Kraken Launches Crypto Spot Margin Trading for Eligible US Retail Traders

Kraken, best known as a cryptocurrency exchange, has been expanding into traditional financial services as digital-asset platforms seek broader sources of growth. Adding U.S.-listed equities in Europe advances its push to become a multi-asset investment venue, allowing customers to manage conventional securities and crypto holdings through one platform as the divide between the two markets continues to narrow.

The company has now opened U.S. stock trading to eligible customers across member countries of the European Economic Area. The rollout gives those users access to American equities alongside their existing crypto portfolios, reducing the need to maintain separate accounts with a digital-asset exchange and a conventional broker. The launch marks Kraken’s latest expansion in securities and its European operations.

xStocks, adopted by Kraken, is a framework for tokenized U.S. stocks and ETFs backed 1:1 by the underlying assets and tradable around the clock onchain. The addition of perpetual futures allows non-U.S. investors to go long, short or hedge without being constrained by U.S. stock-market hours or contract expiry dates. However, high leverage also magnifies the risk of margin calls and liquidation.

On Feb. 24, 2026, Kraken launched its first 10 xStocks perpetual contracts on its regulated derivatives platform. The lineup included NVDAx, AAPLx, TSLAx, SPYx, QQQx and GLDx and was made available for 24/7 trading with leverage of up to 20 times to eligible non-U.S. clients in more than 110 countries. On July 3, Kraken also began accepting the 10 assets as collateral for futures or margin trading, applying haircuts of 10%–30% and individual caps ranging from $100,000 to $1 million.

Perpetual futures have no expiry date and use funding rates to keep contract prices close to spot prices. They are a mainstay of the global crypto derivatives market, which recorded more than $60 trillion in trading volume in 2025. Kraken parent Payward announced on April 17, 2026, that it would acquire Bitnomial for up to $550 million, gaining its CFTC-licensed exchange, clearinghouse and futures commission merchant to establish a regulated foundation for bringing the products back to the United States.

Kraken initially said in late May 2026 that it would launch the contracts within 30 days. On June 15, it formally made them available to eligible U.S. clients through Kraken Pro, with the contracts listed on Bitnomial. The initial offering covers nine assets: BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX. Trading is integrated with spot, margin and CME futures in a single interface.