> 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/spot-trading.md).

# 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

| Asset Type              | Route              | Examples                 |
| ----------------------- | ------------------ | ------------------------ |
| 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:

| Setting            | Description                                              |
| ------------------ | -------------------------------------------------------- |
| **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](/features/runners-memescope.md).


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