> 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/trading.md).

# Trading

- [Overview](https://docs.bullpen.fi/trading/overview.md): Bullpen provides access to prediction markets, perps, and spot markets from a single interface.
- [Perpetuals](https://docs.bullpen.fi/trading/perpetuals.md): Perpetual futures (perps) are derivative contracts that track the price of an underlying asset without an expiration date. All perp trading on Bullpen executes on Hyperliquid.
- [Spot Trading](https://docs.bullpen.fi/trading/spot-trading.md): Spot trading on Bullpen means buying and selling actual tokens (not derivatives). Depending on the asset, trades route to different execution venues.
- [Order Types](https://docs.bullpen.fi/trading/order-types.md): Bullpen supports all order types available on Hyperliquid for perpetual and spot trading, plus prediction market order types for Polymarket integration.
- [Time-in-Force Options](https://docs.bullpen.fi/trading/order-types/time-in-force.md): Before diving into specific order types, understand the time-in-force options that control how long your order stays active:
- [Market Order](https://docs.bullpen.fi/trading/order-types/market-order.md): Executes immediately at the best available price.
- [Limit Order](https://docs.bullpen.fi/trading/order-types/limit-order.md)
- [Stop Market](https://docs.bullpen.fi/trading/order-types/stop-market.md): Triggers a market order when price reaches your stop level.
- [Stop Limit](https://docs.bullpen.fi/trading/order-types/stop-limit.md): Triggers a limit order when price reaches your stop level.
- [Take Profit / Stop Loss](https://docs.bullpen.fi/trading/order-types/tp-sl.md): Conditional orders that close positions at target prices.
- [TWAP](https://docs.bullpen.fi/trading/order-types/twap.md): Time-Weighted Average Price. Splits a large order into smaller pieces executed every 30 seconds.
- [Scale Orders](https://docs.bullpen.fi/trading/order-types/scale-orders.md): Distributes multiple limit orders across a price range.
- [Reduce Only](https://docs.bullpen.fi/trading/order-types/reduce-only.md): Optional flag available on all order types. When enabled, the order can only reduce your position — it won't open a new position or flip you from long to short (or vice versa).
- [Margin & Leverage](https://docs.bullpen.fi/trading/margin-and-leverage.md): This page covers margin mechanics for perpetual futures trading on Bullpen.


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