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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, consistent 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 deeper and more reliable order book that operates independently from external price feeds or oracles.

Central limit order book (CLOB).

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

spot trading

Best execution with low-cost, reliable liquidity.

mobile phone with a page on Bullish titled 'order entry'

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*.

*Tier and market group dependent

Margin trading

Capital-efficient borrowing, on demand.

As a trader, enable margin on any sub-account to:

Auto-borrow ("borrow-to-trade" when needed.

Auto-repay to minimize funding costs.

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

Bullish has safeguards in place if liquidation 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.

Image of a laptop computer with a Bullish portfolio screen.

Regulated.

Bullish is licensed by the Hong Kong Securities and Futures Commission (SFC), 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.

Secure.

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

Services are available in Hong Kong for qualified investors. The Bullish exchange Hong Kong operations are dependent on the operations of other entities within the Bullish Group. Therefore, trading services may become unavailable if there’s any material interruptions of the relevant group entities. BTH a Bullish Group company acts as market maker on the Bullish exchange. Visit bullish.com/legal/hk/ for more important information and risk warnings. Services are available in Hong Kong for qualified investors. The Bullish exchange Hong Kong operations are dependent on the operations of other entities within the Bullish Group. Therefore, trading services may become unavailable if there’s any material interruptions of the relevant group entities. BTH a Bullish Group company acts as market maker on the Bullish exchange. Visit trust for more information.