Kraken Just Made It Possible to Trade Apple and Nvidia Stock Around the Clock With Leverage

TLDR

• Kraken has launched what it claims are the first regulated perpetual futures contracts for tokenized U.S. stocks
• Products are available to eligible non-U.S. users in over 110 countries
• Initial listings include S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and a gold ETF
• Contracts trade 24/7 with up to 20x leverage, backed 1:1 by the referenced assets
• Rival Ondo Finance also announced plans this month to launch perpetual trading for its tokenized stocks

Crypto exchange Kraken has launched what it says are the first regulated perpetual futures contracts based on tokenized U.S. stocks. The products are available to eligible non-U.S. users in more than 110 countries.

The contracts are built on xStocks, a tokenized equities platform that Kraken acquired in December 2024. That acquisition gave Kraken the foundation to offer token-based stock exposure on its platform.

Initial listings include tokenized versions of the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold ETF. Kraken says it plans to add more stocks and ETFs in the coming months.

The contracts trade around the clock and allow leverage of up to 20x. This mirrors the structure of perpetual futures already common in crypto markets.

Unlike standard futures, perpetual contracts do not expire. They settle continuously through funding payments between buyers and sellers, letting traders hold positions indefinitely.

The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced securities. This is designed to keep prices anchored even when U.S. stock exchanges are closed.

How the Product Works

Traders can use the perpetuals to gain or hedge exposure to U.S. equities without directly holding the tokenized shares. This can be more capital-efficient for active traders.

Perpetual futures have become the dominant product in crypto derivatives. Decentralized exchanges processed over $600 billion in perps volume in January alone, with Hyperliquid accounting for roughly $200 billion of that.

Kraken’s move takes that same structure and applies it to traditional asset classes like equities and commodities. It is the first time this has been done in a regulated framework, according to the company.

Mark Greenberg, Kraken’s global head of consumer, said the launch reflects what it looks like “when traditional markets are rebuilt for a crypto-native, always-on world.”

He added that tokenized equities as perpetual futures represent a new phase for global capital markets, where stocks and indices can trade with the same flexibility as crypto.

Competition in Tokenized Stock Derivatives

Kraken is not alone in this space. Rival platform Ondo Finance announced earlier this month that it also plans to launch perpetual trading tied to its tokenized stocks.

Ondo’s products have not yet reached the same regulatory structure or scale as Kraken’s offering. Both moves show the market for tokenized stock derivatives is growing.

The products are aimed at non-U.S. investors, where regulatory paths for this type of instrument are currently clearer. Kraken has not indicated plans to offer the contracts to U.S. customers.

Kraken’s perpetual futures for tokenized stocks went live on February 24, 2026.

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