Contributing at @PercolatorTrade — Spending more time on `Solana`
Joined March 2022
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A closer look at how Percolator is building permissionless perpetual markets on Solana, with each market operating inside its own isolated risk domain.
Full architecture breakdown below.
Bayyan retweeted
🧠🧠🧠
Ask us anything about how a Percolator Trade market works:
Margin, liquidations, how payouts work when a market resolves... etc
The best question or questions gets a video answer on Wednesday!
Want to try it yourself?
Devnet access goes out from the waitlist: percolator.trade
Join it, play on the playground, ask questions
Yeah, let them know this machine @PercolatorTrade never sleeps.
Running 24/7 ☕️
nitter.cf/0xSquid_Sol/status/211…
We’ve been somewhat patchy on here lately, while working on everything else.
that changes today.
From now on we post what we ship, what breaks and what we learn from it atleast most days until Percolator Trade is on main net.
Upping the x game from this point on, Percolator Trades entire goal is to allow anyone to launch a perp market on any solana token with a DEX pool.
If that something you find interesting, guess what?
It’s running on devnet with test money, join the waitlist for access.
Percolator.trade
Bayyan retweeted
We’ve been somewhat patchy on here lately, while working on everything else.
that changes today.
From now on we post what we ship, what breaks and what we learn from it atleast most days until Percolator Trade is on main net.
Upping the x game from this point on, Percolator Trades entire goal is to allow anyone to launch a perp market on any solana token with a DEX pool.
If that something you find interesting, guess what?
It’s running on devnet with test money, join the waitlist for access.
Percolator.trade
Bayyan retweeted
Ask us anything about how a Percolator Trade market works:
Margin, liquidations, how payouts work when a market resolves... etc
The best question or questions gets a video answer on Wednesday!
Want to try it yourself?
Devnet access goes out from the waitlist: percolator.trade
Join it, play on the playground, ask questions
Bayyan retweeted
Sounds like you like leverage, have you signed up to the Percolator Trade waitlist yet ?
Percolator.trade
Bayyan retweeted
Excited to be in London for Breakpoint.
The Percolator Trade team (@dcc_crypto + @0xSquid_Sol ) will be spending time in the @colosseum Builder Zone to stay heads down and keep iterating on the protocol.
Grateful for spaces like this that let builders actually ship.
Only on @solana
We're once again hosting the Colosseum Builder Zone within the Solana Breakpoint venue! 🇬🇧
The dedicated work space will include desks, monitors, and high-speed WiFi.
Open November 16 and 17 for all Breakpoint attendees: colosseum.com/breakpoint
Bayyan retweeted
One bad candle?
Here's what Percolator's liquidation code actually does next.
Equity is your collateral plus PnL, marked at the engine's price, which follows the oracle in capped steps. Profit only counts as far as the engine can prove it's backed.
The maintenance requirement is a margin rate on the position's notional. If the oracle has already moved further against you than the engine price has, that gap is added on top.
Once equity is strictly below the requirement, the account can be liquidated.
Anyone can do it. Liquidation runs inside a permissionless crank: no keeper whitelist, and the caller doesn't need an account or collateral on Percolator.
The caller doesn't choose the size either. The engine settles losses against collateral, then binary searches for the smallest close it projects will put the account back above maintenance, after the liquidation fee. If no partial close gets there, or the account is already underwater, that position closes in full.
The video shows the partial case.
Every liquidation has to leave the account measurably less risky. If it doesn't, the whole instruction reverts.
There's no ADL queue.
The closed size isn't dumped into a book. Open interest on the other side shrinks to match, and every position on that side is cut by the same ratio.
Nobody gets singled out.
If losses run past the account's collateral, that market's insurance budget covers what it can.
Anything left is shared pro rata across the other side of the same market, by position size.
play.percolator.trade
Bayyan retweeted
Most of what’s being shipped isn’t features, it’s closing the gap between them. You don’t have to manipulate the price if you can manipulate the accounting, half of this release is making our own numbers impossible to lie to.
🧵🪡 1/9:
v2.2 update; 150 commits across 6 repos in the 9 days since the last video
Leverage now reads the token you're trading. Bonds earn a coupon. Creators keep their fees after burning admin.
And the last 3 days went entirely into attacking it.
Devnet v2.2 expected to release within the next couple days, a main net beta will follow within a few weeks after.
Are you guys ready for permissionless perps on @solana ?👀
2027 will be known as the year Solana took over perps. lock in.
Percolator.trade
Bayyan retweeted
🧵🪡 1/9:
v2.2 update; 150 commits across 6 repos in the 9 days since the last video
Leverage now reads the token you're trading. Bonds earn a coupon. Creators keep their fees after burning admin.
And the last 3 days went entirely into attacking it.
Devnet v2.2 expected to release within the next couple days, a main net beta will follow within a few weeks after.
Bayyan retweeted
2027 will be known as the year Solana took over perps. lock in.
Percolator.trade
Bayyan retweeted
Technology is no longer the biggest barrier. What @solana Perps still need is better distribution, deeper liquidity, and a way to attract and retain quality traders.
With over $1T in cumulative trading volume, Solana has become the second largest perps ecosystem behind @HyperliquidX.
> I think the next winner won't just have great technology. It needs to create real trading demand.
Here are 4 projects I'm keeping on my radar:
1. @pacifica_fi
Pacifica uses a hybrid orderbook, combining offchain matching with onchain settlement.
- Fast execution and competitive fees.
- ~$257B in cumulative volume as of August 2026.
- Strong liquidity across major trading pairs.
The downside? It still relies on offchain matching infrastructure.
2. solana:DriFtupJYLTosbwoN8koMbEYSx54aFAVLddWsbksjwg7
One of Solana's veteran Perp DEXs, combining JIT Auctions, DLOB, and AMM liquidity.
- Integrates Spot, Lending, and Perps.
- Supports multiple collateral assets.
- Focuses on capital efficiency.
The trade-off is a more complex experience for newcomers and growing competition from newer DEXs.
3. @PhoenixTrade
Built by @ellipsis_labs, Phoenix operates a fully onchain CLOB.
- 0.005% maker / 0.035% taker fees.
- Supports SOL and USDC collateral.
- 104 perp markets across Crypto, Equities, ETFs, and Commodities.
Its biggest advantages are transparency and multi-asset exposure, although liquidity still trails larger venues.
4. @PercolatorTrade
This is the one that excites me the most.
Percolator is an open source risk engine originally developed by @toly
The idea is simple: Enable applications to launch permissionless perp markets for long-tail Solana tokens.
Key highlights:
- No need to wait for CEX/DEX listings.
- Isolated markets help limit risk contagion.
- Insurance mechanisms help absorb losses.
- Risk engine uses formal verification with Kani.
> I'm particularly interested in Percolator because it could unlock derivatives trading for thousands of memecoins and long tail tokens that major exchanges don't support.
DYOR & NFA
Bayyan retweeted
My next fight is one of the last in my career.
They say Prates is too dangerous for me and Morales is too good for me.
So I want to face the best of them and prove to the world once again who is the best in world.
Bayyan retweeted
Everyday is Zeroday
BREAKING: Binance has been hacked with wallets across the Ethereum, Bitcoin, and TRON networks seeing outflows of -$5.7 billion.
The hack includes $1.45 billion worth of Bitcoin and $875 million worth of ETH.
If confirmed, this would mark the biggest hack in crypto history.
We expect more information shortly.
Bayyan retweeted
They should go private then. If they want to be publicly traded then they should allow the public to trade them at the venue of their choosing
JUST IN: 🇺🇸 33 major US companies now oppose having their stocks tokenized on OKX and ICE's planned exchange:
• IBM
• Dell
• Intel
• IonQ
• AMD
• Intuit
• Oracle
• Adobe
• Verizon
• Sandisk
• Moderna
• Alphabet
• AppLovin
• Microsoft
• JPMorgan
• Broadcom
• Caterpillar
• Coca-Cola
• Qualcomm
• Rocket Lab
• CoreWeave
• Wells Fargo
• McDonald's
• Arm Holdings
• Cisco Systems
• Applied Digital
• Western Digital
• Goldman Sachs
• Applied Materials
• Cerebras Systems
• Marvell Technology
• UnitedHealth Group
• Applied Optoelectronics
Bayyan retweeted
"Succeed and you are a brilliant visionary. Fail and you are a delusional loser"
Two devs and a dream 💭 ft @dcc_crypto
Percolator.trade
So preposterous
So outlandish
So retarded
It might just work… 💭☕️
Percolator.Trade
Bayyan retweeted
So preposterous
So outlandish
So retarded
It might just work… 💭☕️
Percolator.Trade
