How to start trading on Bullet

1. Create an account

1. Bullet is on gated mainnet, and you need an invite code before you can use the app. source ↗
2. The docs describe Bullet as an invite-only private beta with a limited number of traders onboarded so far. source ↗
3. Go to app.bullet.xyz, click Connect Wallet and choose a login method: a Solana wallet such as Phantom, or your email. Email and social logins go through Privy, which creates a self-custodial embedded wallet for one-click trading. source ↗
4. Bullet recommends Phantom or Solflare for wallet logins. If another wallet does not connect properly, try one of these. source ↗
5. You can also connect a wallet directly without Privy: open settings (cog icon), go to the Wallet tab and turn on Use external wallet as signer wallet. Ledger is supported for cold-wallet login from the same tab. source ↗

2. Deposit collateral

1. Bullet currently supports deposits in USDC on Solana. Deposit directly from the Solana wallet connected to your Bullet account. source ↗
2. Do not send funds from a different or unrelated Solana wallet, as those deposits may not be credited correctly to your account. source ↗
3. Deposits should arrive in 30 to 40 seconds. If they still have not arrived after a longer wait, contact support. source ↗

3. Open your first position

1. Order types are Limit (GTC), Fill or Kill, Immediate or Cancel and Post Only (with Slide and Front variants). Take Profit and Stop Loss close the position with a market order and can be triggered by the oracle, mark or last traded price. source ↗
2. Scaling orders split a larger order into several smaller limit orders across a price range you choose. source ↗
3. Margin is cross: eligible collateral in the account supports all your positions. Leverage scales with position size, so larger positions need more margin. source ↗
4. The contract specifications list 20x maximum leverage on BTC-PERP, and the RWA specifications list 10x on markets such as GOLD and SILVER. source ↗
5. Base-tier fees (under $1M 14-day volume) are 0.040% taker and 0.010% maker, falling with higher volume tiers. source ↗

4. Know how liquidation works

1. If your margin balance drops below the initial margin requirement, open orders that increase risk are force cancelled and you cannot open new risk-increasing orders. You can still close positions or reduce risk. source ↗
2. Below maintenance margin (50% of the initial margin), all orders are cancelled and positions are sold as market orders on the order book. If that fails, a backstop liquidator vault takes over the position at the bankruptcy price. source ↗
3. Liquidations, unrealized PnL and trigger orders use the mark price, a median of an oracle-based price, Bullet's own book prices and Binance, OKX, Bybit and Hyperliquid mid-prices. source ↗
4. Funding settles every hour. When the perp trades above spot longs pay shorts, and when it trades below shorts pay longs. source ↗

5. Withdraw

1. Unrealized PnL cannot be withdrawn. It is only realized when you close the position. source ↗
2. Prize trading credits cannot be withdrawn and can only be used on Bullet, but realized profits made with them can be withdrawn. source ↗

6. Common mistakes

1. If a limit order did not fill, check the Last Trade chart rather than the Oracle chart. The oracle may have touched your price even though the market never traded there. source ↗
2. Market orders fill against available order-book liquidity, so the fill can differ from the shown price in fast or thin markets. You can change slippage tolerance in the slippage settings, and a TP/SL set very close to the entry price may need a slippage change. source ↗
3. Profit and loss settles in USDC. If your USDC balance cannot cover negative PnL, a USDC loan is taken against your other collateral, and persistent losses can lead to that collateral being liquidated. source ↗
4. Support never needs your private key or seed phrase. Open tickets only through the in-app chat or the official Bullet Discord. source ↗

Before you trade

Perpetual futures use leverage: a small price move against you can liquidate your collateral. Start with a small amount and low leverage, and read the venue’s current fee and margin pages, which can change after this guide was checked.