Bulk, an emerging Solana perpetual futures venue also referred to as BulkTrade, opened its invite-only mainnet beta after months of anticipation and processed more than $22 million in first-day trading volume. The debut followed a March 2026 testnet and peak pre-deposits of $40 million, with an estimated 15,000 wallets eligible for access. CEO Kobie McGlashan said Bulk exceeded the opening traffic recorded by Hyperliquid and Lighter, a comparison also highlighted by a post from @solace_fm. The reported volume would have ranked Bulk fourth among Solana perpetual futures decentralized exchanges, behind GMTrade, Pacifica and Jupiter. Some activity may have come from traders seeking AURA points ahead of a potential airdrop. Limited first-day liquidity and aggressive trading caused a temporary price dislocation, triggering liquidations and cascading auto-deleveraging, or forced reductions of leveraged positions. Bulk said affected users will be reimbursed after an incident review. Co-founder and CTO Junaid Peel said one wallet rebuilt a large short position while undergoing partial liquidations, ultimately affecting multiple positions. The report compared the incident with a March 2026 attack involving $JELLYJELLY that caused several million dollars in losses for HLP and threatened the entire vault at certain price thresholds.