’s Bullish Exchange Launches Private Pilot Program

2 min readJul 27, 2021


The 7-week private pilot program is the first major step taken towards the public release of’s Bullish exchange expected later this year.

In a blog post from 27 July, the Bullish exchange announced the launch of a 7-week private pilot program, which will offer a select group of retail and institutional investors the opportunity to experience the Bullish trading interface and the company’s proprietary Hybrid Order Book. Participants will also have access to features and services that include spot trading, margin trading, and Bullish Liquidity Pools.

Bullish’s Hybrid Order Book was designed to offer deep and predictable liquidity by bringing liquidity pools together with traditional limit orders. The exchange’s Liquidity Pools will enable users to manage portfolios at scale and earn revenue for delivering liquidity to the market. The pools will be optimized to earn yield from automated market making, spot trading, and safe margin lending, the company explained in the announcement.

The company said that while the pilot program will not require full onboarding, all of the product functionality — including the exchange operation and customer support — will mimic the conditions expected once the platform fully launches.

To encourage participation and feedback, Bullish will award a total of $525,000 in cash prizes to three participants who compete in the featured paper trading games. The private pilot will be open for testing only to invited users and will run from 27 July to 13 September.