Webull will let U.S. customers trade bitcoin contracts that never expire

Webull said on Oct. 20 that it will start offering perpetual futures on bitcoin and other crypto assets to eligible U.S. customers in November. The stakes: a mainstream U.S. broker is about to put leveraged contracts with no end date in front of its futures customers, and positions that run short of margin get closed automatically.

None of it is live yet. Webull says the rollout begins in November, with broader availability anticipated before year end, and the release gives no exact start date.

How it works

A perpetual future is a futures contract with no expiration date, so a trader can hold exposure to bitcoin without rolling into a new contract each month. Funding is a periodic payment between traders that, in Webull's words, "helps keep the contract price aligned with the underlying asset." Liquidation is the automatic closing of a position when the trader's margin, the money set aside to back the bet, "falls below maintenance requirements."

The contracts will be listed on KalshiEX LLC, an exchange regulated by the Commodity Futures Trading Commission (CFTC), the federal regulator of U.S. futures markets, and cleared through Kalshi Klear LLC, a CFTC-regulated clearinghouse that stands between buyers and sellers. Customers will trade them through their existing Webull Futures accounts, and at first only customers approved for futures trading will qualify.

The evidence

The release spells out the three rules that govern every position, and the diagram below sets them side by side.

Source: Webull; chart: Le Coin

Webull's U.S. chief executive, Anthony Denier, argued for the product's reach: "Perpetual futures have become a significant part of global derivatives markets, with annual volume reaching more than $90 trillion in 2025." That figure is his claim, and the release does not say how it was measured. Tanmay Sheth, Webull's managing director for futures and prediction markets, said users will get "clear visibility into margin requirements, funding rates, leverage and liquidation levels." The release itself discloses none of those numbers.

In Le Coin's view, the news is the wrapper, not the product. Webull is pitching an offshore-style contract through U.S.-regulated listing and clearing, and the release says the first offering includes bitcoin and other crypto assets, with more to follow subject to regulatory review and exchange listing requirements.

The objection

In Le Coin's view, the fair objection is that an announcement with no leverage limits, fees or funding terms tells readers little about the risk they would carry. Webull's own release says perpetual futures "involve significant risk and are not suitable for all investors."

What to watch

In Le Coin's view, the tell is whether Webull publishes the leverage, margin and funding terms before the November start.

Sources

1. Webull, "Webull Puts a Date on Perpetual Futures: US Rollout Begins in November," PR Newswire, Oct. 20, 2026, 9:00 a.m. ET. https://www.prnewswire.com/news-releases/webull-puts-a-date-on-perpetual-futures-us-rollout-begins-in-november-302914044.html (accessed 5:03 p.m. ET, Oct. 20, 2026)

Holding the Corner.

Not financial advice.