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Bullish tokenizes its shares, bringing BLSH onchain. Read More
-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.
Capital efficient portfolio margining.
Tight parameter shifts, along with full-reval offsetting for spot or volatility hedged structures, and optimized liquidity risk for larger sizes, making us one of the most capital-efficient venues for most structures.
Unrealized P&L fuels your margin.
Futures-style margining for all derivatives, with hourly settlement and unrealized P&L count toward available margin. Settlement in USDC is handled automatically via optional auto-borrow.
Your whole portfolio as collateral.
No haircut on the first $1B in USD and stablecoins, or the first $500M in majors. 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.
Access channels
Every route nets to one portfolio.
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Risk Management
Risk controls built for institutions.
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.
No auto-deleveraging.
A liquidity-waterfall modeled on traditional markets, with a backstop that protects non-defaulting accounts from unpredictable losses.
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.
Fully segregated sub-accounts.
Up to 50 independent trading accounts under a single entity, each with isolated balances and positions, ensuring zero contagion risk.
Options
Trade near-dated expiries (0–1Y) across the next 4 dailies, 3 weeklies, 3 monthlies, and 4 quarterlies, or far-dated expiries (1–2.5Y), including semi-annuals in Jun & Dec, and January expiries. No upfront premium or expiry fees.
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Perpetuals
40+ perpetual contracts, including the CoinDesk 20 index for broad exposure.
Futures
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