Bullish Clears Longest-Dated Bitcoin Options Trade
Bullish has successfully cleared its longest-dated bitcoin options trade, expiring on January 28, 2028. This milestone marks a significant achievement for the exchange, which has been rapidly gaining ground in the crypto options market.
Launched just under two years ago, on October 8, 2025, Bullish's bitcoin options product initially offered modest European-style options with tenors ranging from three weeks to three months. By early 2026, the exchange had climbed to second place globally for bitcoin options open interest, surpassing major competitors like OKX and Binance.
The January 2028 trade represents a significant increase in forward exposure to bitcoin's price, with a time horizon that was previously reserved for traditional commodity and equity derivatives desks. The specific terms of the trade, including strike price and notional size, have not been disclosed due to institutional block trade anonymity.
Bullish operates a unified margin system that spans spot, futures, and options, allowing traders to manage positions across all three product types with a single collateral pool. The exchange's integration with analytics platforms Laevitas and The Block has also made its options data visible to institutional traders, putting it on the same dashboards as Deribit and CME.