Bullish Review 2027Core Trading Conditions and Fees

Bullish review 2027: an exchange built for institutions

Bullish launched in 2021 with a different starting point from most crypto exchanges. It was created by Block.one, backed by investors including Peter Thiel, and capitalised from the outset with billions of dollars in cash and digital assets. Its chief executive, Tom Farley, previously ran the New York Stock Exchange. The target customer was never the retail app user but the trading firm, fund or bank that expects regulated counterparties and deep, predictable liquidity. In August 2025 Bullish listed on the New York Stock Exchange. This review sets out what it offers for 2027.

A hybrid liquidity model

The platform's technical signature is the combination of a central limit order book with automated market making. Bullish commits part of its own balance sheet to liquidity pools that quote continuously inside the same order book where clients place their orders. The intended result is tight spreads and substantial depth near the mid price even in turbulent markets, without depending entirely on outside market makers. In bitcoin and ether spot trading, Bullish has frequently ranked among the largest venues globally by volume, despite having a small number of clients compared with retail exchanges.

Products

Bullish offers spot trading in around seventy assets, margin trading with cross-collateralisation, perpetual futures and dated futures, and options on bitcoin, which it added in 2025. Clients can also supply assets to the liquidity pools and earn a share of spreads and fees. The asset list is short and concentrated on large, liquid tokens and stablecoins. Access is through a web interface and, more commonly, through APIs and institutional connectivity providers.

Fees

Pricing reflects the institutional audience. Spot fees on the main bitcoin and ether pairs have been set at zero for makers and very low single basis points for takers, with stablecoin pairs often free. Other pairs and derivatives are charged modest maker and taker fees that fall with volume. Bullish earns much of its trading revenue from spreads captured by its own market-making and from services, which is why it can keep explicit fees low.

Regulatory credentials

Few crypto exchanges are licensed in as many serious jurisdictions. The main operating entity holds a distributed ledger technology licence from the Gibraltar Financial Services Commission. Bullish holds licences from Hong Kong's Securities and Futures Commission for virtual asset trading, a crypto custody and trading licence from Germany's BaFin, which supports its European business under MiCA, and in September 2025 it obtained a BitLicence and money transmission licence from the New York State Department of Financial Services, opening the United States to it. Its accounts are audited and, as a listed company, published quarterly.

CoinDesk and the data business

Bullish is more than an exchange. In November 2023 it acquired CoinDesk, the industry's best-known news organisation, along with CoinDesk Indices, whose benchmarks underlie exchange-traded products and derivatives holding tens of billions of dollars, and it later added a market data provider. These businesses supply subscription revenue that is less dependent on trading volume. The company says the newsroom keeps its editorial independence.

Custody and security

Client assets are held in segregated custody under the rules of the relevant licence, with the majority in cold storage. Bullish's financial statements are audited by a major accounting firm, and its regulators impose capital and safeguarding requirements. There has been no reported breach of the exchange. The strength of its balance sheet, which includes a large bitcoin treasury, is itself a form of protection, though it also ties the company's fortunes to crypto prices.

Who can open an account

Bullish is designed for institutions and professional traders. Individual accounts are available in permitted jurisdictions, but onboarding is thorough, the interface assumes experience, and there is no beginner mode, card purchase or mobile-first experience comparable with consumer exchanges. Retail users in many countries, and in most US states until its roll-out is complete, will find they cannot sign up at all.

Strengths and limitations

• Liquidity: deep, stable order books in major assets.
• Regulation: licensed in Gibraltar, Hong Kong, Germany and New York.
• Transparency: NYSE-listed with audited public accounts.
• Selection: a limited list of assets.
• Accessibility: not built for casual or first-time users.
• Balance sheet exposure: results are sensitive to the value of its crypto holdings.

Who should use Bullish?

Bullish is suited to funds, proprietary trading firms, corporate treasuries and experienced individuals who trade large size in major assets and want a regulated venue. Smaller investors will be better served by retail-oriented exchanges.

Verdict

Bullish has delivered on its original idea: institutional-grade liquidity inside a regulated, publicly accountable company. For 2027 it is one of the most credible venues for professional crypto trading. It is simply not aimed at beginners.

Bullish review: compare the alternatives

This Bullish review is part of our Top 45 Cryptocurrency Exchanges in 2027 ranking. To compare, read the Deribit review and the Binance.US review.