Overview
Bullish took off in late 2021 and is backed by heavyweight investors like Peter Thiel's Founders Fund and Block.one. Built for institutions, it runs on a private blockchain with transparent governance and regulatory licenses across Gibraltar, Hong Kong, and Germany.
Quick overview
- Launched in 2021, regulated in multiple jurisdictions.
- Offers spot, perpetual and dated futures, and margin in a unified, cross-collateral setup.
- Full-reserve model - assets are segregated and audited, with daily reconciliations and a 1:1 backing.
What it offers
Spot and derivatives trading with ultra-tight spreads and robust order book matching.
Unified Trading Account lets unrealized gains, positions, and collateral mingle efficiently.
Institutional infrastructure including audited custody, strong trade surveillance, and legacy-grade security.
Liquidity and activity now
Daily volume runs into the billions - Bullish plays deep in BTC/USDC, ETH/USDC, and other liquid pairs. It ranks among the top exchanges by derivatives liquidity.
Fees and costs
Ultra-competitive pricing: spot and futures both offer 0% maker fees, with taker fees at 0.01%. P2P and deposits are also free.
Onboarding and UX
Launch through desktop; mobile not yet available. Full KYC and AML are required. Interface is clean but designed for institutional flow - not gentle for retail beginners.
Strengths
- Regulation and trust by design - audited, compliant, secure.
- Deep liquidity and institutional-grade matching engine.
- Unified margin architecture that maximizes capital utility.
Weaknesses
- No mobile app yet and not built for easy retail onboarding.
- Institutional-focused, meaning less friendly to casual or small-scale traders.
- Limited fiat routes - doesn't cater well to non-crypto funding.
Who it suits
Institutional traders, token funds, and advanced traders who demand compliance, low fees, and deep markets. Not for casual users or those looking for minimal friction entry.
Final take
Bullish stands as a bridge between modern crypto and institutional expectations. It delivers deep liquidity, clean architecture, and regulatory peace of mind. It's a fortress, not a playground.