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The standard for institutional crypto trading.

The only NYSE-listed crypto exchange, regulated by the NYDFS, SFC, Bafin (MiCAR), and GFSC. One global order book with unified portfolio margin across spot, options, perpetuals, and futures.

Preview exchange

Top 3

Global BTC and ETH spot volume (CoinDesk data).

$6B+

BTC options open interest reached (The Block, April 26, 2026).

$0.10

Consistent BTC/USD spread across market conditions.

50+

Jurisdictions served through a single global order book.

TOTAL Global Trade Volume (24h)

View MARKETS

Proprietary architecture

Two liquidity models. One global order book.

High-performance execution: A central limit order book aggregated globally with price-time priority matching, limit & market orders, fully automated — no manual intervention, minimal slippage.

Deterministic depth: Our proprietary automated market maker generates thousands of bids & offers on-chain from multibillion-dollar treasury pools directly into the order book, resulting in deep liquidity, even in volatile markets.

Bullish order book

$0K

Bid

Ask

Mid US$120K

AMM fills between
CLOB ticks.

Bullish order book

$0K

Bid

Ask

Market makers pull
liquidity during volatility.

Mid US$120K

AMM fills between
CLOB ticks.

*Source: public exchange data.

AMM Instructions are high risk and only available to eligible institutional and corporate professional investors in select locations. Past performance comparisons are not indicative of and do not guarantee future results. Market conditions, fees, and liquidity may vary.

Global regulatory framework

Licensed by world’s most respected authorities.

US | NYDFS

HK | SFC

EU | Bafin (MiCAR)

Gibraltar | GFSC

Independently audited by Deloitte

INSTITUTIONAL-GRADE INFRASTRUCTURE

Why institutions choose Bullish.

Secure by design.

Bullish’s hardware, software, and operational safeguards ensure platform security and the safety of customer funds. We operate as a full reserve exchange, ensuring that customer assets are consistently maintained in a 1:1 ratio and segregated from Bullish assets.

BULLISH & COINDESK ECOSYSTEM

A flywheel for alpha generation and institutional growth.

Market infrastructure

EXCHANGE

A tier-1 exchange with premium global licenses.

LIQUIDITY SERVICES

Deep liquidity, deterministic execution, and unparalleled institutional reach.

Information services

DATA

Span 300+ exchanges, 10,000+ coins, and 300,000+ pairs through one robust API.

INDICES

400+ BMR-compliant indices underlying tens of billions in benchmarked assets.

MEDIA

20M+ monthly active users and unmatched global reach.

CONSENSUS

26K+ attendees at the largest conference shaping the future of finance and web3.

Not investment advice. Digital assets and related products are high risk. Consult your professional advisor and trade responsibly. Services are available to eligible customers in select locations. Visit legal for more important information and risk warnings.

Bullish is regulated by the German Federal Financial Supervisory Authority (BaFIN ID 10162355), the Hong Kong Securities and Futures Commission (CE No BUQ956) and the Gibraltar Financial Services Commission (GFSC 119714). In the United States, Bullish US Operations LLC is regulated by the New York State Department of Financial Services (NYDFS 0000046), registered as a Money Services Business with FinCEN (31000322312230), and licensed as a money transmitter in select states.