Bluefin Stats: Volume, Fees & OI Data
Rating
Trading Info
Fee Comparison
Advantages
- Low fees at 1 bps maker and 3.5 bps taker, competitive with top perp DEXs
- Gasless experience for deposits, margin changes, and maker orders
- Built on Sui with fast finality and high throughput
- Institutional backing from Polychain, SIG, and Brevan Howard
- Tiered margin system adjusts leverage based on position size for risk management
Considerations
- Limited to the Sui ecosystem, less interoperability with EVM chains
- Fewer perpetual pairs than Hyperliquid or dYdX
- Off-chain orderbook introduces some centralization trade-offs
- Smaller liquidity pool compared to leading perp DEXs
Bluefin Review 2026
Bluefin launched on Sui in September 2023 and has since processed over $80 billion in cumulative trading volume across more than 2 million accounts. The protocol runs a central limit order book (CLOB) off-chain and settles every trade on the Sui blockchain. This hybrid design gives traders the speed and UX of a centralized exchange while keeping custody and settlement fully on-chain. Sui's object-centric data model and parallel transaction execution help Bluefin achieve sub-second trade confirmation, which is critical for active traders running limit orders and stop losses.
Fees are among the lowest in the perp DEX space. Makers pay 1 basis point (0.01%) and takers pay 3.5 basis points (0.035%), both denominated in USDC. Most on-chain actions like deposits and margin adjustments are gasless through Bluefin's integrated Gas Station, with only taker trades incurring a small $0.03 gas fee. The maximum leverage varies by market: BTC and ETH pairs go up to 20x with a 4.5% initial margin, while some smaller pairs support up to 50x for small positions through a tiered margin system that scales down leverage as position size increases.
Bluefin's smart contracts were audited by Trail of Bits in June 2023 before the Sui mainnet launch. The protocol also works with Chaos Labs for ongoing risk engine design and monitoring. Real-time threat detection is handled by Guardrail. While the Trail of Bits audit flagged some issues around Move-level unit test coverage and a potential replay attack vector, these were addressed before production. The platform survived the Cetus hack in 2025 without direct impact, partly because of its different architectural approach to liquidity.
The referral program gives both the referrer and the referred user a 10% boost on Trade and Earn rewards. Bluefin is backed by Polychain Capital, SIG, and Brevan Howard, with a strategic partnership with Sui Group announced in late 2025 to push institutional adoption of perpetual futures. The BLUE token trades on multiple exchanges. For traders already in the Sui ecosystem, Bluefin is the clear top option for perpetual futures, though those coming from EVM chains will need to bridge assets first.
Related Resources
Frederick Cormack
VC & Crypto Derivatives AnalystDerivatives analyst with 8+ years in crypto & venture capital. Tested every protocol on PerpFinder with real funds.
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Risk Warning: Trading perpetual futures involves substantial risk of loss and is not suitable for all investors. Past performance does not guarantee future results. Only trade with funds you can afford to lose.
Key Features
Audits
Frequently Asked Questions
What are Bluefin trading fees?▾
Bluefin charges 1 basis point (0.01%) for makers and 3.5 basis points (0.035%) for takers. Fees are paid in USDC and pooled into the protocol fee pool. Most on-chain actions are gasless, with only taker trades incurring a $0.03 gas fee.
What is the maximum leverage on Bluefin?▾
Bluefin supports up to 50x leverage on select pairs, though major markets like BTC-PERP and ETH-PERP cap at 20x with a 4.5% initial margin requirement. The protocol uses a tiered margin system that reduces available leverage as position size grows.
What blockchain does Bluefin run on?▾
Bluefin runs on the Sui blockchain. Sui uses an object-centric data model and parallel transaction execution, which allows Bluefin to achieve sub-second trade finality. Trades settle fully on-chain while the order book operates off-chain for speed.
Has Bluefin been audited?▾
Yes. Bluefin was audited by Trail of Bits in June 2023 before its mainnet launch on Sui. The protocol also works with Chaos Labs for risk engine design and monitoring, and uses Guardrail for real-time threat detection.
How many trading pairs does Bluefin support?▾
Bluefin lists over 50 perpetual markets including majors like BTC-USDC, ETH-USDC, SOL-USDC, and SUI-USDC, as well as pairs for tokens like ARB, AVAX, APT, and WAL.
How does the Bluefin referral program work?▾
Bluefin offers a referral program where both the referrer and the referred user receive a 10% boost on their Trade and Earn rewards. You can generate your referral code directly on the Bluefin platform.
How does Bluefin compare to Hyperliquid?▾
Bluefin has lower maker fees (1 bps vs 1.5 bps) and competitive taker fees (3.5 bps vs 4.5 bps). Hyperliquid offers more trading pairs (150+ vs 50+) and deeper liquidity as the larger platform. Bluefin runs on Sui while Hyperliquid uses its own L1. Both use order book models rather than AMM pricing.
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Visit Bluefin — 10% of referral rewardsTrading perpetual futures carries significant risk, including potential total loss of capital. Past performance is not indicative of future results.