TLDR
- Kraken introduces what the company describes as the first regulated perpetual futures for tokenized U.S. equities
- Available to eligible users outside the U.S. across more than 110 countries
- Launch includes S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and a gold ETF
- Trading operates continuously with leverage up to 20x, collateralized 1:1 by underlying assets
- Ondo Finance revealed similar plans this month for perpetual trading on tokenized equities
Crypto exchange Kraken has introduced what the company describes as the first regulated perpetual futures based on tokenized U.S. equities. Eligible users outside the U.S. in over 110 countries can access these products.
The new contracts leverage xStocks, a tokenized equities platform Kraken brought into its ecosystem through a December 2024 acquisition. This purchase provided Kraken with the infrastructure needed to deliver token-based stock exposure.
The initial rollout features tokenized versions of major benchmarks and companies: the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold ETF. Additional stocks and ETFs will follow in upcoming months, according to Kraken.
Traders can access these contracts continuously, any hour of any day, with leverage reaching 20x. This approach mirrors the perpetual futures structure already prevalent throughout crypto markets.
Perpetual contracts differ from traditional futures by having no expiration date. Instead, they use continuous settlement through funding payments exchanged between long and short positions, enabling traders to maintain positions for extended periods.
The xStocks tokens supporting these contracts maintain full collateralization with 1:1 backing from the actual securities. This structure helps maintain price stability even during hours when traditional U.S. stock markets remain closed.
How the Product Works
Traders can utilize these perpetuals to establish or hedge positions in U.S. equities without purchasing the tokenized shares directly. Active traders often find this approach more capital-efficient.
Perpetual futures have emerged as the primary instrument in crypto derivatives markets. Decentralized exchanges alone handled over $600 billion in perpetuals volume during January, with Hyperliquid contributing approximately $200 billion to that total.
Kraken’s introduction extends this proven structure to traditional asset classes spanning equities and commodities. The company claims this represents the first implementation within a regulated framework.
Mark Greenberg, Kraken’s global head of consumer, characterized the launch as demonstrating what happens “when traditional markets are rebuilt for a crypto-native, always-on world.”
He emphasized that tokenized equities trading as perpetual futures signals a new era for global capital markets, enabling stocks and indices to trade with flexibility matching cryptocurrency markets.
Competition in Tokenized Stock Derivatives
Kraken faces emerging competition in this sector. Ondo Finance revealed plans earlier this month to introduce perpetual trading linked to its tokenized stock offerings.
Ondo’s products currently lack the regulatory framework and operational scale that Kraken’s platform has achieved. Both developments signal expanding interest in tokenized stock derivatives.
These products target investors outside the United States, where regulatory pathways for such instruments currently offer greater clarity. Kraken has made no announcements regarding U.S. customer access.
Kraken’s perpetual futures for tokenized stocks became available on February 24, 2026.
