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PDT tracker · Webull · checked 2026-09-25

Webull after the PDT repeal: day-trading checks and expiration mechanics

The $25,000 pattern-day-trader minimum ended 2026-06-04. Each broker now decides how it checks day-trading margin and what it does at expiration. The table shows Webull's published values — and says so when we could not find one.

Last time to submit exercise / do-not-exercise instructions on expiration day (ET)16:00 ET (market close)
What the broker does with an expiring ITM position the account cannot afford to take delivery onWebull Financial LLC reserves the right to close any options position that poses a risk if exercised or assigned, but is not obligated to act — position management remains the account holder's responsibility.
How the post-repeal day-trading margin check is applied (real_time | end_of_day | none)real_time — Intraday Buying Power with intraday appreciation added immediately; Intraday Margin Deficit (IMD) calls replace EM/DT calls; no PDT flag and no day-trade count limits (effective 2026-06-04)
Minimum equity the broker requires to day-trade on margin after the June 2026 PDT repeal (USD, null = none published)none published — Webull states 'no more $25k minimum' and 'no more day trade limits'; no replacement minimum is stated on the page
Settlement the broker applies to option proceeds in a cash account (e.g. T+1)T+1 (next business day for trades placed before 8:00pm ET)

Sources: www.webull.com · www.webull.com · www.webull.com · methodology · no affiliate links.

0DTE expiration day at Webull

Webull on 0DTE expiration day — as stated by the broker (checked 2026-09-25)
FactWhat Webull statesSource
Exercise / do-not-exercise cutoff on expiration day4:00pm ET — market closewww.webull.com
verified 2026-09-25
In-the-money position the account cannot take delivery onWebull Financial LLC reserves the right to close any options position that poses a risk if exercised or assigned, but is not obligated to act — position management remains the account holder's responsibility.www.webull.com
verified 2026-09-25
Cash-account settlement of option proceedsT+1 (next business day for trades placed before 8:00pm ET)www.webull.com
verified 2026-09-25
Minimum equity to day-trade on marginnone published — Webull states 'no more $25k minimum' and 'no more day trade limits'; no replacement minimum is stated on the pagewww.webull.com
verified 2026-09-25

SPX 0DTE (SPXW) settles in cash at the 4:00pm ET official close regardless of broker — what an in-the-money SPXW settles to. SPY/QQQ expiring in the money are exercised by the OCC at $0.01 unless instructed by the cutoff above — what an in-the-money SPY 0DTE turns into. Missed the cutoff? What happens after the exercise cutoff passes.

Compare: Interactive Brokers · Robinhood

Quick answers

Does Webull still enforce the $25,000 pattern-day-trader minimum?

The FINRA minimum was eliminated effective 2026-06-04; brokers phase in their own day-trading margin checks through October 2027. Webull applies its check real time — Intraday Buying Power with intraday appreciation added immediately; Intraday Margin Deficit (IMD) calls replace EM/DT calls; no PDT flag and no day-trade count limits (effective 2026-06-04).

What is Webull's exercise cutoff on 0DTE expiration day?

Webull states 4:00pm ET for exercise / do-not-exercise instructions on expiration day (as published: “16:00 ET (market close)”; www.webull.com, verified 2026-09-25). The cutoff applies to physically settled SPY and QQQ contracts; SPXW settles in cash at the 4:00pm ET official close with no exercise decision.

What does Webull do if my 0DTE finishes in the money and I can't take delivery?

Webull states: “Webull Financial LLC reserves the right to close any options position that poses a risk if exercised or assigned, but is not obligated to act — position management remains the account holder's responsibility.” (www.webull.com, verified 2026-09-25). For SPY/QQQ, OCC exercises any contract in the money by $0.01 or more at the close unless a do-not-exercise instruction reaches the broker by its cutoff; SPXW settles in cash, so there is nothing to deliver.

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