.

▪︎ anatoly's critique:

anatoly is not against bulk building a good product, but he argues it's not a strong, long-term way for solana (and sol stakers) to capture value.

▪︎ his core points:
1/ superficial/operator overlap only:
> the same people (validator operators) often run both solana nodes and bulk nodes, but the two systems are separate quorums (separate decision-making/security groups).
> bulk can run with zero sol stake if needed. it's not deeply tied into solana's core staking/security model.

2/ stakers have no direct control:
> on mainnet solana, sol stakers can influence the network via changing stake to signal preferences, voting on simds (solana improvement documents) and activating feature gates to change runtime behavior, fees, etc.
> with bulk, stakers can't directly force changes to fees, runtime, or features (e.g., switching to mcp/fbo, multiple concurrent proposers or other ordering mechanisms). they have to rely on validators voluntarily doing it.

3/ not atomic or deeply integrated:
> true l1 value capture comes from everything composing inside the same state machine (atomic composability). markets, fees, and logic all interact seamlessly in one unified system.
> bulk is more like a sidecar or parallel system. value sharing is voluntary/economic, not enforced by the protocol's core rules.

4/ historical precedent:
> he compares it to past experiments (like uri's paladin project or things tried in cosmos chain) that relied on validator overlap but didn't create unbreakable economic alignment.
> in toly’s words: “it's a good side hustle for validators but not defensible long-term for the l1”

toly's broader philosophy is that solana wins by having all major markets (trading, defi, etc.) deeply embedded in the main chain so network effects compound strongly for sol.

hence, his full support for phoenix over bulk.

in response to toly, this is what @junbug_sol, bulk co-founder and other bulk supporters are saying:

> validators running bulk will be incentivized to share revenue with stakers to attract more stake (just like jito today).
> stakers can indirectly influence by moving stake to validators who support bulk-friendly policies.
> it's a practical way to compete with fast perps chains like hyperliquid, which have massive trading volume.

read on for summary ↓

[Mikael @0xmichaelcrypt]

@bulktrade In 14 days we'll know who's the best

[BULK @bulktrade]

The first ever BULK Trading Competition starts NOW

You have 14 days to climb the leaderboard and earn your share of FIFTY. THOUSAND. DOLLARS. 💰

LOCK IN: https://t.co/eav0fEVUwY

[manoc @0xmanoc]

The platform upgrade on @bulktrade is now complete with a $50,000 trading competition announcement.

yeah you heard me correct. they are gonna give away $50,000 to the top 50 traders starting from may 14th to 28th. tbh, this is the biggest price i’ve ever seen for a testnet competition.

do mind the leaderboard ranking based on cashflow adjusted ROI not pnl. so this means you rank on the leaderboard based on the balance you had on testnet. basically it’s the gain in % of your trades.

the leaderboard updates every 15mins and your position pnl must be realized in order to hit the leaderboard.

here’s the winner breakdown:

🥇 - $15,000
🥈 - $10,000
🥉 - $5,000

4 - $2,500
5 - $2,000
6 - $1,500
7 - $1,200
8 - $1,000
9 - $900
10 - $800
11–19 - $500
20–29 - $300
30–39 - $150
40–50 - $100

pretty cool isn’t it?

If you have some solid trading skills, here’s your chance. go over to https://t.co/KUIq65Q6we. create an account. claim faucet and start trading.

good luck to you all.

[Mikael @0xmichaelcrypt]

@0xmanoc @bulktrade Let the best traders win!

[Mikael @0xmichaelcrypt]

@0xgodzubby It's not easy to keep showing up everyday.

wagmi

[Mikael @0xmichaelcrypt]

@0xgodzubby Solana perps will win

[𝘇𝘂𝗯𝗯𝘆 (𝗽𝗲𝗿𝗽𝘀 𝗮𝗿𝗰) @0xgodzubby]

solana perps will win.

solana is unarguably the most active chain in all of crypto.

yet, they don't have a perps winner.

> the perps war is no longer against cexes alone, but also against hyperliquid.

> the whole idea behind solana winning this war, imo is centered around the five major perps building rn w/ their own different unique approaches. (check the image)

this also implies that the war is internal as well seeing that some members of the solana foundation have their preferences, but that's by the way.

> first off, we'll see how far this internal war goes by the year ending, especially the one btw phoenix and bulk.

then, after that comes the war against hyperliquid and cexes.

> but while we wait for that to happen, @ImperialPerps is building a smart product...

not an aggregator for these perps, but an execution and routing abstraction layer for them.

one account, one collateral pool, one interface, routing every order to the best liquidity. has a cex ux coupled w/ a dex settlement.

personally, I believe in @bulktrade's vision, but I'll also leverage Imperial's great product.

zubby out.

[Mikael @0xmichaelcrypt]

@kdotcrypto Bring it on Kobie

[Mikael @0xmichaelcrypt]

@bulktrade @MrKen40 love this upgrade

I hope I make it to the top!

[BULK @bulktrade]

Leaderboard is LIVE!

Compare your profit taking skills vs the top BULK tradoooors

You'll want to maximize ROI... soon you will know why��

[Mikael @0xmichaelcrypt]

@Andrea_witcher_ @bulktrade @kdotcrypto Gbulk man