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.

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.

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 for details.