Is Bluefin Safe?
Risk Grade: B- (34/100)
Bluefin is rated as moderate risk — some novel mechanisms, generally well-understood.
Moderate risk — fast trading experience but the off-chain matching engine is a single point of failure that leaves you trapped during crashes
A trading platform on Sui where you can bet on crypto prices with up to 50x leverage. It handles $84M in deposits and has raised $37.5M from investors like Polychain and Brevan Howard. Its C+ grade reflects the danger of its off-chain order matching going down during a crash while liquidations keep running.
TVL
$25M
Mechanisms
8
Interactions
6
Value Grade
C+
Key Risks for Bluefin Users
During a market crash, the off-chain system that matches trades can go down. You can't close your losing position, but the platform can still liquidate you automatically
With 50x leverage, a 2% price move wipes you out. The price feeds come from thin Sui markets that are cheap to manipulate, so someone could force your liquidation
If the insurance fund runs out, the platform forcibly closes winning trades to cover losses. Your profitable position can be taken away from you
Top Risk Factors
- •Hybrid off-chain matcher / on-chain settlement creates single point of failure — matcher downtime during crashes prevents traders from closing positions while liquidations continue
- •Oracle manipulation risk on thin Sui spot markets could trigger mass liquidations and drain the insurance fund
- •50x maximum leverage amplifies all risk vectors — even small oracle deviations or matcher delays create outsized trader losses
Risk Score Breakdown
Bluefin's highest risk area is Vitality Risk (7/10). Here's how each dimension contributes to the overall 34/100 score:
Read the Full Bluefin Risk Report
This protocol has 2 collapse scenarios. 1 critical and 3 high-severity interaction risks identified. See the full mechanism classification, interaction matrix, and deep-dive recommendations.
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