Built using the xStocks framework, these products allow eligible non-U.S. clients in over 110 countries to trade tokenized equity exposure within a regulated derivatives environment on Kraken and Kraken Pro interfaces.
The initial listings include perpetual futures tracking tokenized versions of some of the world’s most widely followed equity indices, commodities and publicly traded companies:
SPYx Perps – tracking the S&P 500
QQQx Perps – tracking the Nasdaq 100
GLDx Perps – tracking the gold price
NVDAx Perps – tracking Nvidia Corp
AAPLx Perps – tracking Apple Inc
GOOGLx Perps – tracking Alphabet Inc
TSLAx Perps – tracking Tesla Inc.
HOODx Perps – tracking Robinhood Markets Inc
MSTRx Perps – tracking Strategy Inc.
CRCLx Perps – tracking Circle Internet Group Inc
Together, these contracts give traders continuous, 24/7 exposure to a range of U.S. equity indices, gold markets, and some of the most actively followed and traded public companies globally – assets historically constrained by fixed trading hours.
How Perps unlock smarter equity exposure
Perpetual futures are a foundational instrument in crypto markets, enabling continuous trading, capital efficiency, and a range of sophisticated trading strategies.
By applying this model to tokenized equities, Kraken expands the utility of xStocks — the leading tokenized equities framework by 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 around the clock and support leverage of up to 20x, allowing efficient exposure with lower capital requirements than spot markets.
Traders can execute directional strategies, short-term and event-driven positioning, and basis or carry trades on equity indices, individual stocks, and gold-backed ETFs.
“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,” 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, delivering a more robust risk management experience.”
Built with xStocks, expanding global access to tokenized equities
xStocks are the gold standard for tokenized equities, fully collateralized and 1:1 backed by the underlying assets. Unlike traditional equity or futures markets, where price discovery pauses when exchanges close, xStocks trade onchain 24/7, including weekends and public holidays. This provides a continuous, real-time reference price even when legacy markets are offline.
By using xStocks as the underlying reference layer, Kraken enables perpetual futures that benefit from uninterrupted price discovery and global accessibility. Traders of tokenized equities can manage risk, enter or exit positions, and respond to market events without waiting for traditional markets to open.
This launch marks a significant step toward making tokenized equities a truly global, always-on asset class. In the months ahead, Kraken will expand its xStocks perpetual futures offering to include additional tokenized stocks and ETFs.
Kraken also plans to extend access to additional markets, broadening global availability.
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Trade xStocks Perps on Kraken Pro
xStocks Perps are offered to eligible Kraken customers via Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. Neither this product nor xStocks are or will be registered with any local securities regulators. Trading derivatives involves a high level of risk and may not be suitable for all investors. You may lose more than your initial investment. This is not investment advice. Not available in the US and other geographic restrictions apply. For the full terms and conditions, please refer to Kraken’s Terms of Service .
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