Kraken rolls out crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks. Kraken claims to be the first to launch regulated perpetual futures for tokenized stocks. The products, available to eligible non-U.S. users in more than 110 countries, track digital versions of major U.S. stocks, indices and a gold ETF, building on the tokenized equities offering of xStocks. Initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla and SPDR’s gold ETF (GLD), the firm said.
Kraken’s launch matters because perpetuals trading has enjoyed a rapid growth, dominating crypto derivatives trading. With Kraken’s move, that structure now is expanded to other asset classes like equities. The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced assets, according to the company.
That provides a pricing anchor even when U.S. exchanges are closed. The tokenized stocks trade around the clock and support leverage of up to 20x. The contracts trade 24/7 with up to 20x leverage. Kraken said it plans to expand the lineup with more tokenized stocks and ETFs in the coming months.
Rival tokenization firm Ondo Finance earlier this month also announced plans to launch perps trading with its tokenized stocks. Move extends crypto’s fast-growing and dominant derivatives model to traditional equities. 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. 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.
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