Key takeaways
- Webull plans US crypto perpetual futures launch in November
- Kalshi will provide regulated trading and clearing infrastructure
- Bitcoin contracts launch first, with broader expansion planned
Online brokerage Webull announced on October 20 that it will introduce cryptocurrency perpetual futures to eligible US customers starting in November, partnering with regulated derivatives exchange Kalshi to expand access to leveraged digital asset trading.
According to the company's official announcement, the initial offering will include Bitcoin and selected cryptocurrencies, with broader availability expected before the end of 2026.
The expansion marks another step toward bringing crypto derivatives trading into the US regulatory framework, where perpetual futures have historically faced greater restrictions than on offshore exchanges.
Webull Partners With Kalshi for US Bitcoin Futures
Under the agreement, perpetual futures 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, which operates as a CFTC-regulated derivatives clearing organization.
Webull will provide customer access through existing Webull Futures accounts, subject to eligibility and futures-trading approval.
The arrangement allows Webull to expand its derivatives offering without creating an entirely new futures exchange or clearinghouse.
Earlier this year, the CFTC approved Bitcoin perpetual futures on Kalshi, establishing a pathway for crypto contracts without traditional expiration dates.
Kalshi subsequently pursued XRP and altcoin perpetuals, expanding its proposed derivatives lineup beyond Bitcoin.
Webull has not yet confirmed which additional cryptocurrencies will be available at launch.
Crypto Perpetual Futures Market Exceeds $90 Trillion
Perpetual futures allow traders to gain exposure to an asset's price without purchasing the underlying cryptocurrency or holding a contract with a fixed expiration date.
Unlike conventional futures, perpetual contracts use periodic funding payments to help maintain their prices near the underlying asset.
These products can support leveraged long and short positions, although leverage increases liquidation risks when markets move against traders.
Webull US CEO Anthony Denier said global perpetual futures trading volume exceeded $90 trillion in 2025, illustrating the scale of the market the company hopes to enter.
However, that figure represents trading volume rather than the amount of investor capital committed.
The launch also follows growing institutional interest in regulated crypto derivatives as traditional financial platforms compete for digital asset trading activity.
Another provider, Blockchain.com, recently submitted CFTC registration applications to expand its US futures and prediction-market offerings.
Kalshi Faces Competition and Regulatory Scrutiny
Webull's entry comes as established derivatives operators question the regulatory treatment of crypto perpetual futures.
CME Group previously challenged the framework supporting the products, arguing that their design and approval process raised important regulatory concerns.
Its CEO Terry Duffy has also warned about leverage risks, particularly for retail traders exposed to sudden liquidations and recurring funding costs.
The concerns reflect a broader debate over whether perpetual futures should receive treatment comparable to traditional exchange-traded futures or face different regulatory requirements.
Kalshi, meanwhile, has expanded beyond its original prediction-market business through institutional trading partnerships and cryptocurrency derivatives.
