Webull, a retail brokerage listed on Nasdaq under the ticker BULL, announced a partnership with the prediction-market operator Kalshi on October 20, 2026. The collaboration aims to provide Bitcoin perpetual futures to more than 6 million eligible US clients starting in November 2026.
The trading operations will be conducted through KalshiEX LLC, an exchange entity regulated by the Commodity Futures Trading Commission (CFTC). While Webull provides the distribution platform and client access, Kalshi serves as the regulated venue for these transactions.
The initial product offering will include Bitcoin and a selection of other crypto assets, with plans to expand the menu later in the year subject to regulatory approval. In September 2026, Webull previously introduced event contracts linked to Bitcoin and Ethereum.
Perpetual futures differ from traditional futures as they lack an expiry date and utilize a periodic funding fee to align prices with spot markets. In 2025, the global volume for perpetual futures exceeded $90 trillion, with a significant portion attributed to crypto derivatives.
This partnership follows the CFTC's approval of the first US perpetual futures contracts earlier in 2026, which also included Coinbase. Unlike Coinbase, which manages its own customer relationships, Kalshi is utilizing Webull as a distribution partner to reach a broader user base.
