Kraken has introduced round-the-clock trading for a suite of tokenized equity perpetual futures, built on technology from xStocks, a provider the exchange is in talks to acquire. The new products, available to eligible non-U.S. clients in over 110 countries, offer continuous exposure to traditional equities, indices, and commodities through crypto-style derivatives.
The initial rollout includes 10 perpetual contracts tracking gold, the S&P 500 and Nasdaq 100 indices, and widely traded stocks such as Nvidia, Apple, Google, Tesla, and Robinhood. The offering also includes contracts linked to crypto-related firms Strategy and Circle Internet Group. Kraken emphasizes that these "xStocks perps" are fully collateralized and backed one-to-one by the underlying assets, positioning them as the first 24/7 tokenized equity perpetuals built on "regulated benchmarks."
Kraken's approach differentiates itself from competitors like BitMEX and Lighter by tying its contracts to regulated benchmarks rather than relying solely on synthetic price feeds. The exchange maintains a relationship with CME Group, whose derivatives contracts underpin parts of Kraken's existing offerings across equity indices, energy, metals, and foreign exchange.
"This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world," said Kraken Global Head of Consumer Mark Greenberg. "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."
The launch aligns with Kraken's broader strategy to expand beyond a crypto-only exchange model. The company is moving to finalize its acquisition of xStocks and reported $2.2 billion in adjusted revenue for 2025. Kraken has also filed for a confidential IPO registration and raised capital at a $20 billion valuation in November 2025.
However, the products carry specific risks and limitations. They are not available to U.S. persons. The structure is typically backed by a special-purpose vehicle holding the referenced securities, but the instruments function as derivative exposures that deliver cash value rather than full shareholder rights. Traders face risks including jurisdictional restrictions, counterparty exposure, and timing mismatches due to corporate actions and dividends being anchored to legacy market calendars. Weekend and holiday trading can introduce basis risk and pricing gaps when underlying cash markets are closed.
