Summary: Webull is preparing to launch a consolidated overnight market data feed that gathers real-time pricing and depth information from two off-exchange U.S. trading venues. The product is designed to present a unified view of liquidity during U.S. overnight hours, initially rolling out to 11 of Webull's 14 markets and offered via both free and subscription access.
Webull will combine data from Blue Ocean and Bruce Markets into a single overnight feed, according to people familiar with the launch. The aggregated stream will show quotes and order book depth from both venues concurrently, giving users a comprehensive look at available liquidity outside of regular U.S. trading hours.
The move intends to address a common shortcoming of overnight trading - fragmented liquidity and limited visibility when venues do not share order books. For traders active during U.S. overnight sessions, particularly those in the Asia-Pacific region where Webull has a substantial user base, the consolidated feed should offer greater clarity around price formation when markets are typically less transparent.
The company said overnight trading "is often when opportunity happens," and presenting multiple venue feeds in one interface is expected to help users participate with more confidence. Webull emphasized that the new consolidated feed will not alter its existing order-routing processes; rather, it will provide a broader snapshot of liquidity available across the two off-exchange venues.
Distribution will begin in 11 of Webull's 14 markets, with the remaining three markets scheduled to follow at a later stage. Access options include a free tier offering synthetic best bid and offer (BBO) top-of-book data and a subscription tier priced at $2.99 per month for a full order book view. The company positions these options to serve both casual and more active participants during extended trading hours.
The rollout arrives amid growing demand from investors and brokers for tools that support near-continuous access to U.S. equities. By consolidating feeds from Blue Ocean and Bruce Markets, Webull aims to reduce information asymmetries that can hinder trading decisions overnight, while stopping short of changing how orders are ultimately routed and executed.
While the feed promises enhanced visibility, the product's initial availability across most but not all markets and the decision not to modify order-routing mean the change is focused on improving data access rather than execution mechanics. Market participants will be able to view a more complete picture of overnight liquidity, subject to the coverage and functionality of the new feed.
Key points
- Webull will aggregate real-time quotes and depth from Blue Ocean and Bruce Markets into one overnight data feed - impacting brokerages, fintech services, and global equities trading.
- The consolidated view addresses fragmented overnight liquidity by showing multiple venue order books simultaneously, offering improved transparency for Asia-Pacific and other international users active during U.S. overnight hours.
- Access comes in free and paid tiers: synthetic BBO top-of-book for free and a $2.99 monthly subscription for full order book visibility.
Risks and uncertainties
- Initial rollout excludes three of Webull's 14 markets, limiting immediate global reach and creating a staggered adoption timeline - affecting international retail trading activity.
- The consolidated feed will not change Webull's order-routing processes, so improved visibility may not translate into different execution outcomes for traders.
- Overnight market fragmentation and venue-specific liquidity characteristics remain inherent challenges; presenting combined data may not fully eliminate opacity in thinly traded hours.