Kraken rolls out crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks

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• Kraken claims to be the first to launch regulated perpetual futures for tokenized stocks
• Move extends crypto’s fast-growing and dominant derivatives model to traditional equities.
• The contracts trade 24/7 with up to 20x leverage, giving non-U.S. investors capital-efficient exposure, Kraken said.

Crypto exchange Kraken is launching what it calls the first regulated perpetual futures contracts based on tokenized stocks, the firm told CoinDesk.

The products, available to eligible non-U.S. users in more than 110 countries, track digital versions of major U.S. stocks, indices and a gold ETF, building on the tokenized equities offering of xStocks that Kraken acquired in December.

Initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla and SPDR's gold ETF (GLD), the firm said.

Kraken's launch matters because perpetuals trading has enjoyed a rapid growth, dominating crypto derivatives trading. Blockchain-based decentralized exchanges processed over $600 billion in perps trading volume in January, with Hyperliquid claiming the biggest market share with $200 billion monthly volume, data by The Block shows.

Unlike traditional futures contracts, perps do not expire and trade 24/7 and allow users to trade with high leverage. Investors favor them for continuous access, capital efficiency and the ability to take long or short positions at any time.

With Kraken's move, that structure now is expanded to other asset classes like equities. The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced assets, according to the company. That provides a pricing anchor even when U.S. exchanges are closed. The tokenized stocks trade around the clock and support leverage of up to 20x.

"This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world, not a moment too soon given the volatility that all markets are exhibiting," Mark Greenberg, Kraken’s global head of consumer, said in a statement.

"Regulated tokenized equities as perpetual futures represent a new chapter for global capital markets, one where equities, indices, and commodities trade with the same speed, accessibility, and flexibility as crypto via tokenization, delivering a more robust risk management experience," he added.

Kraken said it plans to expand the lineup with more tokenized stocks and ETFs in the coming months.

Rival tokenization firm Ondo Finance earlier this month also announced plans to launch perps trading with its tokenized stocks.

Read more: Kraken’s co-CEO could trust AI with 100% of his crypto — Dragonfly’s Haseeb Qureshi isn’t convinced

• Stablecoin volume is decoupling from the crypto market cycles as real-world use expands, payments firm Stripe said in its annual letter.
• Bridge, the stablecoin platform acquired by Stripe, saw transaction volume more than quadruple in 2025, the letter said.
• Stablecoins, or digital versions of fiat money, are increasingly viewed as an alternative for cross-border payments with Facebook parent Meta said to be the latest to explore developing its own token.

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