Kraken Lists the World’s First Regulated Tokenized Equity Perpetual Futures Using xStocks

New xStocks perpetual futures contracts give eligible traders 24/7 leveraged access to tokenized representations of major equity indices, gold-backed ETFs, and leading public companies — available to non-U.S. clients in over 110 countries

HAMILTON, Bermuda--(BUSINESS WIRE)--Kraken, one of the world’s longest-standing, most secure and most liquid crypto platforms, today announced the launch of the world’s first tokenized equity perpetual futures contracts with regulated benchmarks, listed on its derivatives venue. Built using the xStocks framework, these products allow eligible non-U.S. clients in over 110 countries to trade tokenized equity exposure within a regulated derivatives environment on Kraken and Kraken Pro interfaces.

The initial listings include perpetual futures tracking tokenized versions of some of the world’s most widely followed equity indices, commodities and publicly traded companies:

• SPYx Perps – tracking the S&P 500
• QQQx Perps – tracking the Nasdaq 100
• GLDx Perps – tracking the gold price
• NVDAx Perps – tracking Nvidia Corp
• AAPLx Perps – tracking Apple Inc
• GOOGLx Perps – tracking Alphabet Inc
• TSLAx Perps – tracking Tesla Inc.
• HOODx Perps – tracking Robinhood Markets Inc
• MSTRx Perps – tracking Strategy Inc.
• CRCLx Perps – tracking Circle Internet Group Inc

Together, these contracts give traders continuous, 24/7 exposure to a range of U.S. equity indices, gold markets, and some of the most actively followed and traded public companies globally – assets historically constrained by fixed trading hours.

Bringing Tokenized Equities Into the Always-On Trading Era

Perpetual futures are a foundational instrument in crypto markets, enabling continuous trading, capital efficiency, and a range of sophisticated trading strategies. By applying this model to tokenized equities, Kraken expands the utility of xStocks — the leading tokenized equities framework by cumulative trading volume, unique holders, and 24-hour activity, according to publicly available data from Dune Analytics and RWA.xyz — while maintaining robust regulatory standards.

These futures contracts trade around the clock and support leverage of up to 20x, allowing efficient exposure with lower capital requirements than spot markets. Traders can execute directional strategies, short-term and event-driven positioning, and basis or carry trades on equity indices, individual stocks, and gold-backed ETFs.

“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,” said Mark Greenberg, Kraken’s Global Head of Consumer. “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.”

Built With xStocks, Expanding Global Access to Tokenized Equities

xStocks are the gold standard for tokenized equities, fully collateralized and 1:1 backed by the underlying assets. Unlike traditional equity or futures markets, where price discovery pauses when exchanges close, xStocks trade onchain 24/7, including weekends and public holidays. This provides a continuous, real-time reference price even when legacy markets are offline.

By using xStocks as the underlying reference layer, Kraken enables perpetual futures that benefit from uninterrupted price discovery and global accessibility. Traders of tokenized equities can manage risk, enter or exit positions, and respond to market events without waiting for traditional markets to open.

With availability in over 110 countries, this launch marks a significant step toward making tokenized equities a truly global, always-on asset class. In the months ahead, Kraken will expand its xStocks perpetual futures offering to include additional tokenized stocks and ETFs. Kraken also plans to extend access to additional markets, broadening global availability.

For more information on xStocks perpetual futures and eligibility requirements, visit here.

About Kraken:

Founded in 2011, Kraken is one of the world’s longest-standing and most secure crypto platforms globally. Kraken clients trade more than 600 digital assets, traditional assets such as U.S. futures and U.S.-listed stocks and ETFs, and 6 different national currencies, including GBP, EUR, USD, CAD, CHF, and AUD. Trusted by millions of institutions, professional traders and consumers, Kraken is one of the fastest, most liquid and performant trading platforms available.

Kraken’s suite of products and services includes the Kraken App, Kraken Pro, the Krak App, Kraken Institutional, Kraken’s onchain offerings and the Ninja Trader retail trading platform. Across these offerings, clients can buy, sell, stake, earn rewards, send and receive assets, custody holdings, and access advanced trading, derivatives, and portfolio management tools.

Kraken has set the industry standard for transparency and client trust, and it was the first crypto platform to conduct Proof of Reserves. It complies with regulations and laws applicable to its business, while actively protecting client privacy and maintaining the highest security standards.

For more information about Kraken, please visit www.kraken.com.

About xStocks:

xStocks is the next-generation framework for tokenized equities, developed through a partnership between Kraken and Backed. Fully collateralized and 1:1-backed by underlying equities and ETFs, xStocks brings publicly-listed companies and ETFs onto blockchain rails, giving global investors access to U.S. capital markets even when traditional exchanges are closed. Built for interoperability, xStocks enables the seamless transfer of real-world assets between centralized and decentralized environments, unlocking new utility across exchanges, wallets, and on-chain applications. Since launching in June 2025, xStocks has rapidly become the industry benchmark for real-world asset tokenization, powering billions in transaction volume and supporting a growing ecosystem of platforms building the future of tokenized markets.

For more information, visit https://xstocks.com.