Everything you need to understand perpetual futures, on-chain order books, MEV protection, liquidations, and funding rates — explained for traders moving from CEXes to Solana DeFi.
BULK token is not yet fully documented, but the architecture tells most of the story. Fee revenue flows through validators to BulkSOL holders. Governance controls market listing and protocol parameters. This page separates confirmed utility from reasonable inference.
Solana has four major liquid staking tokens in 2026. Each earns base staking yield, but they differ on MEV strategy, DeFi integration depth, liquidity, and additional yield sources. BulkSOL is the only LST with exchange trading fee revenue.
Permissionless perpetuals let anyone list a perp market without exchange approval. BULK Improvement Proposal 1 (BIP-1) is the first credible spec for permissionless perp listing on a high-performance orderbook DEX. This is the Uniswap v2 moment for derivatives.
BIP-1 is BULK Exchange's proposal to allow anyone to create a perpetual market — the same move Uniswap v2 made for spot trading. Any asset with a Pyth oracle can get a perp. This is the feature most likely to drive BULK Exchange's long-term volume.
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