Public.com and Webull both advertise “$0 options trading,” but that headline hides two very different pricing models. Webull genuinely charges nothing on standard equity and ETF options. Public.com charges nothing too, and then pays the trader back a per-contract rebate on top of it. For most traders that difference is trivial. For two specific groups, high-volume equity options sellers and active index-options traders, it changes which broker actually costs less.
Key Takeaways
- Both brokers charge $0 commission and $0 per-contract fee on standard equity and ETF options.
- Public.com pays a volume-tiered rebate on equity/ETF options, $0.06 to $0.18 per contract depending on monthly volume. Webull pays nothing back.
- Index options (SPX, VIX, Nasdaq-100/NDX) are priced separately at both brokers: Webull charges a flat $0.50/contract, Public charges $0.35 to $0.50/contract.
- Webull adds a $0.10-per-contract surcharge on any single options order above 500 contracts (index options excluded). Public has no equivalent surcharge.
- Webull offers paper trading and a deeper charting stack. Public does not currently offer a paper trading simulator.
The Headline Pricing Is Identical. The Real Cost Structure Is Not.
Look up either broker’s options page and you will see the same number: $0 commission, $0 per contract, on stock and ETF options. That’s accurate as far as it goes, verified directly against each broker’s own fee schedule (Webull, last verified 2026-08-06; Public.com, last verified 2026-08-27). What the headline number leaves out is what happens after that baseline.
Webull: Free Is Actually Free, With Two Carve-Outs
Webull charges $0 commission and $0 per contract on standard equity and ETF options, full stop, for the typical retail order. There are two carve-outs worth knowing before you route a trade. First, index options, specifically SPX, Nasdaq-100, and VIX, are priced separately at a flat $0.50 per contract. Second, Webull adds a $0.10-per-contract surcharge on any single options order above 500 contracts, though index options are excluded from that particular surcharge. Neither carve-out shows up on Webull’s front-page pricing table; both are documented on its own options and pricing pages.
Public.com: A Rebate Model, Not a Fee Waiver
Public.com takes a different approach entirely. On equity and ETF options, it charges $0 commission and $0 per contract, the same as Webull, and then pays the trader a rebate on top: $0.06 per contract for traders under 1,000 contracts a month, rising to $0.10 for 1,000 to 4,999, $0.14 for 5,000 to 9,999, and $0.18 per contract for anyone trading 10,000 or more contracts a month. Public is the only broker in our comparison set built around a “gets paid to trade” structure rather than a flat-zero fee. The catch is that index options (SPX, NDX, VIX, and CBTX) sit on a separate, non-rebated schedule priced at $0.35 to $0.50 per contract, so the rebate story does not extend to the index-options side of the business.
Who Actually Saves (or Earns) Money Here
Run the two pricing models against three realistic trader profiles and the “both are free” framing stops being useful.
The High-Volume Equity Options Seller
Consider a hypothetical trader selling 2,000 equity options contracts a month, a realistic pace for someone running weekly credit spreads or covered calls across a handful of tickers. At Webull, that volume costs exactly $0 and pays back exactly $0. At Public, that same 2,000 contracts falls into the 1,000-4,999 tier at $0.10 per contract, which works out to $200 paid back to the trader that month, purely from routing normal options flow. Scale that up to 10,000+ contracts a month and the rebate rate climbs to $0.18 per contract, or $1,800 on that volume alone. This is illustrative math based on published rebate tiers, not a guarantee of any specific trader’s results, but it is the single clearest reason a high-volume equity seller should not treat these two brokers as interchangeable.
The Index Options Trader
For a trader working SPX, VIX, or Nasdaq-100 options, the calculus flips closer to even. A hypothetical trader running 50 index options contracts a month pays roughly $25 at Webull’s flat $0.50/contract rate, and somewhere between $17.50 and $25 at Public depending on where in its $0.35-$0.50 range that volume lands. That’s close enough that index-options traders should not pick a broker on this line item alone; platform depth and execution quality matter more at this margin than a few dollars a month.
The Active Multi-Leg Trader
Webull’s 500-contract surcharge is easy to miss because it doesn’t appear on the standard pricing page next to the “$0 options” claim. A hypothetical trader who routes a single 600-contract equity options order, not uncommon for someone scaling into a position across several accounts or building a large multi-leg spread, would pay an extra $0.10 per contract on that order at Webull. Public has no comparable volume-based surcharge on equity/ETF options; its tiered structure only ever pays the trader more as volume increases, never charges more.
Public.com vs. Webull: Side-by-Side
| Feature | Public.com | Webull |
|---|---|---|
| Stock/ETF options commission | $0 | $0 |
| Per-contract fee, equity/ETF options | $0, plus a rebate of $0.06-$0.18/contract by monthly volume | $0 |
| Index options (SPX, NDX/Nasdaq-100, VIX) | $0.35-$0.50/contract (not rebated) | $0.50/contract flat |
| High-volume order surcharge | None | $0.10/contract on orders above 500 contracts (index options excluded) |
| Paper trading | Not offered | Yes |
| Fractional shares | Yes | Yes |
| Futures | No | No |
| Account minimum | $0 | $0 |
| Data last verified | 2026-08-27 | 2026-08-06 |
Platform Depth: Where Webull Pulls Ahead
Cost is only half the decision. Independent comparisons from brokerchooser.com and stockbrokers.com consistently note that Webull’s charting and technical-indicator stack is meaningfully deeper than Public’s, and brokers.json confirms Webull includes free paper trading, which Public currently does not offer at all. For anyone who wants to test an options strategy against live prices before risking real capital, that gap alone may outweigh a few dollars a month in rebates. Public’s counter-strength is simplicity: a cleaner interface, the rebate itself, and a design built around long-term investors who also trade some options, rather than an active trader’s command center.
Who Fits Each Broker
Public.com makes the most sense for traders running consistent equity and ETF options volume, income-focused sellers running covered calls or cash-secured puts across a watchlist, who want the rebate and don’t need deep charting or a practice account. Webull fits traders who want genuinely free options trading paired with a capable technical-analysis platform and a paper-trading sandbox, and who are comfortable working around the index-options and high-volume-order carve-outs when they apply. Neither is a universal winner. The right pick depends on whether your trading style produces the volume that makes Public’s rebate meaningful, or leans on the charting and testing tools that Webull includes and Public does not.
Bottom Line
Both brokers deliver on “$0 commission” for standard equity and ETF options, but Public.com’s rebate can turn that into a small paycheck for high-volume sellers, while Webull’s deeper charting and paper trading serve traders who value tools over a rebate check. Check each broker’s live fee schedule before committing real capital, since rebate tiers and surcharge thresholds are the kind of detail that can change without a headline announcement.
FAQ
Q: Does Public.com really pay you to trade options?
A: On equity and ETF options, yes. Public pays a volume-tiered rebate of $0.06 to $0.18 per contract depending on monthly volume, rather than charging a fee. Its index options (SPX, NDX, VIX, CBTX) are priced separately and are not rebated.
Q: Which broker is cheaper for trading SPX or VIX options?
A: They’re close. Webull charges a flat $0.50 per contract on index options; Public charges $0.35 to $0.50 per contract. The gap is small enough that platform features matter more than price at this level.
Q: Does Webull charge extra for large options orders?
A: Yes. Webull adds a $0.10-per-contract surcharge to any single options order above 500 contracts, though index options are excluded from that surcharge. This fee doesn’t appear on Webull’s headline pricing page.
Q: Can I paper trade options at either broker before using real money?
A: Only at Webull. Public.com does not currently offer a paper trading simulator for options.
Q: Which platform has better charting for options traders?
A: Webull, according to independent comparisons from brokerchooser.com and stockbrokers.com, which consistently note its deeper technical-indicator stack and desktop charting relative to Public’s simpler interface.
Ready to see the numbers on your own trading volume? Webull lays out its full options pricing and charting tools, and Public’s options rebate program is worth reviewing directly if your monthly volume is high enough to make the tiers meaningful. For more on how Public.com stacks up elsewhere, see our comparisons against Robinhood and tastytrade, or read the full Public.com options review.