Solana Perpetual Contract Trading Platform Bulk has launched a mainnet beta version that is only available by invitation. The platform reported that the trading volume on the first day exceeded 22 million US dollars, covering approximately 15,000 eligible wallets. This figure is higher than the performance of Hyperliquid and Lighter on their respective launch days. However, on the same day, the platform also experienced price deviations and chain liquidations.
On the first day, the trading volume exceeded 22 million US dollars.
Bulk Previously, in March 2026, it launched a test network and attracted approximately 40 million US dollars during the pre-deposit phase. TVL. With the launch of the mainnet test version, the first batch of users were admitted through an invitation system, while other users will be granted access in batches over the coming weeks.
The CEO, Kobie McGlashan, stated that the platform's trading volume on the first day has exceeded 22 million US dollars. Based on this scale, if Bulk is included in the ranking of Solana perpetual contracts, it could rank fourth, following GMTrade, Pacifica, and Jupiter.
However, the report also mentions that some of the trading volume may be related to the expectations for airdrops. Bulk is regarded by the market as one of the more anticipated airdrop projects compared to Solana DeFi, and traders can earn AURA points by generating trading volume on the platform.
Short-term price deviation triggers liquidation
While transactions were rapidly increasing in volume, the platform's liquidity on its first day also came under pressure. Market data shows that some users took advantage of the relatively low liquidity on that day to push prices off course, which in turn triggered the liquidation of multiple positions.
Bulk, co-founder and chief technology officer, stated in a public statement that a wallet engaged in aggressive trading in the market. While some of its positions were liquidated, it re-established large short positions, which ultimately amplified the price deviation.
This process subsequently led to the forced liquidation of multiple positions and triggered a chain reaction of automatic position reductions. Bulk indicates that the platform will compensate the affected users after completing the event review.
The new platform faces a test of liquidity.
Bulk Management stated that targeted impacts on liquidity in new platforms are not uncommon in the crypto market, especially in trading venues that have just gone live. Even more established platforms can face pressure due to complex operations or price manipulation.
The report also mentioned that in March 2026, Hyperliquid experienced a self-liquidation event due to the manipulation of the price of JELLYJELLY, which resulted in HLP taking on high-risk positions and facing the risk of millions of dollars in losses.
For Bulk, the high trading volume on the first day indicates that there is still new demand in the Solana perpetual contract sector. However, price deviations, clearing, and compensation arrangements also suggest that the new platform still needs to continue to be verified in terms of liquidity depth and risk control stability.
