AMM Instructions and perpetuals markets

Important: AMM Instructions are high risk and only available to eligible institutional and corporate professional investors in select locations.

In Hong Kong, AMM instructions are available to institutional and qualified corporate professional investors only. Perpetuals AMM Instructions are not available in Hong Kong or to Hong Kong users.

Perpetuals AMM

Similar to Bullish spot markets, Bullish provides deep liquidity in perpetuals markets by combining an Automated Market Maker (AMM) with a traditional limit order book - Bullish Order Book. Learn more about What is the Bullish AMM and how does it help maintain deep liquidity.

Differences trading spot and perpetuals markets via AMM Instruction

You have the option to send AMM instructions for both spot and perpetuals markets. While they are both broadly similar there are a couple of important differences to note.

Asset Lock Up vs. Margin Lock Up

Spot AMM Instructions require you to provide a specific amount of the base asset and the quote asset, depending on the selected price bounds and current price. You only need to choose an amount of one asset as the other will be automatically calculated and shown for your confirmation. If an AMM Instruction is submitted, the chosen assets are locked for the duration of the instruction.

Perpetuals AMM Instructions however require Margin to be provided, in any form suitable to the system. Additionally, rather than choosing an amount of two assets, you will instead need to choose the most contracts you wish to long or short on top of your current position. Like spot AMM Instructions, you can choose one value and the other will be automatically calculated and shown for your confirmation. Once submitted you will need to monitor your account health to ensure that sufficient Margin is provided at all times, to avoid being liquidated, as you must with all Perpetuals trading.

Hourly Spot Profits vs. Instant Position Updates

Spot AMM Instructions are accounted separately from your other balances. Once per hour any profits from trades made by each AMM Instruction are “swept” back into your balances, while the AMM Instruction and its assets remain separate.

Trades made by Perpetuals AMM Instructions, however, are instantly netted against all your other Perpetuals market trading (such as via API or the web application), without waiting until the end of the hour. This helps you manage your risk more carefully.

For example, if you:

  1. Started with no position at all in BTC/USDC-PERP; then
  2. Created an AMM Instruction in BTC/USDC-PERP; and then
  3. The market subsequently moved down causing the AMM Instruction to automatically buy some contracts; then

You would see that you are now long BTC/USDC-PERP in your trading account. Your Perpetuals market AMM Instruction placed orders that in turn caused you to buy these Perpetual contracts. The trade(s) were immediately reflected in your account position.

Caution when using the API directly for Perpetual AMM Instructions

The net position returned via the API is the result of combining all AMM Instruction trading, correct as of the last settlement, and all other trading from the web app and APIs, correct as of the last Mark-to-Market. If you wish to calculate your likely position based on the market movements since those events, we can provide you with the details necessary to compute this. Please speak to your Relationship Manager for more details.

Other points of note

  • You may submit multiple AMM Instructions for the same market at the same time and their effects are cumulative.
  • Once a perpetuals market AMM Instruction(s) automatically buys or sells contracts and causes your trading account’s position to go more long or more short, it behaves exactly as if you had entered that position by manually trading directly yourself (i.e. via API or web app). This extends to Margin, Funding and Unsettled P&L, indeed to every aspect of Perpetuals market trading.

Submitting perpetuals AMM Instructions

Note: Submitting an AMM Instruction is only available for specific markets at the discretion of Bullish.

To submit a perpetuals market AMM Instruction:

Step 1: Select a market

  1. Go to the left-hand navigation and choose Trade.
    Trade in lefthand navigation.png
  2. Select the AMM tab.
    AMM tab in top navigation.png
  3. Select the market with "PERP" from the drop-down.
    Select PERP market in AMM order panel.png

Step 2: Define your parameters

Opening a perpetuals AMM Instruction requires three elements: spread, a defined price range, and size of max long or short position customers are willing to enter into on top of whatever their current underlying perpetuals position is


  1. Navigate to Select Fixed Spread.
    Select Fixed Spread in Perp AMM market.png

  2. Choose the minimum bid/offer spread you want from the Select Fixed Spread drop-down menu.
    - perpetuals AMM will place multiple bids and offers into the market on your behalf. The highest bid and the lowest offer will be at least this distance apart at all times.
  3. Choose to employ a Dynamic Spread or not using the tick box.
    - Dynamic spreads temporarily widen the spread when volatility increases. This can reduce the chance of your bids and offers being taken but increases the expected AMM payments when they are taken.
    Dynamic Spread in Perp AMM market.png
Note: The automated Dynamic Spread system is part of our Bullish enhancements and subject to change at any time.

Price boundaries

  1. Navigate to Price Boundaries.
    Price Boundaries in Perp AMM market.png
  2. Use the Min and Max selectors on either side of the chart to define your lower and upper price boundary or directly enter your desired prices.

Max long/short positions

  1. Navigate to Quantity.
    Quantity in AMM order panel.png

  2. Enter how many more contracts you are prepared to buy and/or sell on top of whatever your current underlying perpetuals position is.

Note: If the lower-bound is higher than the current price, you will only need to specify max short position. If your upper boundary is lower than the current price, you will only need to specify max long position. If your price is in between the two boundaries you have set, you will need to specify either max long or short positions. By entering one, the system will help you by showing the required size for the opposite side.

Once all of your parameters have been set, choose Submit at the bottom of the window. This will send your parameters to the engine and immediately place bids and orders into the market on your behalf.

Note: You can submit several AMM Instructions for the same perpetuals market.

Amending a perpetuals AMM Instruction

You cannot make changes to an existing AMM Instruction. You can choose to terminate an existing perpetuals AMM Instruction and/or send a new perpetuals AMM Instruction.

Terminating a perpetuals AMM Instruction

Terminating your perpetuals AMM Instruction means that you no longer wish to make markets using the given AMM Instruction’s parameters and locked assets. Termination is designed to be instantaneous; once you confirm your request to terminate a perpetuals AMM Instruction, the assets locked by the AMM Instruction will be made available in your spot account for re-use or withdrawal, subject to our Terms of Service. Learn more about how to terminate a perpetuals AMM Instruction.

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