TL;DR
- Kraken launched the world’s first tokenized perpetual stock futures with regulated benchmarksoffering eligible non-US customers 110+ countries 24/7 leveraged exposure (up to 20x) to major US stocks and indices (S&P500, Nasdaq100), gold and individual stocks (NVDA, AAPL, TSLA, GOOGLEand others) through its derivatives platform, built on the xStocks Frame.
- xStocks are fully guaranteed, Tokenized shares backed by assets 1:1 this business on-chain 24/7including weekends and public holidays, allowing continuous price discovery even when traditional exchanges are closed – a key structural difference from conventional stock or futures markets that pause outside trading hours.
- Perpetual futures on tokenized stocks combine crypto-native trading mechanisms with exposure to traditional assets, allowing traders to execute directional strategies, short positions, event professionsAnd basic/carry transactions on stocks and raw materials with capital efficiency — representing a convergence of decentralized finance infrastructure (DeFi) And regulated global capital markets.
Tokenized Equity Players in the Age of 24/7 Trading
We are delighted to announce the launch of the world’s first tokenized equity perpetual futures contract with regulated benchmarks, listed on our derivatives platform.
Built using the xStocks framework, these products enable eligible non-US clients in over 110 countries to trade exposure to tokenized stocks in a regulated derivatives environment on the Kraken and Kraken Pro interfaces.
Initial listings include perpetual futures contracts that track tokenized versions of some of the world’s most followed stock indices, commodities and publicly traded companies:
- SPYx Perps – tracking the S&P 500
- QQQx Perps – tracking the Nasdaq 100
- GLDx Perps – track the price of gold
- NVDAx Perps – followed by Nvidia Corp
- AAPLx Perps – followed by Apple Inc
- GOOGLx Perps – followed by Alphabet Inc
- TSLAx Perps – followed by Tesla Inc.
- HOODx Perps – followed by Robinhood Markets Inc
- MSTRx Perps – followed by Strategy Inc.
- CRCLx Perps – followed by Circle Internet Group Inc
Together, these contracts provide traders with continuous, 24/7 exposure to a range of U.S. equity indices, gold markets and some of the world’s most actively followed and traded public companies – assets historically constrained by fixed trading hours.
How Perps Unlock Smarter Stock Exposure
Perpetual futures are a fundamental instrument in crypto markets, enabling seamless trading, capital efficiency, and a range of sophisticated trading strategies.
By applying this model to tokenized stocks, Kraken extends the utility of xStocks – the leading tokenized stocks framework in terms of cumulative trading volume, unique holders and 24-hour activity, according to publicly available data from Dune Analytics and RWA.xyz – while maintaining robust regulatory standards.
These futures contracts trade 24 hours a day and support up to 20x leverage, allowing efficient exposure with lower capital requirements than spot markets.
Traders can execute directional strategies, short-term and event-driven positioning, and base or carry trades on stock indices, individual stocks, and gold-backed ETFs.
“This is what it will look like when traditional markets are rebuilt for a crypto-native, always-on world, not a moment too soon given the volatility all markets present,” said Mark Greenberg, global head of consumer affairs at Kraken.
“Tokenized stocks regulated as perpetual futures represent a new chapter for global capital markets, one in which stocks, indices and commodities trade with the same speed, accessibility and flexibility as crypto via tokenization, providing a more robust risk management experience.”
Built with xStocks, expanding global access to tokenized stocks
xStocks are the gold standard for tokenized stocks, fully collateralized and backed 1:1 to the underlying assets. Unlike traditional stock or futures markets, where price discovery stops when the stock market closes, xStocks trades on-chain 24/7, including weekends and holidays. This provides a continuous, real-time reference price, even when existing markets are offline.
Using xStocks as the underlying reference layer, Kraken enables perpetual futures contracts that benefit from uninterrupted price discovery and global accessibility. Tokenized stock traders can manage risks, enter or exit positions, and react to market events without waiting for traditional markets to open.
This launch marks an important step towards transforming tokenized stocks into a truly global, always-on asset class. In the coming months, Kraken will expand its xStocks perpetual futures offering to include additional tokenized stocks and ETFs.
Kraken also plans to expand access to additional markets, expanding global availability.
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xStocks Perps are offered to eligible Kraken customers through Payward Digital Solutions Ltd. (“PDSL”), a company authorized to carry out digital asset business by the Bermuda Monetary Authority. Neither this product nor xStocks are or will be registered with any local securities regulator. Trading derivatives involves a high level of risk and may not be suitable for all investors. You risk losing more than your initial investment. This is not investment advice. Not available in the United States and other geographic restrictions apply. For full terms and conditions, please refer to Kraken’s Terms of use.
