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.
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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.
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:

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.
desktop
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.
Registered as a MSB with FinCen and applying for individual state MTL and virtual currency licenses. See Licenses & Disclosures for a list of our licensed jurisdictions.
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.
Start trading.
Trade crypto’s biggest assets on Bullish with near-zero spreads and low fees.

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.

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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.

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Bullish exchange is not available in your location.

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Bullish does not offer services to persons located in Canada, China, Japan, Israel, The Russian Federation or any jurisdiction subject to sanctions. Users from these locations are advised that their access to this website falls outside our Site Terms of Use. In the United States, services are available only to eligible users in the States listed in our U.S.Terms of Service.

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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).

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