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.
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