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.
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The quantity of the given asset in a Trading Account which may be withdrawn immediately (subject to withdrawal limits and other standard safety checks).
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.
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.
Collateral
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.
Cryptocurrency
A digital currency implemented using blockchain technology.
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.
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.
EOSIO
A highly performant open-source blockchain software, designed to support safe and predictable digital infrastructures.
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.
Fiat
Government-backed currency. Examples are the US dollar, Euro, Hong Kong dollar, etc.
Fill
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.
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.
Liquidity
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.
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
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.
Notional Value
The USD equivalent value of the given debt, position etc for the purposes of calculating Margin Requirements.
Offer
A sell order in an order book.
Order
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.
Portfolio
The summary of positions customers hold in Bullish.
Position
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.
Slippage
The difference between the estimated and executed price of a trade.
Spread
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.
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.
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.
Trade
An individual purchase/sale on an exchange.
Wallet
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.
WebAuthn
Credential management standard for password-less authentication. It is generally perceived as being more secure than passwords.
Whitelisting
A security feature that allows withdrawals from Bullish to only go to registered wallet addresses and registered bank accounts.