Paradigm has integrated with Bullish (NYSE: BLSH), one of the most liquid and thoroughly regulated digital asset exchanges in crypto, to bring institutional options block trading to Bullish Exchange. The integration is now live.

Paradigm's network of more than 1,000 institutional counterparties can now request and execute quotes on Bullish's BTC options directly through Paradigm's multi-dealer RFQ platform. Clients 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.

✓  No minimum block. Trade any size.

✓  Atomic settlement. No leg risk, no order book impact.

✓  Settles on Bullish. Directly on Bullish Exchange, settled in USDC.

Institutional crypto options market poised for growth

“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,” said Rob Shearer, Chief Commercial Officer of Paradigm.

This partnership reflects the continued maturation of the crypto options market, as institutional traders increasingly demand purpose-built execution infrastructure and regulated venues at the sizes that matter.

About Paradigm

Paradigm is the largest institutional liquidity network for crypto derivatives traders across CeFi and DeFi. The platform has facilitated more than $1 trillion in cumulative trading volume and commands an average of 30% of listed crypto options market share over the last twelve months. That scale is what institutional traders tap into through a single RFQ: deep, executable liquidity on demand, at any size and across any expiry. Paradigm's mission is to create a platform where traders can trade anything, with anyone, and settle it anywhere.

About Bullish

Since launching BTC options in October 2025, Bullish has surpassed $20 billion in trading volume and reached a record $6 billion in open interest. Its options, perpetuals, and dated futures settle in USDC and are eligible for Bullish Portfolio Margining, a risk-sensitive margin methodology that lets clients use their entire portfolio as collateral across spot, futures, and options in a single unified account. The Paradigm integration extends that offering, enabling clients to execute complex, large-notional strategies with price certainty and without market impact.

Getting Started

For Paradigm clients: Bullish is live in your dashboard.

Step 1: Open a Bullish options account (skip if you already have one)

Step 2: Grab your API key and trading ID from your Bullish account

Step 3: Load them into Paradigm's admin dashboard and start trading

New to Paradigm? Sign up at paradigm.co/join

Trouble integrating Bullish? Reach out on Telegram: @para_client_support

Legal Disclaimer: This communication is for informational purposes only and does not constitute investment, financial, legal, or tax advice, nor an offer, solicitation, or recommendation to buy, sell, or trade any digital asset or derivative product. Digital assets and derivatives are high-risk instruments and may not be suitable for all investors; you may lose the entire value of your investment. Paradigm's services are available only to eligible institutional clients in permitted jurisdictions and are not available to U.S. persons or in any jurisdiction where such services would be unlawful. Nothing herein guarantees access to any product, venue, or counterparty. Past performance and historical volumes are not indicative of future results. Please consult your own professional advisors and trade responsibly.