Webull Prediction Markets

What it is

Event contracts inside the Webull app. As with every broker in this category, the first thing to get straight is that Webull is not the exchange: it is the broker in front of one, and that one is Kalshi.

Webull's help centre answers "What is Kalshi?" with the sentence that matters: Webull has partnered with Kalshi, an event contract exchange, which lets Webull users trade a selection of Kalshi's event contracts directly within the Webull platform. Webull Corp's annual report for 2025, filed with the SEC on 9 April 2026, puts it the same way — Webull Financial facilitates trading of event contracts offered on KalshiEX LLC's exchange — and dates the launch to February 2025. There is no designated contract market registered under the Webull name on the CFTC's list of trading organisations.

So the chain has one exchange at the end of it. KalshiEX LLC is the designated contract market, designated on 3 November 2020; clearing is through Kalshi's own derivatives clearing organization, Kalshi Klear. What made a broker in front of Kalshi possible at all is a line on the CFTC's own register: on 17 January 2025 the Commission granted Kalshi's petition to modify its order of designation to permit intermediated trading. Webull's launch followed within weeks.

Which Webull entity is the broker is the part worth getting right, because Webull's own documents name two:

• Webull Futures LLC is the name on the prediction-markets page today: a CFTC-registered futures commission merchant and NFA member. On NFA's BASIC register it is NFA ID 0568685, based in St. Petersburg, Florida, approved as an FCM, NFA member and swap firm on 24 October 2025. It reports commodity-interest customers and holds both segregated and cleared-swaps customer funds — the second of which is where event contracts belong, since Webull's help centre describes them as swaps under CFTC rules.
• Webull Financial LLC, the broker-dealer that holds Webull customers' stocks, is the entity the 20-F says facilitates event contract trading and describes as an FCM. It is still registered as one (NFA ID 0528018, FCM since 3 January 2024), but its BASIC record now answers "no" to having commodity-interest customers.

Read together, the two records are consistent with the futures and event contract business having moved from the broker-dealer to the separate FCM in late 2025; no Webull document we found says when. One practical wrinkle: the NFA link in the footer of Webull's help centre, labelled as Webull Futures LLC's, opens Webull Financial LLC's record. Search BASIC for "Webull" and you get both.

Unlike Robinhood Prediction Markets, which routes across three exchanges, there is only one venue here, so the settlement rules and the exchange fee never depend on a routing decision you did not see.

Availability

United States only, with a published state exclusion that covers sports contracts alone.

Webull's help centre says Event Contract accounts are available only to US residents. You apply from an existing Webull Individual Cash or Individual Margin brokerage account; approval gives you a separate Event account number that appears on its own statements, while buying power stays shared with the linked brokerage account and moves across automatically. There is no minimum balance beyond enough settled funds to pay for the contract and its fees. Opening the brokerage account underneath is ordinary US broker onboarding, which is where the identity check happens. Webull's API documentation adds that some categories, sports among them, need an extra agreement signed before you can trade them.

The state restriction is published, which puts Webull ahead of brokers that keep it in the app:

• Sports-related event contracts are not available in Nevada, Maryland, Connecticut or Michigan.
• The help centre words that as residents of those states; the product page as customers located in them. Read it as both — a resident travelling elsewhere and a visitor present in one of the four can each expect to be refused.
• Both pages add that availability may be subject to further geographic restrictions by contract type, and the product page that restrictions are subject to change. The four are a floor, not the full list.

The floor is visibly lower than the litigation. Webull's own 20-F records that on 6 February 2026 a Massachusetts state court entered a preliminary injunction barring Kalshi from offering sports event contracts to persons located in Massachusetts — and Massachusetts is not one of the four states Webull names. Whatever Kalshi cannot offer, Webull cannot route, so treat the app's own refusal as the authoritative list.

Non-sports contracts — crypto, financials, economics, weather, culture — are not excluded by name in any of the four states.

If you already hold a Kalshi account directly, Webull asks you to tell both its own event contract team and Kalshi, at an address that is Kalshi's.

Webull also offers a Voluntary Opt-Out that blocks opening new event contract positions for a period you choose, set from the Event Contract account's menu in the mobile app.

Pricing

Two cents a contract, each way, at any price.

Webull states it in two places that agree: a $0.01 commission and a $0.01 exchange fee for each contract, and — in the trading FAQ — that the exchange's cent and the firm's cent are charged on both opening and closing trades. Its product page notes that the $0.02 per contract is included in the price you paid when it states your maximum gain.

Three consequences of a flat fee:

• At 50 cents it is 2% of the payout — a cent of commission and a cent of Kalshi exchange fee. That is the figure in this card's fee fields, encoded as both layers rather than the commission alone, the same way the Robinhood card does it. Kalshi direct charges takers 1.75 cents at that price.
• It does not shrink at the edges. Kalshi's own fee is a curve over price times one-minus-price that collapses near 0 and 100 cents; two flat cents do not. At 10 cents a fill here costs 2 cents — a fifth of the stake — where Kalshi direct charges $0.63 per 100 contracts. The longshot end is where this route is most expensive relative to going direct.
• Closing early costs the second two cents. Holding to settlement is the only way to pay the fee once. A position bought at 50 cents and sold at 52 has made nothing after fees.

Webull publishes no maker-taker distinction for event contracts, so both fee fields carry the same 2%, and the fee page does not separate orders placed through the API from orders placed in the app. There is no subscription tier that changes the rate, and no paid plan in the tier list.

Real-time event contract quotes are free for all Webull clients, per its help centre.

Markets & resolution

Webull resolves nothing. Every contract is a Kalshi contract and settles under KalshiEX's rules, against the source Kalshi names for that market. A question about who decides an outcome is answered on the Kalshi card.

What Webull lists is a selection of Kalshi's catalogue, in its own words, and its own pages describe the selection three ways. The product page groups it as sports, crypto, financials, economics, culture, climate, and science and tech; the help centre's trading FAQ adds companies, weather and index contracts; the API documentation's supported categories are economics, financials, politics, entertainment, science and technology, climate and weather, transportation, crypto and sports. Politics appears only in the last. Sports contracts include single-game winner, spread, total-points and player-prop contracts, and season-long futures such as championship winners and season awards.

Each contract pays $1 if it resolves in your favour and $0 if not. Proceeds from resolved contracts are available to withdraw the same day, through the linked brokerage account.

Hours depend on the contract. Index event contracts trade 8 AM to 4 PM Eastern; crypto, companies, financials, weather, economic, culture and sports contracts trade around the clock outside maintenance windows.

Order handling:

• Buy to open and sell to close only. You cannot sell to open; a bearish view is expressed by buying No, which Webull compares to a put.
• Limit orders and Quick Orders. A Quick Order is a limit order priced automatically at the current market when submitted, sized in contracts or in dollars.
• Time in force: Day (cancels at 12:10 AM the next day), IOC, FOK, GTC and GTD for anything sized in contracts; dollar-sized Quick Orders are FOK only.
• No leverage. A Yes at 50 cents costs 50 cents plus fees.

Webull says event contracts carry depth-of-market order books and its usual charting tools, and that hourly contracts sit alongside the options chain as well as under Markets › Predictions.

Integrations

This is the one broker card in the category with a programmatic route, and it is Webull's own, not Kalshi's.

• Trading API. Webull's OpenAPI documentation has an Event Contract Trading section: prerequisites are an event account opened in the app and the trading agreements signed, in the app or through a signing URL the API returns. Orders are LIMIT, placed by contract quantity or by dollar amount (amount orders are buy-only and FOK), plus a best-available-price mode that ignores the limit price. Time in force is DAY, GTC, IOC, GTD or FOK, with valid combinations depending on the mode. Series and instrument lookups sit beside the order endpoints.
• Python SDK. Webull's official webull-openapi-python-sdk lists event contracts among the instruments it can place, modify and cancel orders for.
• MCP. Webull runs a hosted MCP server whose tools include event contract categories, series, instruments, snapshots, order book depth, trades and bars, and a place_event_instruction tool that creates an order instruction which has to be confirmed in the Webull app or desktop platform. An assistant can prepare a trade; it cannot complete one alone.

The overview of Webull's separate Market Data API names stocks, futures and crypto for its HTTP and MQTT streaming feeds, not event contracts, so this card does not claim a streaming feed for them; event data reaches the MCP tools and the API's own lookups instead.

Webull states it will report event contract transactions to the tax authorities on Form 1099 or other required forms. We have not seen one.

Limitations

• Mobile for the full listing. Desktop trading — Webull Desktop runs on Windows, macOS and Ubuntu Linux — is limited to index and crypto hourly contracts; everything else is in the mobile app only.
• One exchange, and a selection of it. Webull lists part of Kalshi's catalogue, not all of it, and nothing from any other venue.
• A flat two cents is expensive at the extremes, and paid again on an early exit.
• The state list is a floor. Four states are named for sports; further restrictions by contract type are reserved without being listed, and Massachusetts is not on it despite an injunction against Kalshi there.
• Webull's documents disagree about which entity is your broker — the product page says Webull Futures LLC, the 2025 annual report says Webull Financial — and its own NFA link opens the wrong one. NFA's register settles which one has the customers.
• Webull does not resolve markets, so a dispute about an outcome ends at Kalshi.
• Event contract accounts are not SIPC-protected, in Webull's own disclosure — they sit with the FCM, under CFTC customer-protection rules, not with the broker-dealer.
• Legal exposure is disclosed. Webull's 20-F says it has been named as a defendant in private lawsuits alleging that its sports event contracts violate state law, and warns it may have to stop offering some contracts in some states with little notice.
• Nobody here has funded an account. Everything above is read from Webull's own product page, help centre and API documentation, Webull Corp's 20-F, NFA's BASIC register and the CFTC's list of trading organisations, on 4 October 2026.

Alternatives

Kalshi is the exchange behind every contract here; going direct swaps the flat two cents for Kalshi's own price-dependent fee, lower than two cents at every price once an order is more than a handful of contracts, and gives you the full catalogue and the Kalshi API. Robinhood Prediction Markets is the closest broker equivalent, routing to Kalshi and two other exchanges, with no API. ForecastEx is the exchange to look at for a broker-accessed venue that is not Kalshi.