Prime Brokerage Services

Bullish provides comprehensive institutional prime brokerage services featuring integrated execution, financing, custody, and clearing for professional digital asset traders. The platform delivers institutional-grade infrastructure combining spot trading, margin financing, derivatives, and qualified custody in a unified account framework.

Trading Execution

The platform provides best-in-class order execution through a sophisticated central limit order book (CLOB) combined with proprietary automated market maker (AMM) liquidity. Spot markets feature zero maker fees and 0-0.03% taker fees with 24-hour volumes regularly exceeding $3.5 billion. The matching engine operates on strict price and time priority with fully automated execution requiring no manual intervention.

Margin Financing & Cross-Margining

Bullish offers capital-efficient margin trading with automated borrowing on demand, enabling leveraged positions with sophisticated risk management. The platform features cross-asset collateralization allowing multiple asset types to serve as collateral, with assets locked in limit orders also serving as collateral to maximize capital efficiency.

Bullish Portfolio Margining (BPM): A scenario-based margin methodology treats all account holdings as eligible collateral (subject to liquidity-adjusted haircuts). Margin requirements may be reduced by offsetting spot, margin, and derivatives positions that share the same underlying asset, calculated at portfolio level rather than position-by-position.

Derivatives Trading

Comprehensive derivatives capabilities include perpetual futures (BTC-USDC-PERP, ETH-USDC-PERP), dated futures, and options contracts with regular 24-hour options volume exceeding $250 million. Derivatives are traded within margin-enabled accounts providing long and short exposure through collateral rather than borrowing underlying assets. The platform features auto-borrow and auto-repay mechanisms to meet settlement obligations automatically.

Institutional Custody

Qualified custody services feature multi-layer security architecture developed in partnership with BitGo and Fireblocks. Customer assets are stored in segregated omnibus custodial wallets operating as full-reserve (1:1 ratio) with daily reconciliation. The majority of assets reside in cold storage with hardware-secured private keys isolated from one another, while maintaining fast deposit and withdrawal capabilities through a multi-tier wallet system.

Security Safeguards: Hardware safeguards include offline cold wallets and secure hardware modules; software safeguards feature cryptographically signed components, multi-signature schemes, and blockchain-based oracles; operational safeguards include strict wallet interaction policies, transaction size/velocity limits, and globally distributed backup keys for disaster recovery.

Unified Account Management

All services integrate into unified account management with cross-margining benefits, real-time risk monitoring, and portfolio-level risk assessment. The platform provides transparency tools including a Portfolio Margin Simulator for replicating margin calculations, comprehensive risk dashboards, and real-time visibility into margin requirements.

Compliance & Availability

Margin and derivatives trading classified as high-risk are only available to eligible professional investors in select jurisdictions. Bullish operates under multiple regulatory frameworks maintaining strict compliance with institutional trading and custody regulations.

Target Clients: Institutional trading desks, hedge funds, proprietary trading firms, and professional traders requiring integrated prime brokerage services with institutional-grade execution, margin financing, derivatives access, qualified custody, and unified account management across all trading activities.