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Sam argues Solana's perps problem runs deeper than liquidity—the chain lacks execution guarantees market makers need for tight quotes, while Hyperliquid processes 5-10x Solana's entire perp volume. Bulk's answer is a validator-native sidecar network handling matching and risk separately from Solana's leader-based execution, paired with a SPAN-style portfolio-aware risk engine that cuts margin requirements 70%+ on hedged books—the institutional standard CME has used for decades but no live crypto venue currently offers. The model preserves composability by keeping collateral productive on Solana while supporting trades, with mainnet targeting this half.