Key Highlights
- The first listings include tokenized versions of the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold ETF (GLD).
- The xStocks tokens are fully collateralized and backed 1:1 by the referenced assets.
Crypto exchange Kraken has rolled out regulated perpetual futures contracts for tokenized stocks, which were made available to eligible non-U.S. users in over 110 countries on Tuesday.
The products allow users to trade digital versions of major U.S. stocks, indices, and a gold ETF, expanding Kraken’s range of derivatives following its acquisition of xStocks in December 2025.
Initial offerings and trading features
The exchange’s perpetual futures contracts feature tokenized versions of the S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR’s gold ETF (GLD). Unlike other future contracts, these perpetual contracts do not expire and allow for trading 24/7, supporting leverage of up to 20x.
According to Kraken, the xStocks tokens are fully collateralized and backed 1:1 by the referenced assets. This provides a pricing reference even when U.S. stock exchanges are closed, while enabling continuous trading around the clock.
Perpetuals in crypto markets
Perpetual futures have grown rapidly within crypto derivatives. Blockchain-based decentralized exchanges recorded over $600 billion in perpetuals trading volume in January 2026, with Hyperliquid reportedly capturing $200 billion of that monthly volume.
Investors favor perpetual contracts for continuous market access, capital efficiency, and the ability to take long or short positions at any time. Kraken’s new tokenized equity perps apply this model to traditional asset classes like stocks and ETFs.
Kraken’s global head of consumer, Mark Greenberg, described the launch as a step toward “traditional markets rebuilt for a crypto-native, always-on world,” emphasizing the potential for enhanced risk management and accessibility.
Growing integration
The launch comes weeks after the exchange introduced DeFi Earn integration that allows users to tap into on-chain yield opportunities directly from the exchange interface. The integration connected Kraken’s DeFi Earn product with curated vaults from Sentora that allocated capital into lending strategies built on Morpho.
Last month, Kraken was selected as the custody partner for Ethena’s USDe. The collaboration was intended to improve security and transparency of USDe’s reserves by using a state-chartered bank custodian.
Moreover, the exchange has indicated plans to expand its lineup with additional tokenized stocks and ETFs in the coming months, further broadening the reach of crypto derivatives into conventional financial assets.
Also Read: Meta Plans Dollar-Pegged Stablecoin With Third-Party Partner in 2026
