Bluefin
Bluefin is a decentralized orderbook-based perpetual swaps exchange built on the Sui blockchain, serving both professional traders and first-time DeFi users with hybrid on-chain/off-chain matching, spot CLMM, lending, structured vaults, and the BLUE governance token.
- Company typePrivate
- Founded2020
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Bluefin does
Bluefin is a decentralized orderbook-based derivatives exchange built on the Sui blockchain, offering perpetual swaps with up to 20x leverage via a hybrid architecture where orders are matched off-chain and settled on-chain. Founded in 2020 and headquartered in the British Virgin Islands (Bluefin Labs Inc.), the platform launched its Sui-based V2 in 2023 and has since captured a majority of derivatives trading volume within the Sui ecosystem. The product suite has expanded beyond perps to include a Spot Concentrated Liquidity Market Maker (CLMM), a lending module with stable pools for lending to market makers, structured vaults, and the BLUE governance token that governs the Bluefin DAO.
The company monetizes through a transaction-fee model: 0.01% maker fees and 0.035% taker fees on notional value, settled in USDC, plus a 0.03 USDC gas fee on taker trades; deposits, withdrawals, and margin adjustments are subsidized via an integrated Gas Station. Liquidity is supported by named institutional market makers (Wintermute, Amber Group, Keyrock, Selini), and the capital base includes investors such as Polychain, SIG, Brevan Howard Digital, Tower Research, Coinbase Ventures, and Flow Traders. Go-to-market is product-led and community-led, leveraging wallet abstraction (Google account onboarding), a Bluefin Vanguard ambassador program, and distribution via Discord, X, and Telegram, though service is restricted in the US, Canada, and 25+ other jurisdictions.
Operationally, Bluefin has pursued a platform-plus-modules strategy, broadening from a single perps venue into a multi-product DeFi ecosystem, and has supplemented organic development with the February 2025 acquisition of InsideX. Capital was materially reinforced in September 2025 through an expanded lending partnership with Nasdaq-listed SUI Group, extending 6 million SUI tokens with an 11% revenue share through September 2028. Total disclosed funding since founding is approximately $17 million, and the legal entity operates from the British Virgin Islands under BVI governing law.
Bluefin firmographics
Firmographics- Name
- Bluefin
- Legal name
- Bluefin Labs Inc.
- Website
- https://bluefin.io
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Bluefin is a decentralized orderbook-based perpetual swaps exchange built on the Sui blockchain, serving both professional traders and first-time DeFi users with hybrid on-chain/off-chain matching, spot CLMM, lending, structured vaults, and the BLUE governance token.
- Ownership category
- akta.pro rank
Bluefin industry classification
Industry- Product category
- Decentralized Crypto Derivatives Exchange
- NAICS
- Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- On-Chain Limit Orders & Algorithmic Execution (FSADABAJ)
- akta.pro secondary industries
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO), Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)
Keywords
Where Bluefin is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Bluefin business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Trading Fees: 0.01% maker fees and 0.035% taker fees computed based on notional value traded, charged in USDC. Fees accumulate into the Fee Pool.
- Gas Fees (Taker Trades): Taker trades incur 0.03 USDC gas fee charged at on-chain execution. Other transactions (deposits, withdrawals, margin adjustments) are subsidized via the Gas Station.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Maker Fee: 0.01% of notional value |
| Transaction based/ take rate | Pay-as-you-go | Taker Fee: 0.035% of notional value + 0.03 USDC gas |
| Other | Pay-as-you-go | Gas Fee Subsidization |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
Bluefin product offering
Product offeringCore offering
Bluefin operates a decentralized orderbook-based perpetual swaps exchange built on the Sui blockchain, offering up to 20x leverage via a hybrid on-chain/off-chain architecture. The platform also includes a spot Concentrated Liquidity Market Maker (CLMM), a lending protocol, and structured vaults, all governed through the BLUE token DAO.
Product overview
Bluefin is a decentralized financial ecosystem offering a platform-plus-modules architecture. The core product is the Bluefin Perps Exchange—a decentralized orderbook-based perpetual swaps platform built on Sui blockchain with up to 20x leverage. This is complemented by Bluefin Spot CLMM for concentrated liquidity spot trading, Lending on Bluefin for supply/borrow functionality, and Structured Vaults for structured products. The BLUE Token serves as the governance asset for the Bluefin DAO. Bluefin Pro provides the professional trading interface, while the Bluefin Foundation oversees protocol governance.
Differentiator
Problem solved
Functional benefit
Products and services
- Bluefin Perps Exchange Decentralized orderbook-based perpetual swaps exchange built on the Sui blockchain, offering up to 20x leverage with a hybrid on-chain/off-chain architecture. Designed for both professional CeFi traders and first-time DeFi users, providing sub-second trade finality, institutional-grade liquidity, and non-custodial on-chain settlement.
- Bluefin Spot CLMM Concentrated Liquidity Market Maker (CLMM) for spot trading on Bluefin, featuring swap functionality, limit orders, and liquidity pools for liquidity providers. Built as a separate BluefinX sub-product offering.
- Lending on Bluefin Standalone lending protocol enabling users to supply and borrow assets on Bluefin, including Bluefin Stable Pools that allow lenders to provide capital to top-tier market makers.
- Structured Vaults Structured investment products offered on the Bluefin platform for users seeking defined risk-return profiles, documented as a standalone product line in the company's documentation portal.
- Bluefin Pro Professional trading interface for the Bluefin exchange offering advanced trading features and an upgraded user experience for active traders.
- Bluefin API Public REST and WebSocket APIs (Perps API and Spot API) for programmatic trading access to the Bluefin exchange, with developer documentation at docs.bluefin.io and reference docs at bluefin-exchange.readme.io.
Quantifiable outcome
- Sub 390ms end-to-end latency with 297,000 peak TPS
- +3 more outcomes
Companies that use Bluefin
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Bluefin technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature8 records
Bluefin partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core.
- InsideXcoreAcquired by Bluefin to accelerate trading development on the Sui blockchain.
- WintermutecoreTop-tier market maker supporting Bluefin's liquidity. One of the leading algorithmic trading firms in crypto markets.
- Amber GroupcoreTop-tier market maker supporting Bluefin's liquidity.
- KeyrockcoreTop-tier market maker and liquidity provider, also publishes analysis on Bluefin and the future of perpetual DEXes.
- SelinicoreMarket maker supporting Bluefin's liquidity provision.
- Trail of BitscoreLeading security audit firm that conducted full protocol audit of Bluefin's order matching engine and orderbook, staking, and liquidity provider contracts. Audit found 2 High issues, 3 Medium issues, 0 Low issues.
- PeckShieldcoreSecurity audit firm that audited Bluefin's V1 repository including Governance, Insurance Fund, Token Vesting, and Timelock smart contracts. Audit found 0 Critical, 0 High, 0 Medium issues.
- HalborncoreElite cybersecurity company for blockchain organizations that completed White Box Penetration Test of Insurance Fund and Governance applications. Found 2 Informational issues, all resolved.
- GuardrailcoreReal-time threat monitoring provider offering 24x7x365 threat detection, end-to-end continuous monitoring across Web3.0 stack, and robust alerting for on-chain events, large transactions, and anomalous gas usage.
- Chaos LabscoreRisk engine design and monitoring partner. Published Protocol Spotlight: Bluefin V3 analysis.
- SuicoreLayer-1 blockchain network designed for security and scalability. A team that originated at Facebook. Partnership driven by mutual mission to redefine on-chain user experience. Bluefin has been building on Sui since 2023.
- Sui FoundationcorePartnership for SuiUSDE stablecoin launch, a yield-bearing stablecoin built in partnership with Ethena. 90% of fees flow back to Sui Group and the Foundation.
- EthenacorePartnership for SuiUSDE yield-bearing stablecoin development.
- AxelarcoreCross-chain messaging protocol enabling 1-click, 1-min bridging for Bluefin's platform.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Bluefin competitors and assessment
Company assessmentDirect peers
- Hyperliquid: Hyperliquid operates a fully on-chain orderbook-based perpetual futures exchange with high-performance matching engine, and is the dominant perps DEX by volume. Directly comparable as a hybrid orderbook derivatives venue targeting professional traders.
- dYdX: dYdX runs a decentralized orderbook-based perpetual swaps exchange (now on its own appchain), targeting professional traders with deep liquidity and low latency. Closely aligned with Bluefin in product, customer segment and decentralized architecture.
- GMX: GMX is a decentralized perpetual swaps exchange using a GLP-style liquidity pool model rather than an orderbook. Comparable as a leading DeFi derivatives venue serving both professional traders and DeFi users with crypto-collateralized perpetuals.
- Drift Protocol: Drift is a Solana-based orderbook perpetual futures DEX offering spot, perps and lending. Comparable as a high-performance on-chain orderbook derivatives venue targeting similar professional and retail crypto trader segments.
- Aevo: Aevo is an orderbook-based decentralized derivatives exchange offering perpetual options and futures trading. Comparable as an L2-based orderbook perps venue with professional trading focus.
- Vertex Protocol: Vertex is a hybrid orderbook-AMM decentralized exchange on Arbitrum offering spot, perps and money markets. Comparable as a multi-product DEX targeting institutional and pro traders with orderbook-based perps execution.
- Perpetual Protocol: Perpetual Protocol is a decentralized perpetual swaps exchange using a vAMM/virtual AMM model, now multi-chain. Comparable as a DeFi-native derivatives venue offering perpetuals to crypto traders.
- Mango Markets: Mango Markets is a decentralized cross-margin trading platform on Solana offering spot, perps and lending. Comparable as a multi-product DeFi trading venue targeting similar pro-trader and DeFi user segments.
Emerging players
- Synthetix: Synthetix is a decentralized derivatives liquidity protocol enabling perps trading on its v3 architecture, used by front-ends like Kwenta and Polynomial. Comparable as foundational DeFi derivatives infrastructure, though now transitioning from direct front-end to B2B liquidity provision.
- Hyperliquid token/Orderly Network: Orderly Network is a decentralized orderbook infrastructure layer for derivatives trading built on NEAR. Comparable as white-label/permissionless orderbook technology for perp DEXs, an emerging competitor segment to vertically integrated venues like Bluefin.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Bluefin social profiles
Digital presenceBluefin compliance and trust
Trust signalCompliance7 records
Bluefin financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bluefin leadership team
Management profileNumber of profiles
Profiles3 records
Bluefin subsidiaries and ownership
Company hierarchySubsidiaries1 record
Bluefin funding detail
Funding detailFunding overview
Funding rounds6 records
Investors27 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bluefin M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bluefin
What does Bluefin do?
Bluefin operates a decentralized orderbook-based perpetual swaps exchange built on the Sui blockchain, offering up to 20x leverage via a hybrid on-chain/off-chain architecture. The platform also includes a spot Concentrated Liquidity Market Maker (CLMM), a lending protocol, and structured vaults, all governed through the BLUE token DAO.
Is Bluefin a public or private company?
Bluefin is a private company. It is classified as venture growth investor backed and is currently operating.
When was Bluefin founded?
Bluefin was founded in 2020. It employs 11 to 50 people.
Where is Bluefin based?
Bluefin is headquartered in Toronto, Canada, in the North America region.
How does Bluefin make money?
Two revenue lines are on record. Trading Fees are the primary driver. The others are gas Fees (Taker Trades).
Who are Bluefin's main competitors?
Direct peers on record are Hyperliquid, dYdX, GMX, Drift Protocol, Aevo, Vertex Protocol, Perpetual Protocol and Mango Markets. Emerging players are Synthetix and Hyperliquid token/Orderly Network.
Does Bluefin have an API?
Yes. Bluefin offers a public API for developers to integrate with its exchange. The documentation is available at docs.bluefin.io, with separate documentation for Perps API and Spot API endpoints. Developers can access reference documentation at bluefin-exchange.readme.io for both the Perps API and Spot API. Developer documentation is at docs.bluefin.io.
What industry is Bluefin in?
Bluefin's product category is Decentralized Crypto Derivatives Exchange. Its primary akta.pro industry code is FSADABAJ, On-Chain Limit Orders & Algorithmic Execution, with a secondary code of FSAFANAO, Digital Asset/Crypto Trade Execution Platforms. Its NAICS code is 52321 and its SIC code is 6200.