What Is Bluefin? Sui Perp DEX and the BLUE Token

Bluefin is a Sui-based decentralised exchange for perpetual futures and spot trading, governed by the BLUE token. Not to be confused with the fish, this Bluefin combines an order-book perpetuals venue (Bluefin Pro) with a concentrated-liquidity spot DEX, and it is one of the longest-running trading apps in the Sui ecosystem.

Bluefin at a glance

Attribute	Detail
Category	Perpetual futures DEX and spot CLMM DEX
Chain	Sui (earlier versions ran on Moonbeam and Arbitrum)
Native token	BLUE
Launched	Perpetuals on Sui by late 2023; spot DEX November 2024; BLUE token December 2024; Bluefin Pro July 2025
Key products	Bluefin Pro perpetuals, Bluefin Spot CLMM with limit orders, swap aggregator
TVL	About $15.0 million across products (DefiLlama, October 2026)
Audits / security record	Audits listed from Trail of Bits, PeckShield, Halborn, ChainTroopers and OtterSec (spot); no Bluefin exploit found in our research
Website	bluefin.io
Integrated with JewelSwap	No: no direct integration

What is Bluefin?

Bluefin began life under the Firefly name, first on Moonbeam and then on Arbitrum, before moving to Sui. DefiLlama records Arbitrum support being wound down in December 2023, leaving Sui as its home chain. The exchange says it is backed by Polychain, Susquehanna (SIG), Brevan Howard Digital and Tower Research, among others.

Perpetual futures are Bluefin's core product. In November 2024 it added a spot DEX built on a concentrated liquidity market maker (CLMM), and the BLUE governance token followed in December 2024. In July 2025 the perpetuals venue was upgraded to Bluefin Pro, which the team describes as offering faster matching and cross margining, with users moving funds over from the older "Classic" version.

Bluefin also offered lending with AlphaFi for a period. Bluefin says that distribution partnership for AlphaLend ended on 17 May 2026.

How Bluefin works

1. Perpetuals use a hybrid order book. According to Bluefin's documentation, orders are signed by the trader, matched in an off-chain order book for speed, then verified and settled by smart contracts on Sui.
2. Prices come from oracles. Bluefin uses Pyth price feeds for liquidations, funding payments and the index price.
3. Funding keeps prices in line. As with any perp, longs and shorts pay each other a periodic funding rate so the contract tracks the spot price.
4. Spot runs on CLMM pools. The spot side lets liquidity providers place tokens in chosen price ranges and earn fees plus BLUE and SUI incentives, while traders swap from their wallet with instant on-chain settlement.

If perps are new to you, start with our explainers on what a perp DEX is and how funding rates work.

Key features

• Order-book perpetuals: limit, market, post-only and reduce-only orders plus take-profit and stop-loss, closer to a centralised exchange experience.
• Self-custody: funds stay in Sui smart contracts rather than on an exchange's balance sheet.
• Spot CLMM with limit orders: concentrated-liquidity pools for swaps and liquidity provision, with limit orders on top.
• Aggregated routing: the spot swap can route through outside liquidity sources to find better prices.
• Risk engine: liquidations, an insurance fund and auto-deleveraging (ADL) to handle bad debt in volatile markets.

BLUE token

BLUE is Bluefin's governance token, with a fixed total supply of 1 billion. It launched in December 2024, and CoinGecko showed roughly 604 million BLUE in circulation in October 2026. Holders can take part in Bluefin governance, and the token is also used in liquidity-mining rewards on the spot DEX. BLUE trades on Bluefin's own spot market and on several centralised exchanges. Its price has fallen sharply since its December 2024 high, which is worth knowing before treating incentive rewards as income.

Risks and track record

• Leverage risk: perpetual futures can wipe out a position quickly. Liquidations are the biggest risk for most traders.
• Off-chain matching: Bluefin's own docs note that an off-chain order book adds a degree of centralisation and requires trust that orders are executed fairly.
• Oracle risk: liquidations and funding depend on Pyth price feeds being accurate and timely.
• Shrinking liquidity: DefiLlama shows Bluefin's total TVL at about $15.0 million in October 2026, down from a peak of around $246 million in October 2025. Thinner books mean more slippage.
• Track record: we found no exploit of Bluefin itself. During the May 2025 Cetus exploit, Bluefin temporarily paused its spot platform as a precaution.

Is Bluefin integrated with JewelSwap?

No. JewelSwap has no direct integration with Bluefin and offers no Bluefin product. Bluefin pools may appear in swap-aggregator routes on Sui, but that is not a JewelSwap feature.

JewelSwap is also not a perpetual futures venue. On Sui it focuses on liquid staking, auto-compounded yield farms on Cetus and Turbos, and NFT-backed lending, as covered in our overview of JewelSwap on Sui. If you want to compare perp venues instead, our best perp DEXs of 2026 guide is the place to start.

Bluefin vs other Sui apps

For spot trading, Bluefin competes with Cetus, Turbos Finance and Momentum, which all run concentrated-liquidity pools. On DefiLlama in October 2026, Bluefin Spot sat just behind Cetus and DeepBook by TVL among Sui DEXs.

For order-book trading, the closest comparison is DeepBook, which keeps matching fully on-chain but is spot and margin infrastructure rather than a perps exchange. Typus Finance covers Sui options. See our Sui DEX comparison for the full picture.

Related Sui apps

• Sui — the Layer 1 behind the whole directory.
• DeepBook — Sui's native on-chain order book.
• Cetus Protocol — the largest CLMM DEX on Sui.
• Turbos Finance — CLMM DEX with JewelSwap auto-compounded farms.
• Momentum — ve(3,3) CLMM DEX with the MMT token.
• Typus Finance — options and structured products on Sui.

Learn more on the JewelSwap blog

• What is a perp DEX? — how on-chain perpetual futures work.
• Best perp DEXs of 2026 — how the leading venues compare.
• Funding rates explained — the payment that keeps perps tied to spot.
• Sui DEX comparison 2026 — Bluefin's spot rivals side by side.

Frequently asked questions

Is Bluefin safe?

Bluefin lists audits from several firms and we found no exploit of the exchange itself as of October 2026. Its perpetuals still rely on off-chain order matching and Pyth oracles, and leveraged trading can lead to fast liquidations.

What is the BLUE token used for?

BLUE is Bluefin's governance token, with a total supply of 1 billion. It is used for protocol governance and in liquidity-mining rewards on Bluefin's spot DEX.

Is Bluefin integrated with JewelSwap?

No. There is no direct integration and JewelSwap offers no Bluefin product. JewelSwap is not a perp venue; its Sui yield farms run on Cetus and Turbos.

JewelSwap Sui Ecosystem directory · educational, not financial advice. Data as of October 2026. Browse all Sui apps.