Kraken, a long-standing crypto platform, has launched the world’s first tokenized equity perpetual futures contracts with regulated benchmarks, enabling eligible non-U.
S. clients in over 110 countries to trade tokenized equity exposure within a regulated derivatives environment. These new perpetual futures, built on the xStocks framework, are available on Kraken and Kraken Pro interfaces, providing continuous, 24/7 access to assets traditionally constrained by fixed trading hours. The initial listings include perpetual futures tracking tokenized versions of major U.
S. equity indices, commodities, and publicly traded companies. Specific contracts introduced are SPYx Perps for the S&P 500, QQQx Perps for the Nasdaq 100, and GLDx Perps for gold prices. Individual company listings include NVDAx Perps for Nvidia Corp, AAPLx Perps for Apple Inc, GOOGLx Perps for Alphabet Inc, TSLAx Perps for Tesla Inc, HOODx Perps for Robinhood Markets Inc, MSTRx Perps for MicroStrategy Inc, and CRCLx Perps for Circle Internet Group Inc. Perpetual futures, a core instrument in crypto markets, facilitate continuous trading, capital efficiency, and advanced trading strategies. By extending this model to tokenized equities, Kraken aims to enhance the utility of xStocks, which is recognized as a leading tokenized equities framework by cumulative trading volume, unique holders, and 24-hour activity, according to data from Dune Analytics and RWA.xyz. These futures contracts operate around the clock and support leverage up to 20x, offering efficient exposure with lower capital requirements compared to traditional spot markets. Traders can utilize these products for directional strategies, short-term and event-driven positioning, and basis or carry trades across equity indices, individual stocks, and gold-backed ETFs. Mark Greenberg, Kraken’s Global Head of Consumer, commented on the launch, stating, “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.” He added, “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.” The xStocks framework, developed through a partnership between Kraken and Backed, serves as the underlying reference layer for these perpetual futures. xStocks are fully collateralized and 1:1 backed by their underlying assets, functioning as a “gold standard” for tokenized equities. Unlike traditional equity or futures markets where price discovery pauses during exchange closures, xStocks trade onchain 24/7, including weekends and public holidays, providing a continuous, real-time reference price. This uninterrupted price discovery and global accessibility enable traders to manage risk and respond to market events without waiting for traditional market openings. Since its launch in June 2025, xStocks has become a benchmark in real-world asset tokenization, facilitating billions in transaction volume. Kraken, founded in 2011, operates as a secure crypto platform trusted by institutions, professional traders, and consumers globally. It facilitates trading of over 600 digital assets, U.
S. futures, U.
S.-listed stocks and ETFs, and six national currencies. The company plans to expand its xStocks perpetual futures offering in the coming months, introducing additional tokenized stocks and ETFs, and extending access to more markets globally.
