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.
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/.
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.
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.
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.
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).
Cryptocurrency
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.
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.
EOS
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.
EOSIO
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.
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.
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.
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.
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.
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.
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.
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 6-digit PIN and WebAuth for multi-factor authentication.
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.
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.
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.
Security key
A hardware device that enables access to other devices and apps through enhanced authentication.
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.
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.
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.
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.
Wallet
A place where customers store their digital assets off-exchange.
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.