Key Takeaways
- • Webull announced on October 20, 2026 that it will offer Kalshi's regulated Bitcoin perpetual futures (BTCPERP) and other selected crypto perpetuals to eligible U.S. brokerage customers beginning in November.
- • The CFTC approved KalshiEX's BTCPERP contract on May 29; the Webull rollout changes distribution, not the original approval or the contract's underlying nature.
- • The contract has no expiration and is cash-settled, with KalshiEX as the designated contract market and Kalshi Klear as the separate clearinghouse.
- • Positions carry ongoing funding payments (Kalshi says funding adjusts three times daily in its app), margin requirements and liquidation risk, so an evergreen contract still has continuing costs.
- • Webull has not disclosed the exact launch date, full asset list, or margin schedule, and access is limited to customers approved for futures trading.
Summary
Webull plans to offer Bitcoin and other crypto perpetual futures to eligible U.S. customers starting in November, according to its October 20, 2026 announcement. The product is KalshiEX's BTCPERP contract, which the Commodity Futures Trading Commission approved on May 29. Kalshi brought the product to market in June, and the Webull rollout changes how it is distributed rather than the underlying approval. Webull names KalshiEX as the exchange and Kalshi Klear as the clearinghouse. Customers approved for futures trading would use existing Webull Futures accounts. Webull has not published the exact launch day, the full asset list, or the initial margin schedule for every contract, and says wider availability before the end of 2026 is an expectation rather than a confirmed national opening.
The defining feature of the product is the absence of expiry. Unlike dated futures, which converge at expiration or are rolled, a perpetual relies on a funding mechanism that transfers value between long and short positions to keep the derivative price tied to the reference price. According to Kalshi's educational material, its application adjusts funding three times per day. The contract is cash-settled, so a trader posts collateral and does not receive onchain Bitcoin. Price exposure, margin and funding determine the account's result, and a correct directional view can still produce a loss if carrying costs or forced liquidation intervene first.
Risk is central to the product. Margin creates a continuing obligation: if equity falls below maintenance requirements, the position can be liquidated. Webull's U.S. chief Anthony Denier cited global perpetual futures volume exceeding $90 trillion in 2025, though that is an industry estimate and not a figure for the planned November launch or for Kalshi's Bitcoin contract. Webull states that access is limited to eligible customers approved for futures trading, and existing stock or crypto access does not confer futures approval. The company has not disclosed how many customers qualify.
Competition is intensifying. Kraken's U.S. crypto perpetuals and Coinbase's route to global perpetual liquidity indicate that several market structures are emerging, with some products trading on U.S. designated exchanges and others routed through foreign futures. Offshore venues retain established liquidity advantages, and the announcement provides no comparative pricing data showing Webull will be cheaper or more liquid. Observers will look to published trading statistics after launch to judge whether the new access produces durable activity. Investors should review the contract specifications, funding formula, fee schedule and liquidation thresholds in Webull's customer disclosures before trading.
The defining feature of the product is the absence of expiry. Unlike dated futures, which converge at expiration or are rolled, a perpetual relies on a funding mechanism that transfers value between long and short positions to keep the derivative price tied to the reference price. According to Kalshi's educational material, its application adjusts funding three times per day. The contract is cash-settled, so a trader posts collateral and does not receive onchain Bitcoin. Price exposure, margin and funding determine the account's result, and a correct directional view can still produce a loss if carrying costs or forced liquidation intervene first.
Risk is central to the product. Margin creates a continuing obligation: if equity falls below maintenance requirements, the position can be liquidated. Webull's U.S. chief Anthony Denier cited global perpetual futures volume exceeding $90 trillion in 2025, though that is an industry estimate and not a figure for the planned November launch or for Kalshi's Bitcoin contract. Webull states that access is limited to eligible customers approved for futures trading, and existing stock or crypto access does not confer futures approval. The company has not disclosed how many customers qualify.
Competition is intensifying. Kraken's U.S. crypto perpetuals and Coinbase's route to global perpetual liquidity indicate that several market structures are emerging, with some products trading on U.S. designated exchanges and others routed through foreign futures. Offshore venues retain established liquidity advantages, and the announcement provides no comparative pricing data showing Webull will be cheaper or more liquid. Observers will look to published trading statistics after launch to judge whether the new access produces durable activity. Investors should review the contract specifications, funding formula, fee schedule and liquidation thresholds in Webull's customer disclosures before trading.
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