Win a US$10m investment. Register now for the Bullish Professional Trading Competition.
The new standard in automated market making.
Bullish revolutionizes crypto automated market making by offering traders deep liquidity while empowering liquidity providers with an alternative way to make markets.
Get Started
.png)
The Bullish Automated Market Maker
Unique liquidity from thousands of bids and offers.
Our proprietary Automated Market Maker (AMM) efficiently converts liquidity that is exclusively available on Bullish in the form of Automated Market Making Instructions into thousands of bids and offers. Once placed, these bids and offers create more predictable depth across varying market conditions.
Bullish’s AMM evolves and improves upon the constant product market maker model (xy=k) often seen in DeFi. This makes Bullish more reliable and efficient than other exchanges—centralized or decentralized.
Images shown are for illustrative purposes only.
AMM Instructions
An alternative way to make markets.
Liquidity on Bullish is derived from customer assets in the form of AMM Instructions. This feature enables customers to seamlessly make markets on the Bullish Order Book by allocating their assets within specified trading parameters. Upon submitting an AMM Instruction, the Bullish AMM instantaneously generates thousands of individual bids and offers.
As other market participants trade against these bids and offers, the customer who initiated the AMM Instruction can receive AMM payments through trading fees, spreads, and dynamic price adjustments when trades are matched against those specific bids and offers.
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
Images shown are for illustrative purposes only.
Create custom AMM Instructions.
AMM Instructions are dynamic and fully customizable to a customer's trading strategy. Customers can send multiple AMM instructions across all markets.
Spot AMM Instructions.
Assets placed within AMM Instructions in spot markets can be allocated across customized price ranges and bid/offer spreads.
Customizable parameters include:
Market
1/5
.png)
Minimum bid/offer spread
2/5
Dynamic spread
3/5
Lower/upper price boundaries
4/5
Quantity of assets
5/5
Derivatives AMM Instructions.
For AMM instructions placed in perpetuals and dated futures markets, customers are required to supply sufficient margin rather than supply actual assets, and collateral does not need to be in the same denomination as the underlying market itself. As with all derivatives trading at Bullish, customers have the flexibility to supply more or less collateral to match their preferred risk profile.
.png)
The image shown is for illustrative purposes only.
Customizable parameters include:
Market
Longest long or short position you are willing to take
Minimum bid/offer spread
Dynamic spread
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.

Regulated.
Licensed by the Federal Financial Supervisory Authority (BaFin), which applies international regulatory standards and supervisory best-practices.

Compliant.
We conduct rigorous customer due diligence through mandatory KYC/ KYB verification, regular AML checks, and consistent transaction and trade monitoring safeguards and multi-factor authentication.

Secure.
Bullish Europe combines industry leading technology and operational procedures developed by security and custody experts to ensure customers’ digital assets remain secure.

Start trading.
Trade crypto’s biggest assets on Bullish with near-zero spreads and low fees.
Support
Jurisdiction
Germany
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. Visit legal for important information and risk warnings. Bullish Europe GmbH is regulated by the German Federal Financial Supervisory Authority (BaFIN ID 10162355). Bullish Europe GmbH, Fora Office, Oper 46, Bockenheimer Anlage 46, 60322 Frankfurt, Germany. Local Court of Frankfurt am Main, HRB 128487; Managing Directors: Marco Bodewein, Marcus Rietsch Imprint