How to view & trade auctions on Bullish
Auction availability
The auction feature is available on selected markets. If a market supports auctions, you will see an Auction Order toggle on the order panel and an Auction tab in the order book area. If a market does not support auctions, the toggle and tab are not shown.
Placing an auction order
To place an auction order, switch on the Auction Order toggle on the order panel. This routes your order to the auction book instead of the continuous order book.
Go to the left-hand navigation and choose Trade.
Select a market that supports auctions from the drop-down menu (e.g., BTC/USDC). Auctions are available under the same symbol as continuous trading — there is no separate auction market to select.
Switch on the Auction Order toggle on the order panel. The panel will display the auction schedule, including the Lockdown Time and Cross Time.
Choose Buy or Sell.
Select your order type:
Market — Your order will fill at the clearing price determined by the auction.
Limit — Enter your limit price. Your order will only fill if the clearing price meets your limit.
Enter the Amount.
Confirm your order.
Your order will remain in the auction book until the cross executes at the scheduled Cross Time. To switch back to placing continuous trading orders, turn the toggle off.
Checking NOII data
To view the Net Order Imbalance Indicator (NOII), click the Auction tab at the top of the order book area. This tab shows:
Current Phase — The current auction phase (e.g., Accumulation).
Lockdown Time — When the Lockdown phase begins.
Cross Time — When the cross is scheduled to execute.
Cross Countdown — Time remaining until the cross.
Imbalance Direction — Whether there are more buyers or sellers.
Far Price — The indicative clearing price.
Paired Qty — The predicted matched volume.
Imbalance Qty — The size of the imbalance.
NOII data is only available during the last 5 minutes before the cross (the Lockdown phase). Outside of Lockdown, the NOII fields will show "—" with a note that indicative information will be available at lockdown time.
Accumulation (No NOII)
Lockdown (NOII Available)
Viewing auction trades in your Trade History
After the cross, your auction fills appear in the Trade History tab at the bottom of the trading screen. Auction trades are labeled with an "Auction Trade" tag so you can easily distinguish them from continuous trades.
Identifying auction trades in the public Trades panel
Auction trades also appear in the Trades panel on the right side of the trading screen. When you hover over an auction trade, an "Auction Trade" label is shown to distinguish it from continuous trades.