TL;DR
- 10 xStock assets (including SPYx, QQQx, AAPLx, GOOGLx, TSLAx and NVDAx) are now eligible as collateral for futures and margin trading on Kraken Pro.
- Term guarantee is available to eligible customers outside the United States, including in the EEA. Margin Guarantee is available to eligible customers outside the United States, outside EEA.
- Haircuts ranging from 10% to 30% And guarantee limits per asset apply to each eligible xStock, and both are reviewed periodically and subject to change.
- Eligible holders can open or maintain leveraged positions using xStocks they already holdwithout selling first.
What changes
xStocks, tokenized versions of real-world stocks and ETFs, are – until now – assets you buy and hold on Kraken. Eligible xStocks can now also be used as collateral when trading futures and margin on Kraken Pro.
In practice, this means that a trader holding NVDAx, for example, no longer has to choose between retaining this exposure and freeing up capital for a leveraged position. The holding company itself can support the position.
Eligible assets, discounts and guarantee limits
Ten xStocks assets are eligible as collateral at launch, covering major index ETFs, mega-cap stocks and gold:
| Symbol | Underlying asset | Haircut | Maximum guarantee (USD) |
| SPYx | SPDR S&P 500 ETF Trust | 10% | $1,000,000 |
| QQQx | Invesco QQQ Trust | 10% | $1,000,000 |
| AAPLx | Apple Inc. | 20% | $250,000 |
| GOOGLx | Alphabet Inc. Class A | 20% | $250,000 |
| TSLAx | Tesla, Inc. | 20% | $250,000 |
| NVDAx | NVIDIA Company | 20% | $250,000 |
| CAPOTx | Robinhood Markets, Inc. | 30% | $250,000 |
| MSTRx | Strategy Incorporated (formerly MicroStrategy) | 30% | $250,000 |
| GLDx | SPDR Gold Stocks | 20% | $100,000 |
| CRCLx | Circle Internet Group, Inc. | 30% | $100,000 |
General market ETFs have the lowest discount, at 10%. Most individual stocks and gold are at 20%. Higher volatility securities are subject to a 30% haircut.
Coverage limits and discounts apply and are subject to change. See full details on our guarantee currencies.
Availability by region
- Long-term guarantees: available to eligible customers outside the United States, including in the EEA.
- Margin guarantee: available to eligible customers outside the United States outside EEA.
Why it matters
For traders who already hold xStocks, this is a capital efficiency change. Existing holdings can support a leveraged position in futures or margin contracts instead of remaining dormant, without the need to liquidate them first.
For traders who hold stocks and ETFs elsewhere and are exploring leverage for the first time, it offers a more familiar starting point: publishing the exposure you already understand, rather than starting solely from cash collateral.
Risk Considerations
Using xStocks as collateral does not remove the risks associated with leveraged trading. Haircuts reduce the effective collateral value of each asset, and collateral limits limit a single asset’s share of your total. If the value of your collateral declines, your position may be subject to a margin call or liquidation.
This is not a risk-free way to access leverage, and it is worth understanding how collateral, haircuts, and margin calls work before using this feature.
To start
Eligible xStocks are automatically recognized as collateral wherever futures and margin trading is available in your account. Log in to Kraken Pro to view your eligible holdings and current collateral limits.
Payward Digital Solutions Ltd. is licensed to carry out digital asset business with the Bermuda Monetary Authority. Trading futures, derivatives and other instruments using leverage involves an element of risk and may not be suitable for everyone. Read Kraken Derivatives Risk Disclosure to find out more.
Trading derivatives involves significant risks and is not suitable for all investors. The value of your investment may decrease or increase. See our Risk Disclosure at eu.kraken.com. Derivatives are provided by Payward Europe Digital Solutions (CY) Limited, regulated by the Cyprus Securities and Exchange Commission (CySEC), License No. 342/17. Spot trading provided by Payward Europe Solutions Limited t/a Kraken, regulated by the Central Bank of Ireland.
Outside the EEA, xStocks Perps and Margin on xStocks 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. The availability of margin trading services is subject to certain limitations and eligibility criteria. Margin trading carries an element of risk and may not be suitable for everyone. Read Kraken’s margin disclosure statement to learn more. 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.
