Yes. The WHOOP warranty states that your WHOOP band will be defect free for a year following your initial activation (aka your first use) of your WHOOP band and membership. If you notice any defects in your WHOOP band during this one year period WHOOP will replace your WHOOP band.
However, the warranty has a few stipulations. You need to have an active subscription with no outstanding fees, have a valid payment method on file, and be the original owner of the WHOOP.