Webull plans to offer Bitcoin perpetual futures to its client base, which the brokerage says exceeds 6 million users. The offering would expand access to crypto derivatives for a retail-heavy audience that, in the US, has largely been shut out of the products. It could also give US crypto derivatives trading a meaningful lift at a time when offshore venues still handle most of the volume.
The specifics — which contracts, which jurisdictions, when it goes live — aren't public yet. But the direction is clear: a US-registered broker-dealer is moving into territory that has been dominated by exchanges operating outside the country's reach.
A retail broker, not a crypto native
That matters. Webull built its name on equities and options, not tokens. Its users are accustomed to trading in a regulated brokerage wrapper, and the firm's decision to add perpetuals signals that it sees demand from that same crowd — people who want crypto exposure but would rather not open an account on an offshore exchange.
Perpetual futures are the workhorse of crypto trading. They never expire, they're leveraged, and they account for the bulk of derivatives volume globally. For US retail traders, access has been limited to a handful of domestic venues, and the product set has been narrower than what's available on offshore platforms.
The offshore problem
US regulators have spent years pushing crypto derivatives activity toward registered venues while offshore exchanges kept serving US-adjacent customers through looser arrangements. That gap has been a persistent complaint from domestic firms: they argue they're competing with platforms that don't carry the same compliance costs.
A 6-million-client brokerage entering the space doesn't close that gap on its own. But it changes the math. If Webull can offer perpetuals inside a regulated framework, it gives US traders a reason to stay onshore — and it puts pressure on other brokers to follow.
What's still unknown
Webull hasn't disclosed which regulator will oversee the offering, which exchange or liquidity provider will back the contracts, or how it will handle leverage limits. Those details matter more than the announcement itself. Perpetual futures have been a regulatory flashpoint for years, and how Webull structures the product will determine whether it's a template or a one-off.
The company also hasn't said whether the offering will be available to all 6 million clients or limited by jurisdiction. State-level rules and account-type restrictions could narrow the rollout considerably.
For now, the plan is on the table and the details aren't. Webull's next public filing or product announcement should fill in the blanks — and that's when the rest of the US brokerage industry will decide whether to match it.
