Placing and amending orders

Trading on Bullish

Bullish offers spot trading for customers who have passed our identity confirmation process and confirmed their account upon signing up.

For spot trading, you can choose to place the following orders:

Types of orders on Bullish

Good til cancelled (GTC)

A GTC order will remain open until it is either executed or manually canceled. This is the default order on the trading systems. If you do not choose any other order type (IOC or FOK), your order will be treated as a GTC order.

Immediate or cancel (IOC)

An IOC order will attempt to execute all or part of the order immediately at the price and quantity available, canceling the unfilled part of the order. If no quantity is available at the chosen price when you place the order, it will be canceled immediately.

For example: If you place an order to buy 10 BTC at 10,000 USDC but only 5 BTC is available at that price, you would purchase those 5 BTC, and the rest of the order would be canceled.

Fill or kill (FOK)

A FOK order is completely filled immediately or it is killed (canceled).

For example: If you place an order to buy 10 BTC at 10,000 USDC but only 5 BTC is available at that price, the entire order is canceled.

Market order

A market order is executed immediately at the asset pair’s current market price once the order is confirmed.

To place a market order:

Go to the left-hand navigation and choose Trade.
Choose Buy or Sell.
Choose Market.
Enter the Amount.
Choose Buy or Sell button under the Amount.
Choose Confirm Order.

Limit order

A limit order is a type of order that is executed when the value of a pair of assets reaches a customer’s specified limit price, or better.

To place a limit order:

Go to the left-hand navigation and choose Trade.
Choose Buy or Sell.
By default, Limit should already be pre-selected. If not, choose Limit.
Set the Limit Price and Amount.
Choose GTC, IOC, or FOK from the Time in Force drop-down menu.
Choose Buy or Sell under the Time in Force drop-down menu.
Choose Confirm Order.

Post Only

Post-Only orders are guaranteed to always be maker orders. If a Post-Only order is sent at a price which would make it a taker, it will be expired. This makes it very useful for certain strategies, such as market making. Post-Only is only available for GTC Limit orders.

To place a Post Only order:

By default, Limit should already be pre-selected. If not, choose Limit.
Set the Limit Price and Amount.
Choose Post Only. When you place a Post Only limit order, the Time in Force is restricted to Good til Cancelled (GTC).

For example, suppose you place a buy order of 1 BTC at 9,000 USDC in the BTC/USDC market when the current best ask price shown on the order book is 9,001 USDC. Suppose also that the market is volatile and the best ask price has moved to 9,000 USDC by the time your order is received by the Bullish systems.

The following compares the behaviour in the same scenario, both with and without selecting “Post-Only”.

Standard (without Post-Only)	With Post-only selected

Standard (without Post-Only)	With Post-only selected
As there is now an offer resting at an equal-or-better price point than your buy order's limit price (9,000 USDC), Bullish will immediately fill some or all of your Limit Order. As a result of taking resting liquidity you will pay a taker fee on the filled portion, even though you were only expecting to pay a maker fee (if any).	As there is now an offer resting at an equal-or-better price point than your buy Post-Only order's limit price (9,000 USDC), Bullish will expire your order, unfilled. This means that you will not pay a taker fee and can resubmit a new maker order at a lower price, if desired.

Stop limit order

A stop limit order is not initially placed into the orderbook. Only if the market price reaches the chosen stop price (≤ for a buy and ≥ for a sell) will the order be placed into the orderbook. From that point it is treated just like a limit order with the chosen limit price.

To place a stop limit order:

Go to the left-hand navigation and choose Trade.
Choose Buy or Sell.
Choose Stop Limit.
Enter a Stop Price, Limit Price, and the Amount.
Choose GTC, IOC, or FOK from the Time in Force drop-down menu.
Choose Buy or Sell under the Time in Force drop-down menu.
Choose Confirm Order.

Note: A stop limit order will remain open until the stop price and then the limit price are both reached. If your chosen limit price is not sufficiently aggressive, it may cause your order to be partially or even completely unfilled.

For example, the current market price for BTC is 45,000 USDC. You expect the value of BTC may depreciate, but you are willing to hold onto the asset until its price falls to 30,000 USDC. You send a stop-limit sell BTC order with stop price 30,000 USDC and limit price 25,000 USDC. If the market price reaches 30,000 USDC your order will be sent to the orderbook with limit price 25,000.

However, if the market moved downward so fast that the price is already lower than 25,000 USDC by the time your stop-order is triggered and is sent to the orderbook as a limit order, your sell order may not be immediately filled. If the price remains below 25,000 USDC your order will remain unfilled.

Good Til Cross (GTX)

A GTX order is an auction order that remains open until the next auction cross executes. At the scheduled cross time, all GTX orders are matched at a single clearing price. Any unfilled quantity is automatically canceled after the cross. GTX orders are placed in a separate auction order book and do not interact with continuous trading orders.

There are two types of GTX orders:

Auction market order — Executes at whatever the clearing price turns out to be. You do not specify a price.
Auction limit order — Executes only if the clearing price meets your specified limit price.

To place a GTX order, switch on the Auction Order toggle on the order panel before submitting your order. For more details, see Understanding Auctions on Bullish & How to view & trade auctions on Bullish.

Amending orders

You can amend the price, quantity and/or type of unfilled limit orders. This is applicable for orders across all supported markets and products (spot, perpetuals, and dated futures). For auction (GTX) orders, only price amendments are allowed — quantity amendments are NOT supported. Auction order amendments are only permitted during the Accumulation phase.

To amend an unfilled order

Go to the Trade screen.
Navigate to Open Orders.
Choose the pencil icon next to the order that you want to amend.
You can edit the Limit Price, Amount, and switch from a taker only order to maker only order and vice-versa by selecting /unselecting Post-Only.

Note: When an order is amended the order ID does not change and the ID of the original order is retained.

Choose Continue.
Check the details of your updated order and choose Confirm Order.

Note: For an order at a given price:

If the quantity is amended up, it loses queue priority on the order book
If the quantity is amended down, it does not lose queue priority on the order book

View your orders and trade information

Visit Viewing your orders and trade information to learn more.

The image is used for illustrative purposes only. The assets shown in the image may not be available to all clients. Please refer to the Supported Assets/Product page for more information.