Webull to Launch Perpetual Futures in the US in November

In November 2026, Webull will launch bitcoin contracts and individual cryptocurrency perpetual futures for qualified clients in the US. The company aims to provide traders with a regulated alternative to offshore platforms. According to Webull, broader access will be available within a few months. The main question is whether the broker can attract traders from foreign markets and decentralized exchanges.

Perpetual contracts do not have an expiration date, and the funding process adjusts prices to market conditions. Leverage can lead to forced liquidation of positions. Webull will offer contracts on KalshiEX and clear them through Kalshi Klear. On May 29, the CFTC approved the Kalshi Bitcoin BTCPERP contract, noting that other assets will be considered separately.

The market is enormous. CryptoQuant reported that Binance processed perpetual contracts worth approximately $25 trillion in 2025 – a 20% increase. A study by Stanford and Columbia Universities estimated the global volume at $61.7 trillion, while CoinGecko estimated it at $85.3 trillion. The methodologies differ, so the figures are not additive. Open interest in perpetual futures in the third quarter increased by 40.6% and exceeded $100 billion, while centralized spot activity decreased by 14.2%.

The legal dispute is not over. On June 18, CME filed a lawsuit against the CFTC, insisting that contracts without an expiration date are swaps, not futures. This affects margin rules, registration, and taxation. On October 16, the CFTC asked the court to dismiss the lawsuit, arguing that CME had not demonstrated imminent harm to competition. Even if the lawsuit is dismissed, the fundamental question of classifying perpetual futures remains unresolved.

CME Chief Terry Duffy warned that 50:1 leverage and automatic liquidation could cause significant losses for traders. Another issue is oversight: according to a "BIR" study, many MCIs do not publish financial statements, making it difficult to assess their condition and risks.

Costs are already evident. According to Hyperliquid, retail traders lost $1.11 billion over 15 months, while market makers earned $208 million; fees alone accounted for $725 million of these losses. Researchers also reported the liquidation of crypto derivatives worth approximately $150 billion in 2025, including more than $19 billion on October 10 alone.

After the launch in November, attention will be on how many traders join, whether the service attracts sufficient liquidity, and how its costs and retail losses compare to offshore platforms. The regulated launch may change the competition but will not make leveraged trading less risky.