Bullish vs Kraken: Institutional Margining or 600+ Assets
Bullish is an institution-focused centralized exchange operated by NYSE-listed Bullish Global. Spot trading, options, perpetuals and dated futures share a unified portfolio-margin engine on the platform. Kraken, operated by Payward since 2011, provides a multi-asset platform spanning crypto spot pairs, derivatives, traditional equities, and staking programs.
Market breadth separates the two venues. Kraken lists more than 600 crypto pairs and over 11,000 stocks and ETFs, alongside consumer earn programs and an external self-custody wallet. Institutional order execution forms the core of Bullish, which pairs a central limit order book with proprietary automated market maker liquidity pools. Makers pay 0 bps on FX Markets at Bullish alongside full-reserve custody audited by Deloitte, whereas Kraken provides up to 10x leverage on derivatives and broader retail accessibility across worldwide jurisdictions.
Quick verdict
Bullish serves institutions that require audited reserve segregation and portfolio margining, while Kraken serves traders seeking diverse token listings and traditional assets.
Choose Bullish if you trade derivatives through a unified portfolio-margin system, qualify as an eligible institutional investor to interact with treasury AMM pools, value public NYSE reporting, or want zero maker fees on FX markets backed by 1:1 reserve audits.
Choose Kraken if you trade a wide selection of more than 600 crypto tokens, want access to US equities and ETFs alongside crypto balances, plan to earn rewards through staking programs, or prefer using a dedicated self-custody wallet for external decentralized applications.
| Feature | ||
|---|---|---|
| Ratings | ||
| Our score | 3.7/5 | 3.7/5 |
| User rating | No reviews yet | No reviews yet |
| Fees | 4.5 | 3.0 |
| Security & trust | 4.5 | 4.0 |
| Asset selection | 3.0 | 4.5 |
| Ease of use | 3.0 | 4.0 |
| Support | 3.0 | 3.0 |
| Specs | ||
| Markets | Spot, Futures, Options | Spot, Futures, Margin, OTC |
| Maker fee | 0% | Not disclosed |
| Taker fee | 0.03% | Not disclosed |
| Coins listed | Not disclosed | 600 |
| Accepts US customers | Yes | Yes |
| Proof of reserves | Yes | Not disclosed |
| Staking / earn | Not disclosed | Yes |
| Mobile app | Yes | Yes |
| Licenses & registrations | New York State Department of Financial Services, FinCEN Money Services Business registration, BaFin MiCAR license ID 10162355, Hong Kong Securities and Futures Commission CE No BUQ956, Gibraltar Financial Services Commission GFSC 119714 | Wyoming SPDI bank charter, SEC broker-dealer registration, SEC investment adviser registration, FinCEN MSB registration, Money Transmitter licenses in 46 US jurisdictions, Canadian Restricted Dealer registration, FINTRAC MSB registration, Bermuda Class F Digital Asset Business license, CySEC Investment Firm license, Central Bank of Ireland EMI license, Central Bank of Ireland MiCA CASP authorizations, FCA cryptoasset registration, AUSTRAC registration, ASIC registration, Japan FSA registration, VASP registrations in Spain, Ireland and Italy |
| Security features | Full-reserve 1:1 customer assets, Segregated customer assets, Daily reconciliations, Offline private-key isolation, Transaction authorization controls, Deloitte audit | API key permissions excluding withdrawals, HMAC-SHA512 authentication, Self-custody wallet |
| Futures & perpetuals | Yes | Yes |
| Max leverage (x) | Not disclosed | 10 |
| Earn / savings products | Not disclosed | Yes |
| Referral program | Not disclosed | Yes |
| Company | ||
| Founded | 2021 | 2011 |
| Headquarters | Gibraltar | United States |
| Investors | Public investors, Alan Howard, Christian Angermayer, Louis Bacon +3 | SBI Holdings, 2,263 individual investors, Bitcoin Opportunity Fund, Hummingbird Ventures +3 |
| Strengths and weaknesses | ||
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| Cons |
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| Best for | Institutional spot traders, Professional derivatives traders, API-connected trading firms | Active crypto traders, Institutional trading desks, API-based trading systems |
Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.
FAQ
Which exchange lists more cryptocurrencies?
Kraken lists more assets, supporting over 600 crypto pairs in addition to 11,000 stocks and ETFs. Bullish focuses on high-volume institutional pairs rather than a wide retail token catalog.
Do both Bullish and Kraken accept US customers?
Both platforms accept US clients, but specific product availability is restricted. Kraken provides spot trading, broker-dealer equity services and state-regulated banking services, while Bullish restricts US users from accessing its full derivatives and AMM products.
How do custody models differ between Bullish and Kraken?
Bullish holds customer assets on a 1:1 full-reserve basis audited by Deloitte, using offline isolation and segregated balances. Kraken provides standard centralized exchange custody alongside an independent, non-custodial Kraken Wallet for self-directed storage.
What trading APIs do Bullish and Kraken offer?
Both exchanges provide REST, WebSocket and FIX connectivity for automated order routing and market data. Kraken implements FIX 4.4, while Bullish integrates its API suite directly into a single cross-market portfolio margin architecture.