# Bullish

> The standard for institutional crypto trading

Bullish is a regulated digital asset exchange operator for institutional clients. It offers spot, options, perpetuals, and futures trading on one global order book, along with custody and liquidity services.

Bullish is a regulated digital asset exchange group for institutional clients. It runs the Bullish Exchange, where clients trade spot markets, options, perpetuals, and dated futures on one global order book with unified portfolio margin. The group serves clients across multiple jurisdictions.

Liquidity on the exchange comes from a central limit order book combined with a proprietary automated market maker, which turns customer instructions into bids and offers within set price ranges. Bullish runs a full-reserve model, with customer assets held one to one, segregated from company funds, and kept mostly in cold storage under multi-signature controls. It publishes audited annual financial statements.

Beyond trading, Bullish provides custody for exchange clients, trading APIs for programmatic access, and token services that pair an exchange listing with market making for token issuers. It is used by institutional traders, asset managers, liquidity providers, and token projects.

- Type: Company
- Sector: Finance
- Status: Active
- Founded: 2021-01-01
- Profile: https://thegrid.id/profiles/bullish_exchange

## Products

- [Bullish Custody](https://thegrid.id/profiles/bullish_exchange): Bullish Custody is the custody service behind the Bullish Exchange, holding most customer assets offline in cold wallets with private keys isolated in offline storage or secure modules. Transfers use multi-signature signing, whitelisting, and transaction monitoring across cold, warm, and hot wallets. Customer funds are segregated from company assets, and deposits and withdrawals are also available through the API. (Custodian, Live)
- [Bullish Exchange](https://thegrid.id/profiles/bullish_exchange): Bullish Exchange is a regulated digital asset exchange for institutional clients, offering spot markets alongside options, perpetuals, and dated futures. All markets share one global order book with unified portfolio margin, and liquidity combines a central limit order book with Bullish's automated market maker. Derivatives are offered to eligible clients through a separately regulated venue. Customer assets are held one to one and segregated from company funds. (Centralised Exchange, Live, Main Product)
- [Bullish Token Services](https://thegrid.id/profiles/bullish_exchange): Bullish Token Services is a listing and liquidity offering for token issuers that pairs a listing on the Bullish Exchange with market making from Bullish's automated market maker. Bullish buys the token to fund the AMM and charges a monthly fee tied to exchange volume instead of using token loans. Issuers also get distribution to the exchange's institutional traders. (Market Maker, Live)

## Links

- [Main](https://bullish.com)
- [Media Kit/branding](https://bullish.com/press)
- [Documentation](https://api.exchange.bullish.com/docs/api/rest/trading-api/v2/#overview--additional-links)
- [Privacy policy](https://cdn.prod.website-files.com/67e428d18ac85216b5a9d0e4/6a5dfd90bce231501b9cafdc_Global Privacy Notice v May 2026.pdf)
- [Terms of Service](https://bullish.com/site-terms-of-use)
- [Blog](https://bullish.com/news-insights)
- [Telegram](https://t.me/+iwER1DCT8hQ1Nzll)
- [LinkedIn](https://www.linkedin.com/company/bebullish)
- [GitHub](https://github.com/bullish-exchange)
- [Twitter / X](https://x.com/Bullish)

## Legal

This data is provided under two licensing models.

Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. Attribution is required: include "Powered by The Grid" linking to https://thegrid.id wherever the data is used. Derivative databases must be shared under ODbL terms. Trademarks, logos, and brand names (marked "Special TPIP") are not covered by the ODbL. For ML/AI use: training datasets that substantially extract ODbL data are Derivative Databases and must be shared under ODbL if publicly used; models must be attributed in documentation.

Model 2 - commercial licenses. The Grid Data Service (TGDS) is also available as a commercial license. See [Web Services Terms](https://about.thegrid.id/legal/web-services-terms) for commercial use that is not covered by the open data service.

The following applies to both licensing models.
- All data is provided AS IS with no guarantees of accuracy.
- The Grid does not provide investment, legal, or tax advice, and
- a project's presence in The Grid's data does not imply endorsement.


- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP