> For the complete documentation index, see [llms.txt](https://docs.bullpen.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bullpen.fi/about-bullpen/platform-architecture.md).

# Platform Architecture

Bullpen routes trades to different execution venues based on the asset type and market. This page explains how orders flow through the system.

## Trade Routing Overview

```
┌──────────────────────────────────────────────────────────────────────────────┐
│                                 BULLPEN                                       │
├──────────────────────────────────────────────────────────────────────────────┤
│                                                                               │
│  ┌─────────┐   ┌─────────┐   ┌───────────────┐   ┌─────────────┐            │
│  │  Perps  │   │  Spot   │   │     Spot      │   │ Predictions │            │
│  │         │   │ (Major) │   │  (Long-tail)  │   │             │            │
│  └────┬────┘   └────┬────┘   └───────┬───────┘   └──────┬──────┘            │
│       │             │                │                  │                    │
└───────┼─────────────┼────────────────┼──────────────────┼────────────────────┘
        │             │                │                  │
        ▼             ▼                ▼                  ▼
  ┌───────────┐  ┌──────────┐   ┌──────────┐      ┌────────────┐
  │Hyperliquid│  │   UNIT   │   │ Jupiter  │      │ Polymarket │
  │   Perps   │  │          │   │  Ultra   │      │            │
  └───────────┘  └──────────┘   └──────────┘      └────────────┘
```

## Prediction Markets

All prediction market orders execute through **Polymarket's Central Limit Order Book (CLOB)**. Bullpen connects directly to Polymarket for market discovery, pricing, order placement, and settlement.

Collateral is USDC.e on Polygon. Orders match via price-time priority. Winning positions pay $1.00 per share at resolution and can be redeemed gaslessly.

Bullpen adds additional tooling on top of Polymarket execution: smart money discovery, copy trading, convergence signals, trade feeds, and alerts.

## Perpetuals

All perpetual futures orders execute on **Hyperliquid**.

Hyperliquid operates a fully onchain central limit order book (CLOB) via HyperCore. Every order, cancel, trade, and liquidation happens transparently onchain with block-level finality. Bullpen supports all Hyperliquid perp markets and order types.

Bullpen also supports **HIP-3** (Hyperliquid Improvement Proposal 3), which enables permissionless liquidity provision through a hyperliquidity vault system. This allows for deeper liquidity on long-tail perp markets.

For detailed order type specifications, see [Hyperliquid Docs: Order Types](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/order-types).

## Spot: Major Assets

For spot assets listed on Hyperliquid (BTC, ETH, SOL, HYPE, MON, XPL, and others), trades route through the **UNIT** integration which accesses Hyperliquid's spot orderbook.

Currently supported UNIT assets include:

| Asset    | Pair          |
| -------- | ------------- |
| HYPE     | HYPE/USDC     |
| BTC      | BTC/USDC      |
| MON      | MON/USDC      |
| SOL      | SOL/USDC      |
| ETH      | ETH/USDC      |
| XPL      | XPL/USDC      |
| USDT     | USDT/USDC     |
| FARTCOIN | FARTCOIN/USDC |
| PUMP     | PUMP/USDC     |

This list expands as Hyperliquid adds new spot markets.

## Spot: Long-Tail Assets

For any Solana SPL token not listed on Hyperliquid, trades execute through **Jupiter Ultra**.

Jupiter Ultra is a meta-aggregation layer that:

* Aggregates quotes from multiple liquidity sources (Iris, JupiterZ, DFlow, Hashflow, OKX)
* Simulates execution quality before routing
* Provides MEV protection via ShadowLane (Jupiter's proprietary transaction landing engine)
* Supports gasless swaps for trades above \~$10 USD

Ultra delivers sub-second transaction landing (50-400ms vs 400ms-1.2s for traditional methods) and consistently achieves positive slippage on average.

For technical details, see [Jupiter Ultra V3 Documentation](https://dev.jup.ag/blog/ultra-v3).

## Account Structure

Bullpen maintains separate balances for different market types:

| Account       | Collateral       | Used For                      |
| ------------- | ---------------- | ----------------------------- |
| Polymarket    | USDC.e (Polygon) | Prediction markets            |
| Perps         | USDC             | Hyperliquid perpetual futures |
| Spot (HL)     | USDC             | Hyperliquid spot markets      |
| Spot (Solana) | SOL / SPL tokens | Solana token trading          |

You can transfer between accounts using the built-in transfer functionality. See [Transfers](/features/transfers.md) for details.


---

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