Online trading platform Webull announced on October 20, 2026, that it will launch Bitcoin and crypto perpetual futures for U.S. clients in November 2026. Partnering with prediction-market operator Kalshi, Webull will route contracts through KalshiEX LLC and clearinghouse Kalshi Klear LLC. The move expands regulated U.S. access to non-expiring derivatives that exceeded $90 trillion in global volume in 2025, amid an ongoing legal challenge by CME over contract classification.
Webull's U.S. launch plans
- ▪Webull plans to make crypto perpetual futures available to its broader base of over 6 million clients and expand its product menu beyond cryptocurrency subject to regulatory review
- ▪Webull announced on October 20, 2026, that it will launch Bitcoin and selected crypto perpetual futures to eligible U.S. customers in November 2026
Partnership with Kalshi infrastructure
- ▪The Commodity Futures Trading Commission cleared perpetual futures contracts earlier in 2026 for both Coinbase and Kalshi, allowing Webull to plug into Kalshi's approved venue without seeking its own regulatory approval
- ▪Under the Webull-Kalshi partnership, Webull provides the distribution and customer base while prediction-market operator Kalshi acts as wholesale infrastructure by supplying the Commodity Futures Trading Commission-regulated venue
CFTC perpetual futures approvals
- ▪The Commodity Futures Trading Commission approved Kalshi's Bitcoin BTCPERP contract on May 29, 2026, marking the first approval of perpetual futures on a regulated U.S. exchange
- ▪Commodity Futures Trading Commission staff permitted Coinbase to route U.S. clients to perpetual futures listed on Coinbase's offshore affiliate Deribit
CME lawsuit against CFTC
- ▪The Commodity Futures Trading Commission responded in court on October 16, 2026, asking to reject CME's lawsuit filed on June 18, on the grounds that CME failed to demonstrate imminent competitive harm
- ▪CME filed a lawsuit against the CFTC on June 18, 2026, arguing that perpetual contracts without expiry dates must legally be classified as swaps rather than futures
How perpetual futures work
- ▪Perpetual futures differ from traditional futures because they have no expiry date, allowing traders to hold positions indefinitely without rolling over contracts
- ▪Perpetual futures rely on periodic funding payments between long and short traders to keep contract prices aligned with spot market prices, alongside margin requirements that trigger automatic liquidation if thresholds are breached
Global market volume statistics
- ▪CoinGecko estimated global centralized crypto perpetual trading volume at $85.3 trillion in 2025, while perpetual open interest grew 40.6% to over $100 billion in Q3 2026
- ▪Global perpetual futures volume topped $90 trillion in 2025, according to statements by Webull US CEO Anthony Denier
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