WEBULL FINANCIAL LLC

Reporter ID: WBUS • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:28:37 GMT

Quarter:2026Q3

Covered Orders17,144,511Across all reported tiers

Covered Shares5,568,698,842In Q3 2026

Active Tiers101Order class × notional buckets

Routing Brokers0Disclosed in 606 filings

1. Amended Rule 605 Scorecard vs. Mix-Adjusted Peers — 2026-08

Execution metrics across order classes and the 24 notional × lot categories, benchmarked against what competing market centers delivered on identical symbols.

Class	Notional × Lot	Orders	Covered Sh	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s
market	<$250 • FRACT	248,761	92,756	—	87.9%	6.0 bps	—	—	94th	—	99.9%
market	<$250 • ODD	1,594,063	15,681,431	—	85.2%	14.6 bps	—	—	93rd	—	99.8%
market	<$250 • ROUND	248,954	63,272,693	—	76.0%	16.3 bps	—	—	30th	—	99.9%
market	$250–$999 • FRACT	4,617	3,074	—	86.8%	7.4 bps	—	—	100th	—	99.8%
market	$250–$999 • ODD	605,957	11,629,889	—	86.7%	8.8 bps	—	—	90th	—	99.8%
market	$250–$999 • ROUND	300,418	207,941,190	—	72.3%	12.7 bps	—	—	33rd	—	99.9%
market	$1k–$5k • FRACT	118	87	—	84.3%	4.6 bps	—	—	89th	—	100.0%
market	$1k–$5k • ODD	204,117	6,510,527	—	86.3%	3.9 bps	—	—	43rd	—	100.0%
market	$1k–$5k • ROUND	423,593	1,029,761,653	—	60.1%	5.2 bps	—	—	33rd	—	99.8%
market	$5k–$10k • ODD	29,456	1,456,657	—	94.6%	2.8 bps	—	—	34th	—	100.0%
market	$5k–$10k • ROUND	119,389	527,930,285	—	52.9%	1.1 bps	—	—	7th	—	99.6%
market	$10k–$20k • ODD	7,374	496,858	—	96.3%	3.1 bps	—	—	36th	—	100.0%
market	$10k–$20k • ROUND	61,723	126,671,379	—	41.5%	0.8 bps	—	—	7th	—	98.2%
market	$20k–$50k • ODD	354	26,411	—	91.5%	4.5 bps	—	—	76th	—	100.0%
market	$20k–$50k • ROUND	37,756	82,247,507	—	47.5%	-0.2 bps	—	—	1st	—	98.1%
market	$50k–$200k • ROUND	14,051	50,518,629	—	54.5%	-0.3 bps	—	—	11th	—	96.9%
market	≥$200k • ROUND	1,223	11,506,619	—	37.0%	-1.5 bps	—	—	21st	—	96.8%
marketable_limit	<$250 • FRACT	56,666	6,641	—	86.0%	1.6 bps	—	—	33rd	—	99.9%
marketable_limit	<$250 • ODD	1,199,193	17,368,253	—	83.6%	14.4 bps	—	—	94th	—	99.8%
marketable_limit	<$250 • ROUND	286,863	71,130,591	—	70.5%	14.6 bps	—	—	64th	—	99.8%
marketable_limit	$250–$999 • FRACT	895	532	—	78.5%	0.8 bps	—	—	44th	—	99.9%
marketable_limit	$250–$999 • ODD	269,202	8,755,308	—	87.6%	9.3 bps	—	—	94th	—	99.7%
marketable_limit	$250–$999 • ROUND	327,121	194,844,404	—	67.8%	12.1 bps	—	—	67th	—	99.3%
marketable_limit	$1k–$5k • FRACT	10	7	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	121,088	4,876,274	—	87.6%	3.1 bps	—	—	66th	—	99.9%
marketable_limit	$1k–$5k • ROUND	277,311	440,567,744	—	52.4%	6.5 bps	—	—	65th	—	97.4%
marketable_limit	$5k–$10k • ODD	16,196	834,109	—	91.7%	2.2 bps	—	—	63rd	—	99.9%
marketable_limit	$5k–$10k • ROUND	63,304	188,822,012	—	42.1%	2.4 bps	—	—	56th	—	94.7%
marketable_limit	$10k–$20k • ODD	3,452	224,122	—	94.3%	2.7 bps	—	—	62nd	—	99.9%
marketable_limit	$10k–$20k • ROUND	44,303	151,377,005	—	40.0%	0.9 bps	—	—	43rd	—	93.1%
marketable_limit	$20k–$50k • ODD	155	11,608	—	91.9%	2.6 bps	—	—	65th	—	100.0%
marketable_limit	$20k–$50k • ROUND	41,298	207,267,716	—	39.3%	-0.3 bps	—	—	12th	—	95.7%
marketable_limit	$50k–$200k • ROUND	34,955	283,872,481	—	32.9%	0.1 bps	—	—	21st	—	97.4%
marketable_limit	≥$200k • ROUND	4,246	101,213,922	—	23.0%	0.1 bps	—	—	66th	—	92.6%
nonmarketable_limit	<$250 • FRACT	92	22	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	1,918,487	20,410,058	—	100.0%	37.7 bps	—	—	81st	—	51.7%
nonmarketable_limit	<$250 • ROUND	294,665	77,259,445	—	100.0%	47.7 bps	—	—	38th	—	50.7%
nonmarketable_limit	$250–$999 • FRACT	5	3	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	1,286,608	19,625,201	—	100.0%	26.2 bps	—	—	81st	—	57.7%
nonmarketable_limit	$250–$999 • ROUND	355,580	217,510,893	—	100.0%	49.2 bps	—	—	50th	—	48.5%
nonmarketable_limit	$1k–$5k • ODD	1,482,110	25,502,900	—	100.0%	27.8 bps	—	—	94th	—	68.5%
nonmarketable_limit	$1k–$5k • ROUND	412,731	479,560,196	—	100.0%	37.2 bps	—	—	77th	—	43.5%
nonmarketable_limit	$5k–$10k • ODD	487,857	12,435,621	—	100.0%	28.8 bps	—	—	92nd	—	82.4%
nonmarketable_limit	$5k–$10k • ROUND	142,979	184,729,686	—	100.0%	24.8 bps	—	—	78th	—	38.2%
nonmarketable_limit	$10k–$20k • ODD	362,128	10,731,093	—	100.0%	30.8 bps	—	—	93rd	—	90.7%
nonmarketable_limit	$10k–$20k • ROUND	117,418	146,889,997	—	100.0%	18.2 bps	—	—	74th	—	33.9%
nonmarketable_limit	$20k–$50k • ODD	41,638	1,834,486	—	100.0%	34.6 bps	—	—	92nd	—	93.7%
nonmarketable_limit	$20k–$50k • ROUND	128,111	168,252,162	—	100.0%	17.8 bps	—	—	85th	—	31.7%
nonmarketable_limit	$50k–$200k • ROUND	65,559	209,675,317	—	100.0%	16.4 bps	—	—	89th	—	31.7%
nonmarketable_limit	≥$200k • ROUND	6,083	69,959,219	—	100.0%	6.8 bps	—	—	58th	—	22.5%
market	<$250 • FRACT	188,849	35,068	—	87.1%	2.4 bps	—	—	60th	—	99.9%
market	<$250 • ODD	258,904	306,590	—	95.0%	1.8 bps	—	—	23rd	—	100.0%
market	$250–$999 • FRACT	14,927	8,568	—	87.3%	3.1 bps	—	—	63rd	—	99.9%
market	$250–$999 • ODD	508,588	947,078	—	96.3%	2.1 bps	—	—	29th	—	100.0%
market	$250–$999 • ROUND	13	1,315	—	—	—	—	—	—	—	—
market	$1k–$5k • FRACT	702	570	—	86.3%	4.3 bps	—	—	79th	—	100.0%
market	$1k–$5k • ODD	242,802	2,378,095	—	96.8%	2.2 bps	—	—	33rd	—	100.0%
market	$1k–$5k • ROUND	8,321	1,212,038	—	85.6%	1.4 bps	—	—	22nd	—	100.0%
market	$5k–$10k • FRACT	5	5	—	—	—	—	—	—	—	—
market	$5k–$10k • ODD	78,809	1,740,414	—	97.4%	2.0 bps	—	—	26th	—	100.0%
market	$5k–$10k • ROUND	9,199	1,645,497	—	87.8%	1.1 bps	—	—	16th	—	100.0%
market	$10k–$20k • ODD	42,037	1,338,904	—	97.1%	1.8 bps	—	—	26th	—	100.0%
market	$10k–$20k • ROUND	23,906	2,858,137	—	94.1%	1.2 bps	—	—	17th	—	100.0%
market	$20k–$50k • ODD	17,305	555,200	—	98.3%	2.2 bps	—	—	22nd	—	100.0%
market	$20k–$50k • ROUND	42,353	7,026,077	—	94.9%	0.9 bps	—	—	7th	—	100.0%
market	$50k–$200k • ODD	269	9,361	—	98.4%	2.4 bps	—	—	5th	—	100.0%
market	$50k–$200k • ROUND	25,034	8,995,890	—	92.5%	0.7 bps	—	—	8th	—	100.0%
market	≥$200k • ROUND	4,378	5,298,135	—	84.4%	0.2 bps	—	—	25th	—	100.0%
marketable_limit	<$250 • FRACT	34,761	6,538	—	86.2%	1.3 bps	—	—	29th	—	100.0%
marketable_limit	<$250 • ODD	52,388	92,501	—	96.7%	1.6 bps	—	—	56th	—	100.0%
marketable_limit	$250–$999 • FRACT	3,052	1,702	—	85.5%	1.8 bps	—	—	36th	—	100.0%
marketable_limit	$250–$999 • ODD	92,733	387,508	—	96.5%	1.7 bps	—	—	56th	—	100.0%
marketable_limit	$250–$999 • ROUND	10	1,000	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • FRACT	137	111	—	88.0%	2.4 bps	—	—	38th	—	100.0%
marketable_limit	$1k–$5k • ODD	113,900	1,403,510	—	96.5%	1.8 bps	—	—	56th	—	100.0%
marketable_limit	$1k–$5k • ROUND	4,188	540,308	—	94.9%	1.5 bps	—	—	66th	—	100.0%
marketable_limit	$5k–$10k • ODD	35,204	977,131	—	96.2%	1.8 bps	—	—	54th	—	100.0%
marketable_limit	$5k–$10k • ROUND	5,995	1,002,722	—	94.2%	1.0 bps	—	—	58th	—	99.9%
marketable_limit	$10k–$20k • ODD	17,486	618,919	—	96.4%	1.7 bps	—	—	56th	—	100.0%
marketable_limit	$10k–$20k • ROUND	13,428	2,072,157	—	94.5%	1.2 bps	—	—	50th	—	99.9%
marketable_limit	$20k–$50k • ODD	6,201	207,876	—	97.4%	2.0 bps	—	—	60th	—	99.9%
marketable_limit	$20k–$50k • ROUND	22,772	4,580,439	—	93.6%	0.8 bps	—	—	39th	—	99.8%
marketable_limit	$50k–$200k • ODD	86	3,065	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	15,356	7,034,131	—	91.8%	0.7 bps	—	—	40th	—	99.5%
marketable_limit	≥$200k • ROUND	2,638	5,166,310	—	69.9%	0.4 bps	—	—	70th	—	93.2%
nonmarketable_limit	<$250 • FRACT	183	31	—	100.0%	1.5 bps	—	—	6th	—	58.1%
nonmarketable_limit	<$250 • ODD	133,337	204,940	—	100.0%	3.6 bps	—	—	27th	—	52.7%
nonmarketable_limit	$250–$999 • FRACT	14	8	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	364,935	1,267,973	—	100.0%	3.4 bps	—	—	29th	—	58.6%
nonmarketable_limit	$250–$999 • ROUND	14	1,402	—	—	—	—	—	—	—	—
nonmarketable_limit	$1k–$5k • ODD	510,177	4,460,721	—	100.0%	3.5 bps	—	—	23rd	—	62.5%
nonmarketable_limit	$1k–$5k • ROUND	6,476	756,824	—	100.0%	4.0 bps	—	—	61st	—	32.2%
nonmarketable_limit	$5k–$10k • ODD	151,790	3,073,065	—	100.0%	4.4 bps	—	—	56th	—	66.2%
nonmarketable_limit	$5k–$10k • ROUND	11,023	1,655,954	—	100.0%	2.5 bps	—	—	30th	—	41.8%
nonmarketable_limit	$10k–$20k • ODD	115,540	2,397,172	—	100.0%	6.5 bps	—	—	86th	—	69.8%
nonmarketable_limit	$10k–$20k • ROUND	34,628	4,385,602	—	100.0%	2.9 bps	—	—	24th	—	50.7%
nonmarketable_limit	$20k–$50k • ODD	54,974	1,118,109	—	100.0%	7.2 bps	—	—	94th	—	70.3%
nonmarketable_limit	$20k–$50k • ROUND	61,272	9,843,382	—	100.0%	2.5 bps	—	—	15th	—	56.3%
nonmarketable_limit	$50k–$200k • ODD	7,015	71,964	—	100.0%	17.0 bps	—	—	90th	—	79.5%
nonmarketable_limit	$50k–$200k • ROUND	48,434	16,544,620	—	100.0%	2.6 bps	—	—	23rd	—	55.5%
nonmarketable_limit	≥$200k • ROUND	7,730	13,167,527	—	100.0%	2.0 bps	—	—	18th	—	45.4%

2. Broker-Dealers Routing Here (Reverse 606 Index)

Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.

No broker-dealers identified routing flow to this market center in 2026Q3.

3. Rule 605 Report Files & Ingestion History

Published monthly execution quality data files crawled from vendor and exchange landing pages.

File Name	Month	Kind	Status	Fetched At	Source URL
WBUS202608.csv	202608	summary	stored	2026-09-30T21:17:20.841379655+00:00	File Link ↗
WBUS202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841380938+00:00	File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells

Tiers with < 100 covered orders

Missing Files

Months unretrievable

Methodological Caveats:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.
Brokers routing here reflect venue aliases as of the last crosswalk-venues run.

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