Bluefin: Pro perpetuals, Sui spot pools, fees and wallet controls

Bluefin offers two different trading experiences on Sui: perpetual contracts through Pro and spot exchange through liquidity pools. A spot purchase delivers a token; a perpetual position creates price exposure backed by margin. The current website links both, but product availability still depends on the wallet’s jurisdiction and the relevant service. Lending and vault links elsewhere in the ecosystem should be assessed under their own terms.[1]

Pro combines wallet signatures with offchain matching in a Nautilus trusted execution environment. The operator describes publishing order inputs, outputs and cancellations to Walrus, then submitting matched changes to Sui for enforcement of margin and liquidation rules. This architecture separates fast order processing from final changes to contract balances. It does not make the website, matching service, data streams and blockchain a single failure-free system.[3]

A leverage update cancels all open orders in that market. It is therefore a position-management change that can also remove resting entries or exits; it does not mean the position itself is closed. Isolated-margin adjustment is a separate signed operation specifying the symbol and collateral amount.[9][10]

The production configuration inspected on 20 October carried a 19 October 2026 server timestamp. These default Pro rates are applied to traded notional. Individual schedules can change; they are distinct from spot-pool charges.[4]

The same payload lists a 0.03 USDC trading-gas field. Its exact charging events should be checked in the order preview. Spread, slippage and funding remain separate.[4]

Pro publishes funding histories by market rather than one permanent funding tariff. The public endpoint accepts a market symbol and time boundaries, returning up to 1,000 observations. A funding rate from an earlier interval cannot establish the future carrying cost of a leveraged position. The authenticated account history separately records the account’s funding entries, with 500 records by default and 1,000 maximum per page.[18][19]

Spot fees depend on the selected pool: the documentation illustrates tiers including 0.01%, 0.10% and 0.20%. The default protocol share is 20% of the pool’s trading fee, not 20% of the customer’s trade. Liquidity providers also face changing token composition and periods outside their selected range. A displayed annualized return is not a fixed deposit rate.[20]

Trade & Earn distributes SUI, WAL or BLUE from weekly reward pools according to eligible trading fees. Estimates can change before finalization, scheduled for Wednesday after 16:00 UTC, and claiming may involve up to a one-day cooldown. Claimed rewards are tokens sent to a wallet; an estimated allocation is not an immediately withdrawable cash balance. Wash trading is excluded.[21]

The official Pro SDK documents deposits and withdrawals of native USDC and separates mainnet, testnet and development environments. An amount in an API example is not a bank transfer or a promise of fiat redemption. Users need the correct asset on Sui and a wallet capable of authorizing the contract operation. Test tokens and production balances must not be confused.[11]

The withdrawal reference does not establish a universal minimum, fixed fee or guaranteed completion clock. Follow the request through the account records and destination transaction rather than interpreting acknowledgement as settlement. A bank cash-out would require a separate supported off-ramp; the inspected Pro funding methods do not establish a direct bank-withdrawal service.[12]

Balance history covers changes beyond trading, with asset and transaction-type filters. Its documented default window is seven days, the requested interval must be shorter than seven days, and pagination allows up to 1,000 entries. For reconciliation, collect successive windows rather than assuming one response is a lifetime statement.[17]

Funds used for Pro are held in Sui contracts while the user signs activity. The architecture describes onchain checks of balance changes and margin obligations. Retaining wallet control does not remove contract, liquidation, matching-system or network exposure: collateral committed to a trading contract is not equivalent to uncommitted tokens sitting in a wallet.[3]

The older privacy policy identifies Firefly Labs Inc. and describes collection of wallet addresses, trading records, IP addresses and device data. It says the service will not request private keys or recovery phrases. Data deletion can be requested, subject to retention requirements, but that process does not recover a lost signing key or cancel an already-authorized onchain transaction.[24]

The terms exclude US and Canadian persons and restrict UK access to investment professionals. Additional named-country and sanctions exclusions apply; the full operative list must be checked before connecting. Location-disguising tools cannot be used to bypass restrictions. Access may be suspended or limited to closing positions.[23]

A reachable website, market-data response or SDK download does not establish individual eligibility. Production and staging are explicitly separate API environments. Developer examples establish the request format, not permission for a resident of an excluded jurisdiction to trade.[30]

The status page reported services operational at 16:54 UTC on 20 October 2026. This was an operator-reported snapshot, not a successful order or withdrawal test. A status indicator cannot establish that an individual order was cancelled. Use the order stream and transaction record to resolve that question, and retain timestamps when escalating a fault.[29]

No guaranteed ticket-response interval or emergency telephone dealing instruction was established in the FAQ. Its older trading explanations should not override the Pro API. A support ticket asks for investigation; it is not an alternative order channel with a promised execution price.[26]

The terms provide 30 days after receipt of a dispute notice before arbitration, specify BVI IAC proceedings, and impose a one-year claim period. These dispute provisions are separate from ordinary ticket handling.[23]

Bluefin’s terms state that it is not registered or licensed by the CFTC, SEC or another financial regulator. That is the operator’s disclosure; no positive financial permission is established here. Contract audits and a functioning Sui application do not substitute for an activity-specific authorization.[23]

The operative terms name Bluefin Labs Inc.[23]

The older privacy policy still uses Firefly Labs Inc., reflecting a documentation identity that should not be silently substituted for the current contracting name. The privacy policy’s BVI reference does not, by itself, establish the current entity’s incorporation jurisdiction.[24]

An undated airdrop overview reports more than $37 billion traded since the September 2023 Sui launch, 57,754 unique depositors and $27.1 million TVL. The same page describes Pro as forthcoming, so these are historical company figures, not an October 2026 market-share ranking or current active-user count. Unique wallet depositors are also different from verified individual customers.[25]

A legacy-vault notice directs users toward Ember Protocol and gives October withdrawal and claim dates without a year. It is not treated as a new October 2026 deadline. An old vault balance, eBLUE position and current Pro collateral require their own applicable instructions; the existence of one migration does not show that all products share the same redemption process.[22]

Operator

Bluefin Labs Inc.

Exchange model

Hybrid

Service scope

Sui spot pools and Pro perpetuals; hosted matching with onchain settlement.

Client types

Retail clients; Professional clients

Pricing publication

Public pricing

Other names

Firefly; Bluefin Pro; Bluefin Classic

Funding scope

Native Sui USDC for Pro; Classic wUSDC requires conversion.

Custody and asset handling

User-signed activity against Sui contracts; delegated trading wallets have restricted authority.

Client eligibility

US/Canadian persons excluded; UK investment-professional restriction and further country exclusions.

Support

Official Discord ticket desk and public status page; no dealing-phone commitment established.

Authorisation and registration scope

Terms disclaim financial-regulator registration; no independently verified financial authorisation established.

Exchange metadata checked 20 Oct 2026Source 1Source 2Source 3Source 4Source 11Source 13Source 14Source 23Source 24Source 26Source 29

Market metadata is the starting point for current precision, allowed sizes and collateral rules. The endpoint reference documents how to retrieve them; a default leverage setting should not be interpreted as the maximum leverage available for every position size. Parameter changes can alter whether an otherwise identical order is accepted.[5]