Key Takeaways
- Webull plans to introduce crypto perpetual futures to eligible US customers in November.
- The partnership gives Kalshi another route to retail traders through an established brokerage.
- Funding payments and automatic liquidation introduce risks beyond simply buying cryptocurrency.
Webull is bringing Kalshi’s leveraged crypto contracts to US traders, putting complex bets on Bitcoin’s price within reach of customers using a familiar brokerage platform.
The November rollout adds a new distribution channel for Kalshi and puts the spotlight on how Webull will explain the costs and risks of holding those positions to its customers.
Webull Sets November Crypto Futures Rollout
Webull, an online brokerage offering stocks, options and crypto trading, announced the plans on Oct. 20, with Bitcoin and selected cryptocurrencies forming the initial offering.
Broader availability is expected before the end of the year.
Contracts will trade on KalshiEX and clear through Kalshi Klear, both of which are regulated by the Commodity Futures Trading Commission, according to the announcement.
Access will initially be restricted to eligible US customers approved for futures trading who use their Webull Futures accounts.
For Kalshi, the arrangement expands the reach of its exchange through another company’s customer interface.
Webull handles the brokerage relationship while Kalshi provides the trading and clearing infrastructure.
A Bitcoin Position Without Owning Bitcoin
Perpetual futures provide exposure to an asset’s price without a fixed expiration date.
Traders do not need to replace an expiring contract to maintain their position, as they would with conventional futures.
However, buying a crypto perpetual does not mean purchasing coins that can be withdrawn to a wallet.
Keeping the position open also involves more than waiting for Bitcoin to rise.
Funding payments help align the contract with the underlying market, while traders must maintain sufficient collateral.
Webull says positions are automatically liquidated if their margin falls below the maintenance requirement.
Leverage Limits and Customer Fees Remain Unspecified
Webull’s announcement did not specify a maximum leverage ratio or a complete customer fee schedule for the new contracts.
Tanmay Sheth, who oversees futures and prediction markets at Webull, said the offering would provide:
“clear visibility into margin requirements, funding rates, leverage and liquidation levels.”
Those details will determine how the product works for individual customers.
Kalshi’s October fee filing provides an exchange-level schedule for perpetuals cleared through futures commission merchants.
But it explicitly leaves those intermediaries free to set the commissions and fees charged to their customers.
For Webull, the challenge is making those mechanics understandable before a customer opens a trade.
