Bullet Stats 2026: Volume, OI & Fees

Bullet Review 2026

From Zeta to Bullet: the pivot, stated plainly

Bullet comes from the Zeta Markets team. Zeta ran a live derivatives DEX on Solana until May 2025, then shut it down to build this instead. The ZEX token converted 1:1 into BULLET, and 20% of the new supply is earmarked for the community. Read that history honestly: an experienced team chose to close a working exchange and start over, and former token holders are along for the second attempt.

Mainnet opened on February 12, 2026. The team's own framing is a Hyperliquid for Solana, and the gap between that ambition and current volume is covered below.

Fees, read straight from the docs

The published schedule starts at 0.01% maker and 0.04% taker at the base tier. We verified those numbers against the fee table in Bullet's official docs in July 2026 rather than repeating third-party summaries. A VIP ladder keyed to 14-day volume steps the taker rate down to 0.025% at the top, and the maker rate falls to zero from the mid tiers upward.

At the base tier this undercuts most young perp DEXes. Check it against every venue we track on the cost comparison tool.

Security: a report you can actually read

Sigma Prime audited Bullet, and the report sits in the auditor's public GitHub archive under sigp/public-audits. The docs also spell out an insurance fund and an auto-deleveraging waterfall. For a venue this young, a published third-party review plus documented failure handling beats most peers; several rivals on our live rankings still offer neither.

Liquidity reality check

Volume is the weak column. Daily turnover sits near $1.97 million with about $1.03 million of open interest. That is early-days depth, far from the venues Bullet wants to challenge. Fills on majors at retail size should be fine; anything bigger will move the book.

Margin engine and products

Everything runs through one cross-margined account. Perps, spot and lending share the same collateral pool, and most major assets can be posted as margin directly, so there is no forced conversion into a single stablecoin. Leverage reaches 100x on selected markets and scales down as position size grows. Isolated margin is listed as coming soon, which active traders should note: today, a bad position leans on the whole account. TradFi markets trade alongside the crypto perps.

What a network extension is

Bullet is not a program deployed on Solana's base layer. It is a ZK rollup that settles to Solana, with Celestia handling data availability, a structure the team calls a network extension. The design target is exchange-grade latency: matching claims come in at one to two milliseconds. We have not bench-tested that figure, but the stack was at least built for it rather than retrofitted.

Details we pulled from the docs that coverage skips

- Referral links stay locked until an account has traded $100,000 in volume, and you start with a single invite. Referrers take a 10% fee share, rising to 15% at the second tier, plus 10% of their referees' points. - Extra invites are rationed by the combined weekly volume of you and your referees. - The margin engine is cross-only today; the isolated mode in the contract specs is marked coming soon.

Bottom line

Bullet pairs an experienced team and verified, aggressive pricing with an audit you can read, a stronger security posture than most 2026 launches. What it lacks is liquidity. The reasonable play: small size now if the rollup design or multi-asset margin fits your needs, meaningful size only after the book thickens.

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