What is the Bullish Guaranty Fund (BGF)?

The Bullish Guaranty Fund (BGF) improves the experience and increases peace of mind when using leveraged products at Bullish. The BGF is designed to reduce impact to your trading profits by providing an additional source of funds for amounts owed during Auto-Deleveraging (ADL).

BGF & Perpetuals

If a customer trading on leverage does not maintain proper Margin Requirements, then their account will be moved into Default (and become subject to ADL). If a defaulting customer has unsettled losses at that time, those losses (debt) are owed by the defaulting customer to Bullish, and in turn to one or more other Bullish perpetuals traders who had unsettled profits – one of whom could have been you. With the BGF in place, those unsettled losses are instead owed to the exchange and the BGF allows your unsettled profits to be paid in full at the next settlement cycle, as normal.

Important: BGF funds are available on a first-come basis. It is not possible to guarantee funds will be available in full or part in any individual instance.

All payments made by the BGF, as stated above, are dependent on the BGF having the necessary funds at the point in time of the request (Default).

The BGF should not be considered insurance. More details can be found in the Additional Terms for Perpetual Futures

Fully Backed

As a regulated exchange, Bullish was built from the ground up to ensure that customer balances are always backed 1-to-1 in full by assets held in Bullish Exchange’s customer omnibus accounts (digital assets & fiat).

BGF assets will be stored and located in a similar fashion. This allows both transparency in reporting and automated transfers from the BGF to customer accounts when the previously described defaulting situations occur.

Note - processing BGF payments assumes the exchange is live and operating normally.

BGF Balance

Asset Balance*
USDC 25,000,000

*Last updated November 15, 2023. Balance changes periodically and may have changed since last update.

Warning: Trading in perpetual futures is high risk. Please read carefully the Risk Warning and Terms for Perpetual Futures on bullish.com/legal.
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