
Inside Bullet’s goal to compete with CEX perps
This is a segment from the Lightspeed newsletter. To read full editions, subscribe. Every industry has its crown jewel worth fighting for. In crypto, that crown jewel is perpetual derivatives. Perps give high-risk traders leveraged exposure to crypto markets, using periodic funding payments between longs and shorts to anchor prices to spot. It’s a highly lucrative financial instrument that dominates trading flow. Perps account for at least 70% of CEX volumes and the majority of its revenues. Based on Kaiko data, 68% of all bitcoin trading volume in 2025 came from perps alone. Given Solana’s stated ambitions to rival Nasdaq,…
