Key Takeaways
- • Webull plans to launch cryptocurrency perpetual futures for eligible US customers in November 2026, partnering with CFTC-regulated derivatives exchange Kalshi, according to the company's announcement on October 20.
- • Perpetual futures will be listed on KalshiEX LLC, a CFTC-designated contract market, and cleared through Kalshi Klear LLC, a CFTC-regulated derivatives clearing organization.
- • Bitcoin and selected cryptocurrencies will launch first, with broader availability expected before the end of 2026; Webull has not yet confirmed the additional assets.
- • Webull US CEO Anthony Denier cited global perpetual futures volume above $90 trillion in 2025, a trading-volume figure rather than committed capital.
- • The launch faces regulatory scrutiny: CME Group has challenged the framework, and CEO Terry Duffy has warned about leverage risks for retail traders.
Summary
Online brokerage Webull announced on October 20 that it will introduce cryptocurrency perpetual futures to eligible US customers starting in November. The offering will be delivered through a partnership with Kalshi, a regulated derivatives exchange, and the initial lineup will include Bitcoin and selected cryptocurrencies, with broader availability expected before the end of 2026.
Under the agreement, the perpetual contracts will be listed on KalshiEX LLC, a designated contract market regulated by the Commodity Futures Trading Commission (CFTC). Transactions will be cleared through Kalshi Klear LLC, a CFTC-regulated derivatives clearing organization. Webull will provide access through existing Webull Futures accounts, subject to eligibility and futures-trading approval. According to the report, the structure lets Webull expand its derivatives offering without establishing its own futures exchange or clearinghouse.
The CFTC approved Bitcoin perpetual futures on Kalshi earlier this year, creating a path for crypto contracts without fixed expiration dates. Kalshi has since pursued XRP and altcoin perpetuals. Webull has not yet confirmed which additional cryptocurrencies will be offered at launch. Perpetual futures give traders price exposure without holding the underlying asset or a fixed-expiry contract. They use periodic funding payments to keep prices near the underlying, and they support leveraged long and short positions, although leverage raises liquidation risk when markets move against traders.
Webull US CEO Anthony Denier said global perpetual futures trading volume exceeded $90 trillion in 2025, a figure that illustrates the market Webull hopes to enter. That number measures trading volume rather than capital committed by investors. The launch also follows growing institutional interest in regulated crypto derivatives. Blockchain.com has recently submitted CFTC registration applications to expand its US futures and prediction-market offerings.
The entry comes as established derivatives operators question the regulatory treatment of crypto perpetuals. CME Group has previously challenged the framework supporting these products, arguing that their design and approval process raised regulatory concerns. CME CEO Terry Duffy has warned about leverage risks, particularly for retail traders exposed to sudden liquidations and recurring funding costs. The debate centers on whether perpetual futures should receive treatment comparable to exchange-traded futures or face different requirements. Kalshi, which began as a prediction-market business, has expanded through institutional trading partnerships and crypto derivatives.
Under the agreement, the perpetual contracts will be listed on KalshiEX LLC, a designated contract market regulated by the Commodity Futures Trading Commission (CFTC). Transactions will be cleared through Kalshi Klear LLC, a CFTC-regulated derivatives clearing organization. Webull will provide access through existing Webull Futures accounts, subject to eligibility and futures-trading approval. According to the report, the structure lets Webull expand its derivatives offering without establishing its own futures exchange or clearinghouse.
The CFTC approved Bitcoin perpetual futures on Kalshi earlier this year, creating a path for crypto contracts without fixed expiration dates. Kalshi has since pursued XRP and altcoin perpetuals. Webull has not yet confirmed which additional cryptocurrencies will be offered at launch. Perpetual futures give traders price exposure without holding the underlying asset or a fixed-expiry contract. They use periodic funding payments to keep prices near the underlying, and they support leveraged long and short positions, although leverage raises liquidation risk when markets move against traders.
Webull US CEO Anthony Denier said global perpetual futures trading volume exceeded $90 trillion in 2025, a figure that illustrates the market Webull hopes to enter. That number measures trading volume rather than capital committed by investors. The launch also follows growing institutional interest in regulated crypto derivatives. Blockchain.com has recently submitted CFTC registration applications to expand its US futures and prediction-market offerings.
The entry comes as established derivatives operators question the regulatory treatment of crypto perpetuals. CME Group has previously challenged the framework supporting these products, arguing that their design and approval process raised regulatory concerns. CME CEO Terry Duffy has warned about leverage risks, particularly for retail traders exposed to sudden liquidations and recurring funding costs. The debate centers on whether perpetual futures should receive treatment comparable to exchange-traded futures or face different requirements. Kalshi, which began as a prediction-market business, has expanded through institutional trading partnerships and crypto derivatives.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.