Overview
Fees and rebates are credited per fill in real time, in USDC, based on your current rolling-volume tier. Sub-account volume rolls up to the main account, and all sub-accounts share the same fee tier. BULK is fundamentally transparent. There is no liquidation fee, no flow payment, and no hidden spread cost. Every node in the network runs the same deterministic execution logic - no single party has control over order flow or fee extraction. Validators earn 12.5% of trading fees for running the network.Phase 1: Genesis Liquidity (First 30 Days)
Zero maker fees for all market makers, with rebates at higher tiers.| Tier | 15-Day Volume | Maker | Taker |
|---|---|---|---|
| 1 | < 1M | 0 bps | 3.5 bps |
| 2 | ≥ 1M | 0 bps | 3.3 bps |
| 3 | ≥ 10M | 0 bps | 3.0 bps |
| 4 | ≥ 50M | 0 bps | 2.8 bps |
| 5 | ≥ 150M | -1.0 bps | 2.6 bps |
| 6 | ≥ 500M | -1.5 bps | 2.4 bps |
| 7 | ≥ 1.5B | -2.0 bps | 2.3 bps |
| 8 | ≥ 4.0B | -2.5 bps | 2.2 bps |
Phase 2: Public Fee and Rebate Tiers
After Phase 1, rebates scale by 14-day rolling volume. Tier is measured continuously and applied in real time.| Tier | 14-Day Volume | Maker | Taker |
|---|---|---|---|
| 1 | < 1M | 2.0 bps | 3.5 bps |
| 2 | ≥ 1M | 1.8 bps | 3.3 bps |
| 3 | ≥ 10M | 1.5 bps | 3.0 bps |
| 4 | ≥ 50M | 1.0 bps | 2.8 bps |
| 5 | ≥ 150M | 0.0 bps | 2.6 bps |
| 6 | ≥ 500M | -1.0 bps | 2.4 bps |
| 7 | ≥ 1.5B | -1.5 bps | 2.3 bps |
| 8 | ≥ 4.0B | -2.0 bps | 2.2 bps |
The BULK Alpha Program
A performance-based rewards program on top of fee rebates, designed to accelerate market liquidity starting with makers. Reward pool: 7.5% of taker fee revenue per epoch (one epoch = 30 days).Quality Score
Each market maker is scored per market:| Component | Weight | What It Rewards |
|---|---|---|
| Open Interest Share | 40% | Maintaining a large share of the exchange’s open interest |
| Spread and Depth | 30% | Tight spreads and deep order books |
| Uptime | 20% | Quoting consistently |
| Trading Volume Share | 10% | Both maker and taker volume |