Kraken Introduces Crypto-Style Perpetuals That Track Tokenized U.S. Assets

TLDR

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Kraken introduced regulated perpetual futures that track tokenized versions of major U.S. stocks and indices.
The exchange made these products available to eligible users in more than 110 countries.
The initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla, and the GLD gold ETF.
The new perpetuals offer 24/7 trading and allow leverage of up to 20x for global users.
Kraken stated that xStocks tokens remain fully backed 1:1 by the underlying assets.

Kraken introduced regulated perpetual contracts for tokenized equities and expanded access to 24/7 trading, and the launch broadens digital market offerings and follows its acquisition of xStocks in December. The move arrives as perpetual activity grows across global crypto markets.

Kraken expands perpetuals tied to tokenized U.S. stocks

Kraken released regulated perpetuals that track tokenized versions of major U.S. stocks, indices, and a gold ETF. The exchange made the products available to eligible users in more than 110 countries.

The initial lineup includes digital representations of the S&P 500, the Nasdaq 100, and stocks such as Apple and Nvidia. It also lists Tesla and the gold ETF SPDR Gold Shares (GLD) as tokenized assets.

The firm said the contracts take cues from crypto perpetuals, which run without expiry and operate continuously. It added that the structure enables long and short positioning with high leverage.

The company described the products as fully collateralized through xStocks’ framework. It noted that tokens remain backed 1:1 by the referenced assets.

Tokenized U.S. stocks and round-the-clock futures access

Kraken stated that the supported assets trade 24/7 and offer leverage up to 20x. It said this model provides continuous pricing even when U.S. exchanges close.

The exchange explained that tokenization anchors prices to underlying assets held in custody. It added that this backing helps maintain market alignment during global sessions.

Kraken highlighted its intent to rebuild equities trading for crypto-native environments. “This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world,” said Mark Greenberg.

The firm positioned the launch as part of a broader plan to expand its equities catalog. It confirmed that more stocks and ETFs will enter the platform in the coming months.

Growing competition in tokenized equities

Data from The Block showed over $600 billion in decentralized perpetual volume during January. It reported that Hyperliquid reached nearly $200 billion in monthly activity.

Perpetuals have grown as traders seek constant access and flexible capital use. The model continues to attract platforms developing new markets.

Ondo Finance recently announced plans to release perpetuals tied to its tokenized stocks. The firm signaled rising interest in expanding choices across tokenized assets.

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