Aave (AAVE)

Formally ETHLend, a non-custodial lending protocol that allows users to earn interest on deposits and borrow assets with variable or stable interest rates.

Anti-money laundering (AML)

Laws and regulations and/or policies and procedures intended to prevent individuals from disguising illegally obtained funds as legitimate income.

Aggregation level

A way to combine multiple price levels in order to better show the data across a wider price range. For example, if a customer chooses the aggregation 5, the Bullish Order Book will show the order data aggregated to 5 USD price jumps – even if the Bullish Order Book itself has a 0.1 USD price tick for that market.

When aggregating we round prices in your favor, meaning equal or higher price for sells and equal or lower price for buys. This ensures that the price you would actually get for a Taker Order is equal or better than the displayed data implies.

ApeCoin (APE)

APE is an ERC-20 token used in the ApeCoin DAO ecosystem, which is centered around the Bored Ape Yacht Club NFTs.

Application programming interface (API)

A program that allows different software to interact with each other. In Bullish, it can be used to access the trading exchange. You can find the Bullish API guide at api.exchange.bullish.com/docs/api/rest/

Auto Deleveraging (ADL)

Auto Deleveraging is the general mechanism all digital asset futures exchanges use to ensure that an over-leveraged position can be unwound. Since perpetual contract definitions are unique to each exchange and cannot be traded on any other exchange (they are not fungible), an urgent futures seller (buyer) must find a futures buyer (seller) at Bullish in order to unwind their position. In extreme cases when a counterparty cannot be found Bullish retains the right to match any position holder at the current mark price in order to preserve market integrity and prevent further risk cascades. Bullish employs various mechanisms including a liquidation fund to reduce the chances and the impact of this happening.

Automated Market Maker (AMM)

A mechanism that converts customers' AMM Instructions into thousands of limit orders in Bullish’s Order Book and updates them instantly every time a trade happens.

Automated Market Maker Instructions (AMM Instructions)

Instructions made by customers that place thousands of bids and offers into the Bullish Order Book. Those bids and offers generate income for the customer when other market participants trade against them. The bids and offers are also instantly adjusted and updated every time there is a trade.

Available balance

The quantity of the given asset in a Trading Account which may be withdrawn immediately (subject to withdrawal limits and other standard safety checks).

Avalanche (AVAX)

AVAX is the native token of Avalanche, an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one ecosystem.

Best bid

The highest priced bid in a particular market’s order book. The best price a seller can receive for an immediate fill.

Best offer

The lowest priced offer in a particular market’s order book. The best price a buyer can pay for an immediate fill.

Biometric authorization

Fingerprint and facial recognition, which are built into iOS, Mac, Android, and some Windows devices, as well as some hardware authentication devices.

Bitcoin (BTC)

A decentralized digital currency - the first based on blockchain technology. BTC operates via the Bitcoin network, a proof-of-work (PoW) blockchain that enables cryptographically-secured peer-to-peer transactions.

Bitcoin Cash (BCH)

Bitcoin Cash is a Proof-of-Work (POW) blockchain created in 2017 following a hard fork of the Bitcoin blockchain. Its native token BCH is used for peer-to-peer payments and value storage within the network.

Bullish Order Book

All the bid and offer orders available to execute in a particular market. The Bullish Order Book is innovative because it also contains thousands of orders sent by an Automated Market Maker on behalf of customers' AMM Instructions. The AMM ensures that all such orders are firm but also reacts instantaneously after each trade. This is not possible by market making using traditional limit orders.

Central limit order books (CLOB)

An execution system wherein limit orders (bids and offers) are matched on the basis of price and time priority, enabling customers to trade directly with one another on an exchange.

Chainlink (LINK)

A decentralized oracle network. Chainlink incentivizes data providers, or oracles, that are rewarded for bridging smart contracts with external data sources. LINK tokens are staked by node operators to bolster the security and reliability of Chainlink's oracle network in exchange for staking rewards in LINK.

Chiliz (CHZ)

Chiliz (CHZ) is a digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform Socios.com.


Assets that act as collateral are a form of security to cover potential losses or other obligations resulting from your activities – specifically, leveraged trading. Collateral can be liquidated to reduce risk, strictly according to the rules.

Confirmation Threshold

The number of blocks/confirmations required for Bullish to consider a deposit final/irreversible.

Curve (CRV)

A non-custodial, decentralized exchange built to trade stablecoins using an automated market maker (AMM).


A digital currency implemented using blockchain technology.

Decentraland (MANA)

A decentralized virtual reality platform that allows users to build their own environments, marketplaces, and applications. MANA is the ERC-20 utility token that is used to exchange goods and services within Decentraland.

Depth chart

An easy to understand visual representation of the Bullish Order Book. It indicates the total volume available to buy or sell as well as the average price required.

Deposit address

Unique identifier used to make cryptocurrency deposits from one wallet to another, with the exception of EOS transactions which require a deposit memo.

Deposit memo

Unique identifier used to distinguish a customer's EOS or USD deposit request from another.

Dogecoin (DOGE)

DOGE (Do Only Good Everyday) is meme-based cryptocurrency using the popular internet meme of a Shiba Inu dog as the token icon. DOGE is used in blockchain-based payments and to pay for transaction fees so that miners can include transactions in a block. 

Due diligence

The gathering and verification of a wide range of information pertaining to the individual customer or corporate entity intending to enter into a business relationship with Bullish.


The native token that drives the EOS Public Blockchain and provides utility to the blockchain's network participants. The EOS Public Blockchain is an open network designed to accommodate application developers with prioritizations for performance, security, and stability.


A highly performant open-source blockchain software, designed to support safe and predictable digital infrastructures.

Ethereum (ETH)

Short for Ether, the native token that drives the Ethereum network, an open source blockchain protocol. ETH provides utility to blockchain network participants by allowing them to spend it in order to send transactions on the Ethereum network.

ether.fi governance token (ETHFI)

$ETHFI (ETHFI) is the governance token that drives the ether.fi network, a decentralized, non-custodial delegated staking protocol. $ETHFI will enable community members to manage critical aspects of the protocol and direct the growth strategy of weETH.

External hardware authentication passkey

An external hardware passkey used to facilitate access into another device or application and verify a customer’s identity. External hardware passkey like YubiKey® are an example of hardware authentication devices.

External hardware passkey

An external hardware device that enables access to other devices and apps through enhanced authentication.

Fantom (FTM)

Fantom is a distributed blockchain computing platform for smart contracts and decentralized applications. Its native token, FTM, is an ERC-20 token used throughout the Fantom ecosystem as a medium of exchange.


Government-backed currency. Examples are the US dollar, Euro, Hong Kong dollar, etc.


Sometimes also known as an “execution”, this an exchange Trade involving one of your orders. Every trade on the exchange results in two opposing fills: one for the buyer and one for the seller.

Fill or kill (FOK)

An order that is either completely filled immediately or it is killed (canceled) without filling at all if the full amount cannot be filled as requested.

Gala (GALA)

GALA is the utility token of the Gala network, allowing users to purchase in-game assets in a blockchain-based gaming ecosystem.

Good til cancelled (GTC)

An instruction stipulating that an order should be kept open until it is either fully filled or manually canceled.


Identity confirmation process

The process by which Bullish receives information relating to the identity of customers before they are able to create an account on Bullish. The process is necessary to protect Bullish against fraud, corruption, the use of the exchange for money laundering and terrorist or proliferation financing, and the use of Bullish by sanctioned persons or entities.

Immediate or cancel (IOC)

An order that will attempt to execute all or part of it immediately at the price and quantity available, then canceling any remaining unfilled part of the order. If no quantity is available at the chosen price when you place the order, it will be canceled immediately.

Last price

The price at which a cryptocurrency was traded last. 

Limit order

A request to buy or sell a specified quantity of an asset at or better than a specified limit price. A limit order will only ever be filled at the specified price or better.

Limit order book

A collection of limit orders waiting to be filled. Maker orders are sent with specified prices and wait to be filled by a taker order.

Liquidation margin

The minimum value of margin you must maintain in order to avoid partial or full liquidation. 


An indication of the ability to buy or sell large notional values of an asset without having a significant impact on its price. Bullish offers some of the most liquid cryptocurrency markets in the world.

Litecoin (LTC)

Launched in 2011 as a fork of the Bitcoin protocol with minor code alterations, including faster block times, a larger supply, and uses Scrypt as its hashing algorithm.

Loopring (LRC)

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.

Maker fee

Fee paid when a customer sends an AMM Instruction to the order book with a limit order or stop limit order.

Maker order

A limit order that waits in a limit order book for some time before being either filled or canceled.

Market order

A taker order that has a theoretically unbounded price (zero for a buyer, infinity for a seller). Whilst Bullish may apply some limitations we recommend that customers use a limit price if they have concerns about the risk.


Margin is a form of trading using borrowed funds to trade on spot market. The residual amount of your collateral after subtracting the value of your debts.

Margin = Collateral amount - Borrowed amount

Mid price

The average price between the best bid and the best offer. The best bid is the highest price level for bids shown in the Bullish Order Book. The best offer is the lowest price level for offers shown in the Bullish Order Book.

Multi-factor authentication

A login process that requires separate forms of identification to access an exchange. Bullish uses a password as well as both WebAuthn and TOTP authentication(Time-based One-time Password) for multi-factor authentication.

NEAR Protocol (NEAR)

NEAR is the native token of the NEAR network, which is a blockchain that utilizes the consensus algorithm to execute transactions. This Thresholded Proof of Stake (TPoS) mechanism encourages participants as consensus is conducted via auction.

Notional Value

The USD equivalent value of the given debt, position etc for the purposes of calculating Margin Requirements.


A sell order in an order book.


An order is request to buy or sell one instrument in exchange for another. It starts unfilled and can receive zero, one or many fills. This means that the filled quantity can only increase over the lifetime of the order.

Pax Gold (PAXG)

PAXG is an ERC-20 token that is tokenized representation of gold issued by Paxos Trust Company, LLC. It is pegged to the real-time market value of gold and collateralized by London Good Delivery gold bars.


PayPal USD (PYUSD) is a stablecoin designed for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. PYUSD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company. Bullish supports the ERC-20 version on Ethereum.

Polkadot (DOT)

Polkadot is a blockchain network designed to support various interconnected, application-specific sub-chains called “parachains” (short for parallelized chains), and its native token DOT can be used to secure parachain slots.

Polygon (MATIC)

Formally the Matic Network, an Ethereum-based scaling solution allowing developers to move computation and data storage off Ethereum into a low-fee and high-speed development environment. Bullish supports the ERC-20 version on Ethereum.


The summary of positions customers hold in Bullish.


The asset amount held by a customer.

  • Short positions - When a customer borrows an asset from Bullish and sells it.
  • Long positions - When a customer holds the asset and then sells it.


XRP is the native token of the XRP Ledger, an open-source cryptographic ledger powered by a peer-to-peer network of nodes.


The difference between the estimated and executed price of a trade.

Solana (SOL)

Solana is a Layer-1 blockchain that features a timestamp system called Proof-of-History (PoH). It’s native token SOL is used to stake in validators in the PoH mechanism.


The percentage difference between between a market’s best bid and best offer. For example, if the bid price is US$4,975 and the offer price is US$5,025, then the spread would be 1%.

Spot trading

When a customer places buy or sell orders at specified sizes and prices using assets in their account without leverage. Market, limit, or stop limit orders can be placed.

Stop limit order

An order to buy or sell a specified quantity of an asset only if and when the stop price is reached and then only at or better than a specified limit price.

SushiSwap (SUSHI)

A decentralized exchange built on Ethereum. The SUSHI token powers the community-driven Sushi project which aims to solve DeFi’s liquidity problems.

Taker fee

Fee paid when a taker order is filled.

Taker order

An order that matches against an existing bid or offer (Maker Order) as soon as it is received by the Bullish Order Book. This means that it is immediately completely or partially filled. It must therefore have market price or an aggressive limit price - as high or higher than the current best offer for a buy, or as low or lower than the best bid for a sell.

If a Taker Order is only partially filled then the residual, unfilled, portion can wait for further fills and is considered to be a Maker Order from that point.

The Graph

The Graph is a protocol for indexing and querying data from blockchains and its native token (GRT) is used to pay for the queries made.

The Sandbox (SAND)

SAND is the official currency of the virtual gaming platform, Sandbox. All transactions of NFTs and other in-game assets on the platform will use it as the medium of exchange.

Tick size

The minimum amount an asset price can move, represented by decimals.

Total value

Represents the total USD value of all the assets contributed by a specific AMM Instruction.


An individual purchase/sale on an exchange.

Tron (TRX)

TRX is the native token of TRON, which is a delegated-proof-of-stake (DPoS) blockchain that uses the TRON Virtual Machine.

Uniswap (UNI)

A decentralized, automated market making protocol that provides peer-to-peer market-making and swapping of ERC-20 tokens on the Ethereum blockchain.


A place where customers store their digital assets off-exchange.

Warning margin

In the event that your margin value drops to this value or below, you will be notified via email and notifications that your account is at risk of liquidation.


Credential management standard for password-less authentication. It is generally perceived as being more secure than passwords.


A security feature that allows withdrawals from Bullish to only go to registered wallet addresses and registered bank accounts. 

Wrapped eETH (weETH)

weETH is a wrapped non-rebasing ERC-20 version of the token eETH.

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