Trade with deep liquidity & tight spreads.

Bullish leverages innovations of decentralized finance (DeFi) within a regulated framework so you can execute fast, reliable crypto trades with near-zero spreads, even in volatile markets.

GET STARTED

The Bullish Order Book

A unique source of deep liquidity.

The Bullish Order Book combines the high performance of a central limit order book (CLOB) with deep, deterministic liquidity from our automated market maker (AMM). This combined source of liquidity creates a more reliable order book for digital assets.

1/2

Central limit order book.

Consistent with other centralized exchanges across TradFi and digital assets, the Bullish Order Book allows customers to place conventional order types, such as market orders and limit orders.

1/2

Automated market maker.

Bullish’s proprietary AMM generates thousands of bids and offers using liquidity exclusively available on our platform. These bids and offers create greater depth across variable market conditions, making Bullish more reliable and efficient than other exchanges—centralized or decentralized.

SPOT TRADING

Best execution with low-cost liquidity.

Best-in-class order matching engine.

Matching on a price (per tick) and time priority.

Fully automated execution—no manual intervention.

Designed to minimize slippage with near-zero spreads.

No maker fees and 0-3 bps taker fees.*

*Market dependent

Margin trading

Capital-efficient margin, on demand.

As a trader, enable margin on any trading account to:

Auto-borrow (“borrow-to-trade”) when needed.

Auto-repay to minimize funding costs.

Utilize cross-asset collateralization, including digital assets locked in limit orders.

Bullish has risk checks in place if liquidation risk gets too high:

Active increases in leverage are restricted beyond a predetermined level.

If margin requirements continue to increase due to external factors, the use of smart partial liquidation from 6x will help manage risk, aiming to prevent full liquidation.

Important note: Margin trading is high risk and only available to eligible professional investors in select locations. Margin trading is not available in Hong Kong or the U.S. or to Hong Kong or U.S. users.

Learn more on the Help Center

Derivatives

Perpetuals and dated futures with cross-collateralized, real-time risk management.

Images shown are for illustrative purposes only.

Derivatives on trading accounts.

Gain long and short exposure to price movements by supplying sufficient collateral, without additional constraints such as supply of assets to borrow.
Access deep, unique liquidity for BTC and ETH markets and more.
Auto-borrow and auto-repay to meet settlement obligations.

Maximize capital efficiency.

One overall portfolio margin requirement with all unencumbered assets in the trading account eligible.
Full cross-collateralization with liquidity haircuts.

Manage risk.

Scenario analysis with offsets for the same underlying assets.
Automated risk management waterfall with optional customizations.
Self-service risk analysis including volatility and liquidity adjustments.
Smart partial liquidation at high leverages to reduce the chance of full liquidation, ensuring fair and orderly markets.
Backing by the Bullish Guaranty Fund, used to mitigate the risks of defaults by counterparties.

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

TRADING ACCOUNTS

Manage diverse trading strategies.

Multiple trading accounts can be set up under one institutional entity, each with separate users, balances, positions and permissions. When paired with margin trading and derivatives, trading accounts effectively manage risk by allowing traders to segregate funds across multiple trading strategies or digital assets.

Margin trading and derivatives trading are high risk and only available to eligible professional investors in select locations. Margin trading is not available in Hong Kong or the U.S. or to Hong Kong or U.S. users. Derivatives are not available in Hong Kong or the U.S. or to Hong Kong or U.S. users.

Help Center

Risk management

Bullish Portfolio Margining (BPM)

Scenario-based margin methodology enables all your account holdings to be eligible collateral for derivatives trading (subject to liquidity-adjusted haircuts). Margin requirements may be reduced by offsetting spot, margin, and derivatives positions that have the same underlying asset. Margin requirements and risk level outputs designed to be replicable by customers with our Portfolio Margin Simulator.

Help Center

ACCESS OUR API

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.

API docs

Regulated.

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

Reliable.

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

Secure.

The security and integrity benefits of blockchain, combined with strong cryptographic safeguards and multi-factor authentication.

Start trading.

Trade crypto’s biggest assets on Bullish with near-zero spreads and low fees.

GET STARTED