The contracts will list on KalshiEX, a federally regulated exchange, and clear through Kalshi Klear, starting with bitcoin. Perpetuals, which never expire, make up much of global crypto trading but have mostly been offered offshore. Webull's announcement did not include leverage or fees.
The most traded product in crypto is coming to a mainstream U.S. brokerage. It is arriving through a company best known for betting on elections.
Webull said on Tuesday that it will offer perpetual futures to eligible U.S. customers starting in November, beginning with bitcoin and other select crypto assets, with broader availability expected before the end of the year. The contracts will be listed on KalshiEX, which the Commodity Futures Trading Commission regulates as a designated contract market, and cleared through Kalshi Klear, a CFTC-regulated clearinghouse.
Webull shares were up about 2.6% at $6.06 at about 2 p.m. Eastern.
What a perpetual is
A perpetual future is a derivative with no expiry date. Instead of settling on a fixed day, it uses a periodic payment between buyers and sellers, known as a funding rate, to keep its price close to the underlying asset. Traders can hold positions indefinitely and typically use leverage. Perpetuals account for a large share of global crypto trading volume, but for years U.S. customers could reach them only on offshore exchanges.
That began to change earlier this year, when the CFTC approved the first U.S.-listed perpetual futures for Coinbase and Kalshi.
Why the plumbing matters
The notable part of Webull's announcement is the infrastructure. Webull is the broker, providing the app and the customers. Kalshi provides both the exchange and the clearinghouse, the two regulated layers that sit beneath every futures trade.
That makes Kalshi, which built its business on event contracts, a direct competitor to Coinbase's derivatives exchange and to CME Group in crypto futures. CME has contested Kalshi's approval to list perpetual contracts, a dispute that becomes more significant commercially as Kalshi adds distribution through retail brokers.
What is missing
Webull's announcement did not include the leverage customers will be allowed, margin requirements, fees or an exact launch date. On its own platform, Kalshi lists leverage of up to about six times for the perpetual contracts it offers directly, a point of comparison for Webull's terms. Those terms will determine whether the product can compete with offshore venues, which typically offer higher leverage, and how much risk retail customers will take on.
Market implications
One reading is that this brings volume onshore. Regulated perpetuals at a mainstream broker give U.S. traders a reason to leave offshore exchanges, and Webull, Kalshi or both stand to capture fees on that activity.
A second reading is that it will be a niche product. U.S. leverage limits are likely to make onshore perpetuals less attractive than offshore ones, and the traders who use perpetuals most heavily may stay where they are.
A third reading is that the risk is regulatory. Expanding leveraged products to retail customers invites scrutiny if losses mount, particularly while CME's challenge to Kalshi's approval is unresolved.
What to watch
The launch date and terms, especially leverage and fees; whether other brokers sign similar arrangements with Kalshi; any ruling in CME's challenge; volume on Coinbase's derivatives exchange; and the CFTC's stance on retail leverage. A competing broker announcing a deal with Kalshi would show the model spreading.