Spot Trading
Spot trading on Bullpen means buying and selling actual tokens (not derivatives). Depending on the asset, trades route to different execution venues.
Routing Logic
Hyperliquid-listed spot
UNIT → Hyperliquid
BTC, ETH, SOL, HYPE, MON
Solana SPL tokens
Jupiter Ultra
Any token on Solana
Hyperliquid Spot (via UNIT)
Major assets listed on Hyperliquid's spot market execute through the UNIT integration. These include:
HYPE/USDC
BTC/USDC
ETH/USDC
SOL/USDC
MON/USDC
XPL/USDC
USDT/USDC
FARTCOIN/USDC
PUMP/USDC
Benefits of Hyperliquid spot:
Onchain orderbook with deep liquidity
Tight spreads on major pairs
Same execution quality as perps
USDC settlement
The full list of supported assets appears in the Markets tab within the app.
Solana Spot (via Jupiter Ultra)
For any Solana token not listed on Hyperliquid, trades route through Jupiter Ultra.
What is Jupiter Ultra?
Jupiter Ultra is a meta-aggregation layer that finds the best execution across all Solana liquidity sources. It goes beyond simple DEX aggregation by:
Comparing actual execution vs. quoted prices: Ultra simulates trades before routing to predict real slippage, not just quoted prices.
MEV Protection: Transactions execute via ShadowLane, Jupiter's proprietary landing engine. Trades never touch external mempools, eliminating sandwich attack risk.
Sub-second landing: 50-400ms transaction times vs. 400ms-1.2s for traditional methods.
Liquidity Sources
Ultra aggregates from:
Iris (Jupiter's own router)
JupiterZ (zero-slippage engine)
DFlow
Hashflow
OKX
All major Solana AMMs
Gasless Swaps
For trades above ~$10 USD, Ultra can cover gas fees automatically. The fee is deducted from your swap amount, so no SOL balance is required.
Trade Settings
You can customize execution in Settings:
Speed Mode
Fast (higher slippage tolerance) or Economy (lower fees)
Priority Fee
Extra fee to validators for faster confirmation
Slippage
Maximum acceptable price movement
MEV Protection
On (better pricing, safer) or Off (faster)
For most trades, the defaults work well. Adjust for volatile tokens or time-sensitive trades.
Finding Tokens
Search: Enter contract address, ticker, or token name in the search bar.
Trending: Browse featured and trending tokens on the Discover page.
Telegram Bot: Paste any token address in a Bullpen-enabled chat. The bot analyzes the token and lets you trade directly.
Runners & Memescope: Use the discovery tools to find new tokens before they trend. See Runners & Memescope.
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