Bullish exchange and Gold-i integrate to unlock low latency, low-cost execution for institutional customers


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.

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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.


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.


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.

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 1 bps taker fees.* 

*Fiat related swap markets incur zero fees.
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 safeguards in place if liquidation risk gets too high:

Active increases in leverage are restricted beyond a predetermined level.

If leverage continues 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 to Hong Kong users.

Learn more on the Help Center

Perpetuals with cross-collateralized, real-time risk management.

Bullish perpetual futures

Images shown are for illustrative purposes only.

Perpetuals on trading accounts.

  • Gain long and short exposure to price movements without additional constraints such as supply of assets to borrow.
  • Access deep, unique liquidity for BTC and ETH markets with more to follow soon.
  • Auto-borrow and auto-repay to meet USDC settlement obligations.
  • Hourly funding and settlement periods.

Maximize capital efficiency.

  • Unified trading account cross-collateralization and leverage of up to 7x handles any combination of spot, margin and perpetuals.
  • All idle assets and all open orders in the account contributing to collateral (subject to collateral quality ratings).

Manage risk.

  • Smart partial liquidation at high leverages to reduce the chance of full liquidation, ensuring fair and orderly markets.
  • Perpetuals trading is backed by the Bullish Guaranty Fund, used to mitigate the risks of defaults by counterparties.
Important note: Perpetual futures trading is high risk and only available to eligible professional investors in select locations and subject to regulatory approval. Perpetual futures are not available in Hong Kong or to Hong Kong users.Learn more on the Help Center

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 perpetual futures, trading accounts effectively manage risk by allowing traders to segregate funds across multiple trading strategies or digital assets.

Important note: Only spot trading is available in Hong Kong or to Hong Kong users.
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 trade with confidence in variable market conditions.


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.