Kraken perpetuals bring tokenized US stocks into 24/7, high-leverage trading

In a move that tightens the link between Wall Street and digital assets, Kraken perpetuals are debuting for tokenized stocks and indices on a global basis.

Kraken launches regulated perps on tokenized US equities

Crypto exchange Kraken is rolling out what it describes as the first regulated perpetual futures on tokenized US stocks, extending a core crypto derivatives structure to traditional equity markets. The new products are open to eligible non US investors across more than 110 countries, according to the company.

The contracts reference digital tokens that mirror major US equities, stock indices and a gold ETF. Moreover, they are built on the tokenized equities business of xStocks, which Kraken acquired in December. This acquisition laid the groundwork for a broader suite of token-based equity exposure on the exchange.

Initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla and SPDR‘s gold ETF (GLD), Kraken said. However, the firm indicated that more single-name stocks and ETFs will be added over time as demand develops.

Importing the crypto derivatives model into equities

Kraken’s launch is notable because perpetual futures have become the dominant crypto derivatives model over the last several years. On blockchain-based decentralized exchanges alone, perps trading volume exceeded $600 billion in January, with Hyperliquid claiming roughly $200 billion in monthly activity, data from The Block show.

Unlike traditional futures, perpetuals do not expire and settle continuously via funding payments between long and short positions. That structure supports around the clock trading, with markets operating 24/7 rather than on set exchange hours. As a result, traders can adjust exposure as news breaks at any time of day.

Investors are drawn to these instruments because they offer continuous access, capital efficiency and the flexibility to go long or short quickly. Moreover, they enable high leverage trading compared to spot markets, which can amplify both gains and losses and therefore demands sophisticated risk management.

How Kraken perpetuals on tokenized stocks work

With this rollout, the perpetual contract structure long used in crypto now extends to tokenized equity and commodity exposures. In the middle of the product set sits the concept of kraken perpetuals on tokenized US equity benchmarks, large-cap tech names and a gold ETF, all tradable on a single venue.

The underlying xStocks tokenized assets are described by Kraken as fully collateralized and backed 1:1 by the referenced securities. That said, this backing is intended to provide a price anchor even when US stock exchanges are closed, since the tokens can still trade in secondary markets at all hours.

These tokenized shares and indices can be traded continuously and support leverage of up to 20x, Kraken noted. Moreover, the perpetuals overlay lets users gain or hedge exposure using derivatives rather than directly holding the tokenized equities, which can be more capital efficient for active traders.

An ‘always-on’ vision for global capital markets

“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,” Mark Greenberg, Kraken’s global head of consumer, said in a statement. His comments underscore the exchange’s pitch that always-open markets are better aligned with modern information flows.

Greenberg added that regulated tokenized equities as perpetual futures mark a new phase for global capital markets. Moreover, he argued that equities, indices and commodities can now trade with the same speed, accessibility and flexibility as crypto via tokenization, while aiming to deliver a more robust risk management framework for participants.

Kraken said it plans to expand the range of kraken tokenized us stocks and ETFs offered in derivative form over the coming months. However, as with all leveraged derivatives, the products will likely be targeted primarily at experienced traders, given the heightened risk profile.

Competition emerges in tokenized stock derivatives

The new lineup does not come in isolation. Rival tokenization platform Ondo Finance also announced plans earlier this month to introduce perpetual trading tied to its own tokenized stocks. That said, Ondo’s products have not yet reached the same regulatory framing or scale.

Both initiatives highlight how tokenized financial instruments are moving from basic spot exposure into more complex derivatives. Moreover, this trend suggests that a larger share of global equity trading and hedging activity could gradually migrate onto blockchain rails, particularly outside the US where regulatory paths are clearer.

Overall, Kraken’s regulated perps on tokenized US equities push the crypto-native trading model further into mainstream asset classes, reinforcing the shift toward 24/7, leveraged, and globally accessible markets.