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The new standard in automated market making

The Bullish exchange revolutionizes automated market making by offering traders deep, consistent liquidity while empowering liquidity providers to generate trading income.


Continuous liquidity with firm bids and offers.

Our proprietary AMM efficiently converts liquidity that is exclusively available on Bullish in the form of Automated Market Making Instructions (AMM Instructions), into thousands of firm bids and offers. Once placed, these bids and offers remain static until matched with trades, creating predictable depth across varying market conditions.

The Bullish Order Book.

The images shown are for illustrative purposes only.

No external price oracles.

The Bullish AMM does not use external price feeds in its calculations. Instead, our AMM uses a constant product formula (xy=k) based on liquidity that is on the platform to determine the price and quantity of bids and offers generated on the Bullish Order Book. 

AMM Instructions

Generate trading income as a liquidity provider.

Liquidity on Bullish is derived from customer assets in the form of AMM Instructions. This proprietary feature enables customers to seamlessly make markets on the Bullish Order Book by allocating their assets within specified trading parameters, and simultaneously generate trading income while doing so.

Upon submitting an AMM Instruction, the Bullish AMM instantaneously generates thousands of individual bids and offers using the customer’s assets. As other market participants trade against these bids and offers, the customer who placed the AMM Instruction generates trading income when trades are matched against the bids and offers from their AMM Instruction.

Important note: AMM Instructions are only available to institutional customers in authorized jurisdictions.

Automated market making instructions

The images shown are for illustrative purposes only.

Create custom AMM Instructions.

AMM Instructions are dynamic and fully customizable to a customers’ trading strategy. Assets placed within AMM Instructions can be allocated across customized price ranges and bid/offer spreads. Customers can send multiple AMM Instructions across all markets.

Trading parameters to customize include:
Trading parameters to customize include:


Lower/upper price boundaries

Minimum bid/offer spread

Dynamic spread

Quantity of assets

  • Market
  • Lower/upper price boundaries
  • Minimum bid/offer spread
  • Dynamic spread
  • Quantity of assets

Generate trading income.

When the market is trading within the AMM Instruction’s specified price range, customers can generate trading income through trading fees, spreads, and dynamic spread adjustments.

The more trades executed against the bids and offers generated by an AMM instruction, the higher the trading income received by the customer who placed it.

Learn more on the Help Center


Gain access to a range of trading features by connecting to the Bullish API.

Trade with REST and FIX.

Place AMM Instructions with REST.

Monitor markets and private data with REST and Websocket.


Bullish is licensed by the Gibraltar Financial Services Commission (GFSC), which applies international regulatory standards and supervisory best-practices.


High-performance matching engine lets you earn and trade with confidence in variable market conditions.


The security and integrity benefits of blockchain, combined with strong cryptographic safeguards and WebAuthn authentication.

Learn more.

Connect with a Relationship Manager
or request a product demo.