3 in 4 Hyperliquid traders lose money. We dug into the data to find out why: for its earliest traders, fees made up over half their losses. We built Bullet to fix that, and keep traders in the game.

September was an absolute blur, looking back on it we actually shipped a bunch of cool updates, and finally cracked a few big milestones (10m volume, 2m OI) 🚢 Bullet Liquidity Provider (BLP) was finally opened to public deposits, and the $300k cap filled the same day. We've extensively tested the strategy for 3 months and it's been overall profitable, with a 2.37 Sharpe and ~100% APY on the last 30 days annualised. Deposit caps will be opening up again this week, keep notis on 🔔 Speed. We benchmarked end-to-end execution against other perp venues. Bullet came in at ~8ms, ahead of Lighter and HL (Nado just recently improved their p50 a lot to ~7ms, congrats to them, we will get you back xd). Our matching engine runs at ~250µs, and most of the remaining time goes to the network, and there's a lot we have flagged to improve still. Thankfully still have the lowest p999 (tail latency) of any DEX by a factor of 4x. Collateral. You can now post SOL and jitoSOL as margin, meaning no hassle to sell your beloved bags to stables. We built the jitoSOL integration with @jito_sol, so your collateral keeps earning staking yield while you trade. New Markets. We listed RAY, BNC, UNI and NEAR, and PUMP and DOGE go live tomorrow. We also automated most of our listing pipeline, so a new market now takes us about 15 minutes end to end. Expect a lot more of them, and quickly. People under-appreciate the operational burden of exchange listings, and we've spent a bunch of time seeing how it can largely be automated. We're aiming to list 2 new markets every week. Liquidity. Most majors (BTC/ETH/SOL) are now consistently 0.1-0.5bps wide at the top of the book (!!), which is testament to why we've been hell bent on building the fastest execution stack on the market. @AphelionTrading is now providing very competitive liquidity on Bullet. They were the highest-volume onchain market maker on Solana from last cycle, and true friends and legends that I am grateful to be working with again. Fees. We cut trading fees across every tier, and volume picked in accordance. We are going to continue experimenting with fee structures that reduce friction to onboarding for new traders evaluating our product, our goal being to provide the best cost for the average perps consumer (spread + fees). Affiliates. More than 100 affiliates have signed up since we launched the program. Form linked below. Product. We shipped subaccounts, isolated margin, and vault infrastructure that lets anyone launch and run their own vault.