Preview exchangeLog in
Sign up
Markets
Products
AMM
October 8, 2025
Bullish and Deutsche Bank partner to deliver seamless fiat integration for institutional crypto trading
Digital Assets
Indices
Custody
About Us
Careers
Trust & Transparency
Investor Relations
News & Insights
Bullish Capital
Press
Rest of World
Right chevron arrow
Jurisdiction
Left chevron arrow
Rest of World
Hong Kong
Germany
United States

Win a US$10m investment. Register now for the Bullish Professional Trading Competition.

MarketsPRODUCTSAMM
jurisdiction selector icon
Preview exchangeLog in
SIGN UP

Leave conventional trading behind.

Built for institutions—now open to advanced traders with 0% trading fees.
Get Started
The bullish order book

Unique hybrid liquidity.

The Bullish Order Book’s unique hybrid liquidity model is especially designed for discerning traders. We've combined the best of two worlds to deliver deep, deterministic liquidity.
PREVIEW EXCHANGE
1/2

Central limit order book.

Our Central Limit Order Book (CLOB) offers the same high-performance trading found in top-tier TradFi and crypto exchanges with transparency and control. Full order book visibility for real-time market depth. Place conventional order types such as market and limit for optimized speed.
Order book chart
2/2

Automated market maker.

The proprietary Automated Market Maker (AMM) offers a unique source of liquidity and is seamlessly integrated into the orderbook to deliver thousands of bids and offers continuously generated, adding consistent depth and reliable deterministic liquidity, especially in volatile market conditions. This significantly reduces slippages and mitigates price impact, even for substantial trades.
Order book chart
left arrow
right arrow
spot trading

Best execution with low-cost liquidity.

mobile phone with a page on Bullish titled 'order entry'
0% trading fees for individual accounts.
Verified top 5 global venue by BTC volume.*
Best-in-class order matching engine.
Advanced order types for precision & risk management.
Designed to minimize slippage with near-zero spreads.
*CoinMetrics
Access our advanced apis.
Take full control of your trading strategy.

Use REST and FIX for order management and low latency trading.

Execute sophisticated liquidity strategies using AMM Instructions through REST.

Monitor market and private data in real-time via REST and high-throughput Websocket feeds, ensuring complete situational awareness.

API Docs
Derivatives

Derivatives with robust, integrated risk management.

Open Dropdown
downward facing chevron
Flexible exposure & advanced margin capabilities.
Arrow pointing right
Comprehensive risk management framework.
Arrow pointing right
Flexible exposure & advanced margin capabilities:
  • Go long or short by simply supplying the necessary collateral, eliminating typical hurdles of finding assets to borrow. Access deep, distinct liquidity across BTC, ETH, and other markets. Our integrated margin system allows you to:
  • Auto-borrow and auto-pay : Seamlessly access leverage ("borrow-to-trade") when needed for immediate execution while minimizing funding costs through automatic repayment mechanisms.
  • Cross-Asset Collateralization: Utilize all unencumbered assets in your trading account, including digital assets locked in limit orders, for one overall portfolio margin requirement. Standard liquidity haircuts are applied for prudent risk assessment.
Comprehensive risk management framework:
  • Bullish employs a multi-layered system designed to protect your positions and provide granular control
  • Leverage Restrictions: Active increases in leverage are restricted beyond a predetermined threshold.
  • Smart Partial Liquidation: If margin requirements rise at high leverage levels (e.g., from 6x), a smart partial liquidation process initiates to manage risk incrementally and help prevent full liquidation, promoting orderly markets.
  • Customizable Risk Analysis: Conduct self-service risk analysis, including adjustments for volatility and liquidity, for deeper insights.
  • Automated Risk Waterfall: Benefit from an automated risk management waterfall with optional customizations to align with your specific risk profile.
  • Scenario Analysis: Model various market outcomes by offsetting positions for the same underlying assets.
  • Guaranty Fund Backing: The Bullish Guaranty Fund is in place to mitigate counterparty default risks.
Important note: Derivatives trading is high risk and only available to eligible professional investors in select locations and subject to regulatory approval. Derivatives are not available in Hong Kong or the U.S. or to Hong Kong or U.S. users.
Learn more on the Help Center
Image of a laptop computer with a Bullish portfolio screen.
Safeguarding your assets.
Bullish’s crypto custody architecture is purpose-built to maximize asset protection while ensuring the swiftness of your deposits and withdrawals – a critical advantage in volatile markets.We operate as a full reserve exchange, ensuring customer assets are consistently maintained in a 1:1 ratio and strictly segregated from our own assets.
Full reserve & segregation
Multi-layered protection
Regulatory oversight and security audit
Fast and reliable on/off ramps
Secure a demo account.
Validate performance, risk-free.
LEARN MORE
Latest from Bullish
10.8.2025
Bullish and Deutsche Bank partner to deliver seamless fiat integration for institutional crypto trading
10.6.2025
Bullish releases September 2025 monthly metrics
10.2.2025
Bullish to launch crypto options trading with top-tier consortium of trading partners
Markets
Products
AMM
Features
Digital Assets
Indices
Custody
Institutions
Individuals
Bullish Group
About Us
Careers
Trust & Transparency
Investor Relations
News & Insights
Bullish Capital
Press
Support
Help Center
Status
Contact Us
Sign up
Log in
Jurisdiction
Rest of World
Down chevron arrow
Bug Bounty Program
Site Terms of Use
Cookie Notice
Legal
Privacy Notice
Complaints Handling
Fee Schedule
Fee Schedule
Copyright © 2025 Bullish Global. All rights reserved.

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.

DE The information on this website is aimed solely at qualified investors in Hong Kong. It is not intended for use by any other type of investor. By agreeing to access the information contained on this website, you are deemed to be representing and warranting that you are (1) a person falling under paragraphs (a) to (i) of  the definition of “professional investor” in section 1 of Part 1 of Schedule 1 to the  Securities and Futures Ordinance; or (2) a person within the meaning of section 4, 6  (other than a person referred to in section 6(b)(ii)) or 7 of the Securities and Futures  (Professional Investor) Rules. Important note: Only spot trading in select markets is available in Hong Kong for qualified investors. Bullish (GI) Limited (CE BTW125) has not been licensed by the Securities and Futures Commission and may not eventually be granted a licence as the Commission may refuse its licence application or its application may be withdrawn. It is only deemed to be licensed under the Anti-Money Laundering and Counter Terrorist Financing Ordinance.

I agree
I agree

This website is for qualified investors in Hong Kong. Qualified investors are persons covered by paragraphs (a) to (i) of the definition of “professional investor” in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance or section 4, 6 (other than a person referred to in section 6(b)(ii)) or 7 of the Securities and Futures (Professional Investor) Rules.  Spot trading only.

OK
OK

Thanks for your interest in Bullish. While our services aren't available in your location right now, you're welcome to explore the site to see what we're about.

I understand
I understand

We noticed you're accessing our site from the United States. Click 'OK' below to be taken to our dedicated US website.

OK
OK

Services are available in the United Kingdom only to investment professionals or high net worth entities, as defined in sections 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended).

I agree
I agree