Bulk Trade Launches BIP-1 With Near-Zero Cost To Deploy Perp Markets

Solana-native perpetuals exchange Bulk Trade has launched BIP-1, a new framework that allows anyone to deploy their own perpetual markets with almost no upfront capital.

The proposal introduces deployer-owned perpetual contracts that begin in an isolated environment before potentially graduating into Bulk's portfolio margin system. According to Bulk Trade, mature markets can unlock margin reductions of up to 70%, improving capital efficiency for traders while allowing deployers to continue earning fee revenue.

Bulk Trade Challenges Existing Deployment Models

Bulk Trade argues that today's permissionless perpetual market model places too much financial risk on deployers while offering limited upside.

The project pointed to the common approach used across the industry, where deployers post large security bonds, operate their own oracle, and launch markets that remain isolated from the rest of the exchange. Because these markets cannot share portfolio margin, deployers often compete with higher trading fees while absorbing high upfront costs.

Hyperliquid's HIP-3 represents the clearest example of this approach. HIP-3 requires deployers to stake 500,000 $HYPE, valued at roughly $27 million depending on market prices, before launching a perp market. Deployers also manage oracle pricing, operate independent order books and margin systems, configure market parameters, and face validator slashing if their markets violate protocol rules. Although eligible markets may later receive cross margin approval, they begin as isolated markets with independent risk management.

Other protocols use different models. Orderly Network requires builders participating in its Permissionless Listing program to maintain at least a $25,000 insurance fund per listed market while keeping every permissionless listing isolated. dYdX lowers the capital requirement by asking users to deposit 10,000 $USDC to launch supported markets, although listings still operate within the exchange's existing governance and liquidity framework.

How BULK's Lifecycle Works

BIP-1 introduces a two-phase lifecycle for markets. During Phase 1, called isolated-only mode, deployers submit a ticker request and launch a USD-settled perpetual market under their own ticker prefix. They remain responsible for oracle updates, liquidity, and market growth while collecting a configurable fee above the protocol's base fee. Markets can list up to 30 tickers, but cannot duplicate assets already supported by Bulk Trade. Validators also retain the authority to remove markets that violate protocol policies.

As trading volume, open interest, and market data grow, successful markets reach what Bulk calls “the maturation point”. At that stage, deployers stake a 2 million $USDC bond that provides insurance and liquidity backstop support while enabling the market to enter BULK's shared portfolio margin system. The bond can change for future deployments after the BULK token launches and is returned after the maturity period or when the deployer settles the market, provided no policy violations occur.

Phase 2 removes the need for deployer-managed oracle pricing as the core protocol assumes responsibility for oracle operations while continuing to refine risk models and portfolio margin calibration alongside deployers.

Portfolio Margin at the Core

Unlike isolated margin systems that calculate collateral separately for every position, Bulk evaluates a trader's entire portfolio using live asset correlations and regime-aware risk models.

Bulk Trade says this approach allows correlated positions to offset risk, reducing collateral requirements by as much as 70% for qualifying markets. The protocol also adjusts maintenance margin according to leverage, market conditions, and position direction instead of relying on fixed requirements.

With BIP-1 now live ahead of mainnet, Bulk Trade positions the framework as an alternative deployment model that lowers entry costs while allowing successful markets to graduate into a shared portfolio margin system rather than remaining permanently isolated.

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