
According to Kraken, the launch extends crypto’s dominant perpetual futures model into traditional equities, giving eligible non-U.S. traders 24/7 access to tokenized indices, stocks, and gold ETFs with leverage up to 20x.
Kraken announced what it calls the first regulated perpetual futures for tokenized stocks, available to qualified non-U.S. traders in over 110 countries. The products track digital versions of U.S. stocks, indices, and a gold ETF, with initial listings including the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR Gold ETF. These offerings, built on the xStocks platform acquired in December 2024, operate 24/7 with up to 20x leverage and are fully collateralized 1:1 with underlying assets. Perpetual futures, a fast-growing derivative in crypto with over $600 billion in January volume across decentralized exchanges, enable continuous trading without expiry dates. Kraken plans to expand its tokenized equities lineup, positioning itself alongside rivals like Ondo Finance entering the perps market.