Bulk aims to build a perps exchange on Solana with execution speed that rivals centralized venues.

The matching engine runs directly inside Solana's validators via Bulk-Agave, a fork of the Jito-Agave client, processing orders across four stages: ingress, consensus, execution, and settlement back to Solana.

Orders bypass Solana's mempool entirely. A quorum of validators agrees on each batch through leaderless BFT with 20ms regional ticks, so no single validator controls what gets included or in what order.

After consensus, orders go through a deterministic shuffle. Execution priority determines the sequence: data transactions first, followed by cancels and post-only maker orders, then regular orders. All fills run on price-time priority.

Traders can always cancel before being filled and makers always seed the book before takers cross it. The order sequence itself can't be gamed because the shuffle seed derives from consensus output.

Nothing here is proven at scale yet. But the design is a serious attempt at giving Solana a perps venue that matches institutional execution without the centralization tradeoffs.

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