TL;DR
10 xStock assets (including SPYx, QQQx, AAPLx, GOOGLx, TSLAx, and NVDAx) are now eligible as collateral for futures and fargin trading on Kraken Pro.
Futures collateral is available to eligible clients outside the United States, including in the EEA. Margin collateral is available to eligible clients outside the United States, excluding the EEA.
Haircuts ranging from 10% to 30% and per-asset collateral limits 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 hold, without selling first.
What’s changing
xStocks, tokenized versions of real-world equities and ETFs, have — so far — been 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 a trader holding NVDAx, for example, no longer has to choose between keeping that exposure and freeing up capital for a leveraged position. The holding itself can support the position.
Eligible assets, haircuts, and collateral limits
Ten xStocks assets are eligible as collateral at launch, spanning major index ETFs, mega-cap equities, and gold:
Symbol
Underlying asset
Haircut
Max collateral (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 Corporation
20%
$250,000
HOODx
Robinhood Markets, Inc.
30%
$250,000
MSTRx
Strategy Incorporated (formerly MicroStrategy)
30%
$250,000
GLDx
SPDR Gold Shares
20%
$100,000
CRCLx
Circle Internet Group, Inc.
30%
$100,000
Broad market ETFs carry the lowest haircut, at 10%. Most individual equities and gold sit at 20%. Higher-volatility names carry a 30% haircut.
Collateral limits and haircuts apply and are subject to change. See full details on our collateral currencies.
Availability by region
- Futures collateral: available to eligible clients outside the United States, including in the EEA.
- Margin collateral: available to eligible clients outside the United States excluding the EEA.
Why this matters
For traders who already hold xStocks, this is a capital efficiency change. Existing holdings can support a leveraged Futures or Margin position instead of sitting idle, with no need to liquidate them first.
For traders who hold equities and ETFs elsewhere and are exploring leverage for the first time, it offers a more familiar starting point: post the exposure you already understand, rather than starting from cash collateral alone.
Risk considerations
Using xStocks as collateral does not remove the risks of trading with leverage. Haircuts reduce each asset’s effective collateral value, and collateral limits cap how much of a single holding counts toward your total. If the value of your collateral falls, your position may be subject to a margin call or liquidation.
This is not a risk-free way to access leverage, and it’s worth understanding how collateral, haircuts, and margin calls work before using the feature.
Get started
Eligible xStocks are recognized automatically as collateral wherever futures and margin trading are available on your account. Log in to Kraken Pro to view your eligible holdings and current collateral limits.
Payward Digital Solutions Ltd. is licensed to conduct digital asset business by 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 learn more.
Trading derivatives involves significant risks and is not appropriate for all investors. The value of your investment may go down or up. See our Risk Disclosure on eu.kraken.com. Derivatives products are provided by Payward Europe Digital Solutions (CY) Limited, regulated by the Cyprus Securities and Exchange Commission (CySEC), licence no 342/17. Spot trading provided by Payward Europe Solutions Limited t/a Kraken, regulated by the Central Bank of Ireland.
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