Kraken Breaks Ground with First Regulated Perpetual Futures on Tokenized Stocks, Ushering in 24/7 Global Trading Era

In a landmark move that could redefine how traditional assets are traded in the digital age, Kraken has officially launched the first-ever regulated perpetual futures contracts based on tokenized stocks. The announcement, made exclusively to CoinDesk, signals a major leap forward in the convergence of conventional finance and crypto-native innovation.

Available immediately to eligible non-U.S. users across more than 110 countries, the new product suite allows traders to gain exposure to digital representations of major U.S. equities, market indices, and even a gold-backed ETF—without ever touching the traditional financial infrastructure. The move builds directly on Kraken’s December acquisition of xStocks, a tokenization specialist firm that has been quietly building a bridge between Wall Street and the blockchain.

Initial Lineup: Blue-Chip Stocks and Indices, Now on Chain

Kraken’s initial offerings include tokenized versions of some of the most-watched assets in global markets: the S&P 500, Nasdaq-100, Apple, Nvidia, Tesla, and the SPDR Gold Shares ETF (GLD). These aren’t simple price trackers—they are fully collateralized digital tokens, each backed 1:1 by the referenced asset, ensuring that pricing remains anchored even when U.S. exchanges are closed.

This is a crucial detail. Unlike traditional futures contracts, which expire and are bound by exchange hours, Kraken’s perpetual futures never expire and trade around the clock. That means a trader in Tokyo can take a leveraged position on Nvidia stock at 3 a.m. local time, or a fund in London can hedge against Tesla volatility over the weekend—all with leverage of up to 20x.

Perpetuals: The Engine Powering Crypto’s Derivatives Boom

The timing of Kraken’s launch is no coincidence. Perpetual futures have become the dominant force in crypto derivatives, with decentralized exchanges alone processing over $600 billion in perpetual trading volume in January. Hyperliquid, a leading perp-focused DEX, claimed a staggering $200 billion in monthly volume during the same period, according to data from The Block.

Traders have flocked to perpetuals for their capital efficiency, continuous access, and ability to go long or short without the friction of expiration dates. Now, Kraken is transplanting that same model into the world of equities, indices, and commodities—effectively creating a 24/7 global capital market that never sleeps.

A New Chapter for Global Capital Markets

“This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world,” said Mark Greenberg, Kraken’s global head of consumer. “Not a moment too soon, given the volatility that all markets are exhibiting.”

Greenberg emphasized that regulated tokenized equities as perpetual futures represent a “new chapter for global capital markets,” one where speed, accessibility, and flexibility are no longer the exclusive domain of crypto. By tokenizing real-world assets and pairing them with perpetual futures, Kraken is delivering a more robust risk management experience—one that could appeal to both retail traders and institutional players seeking to hedge or speculate beyond traditional market hours.

Fully Collateralized, Always On

The xStocks tokens underpinning these products are fully collateralized, meaning each token is backed 1:1 by the actual asset it represents. This provides a pricing anchor even when U.S. exchanges are closed, a critical feature for maintaining market integrity and reducing arbitrage opportunities. The tokens trade 24/7, and users can access leverage of up to 20x—levels typically reserved for the most aggressive crypto derivatives products.

Kraken says it plans to expand the lineup with more tokenized stocks and ETFs in the coming months, suggesting this is just the beginning of a broader push into tokenized real-world assets (RWAs).

Competition Heats Up in the Tokenization Race

Kraken isn’t alone in seeing the potential of tokenized equities and perpetuals. Ondo Finance, another major player in the tokenization space, announced earlier this month plans to launch its own perpetuals trading platform using tokenized stocks. The race is on to capture the intersection of traditional finance and crypto, and both firms are betting that the future of global markets will be built on-chain.

Why This Matters: Speed, Access, and a Borderless Future

The implications of Kraken’s move are profound. By combining the liquidity and innovation of crypto derivatives with the stability and familiarity of traditional assets, the exchange is effectively creating a new asset class: perpetual futures on tokenized stocks. This could democratize access to global markets, reduce friction for cross-border trading, and provide new tools for risk management in an increasingly volatile world.

For traders, the appeal is clear: never-expiring contracts, 24/7 access, high leverage, and the ability to trade global blue-chip stocks with the same ease as Bitcoin or Ethereum. For the industry, it’s a bold statement that the future of finance will be faster, more accessible, and—crucially—always on.

As markets continue to evolve and volatility remains a constant, Kraken’s launch may well be remembered as the moment when traditional finance truly met its crypto-native future.

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