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derivatives
Find alpha in any market.
Deploy sophisticated strategies across perpetuals, dated futures, and options at institutional scale—24/7.
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-1.5 bps
Maker rebates on BTC perpetuals and futures without volume requirements.
$6B+
BTC options open interest reached (CoinDesk, April 24, 2026)
Up to 50%
Margin reduction on delta-hedged positions.
CAPITAL EFFICIENCY
More capital at work.
Lower margin through portfolio netting.
Our risk engine nets offsetting positions across spot, perpetuals, futures, and options on the same underlying—up to 50% reduction on delta-hedged positions.
Unrealized P&L fuels your margin.
Derivatives P&L settles hourly, with unrealized gains counting toward available margin. Settlement in USDC is handled automatically via optional auto-borrow.
Your whole portfolio as collateral.
USD and stablecoins have no haircut on the first $1B. Every other listed spot asset in your account also contributes to collateral, with the lowest effective haircuts in the market.
Execution
Institutional execution for crypto derivatives.
Ultra-competitive fees.
Maker rebates with no volume tiers required. Zero expiry fees on all derivatives. Options fees capped at 10% of premium.
Tighter spreads where institutions trade.
Competitive BTC options spread in the tenors, delta ranges, and clip sizes most actively traded by institutional desks.
OTC and inter-dealer broker access.
Access derivatives liquidity through our OTC facility or your existing broker relationships. All positions net against your exchange portfolio.
Institutional-grade API execution.
Trade via FIX 4.4, REST, and WebSocket with private network access. FIX drop copy, cancel-on-disconnect, and real-time L1/L2 market data included as standard.
RISK MANAGEMENT
Risk controls built for institutions.
Fully segregated sub-accounts.
Up to 50 independent trading accounts under a single entity, each with isolated balances and positions, ensuring zero contagion risk.
Four layers of liquidation protection.
Account health monitored every 30 seconds across a 4-tier warning system, with an engine designed to to restore health with the smallest position change necessary.
Scenario-based margining.
A scenario-based margin engine jointly stresses spot price, implied volatility, and time decay across your portfolio—capturing gamma exposure, pin risk, and vega concentration that flat-rate models miss.
PRODUCT SUITE
Extensive derivatives coverage.
From directional to convex positions, our derivatives suite is built for sophisticated institutional portfolio construction.
PRODUCT SUITE
Extensive derivatives coverage.
Be it delta-hedges, directional positions, or structured products, our derivatives suite is built for sophisticated institutional portfolio construction.
Options
4 dailies, 3 weeklies, 3 monthlies and 4 quarterlies, featuring a wide range of strikes.
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Perpetuals
40+ perpetual contracts, including the CoinDesk 20 index for broad exposure.
Options
4 dailies, 3 weeklies, 3 monthlies and 4 quarterlies, featuring a wide range of strikes.
Derivatives products are offered exclusively by Bullish (GI) Limited and Bullish (GI) Markets Ltd, regulated by the Gibraltar Financial Services Commission. These products are not available to residents of or persons located in Hong Kong, the European Union, or the United States.
Our 24/7 derivatives markets.
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CoinDesk indices on Bullish.
Execute broad thematic strategies or capture cross-venue arbitrage opportunities using the industry's definitive benchmarks.
Products based on CoinDesk Indices (CDI) are not sponsored, endorsed, or promoted by CDI. CDI does not act as a fiduciary and makes no representation regarding the advisability of investing in any asset linked to a CDI index. Information on this page may include third-party content and content provided by CDI. Bullish is not responsible for third-party or CDI content. All content is for informational purposes only and is not investment advice. You should do your own research. Visit bullish.com/trust for more important information.
CoinDesk indices on Bullish.
Execute broad thematic strategies or capture cross-venue arbitrage opportunities using the industry's definitive benchmarks.
Products based on CoinDesk Indices (CDI) are not sponsored, endorsed, or promoted by CDI. CDI does not act as a fiduciary and makes no representation regarding the advisability of investing in any asset linked to a CDI index. Information on this page may include third-party content and content provided by CDI. Bullish is not responsible for third-party or CDI content. All content is for informational purposes only and is not investment advice. You should do your own research. Visit bullish.com/trust for more important information.
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Copyright © 2026 Bullish Global. All rights reserved.
Not investment advice. Digital assets and related products are high risk. Consult your professional advisor and trade responsibly. Services are available to eligible customers in select locations. Visit legal for more important information and risk warnings.
Bullish is regulated by the German Federal Financial Supervisory Authority (BaFIN ID 10162355), the Hong Kong Securities and Futures Commission (CE No BUQ958) and the Gibraltar Financial Services Commission (GFSC 119714). In the United States, Bullish US Operations LLC is regulated by the New York State Department of Financial Services (NYDFS 0000046), registered as a Money Services Business with FinCEN (31000322312230), and licensed as a money transmitter in select states.
