# Bullpen — full corpus # LLM Wiki An open-source template for building LLM-powered knowledge bases, following [Andrej Karpathy's "LLM Wiki" pattern](https://gist.github.com/karpathy/442a6bf555914893e9891c11519de94f). You provide raw sources. The LLM reads them, writes structured wiki pages, cross-links everything, and maintains it over time. You never edit the wiki directly — you curate sources and ask questions. ## How It Works The system has three layers: ``` raw/ Sources you collect (articles, transcripts, notes, PDFs) wiki/ LLM-written & maintained pages (summaries, concepts, entities, syntheses) CLAUDE.md Schema that tells the LLM how to structure everything ``` Three operations drive the workflow: | Operation | Trigger | What happens | |-----------|---------|--------------| | **Ingest** | "ingest raw/my-source.txt" | LLM reads the source, creates a summary page, creates/updates concept and entity pages, adds cross-links, updates the index and log | | **Query** | Ask any question | LLM searches the wiki, synthesizes an answer with citations, optionally creates a synthesis page for novel insights | | **Lint** | "lint" or "health check" | LLM audits all pages for orphans, contradictions, missing links, incomplete sections, and low-confidence claims — fixes what it can, reports the rest | ## Quick Start 1. **Clone this repo** ```bash git clone https://github.com/YOUR_USERNAME/llm-wiki.git my-knowledge-base cd my-knowledge-base ``` 2. **Customize CLAUDE.md** for your domain - Update the Purpose section with your topic - Replace the placeholder tagging taxonomy with your own categories - Adjust confidence level descriptions if needed - Everything else (workflows, page formats, linking rules) works as-is 3. **Drop sources into `raw/`** - Text files, transcripts, articles, notes — any plain text - These are immutable once added; the LLM never modifies them 4. **Tell the LLM to ingest** ``` ingest raw/my-first-source.txt ``` The LLM will create summary pages, concept pages, entity pages, cross-links, and update the index. 5. **Ask questions** ``` What are the key differences between X and Y? ``` The LLM answers from the wiki, citing specific pages. 6. **Run health checks** ``` lint ``` The LLM audits the wiki and fixes issues. ## Directory Structure ``` . ├── CLAUDE.md # Schema — the LLM's instructions ├── raw/ # Your source documents (immutable) └── wiki/ ├── index.md # Master catalog of all pages ├── log.md # Append-only activity log ├── dashboard.md # Dataview dashboard (Obsidian) ├── analytics.md # Charts View analytics (Obsidian) ├── flashcards.md # Spaced repetition cards ├── summaries/ # One page per source document ├── concepts/ # Concept and framework pages ├── entities/ # People, tools, organizations, etc. ├── syntheses/ # Cross-cutting analyses and comparisons ├── journal/ # Research/session journal entries │ └── template.md # Journal entry template └── presentations/ # Marp slide decks ``` ## Enhancements This template includes several extras beyond the core wiki pattern: ### Dataview Dashboard (`wiki/dashboard.md`) Live queries that surface low-confidence pages, recent updates, concepts by tag, and pages with the most sources. Requires the [Dataview](https://github.com/blacksmithgu/obsidian-dataview) Obsidian plugin. ### Charts View Analytics (`wiki/analytics.md`) Visual analytics with pie charts, bar charts, and word clouds. Requires the [Charts View](https://github.com/caronchen/obsidian-chartsview-plugin) Obsidian plugin. ### Mermaid Diagrams Use Mermaid code blocks in any wiki page to create flowcharts, sequence diagrams, or concept maps. Native support in Obsidian and GitHub. ### Marp Slides (`wiki/presentations/`) Create slide decks from markdown using [Marp](https://marp.app/). Drop presentation files in this directory. ### Research Journal (`wiki/journal/`) Track your research sessions, experiments, or applied work with the included template. The LLM can reference journal entries when answering queries. ### Spaced Repetition (`wiki/flashcards.md`) Flashcards in the format used by the [Spaced Repetition](https://github.com/st3v3nmw/obsidian-spaced-repetition) Obsidian plugin. Ask the LLM to generate flashcards from any wiki page. ### MCP Server This repo works with Claude Code's MCP server capabilities. Point an MCP-compatible client at this repo and the LLM can read/write the wiki programmatically. ## Customizing for Your Domain The schema in `CLAUDE.md` is domain-agnostic. To adapt it: 1. **Purpose** — Describe your knowledge domain in one paragraph 2. **Tagging taxonomy** — Replace placeholder categories with your own (e.g., for a cooking KB: `cuisine`, `technique`, `ingredient`, `equipment`) 3. **Confidence levels** — Adjust the descriptions to match your domain's evidence standards 4. **Entity types** — Update the entity page description to match what entities mean in your domain (people, tools, companies, etc.) 5. **Journal template** — Customize `wiki/journal/template.md` for your workflow Everything else — page format, linking conventions, workflows, rules — is universal and works across domains. ## Example Domains This template works for any knowledge-intensive topic: - **Research notes** — papers, experiments, methodologies - **Book analysis** — themes, characters, author techniques - **Competitive analysis** — companies, products, market trends - **Course notes** — lectures, readings, key concepts - **Personal development** — frameworks, habits, book summaries - **Technical documentation** — APIs, architectures, design patterns - **Hobby deep-dives** — any subject you want to master ## License MIT --- title: "Knowledge Base Index" type: index updated: 2026-07-02 --- # Knowledge Base Index Master catalog of all wiki pages. Every page in the wiki must have an entry here. ## Concepts | Page | Tags | Confidence | Updated | |------|------|------------|---------| | [[concepts/bullpen-cli]] | getting-started, prediction-markets, orders, integrations | high | 2026-07-02 | | [[concepts/bullpen-overview]] | foundational, getting-started, integrations, prediction-markets, perps, spot | high | 2026-07-02 | | [[concepts/getting-started]] | getting-started, wallets, foundational | high | 2026-07-02 | | [[concepts/order-types-reference]] | orders, perps, spot, advanced | high | 2026-07-02 | | [[concepts/perpetuals]] | perps, orders, integrations, foundational | high | 2026-07-02 | | [[concepts/prediction-markets]] | prediction-markets, orders, integrations, foundational | high | 2026-07-02 | | [[concepts/rewards-and-programs]] | rewards, foundational | high | 2026-07-02 | | [[concepts/smart-money]] | smart-money, prediction-markets, foundational | high | 2026-07-02 | | [[concepts/spot-trading]] | spot, orders, integrations, foundational | high | 2026-07-02 | | [[concepts/wallets-and-transfers]] | wallets, foundational, integrations | high | 2026-07-02 | ## Entities | Page | Tags | Updated | |------|------|---------| | [[entities/ai-agent-skills]] | integrations, prediction-markets, getting-started | 2026-07-02 | | [[entities/platform-integrations]] | integrations, prediction-markets, perps, spot | 2026-07-02 | ## Summaries | Page | Source | Key Topics | Created | |------|--------|------------|---------| | [[summaries/docs-catalog]] | `raw/llms_txt-llms-txt-index.md` | Bullpen Docs Catalog | 2026-07-02 | | [[summaries/glossary]] | `raw/llms_txt_doc-glossary.md` | Glossary and FAQs Summary | 2026-07-02 | ## Syntheses | Page | Pages Compared | Created | |------|----------------|---------| | [[syntheses/order-type-picker]] | orders, perps, spot, prediction-markets | 2026-07-02 | | [[syntheses/venue-picker]] | prediction-markets, perps, spot, foundational | 2026-07-02 | ## Statistics - **Total pages**: 16 - **Concepts**: 10 - **Entities**: 2 - **Summaries**: 2 - **Syntheses**: 2 - **Sources ingested**: 0 - **High confidence**: 15 - **Medium confidence**: 1 - **Low confidence**: 0 --- title: "Bullpen CLI" type: concept tags: [getting-started, prediction-markets, orders, integrations] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-overview-4.md", "raw/llms_txt_doc-markets-trading.md", "raw/llms_txt_doc-ai-agent-skills.md"] confidence: high --- ## Definition The Bullpen CLI is a terminal application for Bullpen (bullpen.fi) that gives market discovery, order entry, portfolio tools, and smart-money data from the command line. It is currently in Beta ("Commands may change between releases. Report bugs at [github.com/BullpenFi/bullpen-cli-releases/issues](https://github.com/BullpenFi/bullpen-cli-releases/issues)."). It is the execution layer that the [[entities/ai-agent-skills]] wrap: Bullpen's AI agent skills for Claude Code and Codex CLI translate plain-English requests into Bullpen CLI commands, and all trades made through the skill go through the CLI's authenticated session. ## How It Works ### Requirements | OS | Version | | ------- | -------------------------- | | macOS | 12+ | | Linux | Ubuntu 20.04+ / Debian 10+ | | Windows | 11 via WSL2 | Windows: install WSL2 first, then use any install method inside the WSL terminal. ### Install **Homebrew (macOS / Linux)** ``` brew install BullpenFi/tap/bullpen ``` **npm** ``` npm install -g @bullpenfi/cli ``` **Shell Script** ``` curl -fsSL https://cli.bullpen.fi/install.sh | sh ``` **Manual Download** — from [GitHub Releases](https://github.com/BullpenFi/bullpen-cli-releases/releases). If `bullpen` is not found after install, make sure the install location is on your PATH. Update anytime: ``` bullpen upgrade ``` (`bullpen upgrade` also updates the AI agent skills if installed, per [[entities/ai-agent-skills]].) ### Setup / Auth One-step setup (config, login, and Polymarket approvals together): ``` bullpen setup ``` A code and URL appear in your terminal; open the URL in a browser, enter the code. Or do each step separately: ``` bullpen config init bullpen login ``` Confirm you're connected: ``` bullpen status ``` Polymarket requires one-time ERC-1155 and USDC approvals on Polygon (gasless) before your first trade — `bullpen setup` handles this automatically, but if skipped: ``` bullpen polymarket approve --check # check status bullpen polymarket approve --yes # set approvals bullpen polymarket preflight # full pre-trade check ``` ### Your First Trade ``` bullpen polymarket discover --limit 5 # browse trending markets bullpen polymarket search "bitcoin" # search for a topic bullpen polymarket price will-btc-reach-100k # check the price bullpen polymarket buy will-btc-reach-100k "Yes" 10 --preview # preview (no money moves) bullpen polymarket buy will-btc-reach-100k "Yes" 10 --yes # execute bullpen polymarket positions # check your position ``` ### Interactive Mode Run `bullpen` with no arguments for a full-screen terminal UI. Or use the interactive shell to skip typing `bullpen` on every command: ``` bullpen shell ``` ``` bullpen> polymarket discover --limit 5 bullpen> polymarket price will-btc-reach-100k bullpen> exit ``` Tab completion: ``` bullpen completion zsh >> ~/.zshrc && source ~/.zshrc ``` ### Configuration Config lives at `~/.bullpen/config.toml`. ``` bullpen config init # generate default config bullpen config show # view current config ``` Watchlist data is stored locally at `~/.bullpen/watchlist.json`. ### Uninstall ``` bullpen skill uninstall --yes # remove AI skills (if installed) brew uninstall bullpen # remove binary (Homebrew) npm uninstall -g @bullpenfi/cli # remove binary (npm) rm "$(which bullpen)" # remove binary (shell / manual) rm -rf ~/.bullpen # remove local data, credentials, config ``` ## Key Parameters ### Command surface overview | Feature | What You Get | | --------------- | ------------------------------------------------------------------------------------------ | | **Markets** | Discover, search, filter, and inspect prices, trades, holders, comments, and leaderboards | | **Trading** | Buy, sell, place limit orders, and redeem resolved positions | | **Smart Money** | Follow traders, filter trade feeds by P&L and volume, and set alerts | | **Portfolio** | Balances and P&L across Polymarket, Solana, and Hyperliquid | | **Bridge** | Deposit and withdraw through the Polymarket bridge | | **Points** | Check points, view rewards, and claim payouts | | **Scripting** | `--output json` support on every read command | Per-command documentation for all 100+ commands: [cli.bullpen.fi/reference](https://cli.bullpen.fi/reference/). LLM docs bundle: [cli.bullpen.fi/llm.txt](https://cli.bullpen.fi/llm.txt). ### Find Markets ``` bullpen polymarket discover # trending markets bullpen polymarket discover crypto --limit 10 # crypto markets bullpen polymarket discover sports # sports markets bullpen polymarket discover traders --limit 10 # top traders by P&L bullpen polymarket discover walletscope --address 0x... # what a wallet holds bullpen polymarket discover flow --address 0x... # wallet's recent trades bullpen polymarket search "bitcoin" # search by keyword bullpen polymarket markets --active --sort volume # browse all active markets ``` Sort options for discover: `volume`, `volume24h`, `liquidity`, `newest`, `ending-soon`. Filter options: `--min-liquidity`, `--min-volume`, `--min-odds`, `--status`, `--category`. ### Research a Market ``` bullpen polymarket event # event overview + all outcomes bullpen polymarket price # real-time bid/ask/mid/spread bullpen polymarket price yes # price for one outcome only bullpen polymarket trades --limit 20 # recent trades bullpen polymarket holders --limit 10 # top holders bullpen polymarket price-history --outcome Yes # price chart bullpen polymarket comments # market comments bullpen polymarket market # detailed market info ``` Price history intervals: `1h`, `6h`, `1d` (default), `1w`. ### Buy & Sell (market orders) ``` bullpen polymarket buy --yes bullpen polymarket sell --yes ``` `--preview` shows what would happen without executing. `--yes` skips the confirmation prompt; without `--yes`, type `y` to confirm. Outcomes accept: `Yes`, `No`, `Y`, `N`, `True`, `False`, `1`, `0`, or the full outcome text for multi-outcome markets. Market slugs (e.g. `will-btc-reach-100k`) and full Polymarket URLs both work. See [[concepts/order-types-reference]] for order-type context. ### Limit Orders ``` bullpen polymarket limit-buy --price 0.55 --shares 50 --yes bullpen polymarket limit-sell --price 0.70 --shares 15 --yes ``` | Flag | Description | | -------------- | ---------------------------------------- | | `--price` | Price between 0.01 and 0.99 | | `--shares` | Number of shares | | `--expiration` | `gtc` (default), `gtd`, `fok`, `fak` | | `--post-only` | Reject if order would fill immediately | ### Positions ``` bullpen polymarket positions # active positions with P&L bullpen polymarket positions --address 0x... # another wallet's positions bullpen polymarket positions --closed # closed positions bullpen polymarket positions --redeemable # resolved, ready to collect ``` ### Orders ``` bullpen polymarket orders # open orders bullpen polymarket orders --history # trade history bullpen polymarket orders --cancel # cancel one bullpen polymarket orders --cancel abc,def,ghi # cancel multiple bullpen polymarket orders --cancel-all --yes # cancel everything bullpen polymarket orders --cancel-market --yes # cancel all on one market ``` ### Redeem Winnings All redemptions are gasless; works with both standard binary and neg-risk markets. ``` bullpen polymarket redeem --condition-ids id1,id2,id3 --yes ``` ### Portfolio ``` bullpen portfolio overview # total value + P&L by chain bullpen portfolio balances # full breakdown bullpen portfolio pnl # detailed profit & loss ``` Covers Solana, Hyperliquid (Spot + Perps), and Polymarket (Polygon). ### Activity Feed ``` bullpen polymarket activity # recent activity bullpen polymarket activity --type trade # trades only bullpen polymarket activity --type trade,redeem,reward # multiple types bullpen polymarket activity --side buy --start 2026-02-01 --end 2026-02-28 bullpen polymarket activity --sort cash --limit 20 ``` ### Watchlist ``` bullpen polymarket watchlist # view bullpen polymarket watchlist --add # add a market bullpen polymarket watchlist --remove # remove ``` Stored locally at `~/.bullpen/watchlist.json`. ### Smart Money ``` bullpen polymarket data leaderboard --period week # top traders bullpen polymarket data profile
# trader stats bullpen polymarket data profile
--trades # stats + recent trades bullpen polymarket data smart-money # smart money signals bullpen polymarket data smart-money --type top_traders --category crypto bullpen polymarket data smart-money --type new_wallet ``` **Trade & Comment Feeds** — filtered streams of activity across all markets: ``` bullpen polymarket feed trades --min-pnl 10000 --min-trade-size 500 bullpen polymarket feed trades --action Buy --category crypto bullpen polymarket feed comments --min-volume 100000 --category politics bullpen polymarket feed comments --following-only ``` Filters for both: `--min-pnl`, `--min-volume`, `--min-predictions`, `--min-position-value`, `--category`, `--exclude-categories`. Trade-only: `--action`, `--min-trade-size`, `--min-price`, `--max-price`. Comment-only: `--following-only`. **Alerts:** ``` bullpen polymarket smart-alerts --set --smart-money true --categories crypto bullpen polymarket trade-alert --set --min-pnl 10000 --action Buy bullpen polymarket comment-alert --set --min-pnl 5000 --following-only ``` View current settings by running the command with no flags. Delete with `--delete`. **Wallet Tracking:** ``` bullpen tracker follow
# follow on Polymarket bullpen tracker unfollow
bullpen tracker following # list followed wallets bullpen tracker trades # trades from followed wallets bullpen tracker add
--chain solana # track a wallet bullpen tracker remove
bullpen tracker list # list tracked wallets ``` Per-wallet notification filters: ``` bullpen tracker follow
--update-filters --notify-trades true --trade-threshold 500 ``` Filter options: `--notify-trades`, `--notify-comments`, `--trade-threshold`, `--markets`, `--category`, `--action`. ### Deposit & Withdraw ``` bullpen polymarket deposit --address # deposit addresses bullpen polymarket withdraw --to --amount 100 --chain ethereum --yes bullpen polymarket bridge --supported # supported chains/tokens bullpen polymarket bridge --status # check deposit status ``` See [[concepts/wallets-and-transfers]] for the underlying wallet/bridge architecture. ### Points & Rewards ``` bullpen points # your points total bullpen rewards # view and claim rewards bullpen notifications # view notifications ``` ### AI Agent Skills relationship Bullpen ships AI agent skills for Claude Code and Codex CLI ([[entities/ai-agent-skills]]) that let a user ask in plain English (e.g. "Buy $10 of Yes on will-bitcoin-hit-100k", "Cancel all my open orders") and have the assistant map the request to the CLI commands documented here. Setup: ``` bullpen skill install ``` Restart Claude Code or Codex CLI afterward. If the CLI isn't installed yet: ``` brew install bullpenfi/tap/bullpen bullpen skill install bullpen login ``` `bullpen upgrade` updates both the CLI and the skills. Remove skills with `bullpen skill uninstall --yes`. All trades run by the assistant go through the CLI's authenticated session — the skill is a natural-language front end, not a separate execution path. Troubleshooting table from the skills doc: | Problem | Fix | | ---------------------------------------- | --------------------------------------------------------------- | | Assistant doesn't know Bullpen commands | Restart Claude Code / Codex CLI after `bullpen skill install` | | "Not authenticated" | Run `bullpen login` | | "Market not found" | Use slugs from `bullpen polymarket search` | | "Insufficient balance" | Run `bullpen portfolio balances` | | Skills out of date | Run `bullpen upgrade` | ## When To Use Use the Bullpen CLI when you want to discover, research, and trade [[concepts/prediction-markets]] (via Polymarket), manage portfolio/positions across Polymarket, Solana, and Hyperliquid, follow smart money, or script trading/reads (`--output json` on any read command) — from a terminal instead of the web app. It is also the substrate the [[entities/ai-agent-skills]] depend on, so anyone setting up natural-language trading through Claude Code or Codex CLI needs the CLI installed and authenticated first. ## Risks & Pitfalls - **Beta status**: commands may change between releases; check `cli.bullpen.fi/reference` if a command errors unexpectedly. - **Destructive/irreversible flags**: `--yes` skips confirmation prompts on trades, cancellations (`--cancel-all --yes`), redemptions, and withdrawals — easy to fire an unintended trade in scripts. Use `--preview` first on any trade. - **PATH issues**: if `bullpen` isn't found post-install, the install location isn't on PATH. - **Skipping setup**: without `bullpen setup` (or manual `bullpen polymarket approve --yes`), the one-time Polymarket ERC-1155/USDC approvals are missing and trades will fail. - **Uninstall order**: `rm -rf ~/.bullpen` removes local data, credentials, and config — irreversible; run skill/binary uninstall first if a clean removal sequence matters. - **Windows support is indirect**: only via WSL2, not a native Windows build. - **AI agent skill trust boundary**: since the skill executes real CLI commands including trades, plain-English requests to the assistant can result in real, gasless-but-financial actions; the CLI's `--preview`/`--yes` semantics still apply underneath. ## Related Concepts - [[concepts/prediction-markets]] - [[concepts/order-types-reference]] - [[concepts/getting-started]] - [[entities/ai-agent-skills]] - [[concepts/wallets-and-transfers]] ## Sources - raw/llms_txt_doc-overview-4.md (docs.bullpen.fi/bullpen-cli/overview.md) - raw/llms_txt_doc-markets-trading.md (docs.bullpen.fi/bullpen-cli/markets-and-trading.md) - raw/llms_txt_doc-ai-agent-skills.md (docs.bullpen.fi/bullpen-cli/ai-agent-skills.md) --- title: "Bullpen Overview" type: concept tags: [foundational, getting-started, integrations, prediction-markets, perps, spot] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-welcome.md", "raw/llms_txt_doc-what-is-bullpen.md", "raw/llms_txt_doc-platform-architecture.md", "raw/llms_txt_doc-bullpen-roadmap.md", "raw/llms_txt_doc-team.md", "raw/llms_txt_doc-investors.md", "raw/llms_txt_doc-bug-bounty-program.md"] confidence: high --- ## Definition Bullpen is a non-custodial trading terminal for onchain markets. It unifies prediction markets (executed on Polymarket), perpetual futures (executed on Hyperliquid), and spot trading (executed on Jupiter Ultra or Hyperliquid/UNIT) inside a single interface, and layers smart-money discovery, copy trading, and a CLI on top. Bullpen never takes custody of user funds — trades execute directly from the user's own embedded or linked wallet. The app is available at app.bullpen.fi on desktop browsers and as a mobile web app. ## How It Works Bullpen's platform architecture routes each order to the venue that actually executes it, based on asset and market type: - **Prediction markets** → Polymarket's Central Limit Order Book (CLOB). Collateral is USDC.e on Polygon; orders match via price-time priority; winning positions redeem gaslessly for $1.00/share at resolution. - **Perpetuals** → Hyperliquid's fully onchain CLOB (HyperCore), with every order, cancel, trade, and liquidation happening onchain with block-level finality. Bullpen also supports HIP-3 (Hyperliquid Improvement Proposal 3), a permissionless liquidity-provision system that deepens liquidity on long-tail perp markets. - **Spot, major assets** (BTC, ETH, SOL, HYPE, MON, XPL, USDT, FARTCOIN, PUMP, and growing) → the UNIT integration, which accesses Hyperliquid's spot orderbook directly. - **Spot, long-tail assets** (any Solana SPL/Token2022 token) → Jupiter Ultra, a meta-aggregation layer. Each market type keeps its own account balance (Polymarket, Perps, Spot-HL, Spot-Solana); users move collateral between them with the built-in transfer module — see [[concepts/wallets-and-transfers]]. On top of raw execution, Bullpen adds smart-money discovery, copy trading, convergence signals, and trade alerts (see [[concepts/smart-money]]), plus a beta CLI with AI agent skills (see [[entities/ai-agent-skills]]). ## Key Parameters - **Core principles**: self-custody, best execution per venue, one unified interface. - **Team**: founded by Sal Qadir (CEO, ex-Galaxy/ShapeShift), Ansem (Co-Founder, Solana advocate), and Luca Spinazzola (Co-Founder & Head of Engineering); broader team has shipped at Hyperliquid, Deribit, Paxos, Galaxy, Zeta Markets, Kraken, and Berachain. - **Investors**: seed round led by 6th Man Ventures (also lead investor in pump.fun); other backers include Manifold, Karatage, Temporal, Delphi Ventures, and Sparta. - **Roadmap themes**: Discover (smart-money/whale/trending feeds), Mobile Experience overhaul, Sports Trading, Wallet Tracking & Groups, Trading Infrastructure (cross-chain funding, passkeys), Copy Trading expansion, Competitions & Challenges, and Power User Tools (CLI, custom alerts). - **Security**: runs a bug-bounty program (see [[summaries/glossary]] for support channels) paying $500–$25,000 in USDC by severity, coordinated via Freshdesk tickets. ## When To Use Use this page as the entry point before diving into any specific venue or feature page — it establishes the shared vocabulary (execution venues, account structure, self-custody model) that every other Bullpen page assumes. ## Risks & Pitfalls - Bullpen is non-custodial: losing wallet keys means losing funds, since Bullpen cannot recover them. - Execution venues (Polymarket, Hyperliquid, Jupiter, UNIT) each carry their own venue-specific risk (see [[entities/platform-integrations]] and [[syntheses/venue-picker]]). - Roadmap items (sports trading, wallet groups, cross-chain funding) are forward-looking and not yet shipped as of the source docs. ## Related Concepts - [[concepts/getting-started]] - [[concepts/wallets-and-transfers]] - [[concepts/smart-money]] - [[entities/platform-integrations]] - [[syntheses/venue-picker]] - [[summaries/docs-catalog]] ## Sources raw/llms_txt_doc-welcome.md, raw/llms_txt_doc-what-is-bullpen.md, raw/llms_txt_doc-platform-architecture.md, raw/llms_txt_doc-bullpen-roadmap.md, raw/llms_txt_doc-team.md, raw/llms_txt_doc-investors.md, raw/llms_txt_doc-bug-bounty-program.md --- title: "Getting Started on Bullpen" type: concept tags: [getting-started, wallets, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-creating-an-account.md", "raw/llms_txt_doc-funding-your-wallet.md", "raw/llms_txt_doc-account-types.md", "raw/llms_txt_doc-mobile-desktop-app.md", "raw/llms_txt_doc-notifications.md", "raw/llms_txt_doc-discord-support.md"] confidence: high --- ## Definition Getting started on Bullpen means creating an account, provisioning a non-custodial wallet, funding it with the right collateral for whichever market you plan to trade, and installing the app as a Progressive Web App (PWA) for the fullest mobile experience with push notifications. ## How It Works **Account creation**: go to app.bullpen.fi and sign up via Wallet, X (Twitter), Google, or Email. On signup, Bullpen automatically provisions a non-custodial embedded wallet using Turnkey — no seed phrase to manage during signup, the private key can be exported any time, and only the user can authorize transactions. Users can instead import an existing wallet (private key or seed phrase) via Profile → Wallets and set it as primary. See [[concepts/wallets-and-transfers]] for wallet management details. **Funding**: each market type requires different collateral — Polymarket needs USDC.e on Polygon, Hyperliquid Perps and Hyperliquid Spot need USDC (or the token being sold), and Solana Spot needs SOL plus any SPL token. Deposit methods (all powered by fun.xyz) include connecting a wallet, transferring crypto from an exchange, card purchase, Apple Pay/Google Pay, and bank transfer (ACH/wire). Solana gas needs only ~0.001 SOL recommended, and gasless swaps are available for trades of roughly $10 USD and above. Perps trading has no strict minimum. **Account types**: Bullpen keeps four separate account balances so collateral for one market can't accidentally be used for another — Polymarket (USDC.e/Polygon), Perps (USDC), Spot-Hyperliquid (USDC + traded tokens via UNIT), and Spot-Solana (SOL + SPL tokens). Users move funds between them with the in-app transfer module; see [[concepts/wallets-and-transfers]] for routes and timing. Within the Perps account, margin can further be allocated as Cross Margin (whole balance backs all positions) or Isolated Margin (margin set per position). **Mobile/desktop app**: Bullpen ships no native app-store binary. Instead it's a PWA that runs on iOS, Android, or desktop browsers — install by opening app.bullpen.fi and choosing "Add to Home Screen" (Safari on iOS, Chrome on Android). Installing as a PWA is required for push notifications: position updates (TP/SL triggers, liquidation warnings), order fills, and wallet activity (deposits/withdrawals). iOS needs 16.4+ for PWA push notifications; iOS 17+ improves reliability with sound/badge support and background refresh. **Support**: help is available via Discord (discord.gg/bullpen, verification required), Freshdesk tickets (categorized as Affiliate/Partnership, Question, Problem, Feature Requests, Other), Telegram (@BullpenSupportBot), email (support@bullpen.fi), and Twitter/X (@bullpen_fi) for general questions. Bullpen staff never DM first or ask for private keys/seed phrases. ## Key Parameters - Sign-up methods: Wallet, X, Google, Email. - Embedded wallet provider: Turnkey (non-custodial). - Collateral per venue: USDC.e (Polygon) for Polymarket; USDC for Hyperliquid Perps/Spot; SOL + SPL for Solana Spot. - Deposit rail provider: fun.xyz. - PWA notification minimum: iOS 16.4+. ## When To Use Reference this page for any "how do I start trading on Bullpen" question — account setup, first deposit, or app installation. ## Risks & Pitfalls - Depositing native USDC to a Polymarket-bound account without bridging to USDC.e will fail — see [[concepts/wallets-and-transfers]]. - Pre-iOS 16.4 devices cannot receive PWA push notifications at all. - Never respond to unsolicited Discord/Telegram DMs claiming to be Bullpen support — this is a common scam vector. ## Related Concepts - [[concepts/bullpen-overview]] - [[concepts/wallets-and-transfers]] - [[summaries/glossary]] ## Sources raw/llms_txt_doc-creating-an-account.md, raw/llms_txt_doc-funding-your-wallet.md, raw/llms_txt_doc-account-types.md, raw/llms_txt_doc-mobile-desktop-app.md, raw/llms_txt_doc-notifications.md, raw/llms_txt_doc-discord-support.md --- title: "Order Types Reference" type: concept tags: [orders, perps, spot, advanced] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-market-order.md", "raw/llms_txt_doc-limit-order.md", "raw/llms_txt_doc-stop-limit.md", "raw/llms_txt_doc-stop-market.md", "raw/llms_txt_doc-take-profit-stop-loss.md", "raw/llms_txt_doc-reduce-only.md", "raw/llms_txt_doc-scale-orders.md", "raw/llms_txt_doc-twap.md", "raw/llms_txt_doc-time-in-force-options.md", "raw/llms_txt_doc-order-types-2.md"] confidence: high --- ## Definition This page is the operator reference for every order type Bullpen exposes on [[concepts/perpetuals]] and [[concepts/spot-trading]] (Hyperliquid-side execution). [[concepts/prediction-markets]] has a narrower, separate order surface (limit as base primitive, GTC/FOK/GTD only) documented on that page. For the decision layer ("which type do I actually pick"), see [[syntheses/order-type-picker]]. ## How It Works ### Quick Reference Table | Order Type | Best For | Execution | Markets | |---|---|---|---| | Market | Immediate entry/exit | Instant, any price | Perps, Spot, Predictions | | Limit | Price control | At your price or better | Perps, Spot, Predictions | | Stop Market | Stop losses, breakouts | Market order when triggered | Perps, Spot | | Stop Limit | Controlled stops | Limit order when triggered | Perps, Spot | | Take Profit / Stop Loss | Risk management | Auto profit/loss exits | Perps, Spot | | TWAP | Large orders | Time-distributed execution | Perps, Spot | | Scale Orders | DCA, gradual entry/exit | Multiple limits across range | Perps, Spot | **Reduce Only** and **Time-in-Force** are modifiers/settings layered onto the above, not standalone order types. ### Per-Type Notes **Market Order** — Matches immediately against the best available orderbook prices, filling within the same block on Hyperliquid. No price guarantee; large orders can move through multiple price levels. Always a taker order (taker fees, no rebate). Parameters: Asset, Size, Direction, optional Reduce Only. **Limit Order** — Executes at your specified price or better; rests on the book until filled, cancelled, or expired. Buy limit fills when ask ≤ your limit; sell limit fills when bid ≥ your limit. Price-time priority governs fills. Supports all five [[concepts/order-types-reference|time-in-force]] options (GTC, IOC, FOK, GTD, ALO). ALO orders resting on the book may earn maker rebates. Parameters: Asset, Size, Direction, Limit Price, Time-in-Force, optional Reduce Only. **Stop Market** — Monitors **mark price** (not last price, to resist manipulation); when mark price crosses the stop trigger, a market order is submitted immediately. Buy stop triggers when mark price ≥ stop price (breakout entry); sell stop triggers when mark price ≤ stop price (stop loss). Guarantees execution but not price — gap risk in fast markets. Parameters: Asset, Size, Direction, Stop Price, optional Reduce Only. **Stop Limit** — Two-stage: mark price crossing the stop trigger submits a **limit order** at your specified limit price, rather than a market order. Gives price control but may not fill if price gaps past the limit. Typical stop-to-limit spread is 1-2% in normal markets, wider (3-5%) in volatile ones. Parameters: Asset, Size, Direction, Stop Price, Limit Price, Time-in-Force (for the post-trigger limit order), optional Reduce Only. | Factor | Stop Limit | Stop Market | |---|---|---| | Price control | Yes | No | | Guaranteed execution | No | Yes | | Slippage protection | Yes | No | | Best for | Controlled exits, quality > execution | Emergency exits, execution > price | **Take Profit / Stop Loss (TP/SL)** — Attachable to new orders or existing positions. TP triggers on favorable mark-price movement to lock gains; SL triggers on adverse movement to cap losses. **Default is a market order with 10% slippage tolerance**; an optional limit price tightens execution control. TP and SL are **one-cancels-other** — when one triggers, the other auto-cancels. Position-level TP/SL closes the full position by default, but size can be partial. Recommended risk/reward ≥ 2:1 (TP twice as far as SL); avoid exact round-number levels. **Reduce Only** — Optional flag available on all order types. Ensures an order can only shrink an existing position — it cannot open a new position or flip you from long to short (or vice versa). Oversized reduce-only orders fill up to the current position size and cancel the remainder; if you're flat, a reduce-only order is rejected. Cross-margin applies reduce-only to the net position per asset. Recommended for all exit orders (TP, SL, scaling out, TWAP/scale exits); not for entries or DCA-style building. **Scale Orders** — Distributes a total size across a price range as multiple simultaneous limit orders. Inputs: Total Size, Direction, Price Range (start–end), Number of Orders. Bullpen/Hyperliquid computes size-per-order (total ÷ count) and even price spacing; each sub-order behaves as a standard GTC limit order and fills independently. Used for DCA-style accumulation/distribution, liquidity provision (earning maker rebates), and range/market-making strategies. Typical range: 3-10 orders. **TWAP** — Distributes a total size over **time** rather than price. Inputs: Total Size, Direction, Duration (minutes). Executes a market suborder **every 30 seconds**, each capped at **3% max slippage**; a catch-up mechanism (capped at 3x normal suborder size) compensates for suborders that fail to fill in thin liquidity. Can complete early if size fills faster than expected. Best for large orders (>5% of orderbook depth, often >$100k) in stable markets; not suited to urgent exits or stop losses. | Factor | Scale Orders | TWAP | |---|---|---| | Execution | Price-dependent | Time-dependent | | Control | Full price control | No price control | | Slippage | None (limit orders) | Some (market suborders, capped 3%/suborder) | | Certainty | Low (might not fill) | High (guaranteed) | | Best for | Patient accumulation | Large immediate orders | **Time-in-Force (TIF)** — Governs how long an order stays active: | TIF | Name | Behavior | |---|---|---| | GTC | Good 'Til Canceled | Stays on the book until filled or cancelled. Default for patient limit orders. | | GTD | Good 'Til Date | Active until a specified UTC date/time, then auto-cancels if unfilled. | | IOC | Immediate or Cancel | Fills whatever is available immediately at your price or better; cancels the rest. | | FOK | Fill or Kill | Must fill entirely and immediately, or cancels completely — no partial fills. | | ALO | Add Liquidity Only | Cancels if it would execute immediately; guarantees maker status and rebates. | ## Key Parameters - **Order lifecycle**: Placed → Resting → Triggered (for conditional types) → Filled (partial or full) → Canceled. Full state history is in the Order History tab. - **Reduce-only compatibility**: applies cleanly to Market, Limit, Stop Market, Stop Limit, TP/SL, TWAP, and Scale — i.e., every type in this reference. - **Trigger price basis**: Stop Market, Stop Limit, and TP/SL all trigger on **mark price**, not last-traded price. ## When To Use See [[syntheses/order-type-picker]] for the full decision framework. In brief: Market for urgency, Limit for price control, Stop Market/Stop Limit for automated stops or breakout entries, TP/SL for hands-off risk management, TWAP for large time-sensitive orders in stable markets, Scale for patient, price-driven accumulation or distribution. ## Risks & Pitfalls - **Stop Limit gap risk**: a fast-moving market can blow through your limit price after the stop triggers, leaving the order unfilled with no protection. - **TP/SL default slippage**: the 10% market-order default is easy to overlook and can produce a worse-than-expected exit in volatile conditions — set a limit price if that's unacceptable. - **TWAP price risk**: exposure to adverse trend during the execution window; not a substitute for a stop loss. - **Scale order under/over-fill**: too wide a range leaves capital idle in unfilled orders; too narrow a range causes all orders to fill at once, defeating the DCA purpose. - **Confusing Reduce Only with position flattening safety**: multiple reduce-only orders can sum to more than your position — the first to fill wins, others auto-cancel; don't assume all will execute. ## Related Concepts - [[concepts/perpetuals]] — primary venue for this full order-type surface - [[concepts/spot-trading]] — UNIT spot supports Market/Limit fully; advanced types have asset-dependent support - [[concepts/prediction-markets]] — separate, narrower order-type surface (limit-based, GTC/FOK/GTD) - [[syntheses/order-type-picker]] — decision synthesis and venue-support notes ## Sources - raw/llms_txt_doc-market-order.md - raw/llms_txt_doc-limit-order.md - raw/llms_txt_doc-stop-limit.md - raw/llms_txt_doc-stop-market.md - raw/llms_txt_doc-take-profit-stop-loss.md - raw/llms_txt_doc-reduce-only.md - raw/llms_txt_doc-scale-orders.md - raw/llms_txt_doc-twap.md - raw/llms_txt_doc-time-in-force-options.md - raw/llms_txt_doc-order-types-2.md (trading/order-types — Hyperliquid-side index, quick-reference table source) --- title: "Perpetuals" type: concept tags: [perps, orders, integrations, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-perpetuals.md", "raw/llms_txt_doc-hyperliquid-integration.md", "raw/llms_txt_doc-margin-leverage.md", "raw/llms_txt_doc-overview-3.md"] confidence: high --- ## Definition Perpetual futures ("perps") let traders take leveraged long or short exposure to an asset's price with no expiration date — positions stay open indefinitely as long as margin requirements are met. Bullpen routes all perps orders to **Hyperliquid**, a Layer 1 blockchain purpose-built for trading. This is one of three execution venues alongside [[concepts/prediction-markets]] and [[concepts/spot-trading]]; see [[entities/platform-integrations]] for the full map. ## How It Works Hyperliquid has two components: **HyperCore**, the matching engine and clearinghouse for perps and spot, and **HyperEVM**, an EVM-compatible environment for other applications. Bullpen interacts primarily with HyperCore, which runs a fully **on-chain** central limit order book with sub-second latency and block-level finality — there is no off-chain matching step, unlike Polymarket's hybrid model. Order routing: 1. You place an order through Bullpen; it's signed with your wallet. 2. Submitted to Hyperliquid's consensus layer. 3. Matched against the on-chain orderbook using strict **price-time priority** (best price first, oldest order first at ties), with discrete tick and lot sizes per asset. 4. Trade settles in the same block. Margin is enforced twice — at **order placement** (sufficient margin to place) and again at **match time** (re-verified before finalizing) — so a price move between placement and execution can't leave either side under-collateralized. **Long** positions profit when price rises; **short** positions profit when it falls. **Funding** payments occur every hour to keep the perp price aligned with the index (spot) price: if perp price > index price, longs pay shorts, and vice versa; a positive displayed funding rate means longs pay. The **oracle price** (from external spot markets) feeds funding calculations and liquidation thresholds, while the **mark price** — designed to be manipulation-resistant — drives unrealized PnL, margin requirements, TP/SL triggers, and liquidations. ### Order Routing and Order Types Bullpen exposes the full Hyperliquid order-type surface for perps: Market, Limit (GTC, IOC, ALO), Stop Market, Stop Limit, Take Profit/Stop Loss, TWAP, and Scale Orders. See [[concepts/order-types-reference]] for per-type mechanics and [[syntheses/order-type-picker]] for when to use each. ## Key Parameters - **Collateral**: USDC (native, not USDC.e). - **Margin modes**: **Cross margin** — entire perps balance backs all positions, gains offset losses across positions, more capital-efficient but one bad position risks the whole account. **Isolated margin** — collateral is dedicated per position, containing losses but requiring manual allocation. - **Leverage**: up to 50x on major pairs (BTC, ETH); major alts typically 20-50x; smaller assets often 5-20x. Liquidation move is approximately the inverse of leverage (50x → ~2% adverse move liquidates; 10x → ~10%; 5x → ~20%). - **Funding**: charged/paid hourly. - **Margin formulas**: `Initial Margin = Position Size / Leverage`; `Margin Ratio = Account Equity / Position Value`. Liquidation begins when margin ratio falls below the maintenance requirement (lower than initial margin, providing a buffer). - **Fees** (per [[concepts/spot-trading]]'s shared routing doc): Hyperliquid perps taker fee 0.025%, maker earns a rebate. ## When To Use Choose perps when you want leveraged, continuous exposure to an asset's price with no expiry and the ability to go short — as opposed to [[concepts/prediction-markets]], which are unleveraged, binary, and event-bound, or [[concepts/spot-trading]], which is unleveraged 1x delivery of the underlying token. Perps suit active directional or hedging strategies where funding cost and liquidation risk are actively managed. ## Risks & Pitfalls - **Liquidation risk scales with leverage**: a 50x position can be liquidated by a ~2% adverse move; the liquidation engine closes the position at mark price, and if underwater, losses are socialized via ADL. - **Funding cost drag**: holding a position against the prevailing funding direction erodes returns over time, especially on longer holds. - **Cross-margin contagion**: in cross margin mode, a single bad position can liquidate the entire account. - **Mitigations**: use lower leverage, set stop losses (see [[concepts/order-types-reference]]), monitor margin ratio, and add margin to at-risk positions before they breach maintenance requirements. ## Related Concepts - [[entities/platform-integrations]] — Hyperliquid among Bullpen's venues - [[concepts/spot-trading]] — Hyperliquid spot (UNIT) shares the same infrastructure with different settlement (token delivery vs. margin account) - [[concepts/order-types-reference]] — full order-type mechanics used on Hyperliquid - [[syntheses/order-type-picker]] — which order type fits which situation - [[concepts/prediction-markets]] — contrast with unleveraged, binary-outcome markets - [[concepts/wallets-and-transfers]] — moving USDC collateral into the perps account ## Sources - raw/llms_txt_doc-perpetuals.md - raw/llms_txt_doc-hyperliquid-integration.md - raw/llms_txt_doc-margin-leverage.md - raw/llms_txt_doc-overview-3.md (trading/overview — covers Perpetuals + Prediction Markets + Spot summary) --- title: "Prediction Markets" type: concept tags: [prediction-markets, orders, integrations, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-overview.md", "raw/llms_txt_doc-polymarket-integration.md", "raw/llms_txt_doc-positions-and-settlement.md", "raw/llms_txt_doc-wallets-and-collateral.md", "raw/llms_txt_doc-order-types.md"] confidence: high --- ## Definition Prediction markets let traders speculate on the outcome of real-world events — crypto, politics, sports, finance, culture — by buying **Yes** or **No** outcome shares that settle at $1.00 or $0.00 when the event resolves. Bullpen does not run its own orderbook for these markets; it routes every prediction-market order to **Polymarket's Central Limit Order Book (CLOB)** on Polygon. See [[entities/platform-integrations]] for how this integration fits alongside Bullpen's other execution venues. ## How It Works Every market has two outcome tokens, Yes and No, priced between $0.00 and $1.00, and the two prices always sum to ~$1.00 (enforced by arbitrage). A Yes share at $0.65 implies a 65% market-implied probability. Winning shares redeem for $1.00; losing shares are worth $0.00. Execution is a hybrid-decentralized design: 1. You place an order in Bullpen; it is signed with your wallet as EIP-712 structured data. 2. The signed order is submitted to Polymarket's off-chain **CLOB operator**, which matches it against resting liquidity using **price-time priority** on a unified Yes/No book. 3. Matched orders are submitted to Polymarket's on-chain **Exchange contract** on Polygon. 4. Settlement happens atomically on-chain: outcome tokens and USDC.e transfer to your proxy wallet. Order matching is off-chain for speed; settlement is on-chain for custody and security. Orders can match three ways: **Fill** (against a resting order), **Mint** (opposing Yes+No orders summing to $1.00 create new tokens — a "split"), or **Merge** (opposing sell orders burn tokens and release collateral). Outcome tokens are ERC-1155 tokens on the Gnosis Conditional Token Framework (CTF); see [[concepts/order-types-reference]] for the order primitives (limit is the base type; market orders are simulated marketable limits) that drive this matching. ### Positions and Settlement A **split** mints new Yes/No token pairs: when a $0.60 Yes buy and a $0.40 No buy match, their combined $1.00 becomes collateral and the CTF contract mints one Yes and one No token. A **merge** does the reverse — submitting equal amounts of Yes and No tokens burns them and releases $1.00 in USDC.e per pair (minus fees), useful for exiting a hedged position without waiting for resolution. Traders can convert No-to-Yes or Yes-to-No by buying the offsetting token, merging to release collateral, then rebuying the desired side. Multi-outcome markets (e.g., elections) use the **NegRiskAdapter**: each candidate is a separate binary market sharing a collateral pool, and a No position on one candidate can convert to Yes positions on all others. Resolution: an outcome is **proposed** with a $750 USDC.e bond, faces a **2-hour challenge period**, and is **finalized** if unchallenged. Disputes escalate to UMA's Data Verification Mechanism (DVM) for token-holder voting and can take 4-5 days or longer. Sports markets typically resolve same-day; all outstanding limit orders on a sports market are auto-cancelled at game start. Redemption is a one-click, fee-free claim of $1.00 per winning share; losing shares must be manually cleared but have no financial impact. ### Collateral All Polymarket positions are denominated in **USDC.e** (bridged USDC) on Polygon and are **fully collateralized — there is no leverage**. Placing an order reserves the required USDC.e against your balance (`Available = USDC.e Balance − Reserved for Open Orders`); a 500 USDC.e balance supports one 1,000-share buy at $0.50, and further orders in that market are rejected until it fills or cancels. Trading occurs through a non-custodial **proxy wallet** — a 1-of-1 Gnosis Safe deployed on Polygon and owned by your connecting wallet (EOA or Magic.link) — which enables gasless, relayed, atomic trades without approval popups. See [[concepts/wallets-and-transfers]] for wallet architecture shared across venues. ## Key Parameters - **Price bounds**: $0.01 to $0.99 per share. - **Order types**: Limit (GTC, FOK, GTD) is the base primitive; market orders are simulated marketable limits. Full mechanics in [[concepts/order-types-reference]]. - **Fees**: Polymarket charges a taker-only fee (`fee = C × feeRate × p × (1−p)`, peaking at 50% probability); makers are never charged. Rates range from 0% (Geopolitics) to 7.2% (Crypto) taker, with maker rebates of 20-25%. No fees on deposit, withdraw, or redemption. - **Settlement asset**: USDC.e on Polygon. ## When To Use Use prediction markets to take a directional view on a discrete, resolvable event without leverage, or to follow [[concepts/smart-money]] convergence signals into a specific outcome. They suit traders comfortable with binary payoff (full win or full loss) and locked capital until resolution, as opposed to [[concepts/perpetuals]] where positions can be adjusted continuously. ## Risks & Pitfalls - **Binary outcome risk**: you win the full payout or lose the entire position — no partial credit. - **Resolution/oracle risk**: outcomes depend on UMA's optimistic-oracle proposal-and-dispute process; disputed markets can lock capital for 4-5+ days. - **Liquidity risk**: thin orderbooks on niche markets cause slippage; check depth before placing large market orders. - **Balance reservation gotcha**: reserved USDC.e for an open order blocks placing additional orders in the same market until it fills or is cancelled. ## Related Concepts - [[entities/platform-integrations]] — how Polymarket fits among Bullpen's execution venues - [[concepts/wallets-and-transfers]] — proxy wallet and collateral movement - [[concepts/order-types-reference]] — full order-type mechanics - [[concepts/smart-money]] — convergence signals and copy trading on prediction markets - [[concepts/perpetuals]] — contrast with leveraged, non-expiring positions ## Sources - raw/llms_txt_doc-overview.md (prediction-markets/overview) - raw/llms_txt_doc-polymarket-integration.md - raw/llms_txt_doc-positions-and-settlement.md - raw/llms_txt_doc-wallets-and-collateral.md - raw/llms_txt_doc-order-types.md (prediction-markets/order-types) --- title: "Rewards and Programs" type: concept tags: [rewards, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-bull-points.md", "raw/llms_txt_doc-referral-program.md", "raw/llms_txt_doc-getting-started-with-dub.md", "raw/llms_txt_doc-affiliate-program.md", "raw/llms_txt_doc-vip-program.md", "raw/llms_txt_doc-status-match.md", "raw/llms_txt_doc-competitions.md", "raw/llms_txt_doc-global-leaderboard.md", "raw/llms_txt_doc-social-leaderboard-and-competitions.md"] confidence: high --- ## Definition Bullpen runs a stack of reward mechanisms — BULL Points, a tiered VIP program, a 3-tier referral program, a creator affiliate program (with the Dub tracking tool), status match for traders coming from other exchanges, and ongoing competitions/leaderboards — all designed to reward trading volume, referrals, and social engagement. ## How It Works **BULL Points** are earned from trading (Polymarket, Solana, Hyperliquid Perps, Hyperliquid Spot — volume, frequency, and size all count), prediction-market activity specifically, social activity (connecting X and posting about $BULL), competitions/leaderboard placement, referrals, and general "organic activity." Points distribute weekly every Wednesday afternoon based on the prior week, with no claiming required. Season 1 ended July 18, 2025; Season 2 ended Oct 7, 2025; Season 3 began Oct 8, 2025 and introduced weekly distributions. Historical totals: 19M+ points allocated across Seasons 1–2, 30.1M points burned, 69.9M total points available. **VIP tiers** are driven purely by cumulative XP (points): Iron (0+ XP, eligible to earn points/enter competitions), Bronze (500+ XP, badge + Discord community channel), Silver (2,500+ XP, 1.05x points multiplier on every trade + Silver Loot Drop eligibility), Gold (10,000+ XP, VIP Discord access + X/Discord broadcast eligibility), Platinum (36,000+ XP, dedicated fee-rebate allocations, early access, custom fee structures case-by-case), Diamond (100,000+ XP, VIP Discord chat, early access, direct team line, private testing, Affiliate Badge eligibility), Epic (250,000+ XP, top-tier fee rebates, product-direction input, custom merch, ability to host competitions, permanent "Legend" status), and Epic II (1,000,000+ XP, chance at an NYC trip with the team, feature on the Market Bubble Stream). **Referral program**: anyone can create a code at app.bullpen.fi/referrals. It's a 3-tier commission structure — T1 (direct referrals) 40% of trading fees, T2 (indirect) 9%, T3 (extended) 3% — plus every referred user gets 10% off trading fees. Referrers can also share branded custom PnL cards to X. **Affiliate program (via Dub)**: a higher-touch program for creators/community managers/influencers with proven audience reach; apply via a Freshdesk ticket. Over 550 verified affiliates have earned $150,000+ collectively. Approved affiliates get campaign tooling, alpha/beta feature access, elevated commissions, and creator perks. Dub adds a second earning layer on top of refcodes: creators get paid for clicks, account creations, and qualified deposits, tracked in real time via the Dub dashboard. Conversions stay "pending" for 14 days and require a minimum $20 deposit plus 2 trades to confirm; payouts process weekly through three statuses (Pending → Processing, ~4 business days → Completed). **Status match**: traders with active volume on another exchange can DM Bullpen's X account or file a ticket to request a matching VIP fee tier, verified by the team, applied for 30 days. Each Bullpen account can status-match only one external account/wallet; after 30 days the tier persists only if normal Bullpen activity requirements are met. **Competitions and leaderboards**: active competitions are listed at app.bullpen.fi/competition. Two competition types: **PnL Competition** ranks by Return on Equity (ROI = Total Realized PnL ÷ Time-Weighted Average Balance × 100), which normalizes for account size and neutralizes the effect of mid-competition deposits/withdrawals; enrollment can happen any time before the competition ends. **Liquidity League** ranks by total trading volume, with separate Hyperliquid and Solana leaderboards — perps count both buy and sell volume, spot counts sell volume only (to avoid inflation), and the prize pool scales with platform volume. The **Global Leaderboard** (app.bullpen.fi/leaderboard) tracks four categories: PnL (realized profit), Hyperliquid Volume (spot + perp), Number of Trades, and Longest Streak (consecutive days earning $BULL Points). Competition entrants must meet a minimum trading-volume threshold to appear and can link X to display rank. ## Key Parameters - Referral tiers: T1 40%, T2 9%, T3 3% of trading fees; referred users get 10% off fees. - Dub conversion threshold: $20 minimum deposit + 2 trades, 14-day pending window. - VIP XP thresholds: 0 / 500 / 2,500 / 10,000 / 36,000 / 100,000 / 250,000 / 1,000,000. - Status match duration: 30 days, one external account per Bullpen account. - Points distribution cadence: weekly, Wednesdays. ## When To Use Reference this page for any question about earning points, referral commissions, becoming an affiliate, matching VIP status from another exchange, or how competitions/leaderboards are scored. ## Risks & Pitfalls - Dub conversions can be disqualified if the $20-deposit-plus-2-trades bar isn't met within the 14-day pending window. - Status match only covers one external account and lasts 30 days — plan around the expiry. - Liquidity League volume rules differ by market type (perps count both sides, spot counts sell-only); miscounting this can produce unexpected rankings. ## Related Concepts - [[concepts/bullpen-overview]] - [[concepts/smart-money]] - [[summaries/glossary]] ## Sources raw/llms_txt_doc-bull-points.md, raw/llms_txt_doc-referral-program.md, raw/llms_txt_doc-getting-started-with-dub.md, raw/llms_txt_doc-affiliate-program.md, raw/llms_txt_doc-vip-program.md, raw/llms_txt_doc-status-match.md, raw/llms_txt_doc-competitions.md, raw/llms_txt_doc-global-leaderboard.md, raw/llms_txt_doc-social-leaderboard-and-competitions.md --- title: "Smart Money on Bullpen" type: concept tags: [smart-money, prediction-markets, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-smart-money-discovery.md", "raw/llms_txt_doc-smart-wallet-tracking.md", "raw/llms_txt_doc-copy-trading.md", "raw/llms_txt_doc-convergence-signals.md", "raw/llms_txt_doc-smart-money-alerts.md"] confidence: high --- ## Definition "Smart money" on Bullpen refers to profitable, high-signal wallets whose Polymarket (and, more broadly, onchain) activity Bullpen surfaces so users can discover, track, and optionally copy their trades. The whole feature set — discovery, tracking, convergence signals, and alerts — lives primarily under the Predictions tab. ## How It Works **Discovery** happens through three views: **Discover** (three columns — Smart Money convergence, Whales' individual large trades, Biggest Wins), **Walletscope** (a real-time, filterable feed of trades across Polymarket wallets — filters include min. lifetime P&L, volume, predictions, position value/size, trade size, share-price range, category, and action), and **Eventscope** (a live per-event trade feed with type, amount, trader, outcome, market, timestamp, and a one-click Quick Buy). Separately, **Smart Wallet Tracking** (a features-level capability, not limited to Polymarket) monitors 12,000+ known traders/whales across categories — Whales, Early Buyers, Profitable Traders, Influencers, Smart Money — tracking buys/sells, new positions, exits, and size changes, with per-wallet analysis (win rate, ROI, holding period, top tokens, 30-day activity). It only observes public onchain activity. **Convergence signals** appear in the **Trending** view: when multiple independently profitable wallets take the same side of a market, Bullpen flags it as "Heating Up" (2–4 smart wallets), "Trending" (higher concentration), or "New" (early smart-money activity on a fresh market) — e.g. "$2.2M of Yes bought by 4 whales." Filterable by time window, category, and max odds; trades can be placed directly from the card via Buy Yes/Buy No. **Copy trading** mirrors a chosen wallet's buys/sells into the user's own account. Setup: find a wallet (Discover/Trending/Walletscope/tracker) → Copy Trade → configure → Start Copying (or paste an address directly under Copying → + Copy a Trader). Key settings: allocation (fixed amount or % of balance per trade, minimum **$5** per trade, custom max per market), sell behavior (Auto-sell, Alert me, or Manage myself), and advanced settings — Total Budget (unlimited by default), Price Range (default **5¢–95¢**), Min Time to Resolution (skip markets resolving within 24h/7d/30d), min/max copy trade size, Slippage Tolerance (1%, 2%, 3%, 5%, or custom), and Execution Mode (Auto vs. Confirm). The Copying dashboard tracks status, spent/budget, sold count, buy/sell counts, and your P&L, with tabs for Copied Trades, All Trades, and Skipped. **Track** (without copying) surfaces the same wallets in an "All Wallets" list with a Tracker Feed. Wallet groups (tracked or copied lists) can be shared via a link that embeds the sharer's referral tag (see [[concepts/rewards-and-programs]]), and imported by other users. **Alerts** can be created from Walletscope (Create Trade Alert, using the same filter set) or Eventscope (Create Alert from Filters), or per-wallet from the tracker (notify on trades/comments, trade threshold, specific market slugs, category, action). All alerts are managed from the Alerts tab in bottom navigation. ## Key Parameters - Minimum copy-trade allocation: $5. - Default copy-trade price range: 5¢–95¢. - Slippage tolerance options: 1%, 2%, 3%, 5%, or custom. - Tracked wallet universe: 12,000+. - Convergence tiers: Heating Up (2–4 wallets), Trending, New. ## When To Use Use this page for any query about following, copying, or getting alerted on profitable traders, or about the Discover/Walletscope/Eventscope/Trending views. ## Risks & Pitfalls - Past performance does not guarantee future results, even for top-tracked wallets. - Front-running risk: by the time a trade is visible, price may already have moved. - False signals: whales sometimes distribute into visible demand from watchers. - Copied trades lack the source wallet's full strategy/context — treat smart-money data as one input, not the only input. ## Related Concepts - [[concepts/bullpen-overview]] - [[concepts/rewards-and-programs]] - [[entities/platform-integrations]] ## Sources raw/llms_txt_doc-smart-money-discovery.md, raw/llms_txt_doc-smart-wallet-tracking.md, raw/llms_txt_doc-copy-trading.md, raw/llms_txt_doc-convergence-signals.md, raw/llms_txt_doc-smart-money-alerts.md --- title: "Spot Trading" type: concept tags: [spot, orders, integrations, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-spot-trading.md", "raw/llms_txt_doc-jupiter-ultra-integration.md", "raw/llms_txt_doc-unit-integration.md", "raw/llms_txt_doc-runners-memescope.md", "raw/llms_txt_doc-trade-routing.md", "raw/llms_txt_doc-overview-3.md"] confidence: high --- ## Definition Spot trading means buying or selling the actual underlying token, 1:1, with no leverage. Bullpen splits spot execution across two venues depending on the asset: **UNIT** (routing to Hyperliquid's on-chain spot orderbook) for major, Hyperliquid-listed assets, and **Jupiter Ultra** (a Solana meta-aggregator) for any other Solana SPL or Token2022 token. See [[entities/platform-integrations]] for how these sit alongside [[concepts/perpetuals]] and [[concepts/prediction-markets]]. ## How It Works ### Routing Logic Bullpen's routing decision tree (per [[concepts/order-types-reference|trade-routing]]) is: is it a perp? → Hyperliquid. If spot, is the asset listed on Hyperliquid spot? → UNIT; otherwise → Jupiter Ultra. Traders don't choose venues manually — Bullpen handles it behind the scenes. ### Hyperliquid Spot via UNIT UNIT provides spot access to Hyperliquid-listed assets — currently including HYPE/USDC, BTC/USDC, ETH/USDC, SOL/USDC, MON/USDC, XPL/USDC, USDT/USDC, FARTCOIN/USDC, and PUMP/USDC (list expands as Hyperliquid adds spot markets). Orders route through UNIT to Hyperliquid's on-chain orderbook and settle in USDC — same execution quality as perps (deep liquidity, tight spreads, price-time priority), but with token delivery instead of a margin account and no leverage. UNIT spot supports Market and Limit orders (GTC, IOC, ALO); advanced order types (TWAP, scale, TP/SL) are built for perps and may have limited support for spot depending on the asset. ### Solana Spot via Jupiter Ultra For any Solana token not listed on Hyperliquid, Bullpen routes through **Jupiter Ultra**, a meta-aggregation layer that goes beyond simple DEX aggregation: 1. **Quote aggregation**: queries Iris (Jupiter's own router), JupiterZ (a zero-slippage engine, ~$100M daily volume), and third-party routers DFlow, Hashflow, and OKX simultaneously. 2. **Predictive execution**: simulates each route on-chain to predict *real* slippage rather than trusting quoted prices, then prioritizes routes with the best actual execution. 3. **Transaction landing via ShadowLane**: Jupiter's proprietary landing engine, built on its own validator stake, lands transactions in 50-400ms and keeps them off external mempools — eliminating front-running and sandwich-attack risk. 4. **Real-Time Slippage Estimator (RTSE)**: sets slippage automatically based on token volatility, liquidity depth, and recent execution data (overridable manually). Ultra also runs **Just-In-Time Market Revival**, dynamically re-indexing tokens on demand so old or inactive markets can still route, and covers pre-graduation bonding-curve tokens. For trades above ~$10 USD, Ultra can cover gas fees automatically (deducted from the swap amount), so no SOL balance is required. ### Discovery: Runners & Memescope **Runners** surface tokens gaining real-time momentum by tracking price velocity, volume spikes, holder growth, and social signals — for finding tokens that are moving but not yet mainstream. **Memescope** is a scanner for early-stage memecoins and new launches: tracks new Solana deployments, monitors bonding-curve progress on launchpads like Pump.fun, flags graduation to full DEX trading, and offers volume/market-cap/holder filters. Both integrate with smart-wallet tracking (see [[concepts/smart-money]]) to surface when tracked wallets buy/sell watchlist tokens. Every token found this way has one-click trading that routes automatically to Jupiter Ultra or UNIT per the logic above. ## Key Parameters - **Trade Settings** (Jupiter Ultra): Speed Mode (Fast vs. Economy), Priority Fee, Slippage, MEV Protection (on/off). - **Performance** (Ultra V3): average slippage +0.63 bps (positive — you get slightly more than quoted); transaction landing 0-1 blocks (50-400ms); MEV extraction ratio cited as 34x better than competitors. - **Fees**: Hyperliquid Spot fees vary by volume tier and maker/taker status; Jupiter Ultra fees are route-dependent. - **Settlement**: UNIT settles in USDC; Jupiter Ultra settles token-to-token. ## When To Use Use spot for majors (BTC, ETH, SOL, HYPE, etc.) when you want deep, orderbook-style liquidity and tight spreads without leverage — this routes through UNIT. Use spot for any other Solana token, including new/long-tail memecoins discovered via Runners or Memescope, and Jupiter Ultra's aggregation and MEV protection apply automatically. Prefer spot over [[concepts/perpetuals]] when you want to hold the actual asset (no funding payments, no liquidation risk) rather than leveraged exposure. ## Risks & Pitfalls - **New-token risk on Memescope/Runners**: momentum signals reflect activity, not fundamentals; check contract for locked liquidity and no mint authority, size positions appropriately, and set stops. - **Failed transactions (Solana)**: can occur from slippage exceeded, insufficient SOL for gas (if gasless unavailable), or network congestion — though Ultra's fast landing minimizes this, and failed swaps leave tokens in your wallet. - **Failed orders (Hyperliquid)**: insufficient margin, price moved past limit, or position exceeding max size; failed orders error out immediately with no funds lost. - **Advanced order-type gaps**: TWAP, scale, and TP/SL support on UNIT spot may be limited depending on the asset — verify before relying on them. ## Related Concepts - [[entities/platform-integrations]] — UNIT and Jupiter Ultra among Bullpen's venues - [[concepts/perpetuals]] — shared Hyperliquid infrastructure, leveraged contrast - [[concepts/order-types-reference]] — order-type mechanics available on spot - [[entities/ai-agent-skills]] — programmatic/agent access to trading and discovery - [[concepts/smart-money]] — wallet tracking integrated into Runners/Memescope ## Sources - raw/llms_txt_doc-spot-trading.md - raw/llms_txt_doc-jupiter-ultra-integration.md - raw/llms_txt_doc-unit-integration.md - raw/llms_txt_doc-runners-memescope.md - raw/llms_txt_doc-trade-routing.md - raw/llms_txt_doc-overview-3.md (trading/overview) Note: raw/llms_txt_doc-markets-trading.md was reviewed but excluded — it documents Bullpen CLI commands for Polymarket/prediction markets, not spot trading, so it is out of scope for this page. --- title: "Wallets and Transfers" type: concept tags: [wallets, foundational, integrations] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-wallet-management.md", "raw/llms_txt_doc-transfers.md", "raw/llms_txt_doc-wallets-and-collateral.md"] confidence: high --- ## Definition Bullpen uses a non-custodial wallet architecture: every account gets an embedded wallet, and trading collateral moves between chains and Bullpen's internal accounts via a built-in Transfers module rather than external bridges. ## How It Works **Embedded wallet**: created automatically at signup. From Profile → Wallets, users can view their address, export the private key (after authentication), or import an existing wallet by private key or 12/24-word seed phrase. Imported wallets get full functionality — trading, transferring, and all Bullpen features. **Linking vs. importing**: linking an external wallet (any wallet compatible with Reown/WalletConnect — Phantom, MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, etc.) adds account recovery and an alternative sign-in method, and proves wallet ownership for future reward programs, but does **not** enable trading from that wallet — all trading routes through the embedded Bullpen wallet for speed and UX. **Polymarket proxy wallet**: prediction-market collateral (USDC.e on Polygon) is held in a 1-of-1 Gnosis Safe proxy wallet deployed on first trade, owned solely by the connecting EOA or Magic.link wallet. This proxy wallet enables gasless trading (Polymarket relays and pays gas), atomic multi-step execution, and pre-set allowances so there are no approval popups. Signature types differ by wallet: Type 0 (standard EOA/EIP-712, e.g. MetaMask or hardware wallets), Type 1 (Magic.link email wallet), Type 2 (browser wallet proxy/Safe, most web users). Only EOAs can be directly imported into external wallets or trading bots; Magic.link wallets must export their private key first, and the proxy wallet itself cannot be imported directly. **USDC.e vs native USDC**: Polymarket settles exclusively in USDC.e, a bridged-from-Ethereum token (Polygon PoS, contract `0x2791bca1f2de4661ed88a30c99a7a9449aa84174`, 6 decimals, 1:1 backed by Ethereum USDC) — distinct from native Polygon USDC issued by Circle. Depositing native USDC requires bridging/swapping first. Sending USDC.e directly on Polygon settles in minutes for a few cents of gas; bridging USDC from Ethereum takes ~30 minutes and $30+ in gas. **Transfers module**: moves funds between Solana, Hyperliquid (Perps/Spot), and Polymarket accounts without leaving the app. Transfers within Hyperliquid (Perps ↔ Spot) are instant and free. Cross-chain transfer times: Solana ↔ Hyperliquid 30 sec–2 min, Ethereum → Hyperliquid 5–15 min, Arbitrum → Hyperliquid 2–5 min, Polymarket ↔ Hyperliquid 30 sec–2 min, Polymarket ↔ Solana 30 sec–2 min. Cross-chain transfers charge protocol + gas fees (shown before confirmation); within-Hyperliquid transfers are free. Failed transfers return funds to the source wallet. Users can also transfer externally by copying their Bullpen wallet address and using a bridge like Wormhole. ## Key Parameters - Reserved balance formula for Polymarket: `Available = USDC.e Balance − Reserved for Open Orders` (e.g. a $50 order at $0.50 reserves $25 until filled or cancelled). - Proxy wallet type: 1-of-1 Gnosis Safe, audited, single signer. - Required allowances for programmatic Polymarket trading: USDC.e and CTF (conditional token) allowances to the Exchange contract. ## When To Use Consult this page whenever a query touches wallet export/import, linking an external wallet, moving collateral between Bullpen's four account types, or diagnosing "insufficient balance/allowance" errors on Polymarket. ## Risks & Pitfalls - Never share a private key or seed phrase; anyone with it controls the funds. - Linking a wallet does not make it tradable — a common point of confusion. - Depositing native USDC (not USDC.e) toward Polymarket will not be usable until bridged/swapped. - Cross-chain transfers taking over ~10 minutes should be escalated to support (see [[concepts/getting-started]]). ## Related Concepts - [[concepts/getting-started]] - [[concepts/bullpen-overview]] - [[entities/platform-integrations]] ## Sources raw/llms_txt_doc-wallet-management.md, raw/llms_txt_doc-transfers.md, raw/llms_txt_doc-wallets-and-collateral.md --- title: "Bullpen AI Agent Skills" type: entity tags: [integrations, prediction-markets, getting-started] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-ai-agent-skills.md", "raw/llms_txt_doc-markets-trading.md", "raw/llms_txt_doc-overview-4.md"] confidence: high --- ## Overview Bullpen ships AI agent skills that let Claude Code or Codex CLI trade Polymarket on a user's behalf, in plain English. The skill translates natural-language requests into Bullpen CLI commands and executes them through the user's authenticated session. The underlying Bullpen CLI itself is in beta and covers market discovery, order entry, portfolio tools, and smart-money data (see [[entities/platform-integrations]] for the execution venues those commands ultimately hit). ## Characteristics **Setup**: install the Bullpen CLI first if not already present (`brew install bullpenfi/tap/bullpen`, npm, or shell script — see the CLI overview), then run `bullpen skill install` and restart Claude Code or Codex CLI. Authenticate with `bullpen login` (or the combined `bullpen setup`, which also handles Polymarket approvals). Update both CLI and skills together with `bullpen upgrade`; remove skills with `bullpen skill uninstall --yes`. **What it can do** — example natural-language requests the skill maps to CLI actions: "Buy $10 of Yes on will-bitcoin-hit-100k," "Show me trending crypto prediction markets," "What are my open positions and P&L?," "Set a limit order to sell my Trump shares at 65 cents," "Alert me when whales trade on crypto markets," "Who are the top traders this week?," "Cancel all my open orders," "Fill my March Madness bracket picking Duke to win it all." **Underlying CLI surface** (what the agent skill ultimately calls): market discovery and research (`bullpen polymarket discover`, `search`, `event`, `price`, `trades`, `holders`, `price-history`, `comments`); trading (`buy`, `sell`, `limit-buy`, `limit-sell` with `--preview`/`--yes` flags; prices run 0.01–0.99); positions and order management (`positions`, `orders`, `orders --cancel`/`--cancel-all`); gasless redemption of resolved markets (`redeem --condition-ids ... --yes`); portfolio views across Solana, Hyperliquid, and Polymarket (`portfolio overview/balances/pnl`); activity history (`activity`); watchlists (`watchlist`, stored at `~/.bullpen/watchlist.json`); smart-money data and feeds (`data leaderboard`, `data profile`, `data smart-money`, `feed trades`, `feed comments` — see [[concepts/smart-money]]); alerts (`smart-alerts`, `trade-alert`, `comment-alert`); wallet tracking (`tracker follow/unfollow/add/remove/list/trades`); deposit/withdraw/bridge; and points/rewards (`bullpen points`, `bullpen rewards`, `bullpen notifications`). Full reference: cli.bullpen.fi/reference; an LLM-oriented docs bundle is published at cli.bullpen.fi/llm.txt. **Pre-trade requirements**: Polymarket requires one-time gasless ERC-1155 and USDC approvals on Polygon, handled automatically by `bullpen setup` or manually via `bullpen polymarket approve --yes` / `preflight`. ## How to Use ``` brew install bullpenfi/tap/bullpen bullpen skill install bullpen login ``` Then just ask Claude Code or Codex CLI to trade, check positions, or set alerts in plain English — no need to memorize CLI syntax. Troubleshooting: if the assistant doesn't recognize Bullpen commands, restart the CLI host after `bullpen skill install`; "Not authenticated" → `bullpen login`; "Market not found" → find the correct slug via `bullpen polymarket search`; "Insufficient balance" → check `bullpen portfolio balances`; outdated skills → `bullpen upgrade`. ## Related Entities - [[entities/platform-integrations]] - [[concepts/smart-money]] - [[concepts/getting-started]] ## Sources raw/llms_txt_doc-ai-agent-skills.md, raw/llms_txt_doc-markets-trading.md, raw/llms_txt_doc-overview-4.md --- title: "Platform Integrations" type: entity tags: [integrations, prediction-markets, perps, spot] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-polymarket-integration.md", "raw/llms_txt_doc-hyperliquid-integration.md", "raw/llms_txt_doc-jupiter-ultra-integration.md", "raw/llms_txt_doc-unit-integration.md", "raw/llms_txt_doc-tradingview.md", "raw/llms_txt_doc-trade-routing.md"] confidence: high --- ## Overview Bullpen does not run its own matching engine — every order executes on one of four third-party venues, chosen automatically by a routing decision tree: perpetual futures always go to **Hyperliquid**; spot trades go to **UNIT** (Hyperliquid's spot orderbook) if the asset is Hyperliquid-listed, otherwise to **Jupiter Ultra** (Solana meta-aggregation); prediction markets always go to **Polymarket**'s CLOB. Charting across all venues is powered by an embedded **TradingView** integration. ## Characteristics **Polymarket** is a prediction-market protocol on Polygon running a hybrid-decentralized CLOB: order matching is off-chain (via a CLOB operator) for speed, while settlement is on-chain via an Exchange contract and the Gnosis-based Conditional Token Framework (CTF, ERC-1155 outcome tokens). Orders use price-time priority on a unified Yes/No book; opposing orders that sum to $1.00 **mint** new outcome tokens, opposing sells **merge** tokens back into collateral. Supported order primitives: GTC, FOK, GTD (market orders are simulated via marketable limit prices). No leverage — positions are fully collateralized in USDC.e. Taker-only fees range 0%–7.2% of a probability-scaled formula (`fee = C × feeRate × p × (1-p)`, peaking at 50% probability); makers pay nothing; geopolitical markets are entirely fee-free. Multi-outcome markets use a NegRiskAdapter so exactly one candidate's Yes resolves to $1.00. Sports markets auto-cancel all resting limit orders at game start. **Hyperliquid** is a Layer 1 blockchain built for trading, with two components: HyperCore (the onchain matching engine/clearinghouse Bullpen uses) and HyperEVM. Every order, cancel, and trade is recorded onchain with block-level finality and strict price-time priority. Perps support up to 50x leverage, hourly funding, and never expire; margin is double-checked at order placement and again at match time. Bullpen exposes the full Hyperliquid order-type set: Market, Limit (GTC/IOC/ALO), Stop Market/Stop Limit, TP/SL, TWAP, Scale Orders (see [[concepts/order-types-reference]]). Fees: Hyperliquid Perps taker ~0.025%, maker rebate. **Jupiter Ultra** is Solana's meta-aggregation layer for spot trading of any SPL/Token2022 token not listed on Hyperliquid. It queries multiple sources simultaneously (Iris, JupiterZ, DFlow, Hashflow, OKX), simulates actual on-chain execution rather than trusting quoted prices, and lands transactions via ShadowLane (Jupiter's own validator stake, 50–400ms, never touching public mempools — eliminating front-running/sandwich attacks). Ultra V3 averages +0.63 bps positive slippage and a MEV-extraction ratio 34x better than competitors. Gasless swaps are available above ~$10 USD. A Real-Time Slippage Estimator (RTSE) auto-tunes slippage tolerance by token volatility and liquidity depth (user-overridable). **UNIT** provides spot access to Hyperliquid-listed majors (HYPE, BTC, ETH, SOL, MON, XPL, USDT, FARTCOIN, PUMP, and growing) by routing directly into Hyperliquid's onchain spot orderbook. Compared to Jupiter, UNIT covers fewer assets (HL-listed only) but offers tighter spreads and consistent deep liquidity on majors via orderbook execution rather than AMM aggregation. Supports Market and Limit (GTC/IOC/ALO) orders; advanced order types are primarily a perps feature and may be limited on spot. No leverage — 1:1 token settlement. **TradingView** is embedded directly in Bullpen's trading interface (not a separate execution venue) and provides 100+ indicators, 50+ drawing tools, all standard chart types, and real-time data from Bullpen's connected venues (Hyperliquid perps/spot, Solana via Jupiter). No separate TradingView account is required, though an existing one can be linked to sync layouts. TradingView price alerts are listed as "coming soon." **Trade routing** is fully automatic — users never manually pick a venue. Failed Hyperliquid orders (insufficient margin, price moved past limit, position size exceeded) return an immediate error with no funds lost; failed Solana/Jupiter swaps (slippage exceeded, insufficient gas, congestion) leave tokens safely in the wallet. ## How to Use Users don't configure routing directly — see [[syntheses/venue-picker]] for choosing which market type (and thus venue) fits a given trade, and [[entities/ai-agent-skills]] / [[concepts/getting-started]] for how orders actually reach these venues from the UI or CLI. ## Related Entities - [[entities/ai-agent-skills]] - [[concepts/bullpen-overview]] - [[concepts/wallets-and-transfers]] - [[syntheses/venue-picker]] ## Sources raw/llms_txt_doc-polymarket-integration.md, raw/llms_txt_doc-hyperliquid-integration.md, raw/llms_txt_doc-jupiter-ultra-integration.md, raw/llms_txt_doc-unit-integration.md, raw/llms_txt_doc-tradingview.md, raw/llms_txt_doc-trade-routing.md --- title: "Activity Log" type: log --- # Activity Log Append-only record of all wiki changes. ## 2026-07-02 — Initial build (medium rung) **Triggered by:** user request for a Bullpen wiki (docs.bullpen.fi). **Gathered:** 61 raw sources via llms.txt (GitBook; 60 doc pages + index mirror). **Built (16 pages):** 9 concepts (bullpen-overview, getting-started, wallets-and-transfers, prediction-markets, perpetuals, spot-trading, order-types-reference, smart-money, rewards-and-programs, bullpen-cli), 2 entities (platform-integrations, ai-agent-skills), 2 summaries (glossary, docs-catalog), 2 syntheses (venue-picker, order-type-picker). **Notes:** overview-N slug disambiguation recorded in docs-catalog (overview=prediction-markets, -2=smart-money, -3=trading, -4=bullpen-cli). markets-trading source is CLI-command content — cited by bullpen-cli, excluded from spot-trading. The Bullpen CLI + AI agent skills surface got a dedicated page (agent-facing audience). --- ## Format Each entry follows this format: ``` ### YYYY-MM-DD HH:MM — [Action Type] - **Source/Trigger**: what initiated the action - **Pages created**: list of new pages - **Pages updated**: list of updated pages - **Notes**: any contradictions flagged, decisions made ``` --- ### 2026-04-08 00:00 — Setup - **Source/Trigger**: Repository initialized - **Pages created**: index.md, log.md, dashboard.md, analytics.md, flashcards.md - **Pages updated**: none - **Notes**: Empty knowledge base ready for first source ingestion --- title: "Bullpen Docs Catalog" type: summary tags: [foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt-llms-txt-index.md"] confidence: medium --- ## Key Points Full map of docs.bullpen.fi (per the llms.txt index) to raw source slugs and the wiki page that covers each. Pages from the parallel batch (concepts/prediction-markets, concepts/perpetuals, concepts/spot-trading, concepts/order-types-reference, syntheses/order-type-picker) are cross-referenced by inferred topical fit; confidence on those mappings is medium since this page was written without reading their final content. ### About Bullpen | Slug | Description | Covered by | |---|---|---| | welcome | Welcome to Bullpen's official documentation | [[concepts/bullpen-overview]] | | what-is-bullpen | What is Bullpen? | [[concepts/bullpen-overview]] | | team | Bullpen's founding team | [[concepts/bullpen-overview]] | | bullpen-roadmap | Vision for the future of onchain trading | [[concepts/bullpen-overview]] | | platform-architecture | How orders route through the system | [[concepts/bullpen-overview]] | | investors | Bullpen's backers | [[concepts/bullpen-overview]] | ### Getting Started | Slug | Description | Covered by | |---|---|---| | creating-an-account | Get started with Bullpen in one minute | [[concepts/getting-started]] | | funding-your-wallet | Funding your Bullpen wallet | [[concepts/getting-started]] | | wallet-management | Non-custodial wallet architecture | [[concepts/wallets-and-transfers]] | | account-types | Account Types | [[concepts/getting-started]] | ### Prediction Markets | Slug | Description | Covered by | |---|---|---| | overview | Prediction markets executed through Polymarket's hybrid CLOB | [[syntheses/venue-picker]] | | polymarket-integration | All prediction-market trades execute through Polymarket | [[entities/platform-integrations]] | | order-types | Order types for prediction-market trading via Polymarket's CLOB | concepts/order-types-reference (parallel batch) | | positions-and-settlement | Outcome tokens: splits, merges, redemption, resolution | concepts/prediction-markets (parallel batch) | | wallets-and-collateral | Wallets, collateral, deposits for Polymarket trading | [[concepts/wallets-and-transfers]] | ### Smart Money | Slug | Description | Covered by | |---|---|---| | overview-2 | Bullpen tracks profitable Polymarket wallets | [[concepts/smart-money]] (topical; not a listed source) | | copy-trading | Automatically mirror trades from Polymarket wallets | [[concepts/smart-money]] | | smart-money-discovery | Find profitable Polymarket wallets in real time | [[concepts/smart-money]] | | convergence-signals | Markets multiple smart wallets are independently buying | [[concepts/smart-money]] | | smart-money-alerts | Get notified when matching wallets trade | [[concepts/smart-money]] | ### Trading | Slug | Description | Covered by | |---|---|---| | overview-3 | Prediction markets, perps, and spot from one interface | [[syntheses/venue-picker]] | | perpetuals | Perps track price with no expiration, execute on Hyperliquid | concepts/perpetuals (parallel batch) | | spot-trading | Buying/selling actual tokens, routed by asset | concepts/spot-trading (parallel batch) | | order-types-2 | Full order-type set for perps/spot plus prediction-market types | concepts/order-types-reference (parallel batch) | | time-in-force-options | GTC / IOC / ALO explained | concepts/order-types-reference (parallel batch) | | market-order | Executes immediately at best available price | concepts/order-types-reference (parallel batch) | | limit-order | Limit order mechanics | concepts/order-types-reference (parallel batch) | | stop-market | Triggers a market order at a stop level | concepts/order-types-reference (parallel batch) | | stop-limit | Triggers a limit order at a stop level | concepts/order-types-reference (parallel batch) | | take-profit-stop-loss | Conditional orders closing positions at target prices | concepts/order-types-reference (parallel batch) | | twap | Splits a large order into pieces every 30 seconds | concepts/order-types-reference (parallel batch) | | scale-orders | Distributes multiple limit orders across a price range | concepts/order-types-reference (parallel batch) | | reduce-only | Flag limiting an order to only reduce a position | concepts/order-types-reference (parallel batch) | | margin-leverage | Margin mechanics for perpetual futures | concepts/perpetuals (parallel batch) | ### Execution | Slug | Description | Covered by | |---|---|---| | trade-routing | Automatic routing to the optimal execution venue | [[entities/platform-integrations]] | | hyperliquid-integration | Perps and major spot execute on Hyperliquid's onchain orderbook | [[entities/platform-integrations]] | | jupiter-ultra-integration | Long-tail Solana tokens execute through Jupiter Ultra | [[entities/platform-integrations]] | | unit-integration | Major spot assets execute through UNIT | [[entities/platform-integrations]] | ### Bullpen CLI | Slug | Description | Covered by | |---|---|---| | overview-4 | Trade Polymarket from your terminal, or let AI agents trade | [[entities/ai-agent-skills]] | | ai-agent-skills | Let Claude Code or Codex CLI trade Polymarket for you | [[entities/ai-agent-skills]] | | markets-trading | Finding, researching, and trading markets from the CLI | [[entities/ai-agent-skills]], [[syntheses/venue-picker]] | ### Features | Slug | Description | Covered by | |---|---|---| | tradingview | TradingView charting embedded in the trading interface | [[entities/platform-integrations]] | | runners-memescope | Discover new tokens before they trend | [[concepts/spot-trading]] | | smart-wallet-tracking | Track known traders/whales | [[concepts/smart-money]] | | transfers | Move funds between chains and accounts | [[concepts/wallets-and-transfers]] | | notifications | Stay informed about positions and opportunities | [[concepts/getting-started]] | | social-leaderboard-and-competitions | Social/competitions index page | [[concepts/rewards-and-programs]] | | global-leaderboard | The platform-wide scoreboard | [[concepts/rewards-and-programs]] | | competitions | Trade. Compete. Win big | [[concepts/rewards-and-programs]] | | mobile-desktop-app | iOS, Android, and Desktop app | [[concepts/getting-started]] | ### Rewards | Slug | Description | Covered by | |---|---|---| | bull-points | Points reward traders and builders | [[concepts/rewards-and-programs]] | | referral-program | Earn a percentage of trading fees from referrals | [[concepts/rewards-and-programs]] | | affiliate-program | Turn influence into income | [[concepts/rewards-and-programs]] | | getting-started-with-dub | Dub referral tracking for verified creators | [[concepts/rewards-and-programs]] | | vip-program | Rewards traders who show up and trade consistently | [[concepts/rewards-and-programs]] | | status-match | Transfer your trading fee tier from another platform | [[concepts/rewards-and-programs]] | ### Support | Slug | Description | Covered by | |---|---|---| | discord-support | Discord and support channels | [[concepts/getting-started]] | | faqs | Frequently asked questions | [[summaries/glossary]] | | glossary | Key terms used throughout Bullpen | [[summaries/glossary]] | | bug-bounty-program | Security researcher rewards | [[concepts/bullpen-overview]] | ## Relevant Concepts - [[concepts/bullpen-overview]] - [[concepts/getting-started]] - [[concepts/wallets-and-transfers]] - [[concepts/smart-money]] - [[concepts/rewards-and-programs]] - [[entities/platform-integrations]] - [[entities/ai-agent-skills]] - [[summaries/glossary]] - [[syntheses/venue-picker]] ## Source Metadata - Type: index / navigation document (llms.txt mirror) - Publisher: Bullpen (docs.bullpen.fi, GitBook-hosted) - URL: https://docs.bullpen.fi/llms.txt - Fetched: 2026-07-02 - Note: `runners-memescope` is covered by [[concepts/spot-trading]] (Runners/Memescope discovery section). --- title: "Glossary and FAQs Summary" type: summary tags: [foundational, getting-started] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-glossary.md", "raw/llms_txt_doc-faqs.md"] confidence: high --- ## Key Points Terms an agent needs when reasoning about Bullpen, distilled from the official glossary and FAQ, one line each: - **ALO (Add Liquidity Only)** — resting-only order; cancels instead of matching immediately; guarantees maker fee/rebate. - **AMM** — automated market maker; pool-and-algorithm DEX design, common on Solana (contrast with CLOB). - **BULL Multiplier** — bonus on weekly BULL Points earnings, unlocked by completing Quests. - **BULL Points** — Bullpen's rewards currency, earned via trading/referrals/social/usage, distributed weekly, separate from Volume Tiers. See [[concepts/rewards-and-programs]]. - **CLOB** — Central Limit Order Book, price-time-priority matching; used by both Hyperliquid (perps) and Polymarket (prediction markets). - **Convergence Signal** — multiple smart-money wallets independently taking the same market side. See [[concepts/smart-money]]. - **Copy Trading** — auto-mirroring a chosen wallet's trades per your configured settings. See [[concepts/smart-money]]. - **Cross Margin** — one account balance backs all positions (contrast Isolated Margin). - **DEX** — exchange operating via smart contracts, no central intermediary. - **Eventscope** — Predictions-tab live per-event trade feed with quick-buy. - **Funding Rate** — periodic long/short payments to keep perp price aligned with spot; positive rate = longs pay shorts. - **GTC** — Good-'Til-Canceled; rests until filled or cancelled. - **HyperCore / HyperEVM** — Hyperliquid's matching engine/clearinghouse vs. its EVM-compatible environment. - **IOC** — Immediate-or-Cancel; fills instantly or cancels, never rests. - **Isolated Margin** — dedicated collateral per position; one liquidation doesn't touch others. - **Jupiter Ultra** — Solana meta-aggregation execution layer with MEV protection. See [[entities/platform-integrations]]. - **Liquidation** — forced position close when margin falls below maintenance requirement. - **Maker / Taker** — order-book liquidity provider (often rebated) vs. remover (pays fees). - **Mark Price / Oracle Price** — manipulation-resistant price for margin/PnL/liquidation vs. external spot-derived reference for funding. - **MEV** — value extracted via transaction reordering/insertion (front-running, sandwiching). - **Margin** — collateral backing a leveraged position. - **Outcome Token** — Yes/No share in a prediction market, priced $0–$1, winner pays $1. - **Passkey** — biometric device authentication securing Bullpen wallets. - **Perp** — derivative tracking an asset's price with no expiry. - **Prediction Market** — binary real-world-event market, outcomes priced $0.00–$1.00. - **Reduce Only** — order flag restricting execution to position-reducing only. - **Resolution** — a prediction market settling; winners pay $1.00, losers go to $0. - **Slippage / Slippage Tolerance** — actual-vs-expected execution price gap, and the max gap a trader will accept. - **Smart Money** — wallets with strong historical Polymarket P&L/win-rate/volume/consistency. - **SPL Token** — Solana Program Library token standard. - **Stop Loss / Take Profit** — orders triggering on adverse/favorable price moves. - **TIF (Time-in-Force)** — GTC, IOC, or ALO. - **TWAP** — order split into time-spaced pieces to reduce market impact. - **UNIT** — integration giving access to Hyperliquid's spot orderbook for majors. - **USDC vs. USDC.e** — native Hyperliquid/perps collateral vs. Polygon-bridged collateral used by Polymarket. - **Volume Tier** — Polymarket trading-volume rank unlocking fee cashback; distinct from BULL Points. - **Walletscope** — Predictions-tab filtered real-time wallet trade feed. - **Whale** — a large-capital trader capable of moving markets. FAQ facts worth preserving verbatim: - Wallet export path: Portfolio page → Manage Wallets → Actions → Export Private Key. - Bullpen is fully non-custodial; it cannot access, freeze, or move user funds. - Hyperliquid Perps fee tiers (30-day rolling volume, assessed end-of-day UTC): Tier 0 <$100k: 3.5/4.5 bps (maker/taker); Tier 1 $100k–$2.5m: 3.2/4.0; Tier 2 $2.5m–$5m: 3.2/3.5; Tier 3 $5m–$10m: 3/3.2; Tier 4 $10m–$17.5m: 2.5/3.0; Tier 5 $17.5m–$25m: 2.1/2.8; Tier 6 $25m–$100m: 1.2/2.5; Tier 7 $100m–$500m: 0.4/2.2; Tier 8 $500m–$1b: 0.2/1.8; Tier 9 $1b+: 0.2/0.5. These are additive to Hyperliquid's own fee tiers. - Hyperliquid Spot: no builder fee on buys; sells charged 10 bps. - Jupiter Ultra: route-dependent fee, shown pre-trade. - Polymarket Pro fees: maximum effective rate 100 bps taker, 50 bps maker. - Minimum Solana gasless swap: ~$10 USD; no strict minimum trade size otherwise (small trades may be gas-uneconomical). - Max perp leverage: up to 50x on majors (BTC, ETH), varies by asset. - Liquidation handling: position closed at mark price; remaining margin returns to the user; deficits beyond margin covered by Hyperliquid's insurance fund and ADL system. - Cross-chain transfer stuck >10 minutes: try logout/login, then raise a support ticket. - No native mobile app currently — Bullpen is a mobile web app / PWA (see [[concepts/getting-started]]). ## Relevant Concepts - [[concepts/bullpen-overview]] - [[concepts/getting-started]] - [[concepts/wallets-and-transfers]] - [[concepts/smart-money]] - [[concepts/rewards-and-programs]] - [[entities/platform-integrations]] ## Source Metadata - Type: official documentation (GitBook-hosted glossary and FAQ pages) - Publisher: Bullpen (docs.bullpen.fi) - URLs: https://docs.bullpen.fi/support/glossary.md, https://docs.bullpen.fi/support/faqs.md - Fetched: 2026-07-02 --- title: "Order Type Picker" type: synthesis tags: [orders, perps, spot, prediction-markets] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-order-types.md", "raw/llms_txt_doc-order-types-2.md", "raw/llms_txt_doc-market-order.md", "raw/llms_txt_doc-limit-order.md", "raw/llms_txt_doc-stop-limit.md", "raw/llms_txt_doc-stop-market.md", "raw/llms_txt_doc-take-profit-stop-loss.md", "raw/llms_txt_doc-reduce-only.md", "raw/llms_txt_doc-scale-orders.md", "raw/llms_txt_doc-twap.md", "raw/llms_txt_doc-time-in-force-options.md", "raw/llms_txt_doc-overview-3.md"] confidence: high --- ## Comparison This page decides *which* order type fits a given situation and venue. For full per-type mechanics, see [[concepts/order-types-reference]]. ### Venue Support Matrix | Order Type | Prediction Markets (Polymarket) | Perpetuals (Hyperliquid) | Spot — UNIT (HL-listed) | Spot — Jupiter Ultra (Solana) | |---|---|---|---|---| | Market | Yes (simulated as marketable limit) | Yes | Yes | Yes (swap = market by nature) | | Limit | Yes (native primitive; GTC/FOK/GTD) | Yes (GTC/IOC/ALO) | Yes (GTC/IOC/ALO) | No (Ultra is aggregated-swap only) | | Stop Market | No | Yes | Limited, asset-dependent | No | | Stop Limit | No | Yes | Limited, asset-dependent | No | | Take Profit / Stop Loss | No | Yes | Limited, asset-dependent | No | | TWAP | No | Yes | Limited, asset-dependent | No | | Scale Orders | No | Yes | Limited, asset-dependent | No | | Reduce Only (flag) | Not applicable (no leverage/positions to flip) | Yes | Yes | Not applicable | Prediction markets are fundamentally limited to Polymarket's CLOB primitive: limit orders with GTC/FOK/GTD time-in-force; "market" execution is simulated by submitting a marketable limit price. Jupiter Ultra has no persistent orderbook — it's an aggregated swap execution layer, so conditional/resting order types don't apply there; discipline (stops, scaling) must be done manually or via position monitoring. UNIT spot officially supports Market and Limit; advanced types are described as having "limited support... depending on the asset" — verify in-app before relying on them for a specific spot pair. ### Time-in-Force Availability | TIF | Prediction Markets | Perps / Spot (Hyperliquid) | |---|---|---| | GTC | Yes | Yes | | GTD | Yes | Yes | | FOK | Yes | Yes | | IOC | No | Yes | | ALO | No | Yes | ## Analysis Three forces determine the right order type: **urgency** (do you need to be filled now?), **price sensitivity** (do you need to control the exact execution price?), and **size relative to liquidity** (will your order move the market?). Overlaid on that is **venue capability** — prediction markets and Jupiter Ultra spot simply don't offer the conditional/advanced order types that Hyperliquid perps and UNIT spot do, so strategies that depend on stop-loss automation or TWAP execution are only fully available on Hyperliquid-routed markets ([[concepts/perpetuals]] and the UNIT side of [[concepts/spot-trading]]). A second axis is **risk automation vs. manual discipline**. On Hyperliquid, TP/SL and Reduce Only let you pre-commit to an exit plan that executes without intervention (mark-price triggered, one-cancels-other for TP/SL). On Polymarket and Jupiter Ultra, there's no equivalent trigger mechanism — traders must monitor positions and place manual limit/market orders to exit, which raises the importance of position sizing and active monitoring discussed in [[concepts/prediction-markets]] and [[concepts/spot-trading]]. A third axis is **execution certainty vs. price control**, which recurs at every layer of this decision: Market vs. Limit, Stop Market vs. Stop Limit, and TWAP vs. Scale Orders are all instances of the same trade-off. Fill-or-Kill (FOK) and Add-Liquidity-Only (ALO) sit at the two extremes of that same spectrum applied to time-in-force. ## Recommendations - **Pick Market** if you need immediate entry/exit and can accept slippage — on any venue (Prediction Markets, Perps, both Spot venues). - **Pick Limit** if you have a target price and can wait; use **ALO** specifically when you want to guarantee maker-side execution and earn rebates (Perps/UNIT only — not available on Prediction Markets or Jupiter Ultra). - **Pick FOK** for a large order where a partial fill would create unwanted exposure, on any venue that supports it (not Jupiter Ultra). - **Pick GTD** for event-driven trades that should expire automatically at a known time (e.g., exposure only until an announcement). - **Pick Stop Market** for guaranteed-execution stop losses or breakout entries on Perps — accept the slippage risk in exchange for certainty. Not available on Prediction Markets or Jupiter Ultra. - **Pick Stop Limit** instead of Stop Market when execution price matters more than guaranteed fill, and you can tolerate the order not filling if price gaps past your limit. - **Pick Take Profit / Stop Loss** on every Perps or eligible Spot position where you want hands-off risk management; set a limit price if the default 10% market-order slippage tolerance is too loose for the asset's volatility. - **Pick TWAP** for large Perps/Spot orders (Hyperliquid docs suggest >5% of orderbook depth, often >$100k) in stable markets where minimizing market impact matters more than speed; avoid for urgent exits. - **Pick Scale Orders** for patient, price-driven accumulation or distribution (DCA-style) across a defined range, or to provide liquidity and earn maker rebates at multiple price levels; avoid if you need guaranteed execution. - **Pick Reduce Only** as a default flag on every exit order (TP, SL, scale-out, TWAP-exit) to prevent an oversized exit from accidentally flipping your position to the opposite side. - **On Prediction Markets**, your real choice is just Limit (with GTC/FOK/GTD) vs. simulated Market — there is no conditional-order layer, so plan resolution-period capital lockup and manual exits accordingly (see [[concepts/prediction-markets]]). - **On Jupiter Ultra (Solana spot)**, your order is effectively always a "market" swap — manage risk via manual position sizing, RTSE-driven slippage settings, and discovery discipline (see [[concepts/spot-trading]]) rather than resting conditional orders. ## Pages Compared - [[concepts/order-types-reference]] - [[concepts/prediction-markets]] - [[concepts/perpetuals]] - [[concepts/spot-trading]] - [[entities/platform-integrations]] --- title: "Venue Picker: Prediction Markets vs Perps vs Spot" type: synthesis tags: [prediction-markets, perps, spot, foundational] created: 2026-07-02 updated: 2026-07-02 sources: ["raw/llms_txt_doc-overview.md", "raw/llms_txt_doc-overview-3.md", "raw/llms_txt_doc-markets-trading.md"] confidence: high --- ## Comparison Bullpen unifies three market types behind one interface, each executing on a different venue with different mechanics. (Disambiguation note: of the four ambiguous `overview-N` raw files, `overview.md` is prediction-markets/overview and `overview-3.md` is trading/overview — the two that actually compare venues; `overview-2.md` is smart-money/overview and `overview-4.md` is bullpen-cli/overview, covered by [[concepts/smart-money]] and [[entities/ai-agent-skills]] respectively.) | Aspect | Prediction Markets | Perpetuals | Spot | |---|---|---|---| | What it is | Trade on real-world event outcomes (binary Yes/No) | Leveraged long/short derivative on an asset price, no expiry | Buy/sell the actual underlying token | | Execution venue | Polymarket CLOB | Hyperliquid (HyperCore onchain CLOB) | UNIT (Hyperliquid spot orderbook) for HL-listed majors; Jupiter Ultra for any other Solana token | | Collateral | USDC.e on Polygon | USDC (margin) | USDC or the token itself (Hyperliquid spot); SOL + SPL tokens (Solana spot) | | Price range | $0.00–$1.00 per outcome share | Unlimited (tracks underlying) | Market price of the token | | Leverage | None — 1x only, fully collateralized | Up to 50x, varies by asset | None — 1x, actual token delivery | | Settlement | At market resolution (winning shares pay $1.00) | Continuous, with hourly funding payments | Immediate, token-for-token/USDC | | Expiry | When the event resolves | Never | N/A | | Built-in tooling | Smart-money discovery, copy trading, convergence signals, alerts (see [[concepts/smart-money]]) | Cross/isolated margin, TP/SL, TWAP, scale orders (see order-types-reference) | Same order-type set as perps where supported (UNIT); simpler market/limit on Jupiter | ## Analysis The three venues aren't interchangeable — they answer different trading questions. Prediction markets isolate a single binary bet on a real-world event with capped, known downside (you can lose at most what you paid) and no leverage; the risk is almost entirely in event/oracle resolution and liquidity depth on thinner markets, not price mechanics. Perpetuals are the tool for directional or hedged views on an asset's *price*, with leverage as the defining feature — that leverage cuts both ways (up to 50x amplifies both gains and liquidation risk) and funding payments create an ongoing cost/benefit depending on which side of the market is crowded. Spot trading is the lowest-risk of the three mechanically (no leverage, no expiry, no funding) but is really a routing decision in disguise: Bullpen's [[entities/platform-integrations]] send Hyperliquid-listed majors through UNIT's deep orderbook and everything else on Solana through Jupiter Ultra's MEV-protected aggregation, so the "right" choice is made automatically based on the asset, not the trader's risk appetite. A user's account structure reinforces this separation: Polymarket, Perps, and the two Spot accounts hold different collateral and don't share margin, so a position in one venue cannot be liquidated to cover another (see [[concepts/wallets-and-transfers]] for transfer routes and timing between them). ## Recommendations - **Pick prediction markets** if the thesis is about whether a discrete real-world event happens (an election, an ETF approval, a game outcome) rather than a price level, and 1x, capped-loss exposure is acceptable — trade via the Predictions tab or the CLI's `bullpen polymarket buy/sell` commands (see [[entities/ai-agent-skills]]). - **Pick perpetuals** if the thesis is directional or magnitude-based on an asset's price, leverage is wanted, and the position may be held indefinitely without a hard expiry — available on Hyperliquid via Bullpen's Trading tab with the full Hyperliquid order-type set. - **Pick spot** if the goal is simply to own the underlying asset (for holding, for use elsewhere, or to avoid leverage/funding entirely) — Bullpen routes automatically to UNIT (majors) or Jupiter Ultra (long-tail Solana tokens), so no manual venue choice is needed. - **Combine smart-money tooling with prediction markets specifically** — convergence signals, copy trading, and alerts are Polymarket-only features (see [[concepts/smart-money]]) and don't extend to perps or spot as of these docs. - **Watch collateral type before switching venues** — moving from perps/spot USDC into a Polymarket position requires a USDC → USDC.e transfer/bridge (see [[concepts/wallets-and-transfers]]), which takes 30 seconds to a few minutes, not instant. ## Pages Compared - [[concepts/bullpen-overview]] - [[entities/platform-integrations]] - [[concepts/smart-money]] - [[concepts/wallets-and-transfers]] - [[entities/ai-agent-skills]] ## Sources raw/llms_txt_doc-overview.md, raw/llms_txt_doc-overview-3.md, raw/llms_txt_doc-markets-trading.md