Webull sets November US perpetual futures launch to challenge offshore venues

Webull plans to offer Bitcoin and selected cryptocurrency perpetual futures to qualified U.S. customers in November 2026, giving them a regulated alternative to offshore venues. The contracts will trade on KalshiEX and be cleared by Kalshi Klear; the CFTC approved Kalshi’s Bitcoin BTCPERP contract on May 29 while saying other assets would be reviewed case by case. Perpetual futures have no expiry date and use a funding process to align prices with the market, and leverage can trigger forced liquidations. The product’s legal classification remains contested: CME sued the CFTC on June 18 arguing such contracts are swaps rather than futures, and the CFTC asked the court on October 16 to reject the suit.