Cayman Islands – Bullish (NYSE: BLSH), an institutionally focused global digital asset platform providing market infrastructure and information services, today announced the integration of its derivatives markets with Paradigm, the largest institutional liquidity network in crypto options. The integration allows eligible institutional customers to request and execute quotes for Bullish's options market directly through Paradigm's request-for-quote (RFQ) platform.

The integration connects Bullish's deep, regulated liquidity and near-zero spreads to Paradigm's network of more than 1,000 institutional counterparties, including market makers, OTC desks and hedge funds. Customers can price and execute large, multi-leg strategies as a single block, with atomic settlement that removes leg risk and minimizes order book impact. Trades negotiated on Paradigm settle directly on Bullish Exchange. 

"Institutional demand for crypto derivatives continues to grow, and sophisticated investors increasingly want to manage risk with precision across their digital asset portfolios," said Chris Tyrer, President of Bullish Exchange. "I'm delighted to bring Bullish's deep, regulated liquidity to Paradigm's network, giving institutions a trusted, regulated pathway to access our markets within the venues they already use."

"Institutional options traders demand deep, executable liquidity for large and multi-leg structures, not just a screen price. This integration brings Paradigm’s network and multi-dealer RFQ workflows to Bullish, one of the fastest-growing regulated trading venues in crypto. We’re excited to help drive the next wave of institutional options growth alongside the Bullish team.” – Rob Shearer, Chief Commercial Officer of Paradigm

Since launching BTC options in October 2025, Bullish has surpassed $20 billion in trading volume and reached a record $6 billion in open interest. Bullish's options, perpetuals and dated futures settle in USDC and are eligible for Bullish Portfolio Margining (BPM), a risk-sensitive, scenario-based margin methodology that lets customers use their portfolio as collateral across spot, futures and options within a unified trading account, reducing margin requirements and improving capital efficiency. The Paradigm RFQ integration extends that offering, enabling customers to execute complex, large-notional strategies with price certainty and without market impact.