In retinas of teleost fish, neuropeptides typically have subtle, modulatory actions. The peptide effects typically have long latencies and durations, and, in some instances, they are known to be mediated by second messengers. Peptidergic neurons in teleost retinas have certain morphological features in common that are consistent with their function. Most peptidergic neurons are stratified amacrine cells with long, varicose processes; the processes of peptidergic centrifugal axons are also narrowly stratified and ramify extensively in the retina. The peptidergic amacrine cells are relatively infrequent, and, likewise, the centrifugal axons originate from a small number of perikarya in the brain. Cells that are so sparsely distributed and whose processes overlap so extensively are better-suited for modulation than for conveying detailed representations of visual space.