TLDR
- Cryptocurrency exchange Kraken introduces regulated perpetual futures for tokenized U.S. equities, a first in the industry
- Trading is accessible to qualified international clients across more than 110 jurisdictions
- First wave of offerings features S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and a gold-tracking ETF
- These instruments operate continuously with leverage options reaching 20x, fully collateralized by underlying assets
- Competitor Ondo Finance revealed similar plans for perpetual trading on tokenized equities this month
Cryptocurrency platform Kraken has unveiled what it describes as the industry’s first regulated perpetual futures tied to tokenized U.S. equities. These financial instruments are now accessible to qualified international traders spanning over 110 nations.
The new offerings leverage xStocks, a tokenized equity infrastructure that Kraken brought into its ecosystem through a December 2024 acquisition. This strategic purchase provided the exchange with the necessary technology to deliver blockchain-based stock market exposure.
The debut lineup features tokenized representations of major indices and blue-chip companies: the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold-backed exchange-traded fund. The company has signaled its intention to expand this roster with additional equities and ETFs in subsequent months.
These derivatives operate continuously without interruption and provide leverage capabilities up to 20x. The design parallels the perpetual futures contracts that have become standard offerings in cryptocurrency markets.
Distinct from conventional futures that have set expiration dates, perpetual contracts remain open-ended. They achieve ongoing settlement through a funding rate mechanism exchanged between long and short position holders, enabling traders to maintain exposures for extended periods.
The xStocks tokens underlying these contracts maintain full collateralization, backed on a 1:1 basis by the actual securities they represent. This framework is intended to maintain price stability even during hours when traditional U.S. stock exchanges are offline.
How the Product Works
Market participants can utilize these perpetuals to establish or protect against exposure to U.S. equity markets without taking direct ownership of the tokenized shares. This approach offers enhanced capital efficiency for those engaged in active trading strategies.
Perpetual futures contracts have emerged as the predominant instrument within crypto derivatives markets. Decentralized trading platforms alone processed more than $600 billion in perpetuals volume during January, with Hyperliquid representing approximately $200 billion of that total.
Kraken’s initiative adapts this proven framework to conventional asset categories including stocks and commodities. The exchange asserts this marks the inaugural implementation of such products within a regulated environment.
Mark Greenberg, who leads consumer operations globally at Kraken, characterized the launch as demonstrating “when traditional markets are rebuilt for a crypto-native, always-on world.”
He further noted that perpetual futures on tokenized equities signal an evolution in global capital markets, enabling stocks and indices to trade with the same continuous flexibility that defines cryptocurrency markets.
Competition in Tokenized Stock Derivatives
Kraken faces emerging competition in this nascent sector. Competing platform Ondo Finance disclosed plans earlier this month to introduce perpetual trading functionality for its tokenized stock products.
Ondo’s offerings have yet to match the regulatory framework or market presence that Kraken’s launch represents. Nevertheless, both initiatives underscore expanding interest in the tokenized stock derivatives marketplace.
These products target international investors, where regulatory pathways for such instruments currently offer greater clarity. Kraken has not announced any intentions to extend these contracts to U.S.-based customers.
Kraken’s perpetual futures for tokenized equities became operational on February 24, 2026.
