Updated: Nov 17, 2023

Bullish does not charge fees for opening an account. All fees are associated with transactions.

Trade fees

Note: All information on Fees is subject to change at any time. Please refer to the Terms of Service for further details

When are fees charged?

Different fees may apply depending on whether your order immediately matches against an existing order (is a “taker”), is matched later (is a “maker”), or some combination of both. We only charge on the filled amount. We do not charge a fee if your order is unfilled.

Maker fees

Maker fees are charged on the amount filled when your limit order is matched later with a subsequent taker order.

We do not charge maker fees for any of our markets.

Taker fees

Taker fees are charged on the amount filled when you send a market order or when you send a limit order that immediately matches against another market participant’s previously sent limit order.

Taker fees are not applied when trading stablecoins for fiat or vice-versa.

Spot Market fees

In spot markets buyers pay their fees in the same currency that they paid in (e.g. USD for BTC/USDC) and sellers in the currency they sold (e.g. BTC for BTC/USDC).


Currency pair Maker fee Taker fee
AAVE/USDC 0 bps 1 bps (0.01%)
AVAX/USDC 0 bps 1 bps (0.01%)
BTC/PYUSD 0 bps 1 bps (0.01%)
BTC/USDC 0 bps 1 bps (0.01%)
BTC/USDT 0 bps 1 bps (0.01%)
CHZ/USDC 0 bps 1 bps (0.01%)
CRV/USDC 0 bps 1 bps (0.01%)
DOGE/USDC 0 bps 1 bps (0.01%)
EOS/USDC 0 bps 1 bps (0.01%)
ETH/BTC 0 bps 1 bps (0.01%)
ETH/USDC 0 bps 1 bps (0.01%)
ETH/USDT 0 bps 1 bps (0.01%)
GALA/USDC 0 bps 1 bps (0.01%)
GRT/USDC 0 bps 1 bps (0.01%)
LINK/BTC 0 bps 1 bps (0.01%)
LINK/USDC 0 bps 1 bps (0.01%)
LRC/USDC 0 bps 1 bps (0.01%)
LTC/BTC 0 bps 1 bps (0.01%)
LTC/USDC 0 bps 1 bps (0.01%)
MANA/USDC 0 bps 1 bps (0.01%)
MATIC/USDC 0 bps 1 bps (0.01%)
PYUSD/USDC 0 bps 0 bps
SAND/USDC 0 bps 1 bps (0.01%)
SUSHI/USDC 0 bps 1 bps (0.01%)
UNI/USDC 0 bps 1 bps (0.01%)
USDC/USD 0 bps 0 bps
USDT/USDC 0 bps 0 bps
TRX/USDC 0 bps 1 bps (0.01%)
XRP/USDC 0 bps 1 bps (0.01%)


Fees calculation example:

Placing a buy limit order for 10 BTC at price 25,000 USDC

The order is a taker order.

Buy order taker fees = 10 BTC * 25,000 USDC * 0.01% = 25 USDC

Perpetual Markets

In perpetual markets both buyers and sellers pay their fees in the perpetual contract’s settlement currency (e.g. USDC for BTC/USDC PERP).

The potential taker fee is always locked, even for maker orders. This can cause automated borrowing if you do not have enough balance of the settlement currency.

Contract Maker fee Taker fee
BTC/USDC PERP 0 bps 1 bps (0.01%)
ETH/USDC PERP 0 bps 1 bps (0.01%)
Fees calculation example:

Placing a sell limit order for 10 BTC/USDC PERP at price 25,000 USDC

The order is a taker order.

Sell order taker fees = 10 BTC * 25,000 USDC * 0.01% = 25 USDC

Margin Services

Lender interest payments

As detailed in Understanding interest charges, interest payment will be charged to borrower hourly from the moment of opening the loan. Interest rate payments are calculated using the following formula. 

Borrower Interest Charge = ((1 + APR)^(1/365 x 24) - 1) x Borrow x (1 + Multiplier x Taker Fee)

Automated Market Making Instructions

No fees are charged to submit or terminate AMM Instructions.

AMM fees

As detailed in Generating Income With Automated Market Making, on every fill made by a taker against an AMM Instruction, Bullish collects earnings consisting of the taker fees paid against one or more AMM Instructions and the spread income generated by those AMM Instructions.

Spot Markets

Bullish’s AMM fee is 25%, meaning that it retains 25% of Gross AMM Income.

Perpetual Markets

Bullish’s AMM fee is 10%, meaning that it retains 10% of Gross AMM Income.

Important: Automated Market Making Instructions can only be submitted by institutional customers.

Liquidation Engine fees

Any order sent by the automated liquidation engine will incur an additional fee of 50bps (0.5%) for any fills that arise from use of the engine.

Settlement fees

Ordinarily settlement does not incur any fees, other than potentially the interest on the amount borrowed to fulfil your obligations if you have an unsettled loss and do not have sufficient funds to pay it from your available balance.

Delayed Settlement Fee

If you have an unsettled loss, insufficient funds to pay that loss and in addition you are unable to borrow those funds to make immediate settlement – for instance, because you are already above IM% = 100% – then you have no way to immediately meet your settlement obligations and you will be charged a Delayed Settlement Fee. This is charged as an APR, converted to an hourly charge using the compounding formula.

If the asset has an active loan market:

Delayed Settlement APR = 2 x Margin Borrowing Rate


Delayed Settlement APR = 50%

As mentioned above, this APR is converted to an hourly charge and added to your unsettled loss

Delayed Settlement Fee = (Unpaid loss) x (power(1 + Delayed Settlement APR, 1 / (365 * 24)) - 1)

Unsettled Loss = Unsettled Loss + Delayed Settlement Fee

For example if you had an unsettled loss of 1,000 USDC and the current borrowing rate of USDC was an APR of 20%, then you would be charged a Delayed Settlement Fee of 0.0384 USDC = 1000 x (power(1.4, 1 / 8760) - 1).

Deposit and withdrawal fees

Bullish does not charge for wire transfers. Deposit and withdrawal fees, are detailed below.

Fee type Fee per transaction
  • None
  • Fiat - US$30
  • AAVE - 0.1
  • AVAX - 1
  • BTC - 0.0005
  • CHZ - 100
  • CRV - 9
  • DOGE - 20
  • EOS - Free
  • ETH - 0.006
  • GALA - 600
  • GRT - 100
  • LINK - 1
  • LRC - 40
  • LTC - 0.01
  • MANA - 10
  • MATIC - 7
  • SAND - 30
  • SUSHI - 7
  • UNI - 1
  • USDC - US$10
  • USDT - US$10
  • TRX - 100
  • XRP - 4
  • The associated blockchain may charge a transaction fee.
  • External wallets may charge a transaction fee on transfers.

Your bank may also charge additional fees. For these additional fees, please contact your bank for more information.

Viewing charged fees

To view the records of charged fees:

  1. Go to the left-hand navigation and choose Orders.
    Orders on lefthand navigation.png
  2. Choose Trade History.
    Trade history tab under orders
  3. View the Fees column.
    Highlight Fees.png

Viewing your paid trade fees

To check your paid trade fee history:

  1. Go to the left-hand navigation and choose Orders.
  2. Orders on lefthand navigation.png
  3. Choose Trade History.
    Trade history tab under orders
  4. View the Fee column.
    Highlight Fees.png

You can also filter your search results by:

  • Currency Pair (e.g. BTC/USDC, EOS/USDC, ETH/USDC).
  • Side (Buy or Sell).
  • Time Span (Hour, Day, Week, Month, Quarter).
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