Kraken Launches 24/7 Tokenized Stock Perpetuals

Kraken has introduced the world first regulated perpetual futures contracts tied to tokenized U.S. stocks, indices, and gold, giving eligible non U.S. traders around the clock leveraged access to traditional markets.

Key Takeaways

• Kraken launched regulated tokenized equity perpetual futures for non U.S. users in over 110 countries.
• Traders can access 24/7 markets with up to 20x leverage on major stocks, indices, and gold.
• Contracts are built on the xStocks framework, which is fully backed 1 to 1 by underlying assets.
• The move signals deeper convergence between crypto derivatives and traditional finance.

What Happened?

Crypto exchange Kraken announced the launch of regulated perpetual futures contracts based on tokenized equities and commodities. The new products are available to eligible users outside the United States through Kraken and Kraken Pro.

The contracts track tokenized versions of major U.S. assets, allowing investors to trade continuously, including weekends and public holidays, with leverage of up to 20 times.

24 7 Perpetuals Meet Traditional Markets

The launch marks the first time regulated benchmarks have been used for tokenized equity perpetual futures. The products are built on the xStocks framework, developed by Backed Finance AG, which Kraken recently acquired.

The initial lineup includes 10 contracts:

• SPYx tracking the S&P 500
• QQQx tracking the Nasdaq 100
• GLDx tracking gold through the SPDR Gold ETF
• NVDAx tracking Nvidia
• AAPLx tracking Apple
• GOOGLx tracking Alphabet
• TSLAx tracking Tesla
• HOODx tracking Robinhood
• MSTRx tracking Strategy
• CRCLx tracking Circle

Unlike traditional futures, perpetual contracts do not expire. They trade around the clock and allow both long and short positions. This structure has become dominant in crypto derivatives markets. According to data cited by CoinDesk, decentralized exchanges processed more than $600 billion in perpetual futures trading volume in January alone, with Hyperliquid capturing about $200 billion of that monthly volume.

By applying this format to equities and gold, Kraken is effectively extending crypto style trading mechanics into traditional asset classes.

Fully Backed Tokenized Assets

Kraken says the underlying tokenized stocks are fully collateralized and backed 1 to 1 by the referenced assets. That structure provides a pricing anchor even when U.S. stock exchanges are closed.

Because xStocks trade onchain 24/7, price discovery continues outside traditional market hours. Traders can respond instantly to macro events, earnings announcements, or geopolitical developments without waiting for exchanges to reopen.

Mark Greenberg, Kraken’s Global Head of Consumer said:

Kraken emphasized that its products rely on regulated benchmarks. The company has not disclosed its liquidity provider, though it maintains a close partnership with CME Group, whose contracts form the basis of several of its index and commodities products.

Competition and IPO Plans

Kraken is not alone in exploring tokenized perpetuals. Platforms such as BitMEX and Lighter have also launched round the clock contracts tied to major stocks. Ondo Finance recently announced plans to introduce similar products.

Still, Kraken’s regulated framework may help differentiate it in an increasingly competitive tokenization market.

The launch comes as the exchange prepares for a potential public listing. Kraken previously reported adjusted revenue of $2.2 billion for 2025 and filed a confidential application for an initial public offering. Earlier funding valued the company at $20 billion, and a related SPAC entity raised $345 million before listing on Nasdaq.

Kraken has said it aims to build a universal trading ecosystem similar to Robinhood, blending crypto, equities, and derivatives under one platform.

CoinLaw’s Takeaway

In my experience, this is one of the clearest signals yet that the line between crypto and traditional finance is fading fast. I believe 24/7 access to tokenized equities with regulated benchmarks could reshape how global investors think about market hours.

If Kraken executes well, this model could pressure traditional exchanges to rethink limited trading windows. I found the 1-to-1 backing and regulated structure particularly important, because trust and transparency will determine whether tokenized equities move beyond niche adoption into mainstream finance.

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