Solana's ecosystem-based perpetual contract trading platform, Bulk Trade, has launched BIP-1. The new framework allows external participants to deploy their own perpetual markets with near-zero upfront costs and subsequently integrate with Bulk's portfolio margin system when certain conditions are met.
Bulk stated that this design aims to lower the barrier to entry for new markets. Compared to the industry's common models of high-value staking, independent risk control, and long-term isolated operation, deployers face lower initial financial pressure, while mature markets offer the opportunity for higher capital efficiency.
Adjustments to the existing deployment model
Bulk argues that current practices in permissionless perpetual markets often leave deployers with high financial risks but limited returns. Many protocols require deployers to pay large upfront deposits, maintain their own oracles, and keep the new market isolated for extended periods.
The article cites as an example that Hyperliquid's HIP-3 requires deployers to stake 500,000 HYPE tokens before launching on the perpetual market. According to the article, this asset is worth approximately $27 million. Deployers are also responsible for oracle pricing, independent order books, and the margin system, and bear the risk of penalties for violating protocol rules.
- Orderly Network requires each market to maintain an insurance fund of at least $25,000.
- dYdX requires users to deposit 10,000 USDC to launch its support market.
BIP-1 is divided into two phases.
According to BIP-1, the market lifecycle is divided into two phases. The first phase is "isolation-only mode." After submitting a code request, deployers can launch a perpetual market settled in USD using their own prefix.
During this phase, deployers remain responsible for oracle updates, liquidity, and market growth, and can charge configurable fees on top of the protocol's base fee rate. A single market can have a maximum of 30 codes listed, but cannot duplicate assets already supported by Bulk. Validators can still remove a market if it violates protocol policies.
Once trading volume, open interest, and market data accumulate to a certain level, the market can enter what Bulk calls the "maturity point." At this point, deployers need to pledge 2 million USDC as insurance and liquidity backup, thereby accessing the shared portfolio margin system.
After maturity, access to portfolio margin
In the second phase, the core protocol will take over oracle operation, and deployers will no longer be responsible for oracle pricing. At the same time, the protocol will continue to work with deployers to adjust the risk model and portfolio margin parameters.
Bulk emphasizes that portfolio margin is not calculated individually for each position, but rather risk is assessed based on the trader's overall portfolio, asset correlation, and different market conditions. According to them, mature markets can reduce margin requirements by up to 70% after adopting this system.
Currently, BIP-1 has been launched before the mainnet launch. Bulk positions it as a new way to deploy a perpetual marketplace, attempting to reduce launch costs while ensuring that successful marketplaces no longer remain in isolated environments for extended periods.
