TL;DR
- Kraken Launched for the first time in the world Tokenized Stock Perpetual Futures Contract with regulated benchmarksAvailable to eligible customers outside the U.S. 110+ countries 24/7 leveraged exposure (up to 20 times) to major U.S. stocks and indices (S&P 500, Nasdaq 100), gold, individual stocks (nvidia, AAPL, TSLA, googleetc.) through a derivatives venue built on xStocks Framework.
- xStocks fully secured, 1:1 asset-backed tokenized stocks the deal On-chain 24/7including weekends and public holidays Continuous price discovery Even when traditional exchanges are closed — key structural differences from traditional stock or futures markets that pause on the outside. trading hours.
- Tokenized Asset Perpetual Futures combine Cryptocurrency trading mechanism Executable for traders through exposure to traditional assets directional strategy, short position, Event driven tradingand Basis/Carry Trade About stocks and products capital efficiency – Indicates convergence Decentralized Finance (DeFi) Infrastructure and Regulated global capital markets.
Tokenized Asset Value in the Era of 24/7 Transactions
We are pleased to announce the launch of the world’s first tokenized equity perpetual futures contract with a regulated benchmark listed on a derivatives exchange.
Built using the xStocks framework, the product allows eligible non-US customers in over 110 countries to trade tokenized equity exposures within a regulated derivatives environment in the Kraken and Kraken Pro interfaces.
The initial list includes perpetual futures that track tokenized versions of the world’s most widely followed stock indices, commodities and publicly traded companies.
- SPYx Perps – S&P 500 Tracking
- QQQx Perps – Nasdaq 100 Tracking
- GLDx Perps – Gold Price Tracking
- NVDAx Perps – Nvidia Corp Tracking
- AAPLx Perps – Apple Inc Tracking
- GOOGLx Perps – Alphabet Inc Tracking
- TSLAx Perps – Tesla Inc. tracking
- HOODx Perps – Robinhood Markets Inc Tracking
- MSTRx Perps – Strategy Inc. tracking
- CRCLx Perps – Circle Internet Group Inc Tracking
These contracts provide traders with continuous 24/7 exposure to a variety of U.S. stock indices, the gold market, and some of the most actively followed and traded public companies in the world – assets that have historically been limited to fixed trading hours.
How Perps unlocks your stock exposure a smarter way
Perpetual futures are a fundamental tool in the cryptocurrency markets, enabling continuous trading, capital efficiency, and a variety of sophisticated trading strategies.
By applying this model to tokenized stocks, Kraken extends the utility of xStocks, a leading tokenized stocks framework based on cumulative trading volume, unique holders, and 24-hour activity according to publicly available data from Dune Analytics and RWA.xyz, while maintaining strong regulatory standards.
These futures contracts trade 24 hours a day and support up to 20x leverage, providing efficient exposure with lower capital requirements than spot markets.
Traders can implement directional strategies, short-term and event-driven positioning and base or perform trades on stock indices, individual stocks and gold-backed ETFs.
“This is what it looks like when traditional markets are rebuilt for a cryptocurrency-based, always-on world,” said Mark Greenberg, head of global consumer at Kraken. “Given the volatility in all markets, it’s not a moment too soon.”
“Regulated tokenized stocks as perpetual futures represent a new chapter in global capital markets where stocks, indices and commodities can be traded with the same speed, accessibility and flexibility as cryptocurrencies through tokenization, providing a more robust risk management experience.”
Expands global access to tokenized stocks built with xStocks
xStocks is the gold standard for tokenized stocks, fully collateralized and backed 1:1 by the underlying asset. Unlike traditional stock or futures markets, where price discovery is paused when exchanges are closed, xStocks trades on-chain 24/7, including weekends and public holidays. This provides continuous, real-time reference prices even when legacy markets are offline.
Kraken uses xStocks as its primary reference layer, enabling a perpetual future where you can benefit from uninterrupted price discovery and global accessibility. Tokenized stock traders can manage risk, enter or exit positions, and react to market events without having to wait for traditional markets to open.
This launch is an important step in making tokenized equities a truly global, ever-present asset class. In the coming months, Kraken plans to expand its xStocks perpetual futures product to include additional tokenized stocks and ETFs.
Kraken also plans to expand its global availability by expanding access to additional markets.
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xStocks Perps are available to eligible Kraken customers through Payward Digital Solutions Ltd. (“PDSL”), a company licensed to conduct digital asset business by the Monetary Authority of Bermuda. Neither this product nor xStocks is and will not be registered with any local securities regulatory agency. Derivatives trading involves a high degree 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 United States and other geographic restrictions apply. See Kraken’s website for full terms and conditions. Terms of Service.