I tried a similar effect exactly 6 years ago with Maya and Realflow. This time I used Houdini with FLIP and Vellum fluids. Back in the day it was a difficult process to keep the liquid particles inside colliding and fast moving objects, but with vellum fluids things got very easy and fast. In addition this time the soft body and liquid physics affect each other.

Looking forward to diving into vellum stuff more as soon as possible.

Houdini + Karma XPU + Fusion