Bluefin

Bluefin is a decentralized perpetual futures and spot trading exchange built on the Sui blockchain, designed to match the speed and user experience of centralized exchanges while keeping assets fully on-chain. It is the largest protocol on Sui by total volume, with over $37 billion traded since launching in September 2023. Bluefin was founded by brothers Rabeel and Ahmad Jawaid, who started the project in 2020.

The team originally launched on Arbitrum, Ethereum’s Layer 2 scaling network. Bluefin Classic on Arbitrum processed over $2.1 billion in trading volume before the team recognized its limits. In early 2023 they decided to rebuild the entire platform on Sui, drawn by its parallel execution model, sub-second transaction finality, and fees far lower than Ethereum-based alternatives.

Bluefin delivers a hybrid exchange architecture. Order matching happens off-chain for speed, while settlement and custody occur on-chain for security. The off-chain order book layer sends optimistic trade confirmations in about 30 milliseconds, with on-chain finalization completing in around 480 milliseconds. No centralized exchange custody risk. No slow blockchain confirmation times. The hybrid model offers both.

Bluefin also lets users log in with a Google or Apple account through Sui’s zkLogin primitive, removing the need for a crypto wallet to start trading. This is a meaningful shift. Most DeFi platforms require users to install MetaMask or a similar wallet before doing anything. Bluefin lets you onboard just like signing into any web app.

The platform has expanded beyond perpetual futures. As of December 2025, Bluefin Spot handles over 30% of all decentralized spot volume on Sui and consistently ranks among the top three protocols by daily active users for spot trading. Lending markets launched in May 2025 and reached about $150 million in total value locked. A Vaults product for structured yield strategies surpassed $90 million in deposits.

Monthly trading volume grew from about $1 billion in September 2024 to over $4.2 billion in August 2025, supporting more than $82 billion in cumulative traded volume and $34 million in fees across 2.3 million accounts. This four-fold growth in monthly volume within a year reflects genuine user adoption rather than incentive-inflated metrics.

Bluefin has raised $37.5 million in total funding, with a $17 million raise in early 2025 backed by Polychain Capital, Brevan Howard Digital, Susquehanna International Group, and Tower Research Capital. Earlier backers include ParaFi Capital, CMS Holdings, DeFiance Capital, and Hypersphere Ventures. Susquehanna and Tower Research are two of the largest quantitative trading firms in traditional finance. Their participation signals that serious professional trading infrastructure is taking Bluefin seriously as a venue.

Bluefin’s leadership team brings experience from Meta and Goldman Sachs, and its liquidity is supported by top-tier market-making firms including Wintermute and GSR. The combination of institutional investors, professional market makers, and deep blockchain infrastructure expertise sets Bluefin apart from most DeFi exchanges built by crypto-native teams alone.

The BLUE token is Bluefin’s native governance token, launched on December 11, 2024. The total supply is 1 billion BLUE tokens, with approximately 150 million in initial circulation representing 15% of supply. BLUE holders vote on protocol changes and key parameters through the Bluefin decentralized autonomous organization. The token also powers community rewards, with 19.68% of supply reserved for early users and ongoing platform incentive programs.

BLUE trades on major centralized cryptocurrency exchanges for standard amounts. For larger positions, locked allocations, or SAFT notes, Acquire.Fi’s OTC and Secondaries Marketplace is the direct path to verified counterparties.

To buy Bluefin tokens OTC, you can either match with an existing sell listing on Acquire.Fi or submit a new Buy listing with the price and quantity you want.

To sell Bluefin tokens OTC, check the active Buy listings for a match, or submit a new Sell listing specifying your terms.

Once you submit, Acquire.Fi takes responsibility for what comes next. The team runs background checks, sends non-disclosure agreements, and connects you with your counterparty. You and the other party are responsible for due diligence and payment settlement. Acquire.Fi is not a broker-dealer, but will stay engaged throughout to give the transaction the best chance of closing.