TLDR

  • Kraken has introduced what it asserts are the inaugural regulated perpetual futures contracts for tokenized U.S. equities
  • These offerings are accessible to qualified non-U.S. users across more than 110 nations
  • The initial listings encompass the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and a gold exchange-traded fund (ETF)
  • The contracts facilitate continuous 24/7 trading with leverage up to 20x, fully backed 1:1 by their underlying assets
  • Competitor Ondo Finance also disclosed intentions this month to roll out perpetual trading for its own tokenized stocks

Cryptocurrency exchange Kraken has unveiled what it describes as the pioneering regulated perpetual futures contracts derived from tokenized U.S. equities. These products are made available to qualified non-U.S. users in over 110 countries.

These contracts leverage xStocks, a tokenized equities platform Kraken acquired in December 2024. This acquisition provided Kraken with the necessary infrastructure to provide token-based stock exposure on its platform.

The initial offerings feature tokenized iterations of the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold ETF. Kraken indicates intentions to expand its selection of stocks and ETFs in subsequent months.

These contracts facilitate continuous trading and permit leverage of up to 20x. This design reflects the established structure of perpetual futures prevalent in cryptocurrency markets.

In contrast to conventional futures, perpetual contracts lack an expiration date. They undergo continuous settlement via funding payments exchanged between buyers and sellers, enabling traders to maintain positions indefinitely.

The foundational xStocks tokens are entirely collateralized and maintain a 1:1 backing by the corresponding securities. This mechanism aims to stabilize prices, even during periods when U.S. stock exchanges are not operational.

How the Product Works

Traders have the option to utilize these perpetuals to acquire or mitigate exposure to U.S. equities without directly possessing the tokenized shares. This approach can offer enhanced capital efficiency for active market participants.

Perpetual futures have emerged as the predominant offering within crypto derivatives. Decentralized exchanges alone processed more than $600 billion in perpetuals volume in January, with approximately $200 billion attributed to Hyperliquid.

Kraken’s initiative extends this identical structure to conventional asset classes such as equities and commodities. According to the company, this marks the initial instance of such an implementation within a regulated framework.

Mark Greenberg, Kraken’s global head of consumer, stated that the introduction illustrates the outcome “when conventional markets are re-engineered for a crypto-native, continuously active environment.”

He further remarked that tokenized equities, presented as perpetual futures, signify a novel era for global capital markets, enabling stocks and indices to be traded with the same adaptability as cryptocurrencies.

Competition in Tokenized Stock Derivatives

Kraken is not the sole entity operating in this domain. Competitor platform Ondo Finance disclosed earlier this month its intentions to also introduce perpetual trading linked to its tokenized stocks.

Ondo’s offerings have not yet attained the equivalent regulatory framework or magnitude as Kraken’s proposition. Both developments underscore the expansion of the market for tokenized stock derivatives.

These products are primarily targeting non-U.S. investors, given that the regulatory pathways for such instruments are presently more defined in those regions. Kraken has not signaled any intentions to extend these contracts to U.S. clientele.

Kraken’s perpetual futures for tokenized stocks commenced operations on February 24, 2026.