Trading on Bullish

Bullish offers spot trading for customers who have passed our identity confirmation process and confirmed their account upon signing up. We also offer margin trading to eligible institutional customers.

Warning: Margin trading is a high risk activity. Please read carefully the Risk Warning on bullish.com.

For both spot and margin trading, you can choose to place the following orders:

Types of orders on Bullish

Good til cancelled (GTC)

A GTC order will remain open until it is either executed or manually canceled. This is the default order on the exchange. If you do not choose any other order type (IOC or FOK), your order will be treated as a GTC order.

Immediate or cancel (IOC)

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

For example: If you place an order to buy 10 BTC at 10,000 USDC but only 5 BTC is available at that price, you would purchase those 5 BTC, and the rest of the order would be canceled.

 

Fill or kill (FOK)

A FOK order is completely filled immediately or it is killed (canceled).

For example: If you place an order to buy 10 BTC at 10,000 USDC but only 5 BTC is available at that price, the entire order is canceled.

Market order

A market order is executed immediately at the asset pair’s current market price once the order is confirmed.

To place a market order:

  1. Go to the left-hand navigation and choose Trade.
    Trade in lefthand navigation.png
  2. Choose Buy or Sell.
    Choose Buy or Sell (GIF).gif
  3. Choose Market.
    Market highlighted in Order Panel.png
  4. Enter the Amount.
  5. Choose Buy or Sell button under the Amount.
    Market order Buy button.png
  6. Choose Confirm Order.
    Market order Confirm Order.png

Limit order

A limit order is a type of order that is executed when the value of a pair of assets reaches a customer’s specified limit price, or better.

To place a limit order:

  1. Go to the left-hand navigation and choose Trade.
    Trade in lefthand navigation.png
  2. Choose Buy or Sell.
    Choose Buy or Sell (GIF).gif
  3. By default, Limit should already be pre-selected. If not, choose Limit.
    Limit highlighted in Order Panel.png
  4. Set the Limit Price and Amount.
  5. Choose GTC, IOC, or FOK from the Time in Force drop-down menu.Time in force dropdown (GIF).gif
  6. Choose Buy or Sell under the Time in Force drop-down menu.
    Limit order Buy button.png
  7. Choose Confirm Order.
    Limit order Confirm Order.png

Post Only

Post-Only orders are guaranteed to always be maker orders. If a Post-Only order is sent at a price which would make it a taker, it will be expired. This makes it very useful for certain strategies, such as market making. Post-Only is only available for GTC Limit orders.

To place a Post Only order:

  1. By default, Limit should already be pre-selected. If not, choose Limit.
  2. Set the Limit Price and Amount.
  3. Choose Post Only. When you place a Post Only limit order, the Time in Force is restricted to Good til Cancelled (GTC).
    Post Only order tick box.png

For example, suppose you place a buy order of 1 BTC at 9,000 USDC in the BTC/USDC market when the current best ask price shown on the order book is 9,001 USDC. Suppose also that the market is volatile and the best ask price has moved to 9,000 USDC by the time your order is received by the Bullish systems. 

The following compares the behaviour in the same scenario, both with and without selecting “Post-Only”.

Standard (without Post-Only) With Post-Only selected
  • As there is now an offer resting at an equal-or-better price point than your buy order's limit price (9,000 USDC), Bullish will immediately fill some or all of your Limit Order

  • As a result of taking resting liquidity you will pay a taker fee on the filled portion, even though you were only expecting to pay a maker fee (if any).

  • As there is now an offer resting at an equal-or-better price point than your buy Post-Only order's limit price (9,000 USDC), Bullish will expire your order, unfilled

  • This means that you will not pay a taker fee and can resubmit a new maker order at a lower price, if desired.

 

Stop limit order

A stop limit order is not initially placed into the orderbook. Only if the market price reaches the chosen stop price (≤ for a buy and ≥ for a sell) will the order be placed into the orderbook. From that point it is treated just like a limit order with the chosen limit price.

To place a stop limit order:

  1. Go to the left-hand navigation and choose Trade.
    Trade in lefthand navigation.png
  2. Choose Buy or Sell.
    Choose Buy or Sell (GIF).gif
  3. Choose Stop Limit.
    Stop Limit highlighted in Order Panel.png
  4. Enter a Stop Price, Limit Price, and the Amount.
  5. Choose GTC, IOC, or FOK from the Time in Force drop-down menu.
    Time in force dropdown (GIF).gif
  6. Choose Buy or Sell under the Time in Force drop-down menu.
    Stop Limit order Buy button.png
  7. Choose Confirm Order.
    Stop Limit order Confirm Order.png
Note: A stop limit order will remain open until the stop price and the limit price are reached. If your chose limit price is not sufficiently agressive, it may cause your order to be partially or even completely unfilled. 

For example, the current market price for BTC is 45,000 USDC. You expect the value of BTC may depreciate, but you are willing to hold onto the asset until it falls to a certain price. You set your stop price at 30,000 USDC and a limit price at 25,000 USDC to sell BTC. A limit order will be created when BTC reaches 30,000 USDC.

However, if the market continues to move downward (the price becomes lower than 25,000 USDC), your order may not be completely filled. The stop limit order cannot completely offer downside protection that you would usually get from a stop market order.

Cancel an unfilled order

You can cancel an unfilled portion of an order.

To cancel an unfilled order:

  1. Go to the left-hand navigation and choose Trade.
    Trade in lefthand navigation.png
  2. Choose Open Orders.
    Open Orders tab in Orders.png
  3. Choose Cancel next to the order you wish to cancel.
    Cancel button
  4. Choose Cancel order.
    Cancel order confirmation window.png

View your orders and trade information

Visit Viewing your orders and trade information to learn more.

 

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