Important: Automated market making is available within the upper and lower price boundaries of our range-bound liquidity pools and for our standard liquidity pools. Returns may vary with our range-bound versus standard liquidity pools. Learn more by reviewing important information about our range-bound and standard liquidity pools at 

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 filter order data based on the decimal number of the order's executed price. There are three aggregation levels: 0.1, 0.5, and 1. For example, if a customer chooses the aggregation 0.5, the Bullish Hybrid Order Book will only show the order data with 0.5 USD price difference.

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 platform. You can find the Bullish API guide at

Annual percentage rate (APR)

Bullish displays a non-binding indicative estimated APR of the then-current Liquidity Fee for each Liquidity Pool.

Ask price

The lowest price a seller will accept for what they are selling.

Automated market maker (AMM)

Pool-based mechanism rooted in DeFi (decentralized finance) which relies on a mathematical formula to provide continuous liquidity. This means that assets are almost always available for purchase and sale, at predictable prices.

Bid price

The highest price a buyer will accept for what they are buying.

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.

Bullish Hybrid Order Book

Proprietary trade ledger developed by Bullish, combining liquidity provided by Bullish Liquidity Pools as well as traditional limit orders.

Bullish Liquidity Pools (BLPs)

Bullish Liquidity Pools (BLPs) are an advanced feature of Bullish that allows customers to contribute to the exchange's liquidity, while earning a share of the fees generated for automated market making and safe margin lending. Any yield is held in the pool and can be redeployed for use until withdrawn. BLPs are based on asset pairs that provide liquidity to the Bullish Hybrid Order Book.

Bullish Liquidity Pool stake

When customers add assets to a BLP, the contribution is assigned BLP units which represent the share of the total liquidity in the pool.

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 platform.

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.


A digital currency implemented using blockchain technology.

Depth chart

The chart format of the Bullish Hybrid Order Book. It is a chart indicating the total aggregation of orders at different price levels.

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.

Effective leverage

The amount of leverage that a customer used to open a margin position in their margin account.


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)

ETH, short for Ether, is 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.


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

Fill or kill (FOK)

An order that is either completely filled immediately or it is killed (canceled).

Good til cancelled (GTC)

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

Hardware authentication device

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

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.

Impermanent loss

The potential loss of value of an asset contributed to a BLP, relative to holding the same asset outside the pool. The source of impermanent loss is the change in the market price of the asset held in the liquidity pool during the period of contribution.

Initial margin

Percentage of the purchase price for a trade from a margin account that has to be covered by an asset.

Last price

The price at which a cryptocurrency was traded last. 


Ratio of assets to liabilities.

Limit order

An order 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.


When a customer's assets are sold due to their inability to to cover a margin loan or add additional collateral.

Liquidation risk

Shows the likelihood of a margin position to be force liquidated, (low, medium, high). Once the liquidation risk is assessed as high, customers should take action to close the position or add collateral to avoid liquidation.


The amount of an asset available for purchase or sale at a specific market price.

Litecoin (LTC)

Litecoin 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.

Lock-in period

The period from when the customer instructs a BLP withdrawal and the date/time when the contribution is fully withdrawn from the Bullish Liquidity Pool.

Maintenance margin

The minimum ratio of collateral to purchase price.

Maker fee

Fee paid when a customer adds liquidity to the order book with a limit order or stop limit order.

Margin call

When Bullish notifies a customer that they should deposit additional assets into the customer’s margin account, in order to reduce the margin ratios and lower the liquidation risk. A margin call lets the customer know that their margin position may be liquidated within a short period of time.

Margin trading

The ability to borrow assets to buy or sell more than a customer would otherwise be able to with the balance in their account. Market, limit, or stop limit orders for margin trading can be placed with a maximum leverage ratio. Margin trading is available to eligible customers on Bullish.

Market price

The current price at which customers can buy or sell an asset.

Market order

A trade instruction to buy or sell an asset at its current price.

Mid price

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

Multi-factor authentication

A login process that requires separate forms of identification to access a platform. Bullish uses a six-digit PIN and WebAuth for multi-factor authentication.


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.

Security key

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


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


The difference between the buy and sell price of an asset. For example, if the bid price is US$5,000 and the ask price is US$5,050, the spread would be US$50.

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 customer removes liquidity from the order book with a market order.

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 to a specific Bullish Liquidity Pool.


An individual purchase/sale on an exchange.

Unrealized change

An estimate of a position's gain or loss if it were closed immediately. Once the position is closed, the change becomes realized. Also known as unrealized P&L.


A place where customers store their digital assets.


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.

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