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Bullish to acquire Equiniti from Siris in $4.2 billion transaction. 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.
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.
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.
Futures
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