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Using Bluefin v2 (Early Release)

How to get set-up on v2 of the Bluefin Exchange, deployed on the Sui network.
Welcome to the early release of Bluefin v2 on Sui! Sui is an innovative Layer 1 network designed for security and scalability. Bluefin will be launching v2 of its exchange on the Sui network. In this guide, we’ll walk you through:
  • Early release and full release of Bluefin v2
  • How to get started on Bluefin v2
  • The advantages of participating in the early release

Full Release Features

These features will be released on a rolling basis over the next 6 months:
  1. 1.
    Improved Performance: ~30ms optimistic trade confirmations, ~550ms finality, and 5,400+ peak TPS
  2. 2.
    Wallet-less User Experience: zkLogin to eliminate the need for Web3 wallets, while remaining non-custodial. Axelar to support one-click deposits from any chain alongside direct fiat on-ramps on to the platform
  3. 3.
    Full-Stack Offering: Cross-margin along with fully-decentralized spot markets

The Advantages of Participating in the Early Release

  1. 1.
    Initial Trade & Earn Program - 6% of the total BLUE supply is allocated for this Initial Rewards Program. The program will end in 6 months (March 2024), and will be replaced by a long-term sustainable trading incentive program. For more information, visit the Initial Trade & Earn Program page here.
  2. 2.
    Open Referral Program - All users will soon be able to participate in an open referral program, earn rewards, and help push Non-Custodial trading forward! More details coming soon.

Getting Started on the Early Release of Bluefin v2 on Sui

  1. 1.
    Download the Sui Wallet
    You can interact with the Sui network using a supported wallet application. Currently, Bluefin v2 supports the official Sui wallet, which you can download here. Please note that the Sui wallet application is currently only supported on Chromium-based browsers.
  2. 2.
    Connect your Sui Wallet
  3. 3.
    Bridge USDC using Wormhole
    1. 1.
      Only bridge USDC from Ethereum - Bluefin v2 currently supports USDCeth as its margining token.
    2. 2.
      When bridging, be sure to enable the option to receive native gas tokens
  4. 4.
    Accept Bluefin's Terms of Use
  5. 5.
    Deposit Funds to Start Trading

Gas Fee Subsidization

Upon onboarding for the first time on Bluefin v2, all users will receive 0.2 SUI in their Sui Wallet to support transaction fees associated with:
  • Depositing and Withdrawing USDC
  • Removing/Adding Margin to a Position
  • Adjusting Leverage
Note: Users will not be paying gas fees for on-chain trades, this is already subsidized by the Bluefin Foundation.

Switching your connected Sui wallet on Bluefin v2

If you find that you need to change the Sui wallet that you've connected to the exchange, you can do so by following the below steps:
  1. 1.
    Disconnect your wallet from Bluefin v2
  2. 2.
    Within the Sui wallet, disconnect the account that is connected to the Bluefin exchange
  3. 3.
    Head back to and connect your SUI wallet again
    You should now have the option to connect a different account. Choose the other account and select “Connect." Once you complete the onboarding process, you'll find that your new account is now connected to Bluefin v2.

How to get USDC on Sui

Perpetual contracts on Bluefin v2 are collateralized using the USDCeth token (i.e., USDC bridged from Ethereum). In order to trade on the Bluefin v2 exchange, you will need a supported wallet and funds to be used as collateral. You can either bridge funds from another network to the Sui network or on-ramp directly onto Sui.

Bridging from another network

If you already have funds on another network, you can bridge them to Sui using Portal by Wormhole*.
Only Bridge USDC from Ethereum
Currently, Bluefin v2 only supports USDCeth as its margining token. Note: If you did not redeem the tokens as mentioned in the last step and no longer have access to the transfer page, you can redeem your tokens here.

On-ramp directly onto Sui

You can buy tokens on the Sui network using an on-ramp provider such as Transak* or Moonpay*. These services allow users to purchase cryptocurrencies using a variety of payment methods, including credit/debit cards and bank transfers. Please be advised that these services typically involve a degree of KYC (know your customer) verification.
At present, these services only allow users to buy Sui tokens on the Sui network. You can always swap Sui tokens for USDCeth using protocols such as Cetus* or Turbos*.

Depositing funds on Bluefin v2

  • Connect wallet to Bluefin v2
  • Complete the onboarding flow if you haven't already done so
  • Click Deposit on the top right of the screen
  • Enter the amount you wish to deposit
  • Confirm in the Sui wallet extension pop-up
  • Place an order to open a position

Connecting multiple accounts using the same Sui wallet

If you want to trade on Bluefin using multiple accounts under the same Sui wallet, follow the steps highlighted in the video below

Happy trading!

*Services and protocols mentioned in this guide are for illustrative purposes only and do not constitute an endorsement by the Bluefin Foundation.