BULKBFT is a leaderless Byzantine fault-tolerant consensus mechanism. No single validator controls what transactions enter a batch. The fast path achieves agreement in 2 message delays — the theoretical minimum for BFT agreement. Here is exactly how it works.
BULK Exchange is built on four layers: BULK Net transport, BULKBFT leaderless consensus, a deterministic matching and risk engine, and Solana settlement. This is the complete technical breakdown of how each layer works and why the design choices matter.
BULK Exchange's liquidation engine doesn't just close the worst position first. It runs a 100-cycle optimizer that skips positions that provide hedging benefit, targeting margin recovery with minimal portfolio disruption.
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.
The BULK Exchange referral program is listed as "coming soon" in the official docs. When it launches, it will let you earn from the trading fees of traders you refer. This page covers how to prepare, what to expect, and the mechanics based on comparable programs.
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.