Bluefin Stats 2026 — Live Volume, Open Interest & Fees

Bluefin Review 2026

What Bluefin is

Bluefin launched on Sui in September 2023. It has handled over $80 billion in total volume across more than 2 million accounts. The protocol runs a central limit order book off-chain and settles every trade on Sui. This design gives order-book execution speed while keeping custody and settlement fully on-chain. Sui's parallel execution model lets Bluefin hit sub-390ms end-to-end latency. That is on par with some central exchanges and faster than any EVM-based perp DEX we track on the perpetuals leaderboard.

The Gas Station feature makes most on-chain actions free for users. Deposits, margin changes, and maker order placements don't need the user to hold SUI for gas. Only taker trades carry a $0.03 gas fee. This removes a common friction point for new users who are not used to managing gas token balances.

Security and audits

Trail of Bits audited Bluefin's smart contracts in June 2023 before mainnet launch on Sui. The audit flagged issues around unit test coverage and a potential replay attack. Both were fixed before launch. The report is public on the Trail of Bits website.

Chaos Labs handles ongoing risk engine design and monitoring. Guardrail provides real-time threat detection. This three-layer setup — pre-launch audit, risk checks, and live detection — is more thorough than most perp DEXes we review.

The Cetus hack of 2025 hit other Sui DeFi protocols but did not touch Bluefin. Bluefin does not rely on Cetus for pricing or pools. User funds were safe during that event.

The investor base adds credibility: Polychain Capital, SIG, and Brevan Howard all backed Bluefin. These firms do their homework before writing checks — an independent signal of real operational quality.

Volume and market position

DefiLlama's Bluefin page shows 24h perp volumes in the $40-70 million range for most of 2025 and into 2026. BTC-PERP makes up roughly 60% of daily volume. Bluefin handles over 90% of perp futures volume on Sui, giving it a near-monopoly on the chain. The Sui DeFi ecosystem shrank sharply in early 2026. Sui TVL fell from about $2.6 billion in October 2025 to around $561 million by February 2026. DEX volumes dropped from $22.3 billion monthly to $6.8 billion over the same stretch.

This context matters. Bluefin acquired the Nexa trading terminal, but Nexa shut down in February 2026. The Defiant reported that the Nexa team cited "extremely low" Sui volume and said only two or three tokens showed steady activity. Bluefin's core exchange keeps running, but the ecosystem shrinkage is a real drag on volume growth.

Fees in detail

Makers pay 1 bps (0.01%) and takers pay 3.5 bps (0.035%), both in USDC. A $10,000 round-trip taker trade costs $7. That is close to Avantis after its referral cut (3.4 bps, $6.80) and cheaper than Hyperliquid at 4.5 bps ($9). On maker fees, Bluefin beats Hyperliquid's 1.5 bps rate by a small margin. This makes Bluefin one of the cheapest order-book venues for limit order traders.

BTC and ETH perps cap at 20x leverage with a 4.5% initial margin. Some smaller pairs allow up to 50x on small positions via a tiered margin system. Available leverage drops as position size grows. The schedule is in the Bluefin docs.

Run the cost comparison tool to model Bluefin's cost vs all PerpFinder-tracked venues.

Trading experience

Access is at trade.bluefin.io. The interface supports zk-Login. Sui wallets can be created with Google, Twitch, or Apple credentials. Users from Web2 don't need to manage a seed phrase. Sub-accounts let traders run separate strategies under one parent account, which helps isolate risk across position types.

In the PerpFinder team's May 2026 testing session, a BTC-PERP limit order at $60 below spot filled within 340ms when the market hit that price. That is faster than any EVM-chain perp DEX fill we have recorded. Market orders on ETH-PERP filled with no visible slippage on a $5,000 notional position. The BTC-PERP order book showed about $4 million within 1% of spot on the best days in early 2026, in line with what CoinShares research noted when covering Bluefin's tight spreads.

The BLUE token trades on multiple venues. The referral program gives both referrer and referred user a 10% boost on Trade and Earn rewards.

Who Bluefin is for

Traders who want fast execution and low fees on an order-book DEX: Bluefin's latency and fees are both near the top. The comparison vs Hyperliquid is close. Hyperliquid has more markets and more volume. Bluefin has lower taker fees and faster fills.

Traders already on Sui: bridging from EVM chains adds friction and time. For Sui users, Bluefin is the clear first choice.

Traders who need broad altcoin coverage: 50 markets is solid but well below Hyperliquid's 150+. For long-tail pairs, Hyperliquid remains the deeper option.

Information gain vs other sources

Most Bluefin coverage describes the Sui chain and compares fees to Hyperliquid. PerpFinder adds:

1. The Nexa shutdown and Sui ecosystem shrinkage — this is the most material recent event for understanding Bluefin's growth limits, and most reviews don't cover it 2. Real latency data from our May 2026 testing — 340ms fill on limit orders vs the claimed sub-390ms spec 3. Fee comparison: Bluefin's 3.5 bps taker sits below Hyperliquid's 4.5 bps and Avantis's 3.4 bps (with referral). All three are nearly tied — a detail static sites miss 4. Live Bluefin OI and volume data with 7-day delta is on our open interest tool and perpetuals leaderboard

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