Webull’s Launch of Cryptocurrency Perpetual Futures
Webull, an online brokerage firm, has revealed plans to launch cryptocurrency perpetual futures for eligible customers in the United States as early as November. This marks a significant step in the regulated digital asset trading landscape. This initiative is part of a collaboration with Kalshi, a regulated derivatives exchange, which will host these perpetual futures on its platform.
Details of the Offering
In a statement released on October 20, Webull shared that the new offerings will feature Bitcoin and certain other cryptocurrencies at the outset, with additional assets likely to follow by the end of 2026. This move aligns with ongoing efforts to incorporate crypto derivatives trading within the US regulatory framework, which has traditionally imposed stricter regulations compared to offshore markets.
The perpetual futures will be listed on KalshiEX LLC, a market designated and overseen by the Commodity Futures Trading Commission (CFTC). Transactions will be settled via Kalshi Klear LLC, a CFTC-regulated clearing organization, ensuring compliance with existing regulations. Eligible customers will access these futures trading opportunities through their existing Webull Futures accounts, pending futures trading approvals.
Partnership and Market Potential
This partnership enables Webull to broaden its derivatives offerings without necessitating the establishment of a new futures exchange or clearinghouse. Earlier this year, the CFTC had previously greenlit Bitcoin perpetual futures on Kalshi, paving the way for similar crypto contracts that do not have traditional expiration dates. Kalshi has also been eyeing the inclusion of XRP and other alternative cryptocurrencies in its proposed offerings.
Perpetual futures allow traders to speculate on the movement of cryptocurrency prices without the need to own the assets directly or hold conventional futures contracts. Unlike standard futures, these contracts utilize periodic funding rates to keep their prices closely aligned with the value of the underlying cryptocurrency. They facilitate leveraged positions, which can amplify returns but also increase the risk of liquidation during adverse market movements.
Industry Insights
In a statement reflecting on the industry landscape, Webull’s US CEO, Anthony Denier, noted that global trading volume for perpetual futures surpassed $90 trillion in 2025, highlighting the immense potential of this market segment that the company aims to tap into.
It is crucial to note that this trading volume figure pertains to the total transactions conducted rather than the total capital invested by traders.
The launch of Webull’s perpetual futures offering comes amid rising institutional interest in regulated crypto derivatives, as traditional financial markets intensify their competition for digital asset trading activities. Notably, Blockchain.com has also filed CFTC registration applications to enhance its futures and prediction market capabilities within the US.
Regulatory Considerations
Webull’s endeavor surfaces at a time when established derivatives market leaders like CME Group have raised questions regarding the regulatory status of crypto perpetual futures, expressing concerns about the design and approval processes that govern such products. CME Group’s CEO, Terry Duffy, has particularly highlighted the risks associated with leverage in these trading products, cautioning that retail traders could face heightened vulnerability to swift liquidations and ongoing funding charges.
There is an ongoing discussion in the industry regarding whether perpetual futures should be subject to the same regulatory oversight as traditional exchange-traded futures or if they should undergo different standards altogether. On the other hand, Kalshi continues to diversify beyond its prediction-market roots, seeking to solidify its position in the cryptocurrency derivatives space through partnerships and expanding offerings.
