Kraken Plans CFTC-Regulated Bitcoin Perpetual Contracts in US

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.

Bitcoin perpetual futures have no expiry date, allowing traders to maintain leveraged positions over long periods through margin and funding-rate payments. Trading in the contracts has historically been concentrated on offshore crypto exchanges. Bringing them under U.S. Commodity Futures Trading Commission (CFTC) oversight would give retail and institutional investors a regulated channel while improving market transparency and investor protection.

In May 2026, the CFTC approved KalshiEX’s listing of the BTCPERP contract, marking the first entry of Bitcoin perpetual futures into the regulated U.S. market. The approval allows investors to trade a Bitcoin derivative with no fixed expiry under the U.S. regulatory framework. Reports did not disclose the contract’s trading volume, maximum leverage or formal launch date.

Crypto perpetual contracts have no expiry date and allow traders to maintain leveraged positions indefinitely, but U.S. derivatives regulations have long constrained the products, pushing much of their trading volume to offshore platforms. Through “Project Crypto,” the CFTC is coordinating with the SEC on jurisdiction over DeFi, prediction markets and crypto assets, a process that will determine whether U.S. firms can legally offer such products.

In July 2026, CFTC Chairman Mike Selig said the agency would announce a policy to legalize crypto-asset perpetual contracts within a month and backed keeping crypto markets open 24 hours a day, seven days a week. The CFTC has opened initial approval pathways for companies including Kalshi and Coinbase as crypto derivatives trading volume sits near a two-year low.

Spot margin trading allows investors to pledge existing crypto assets as collateral and borrow funds to increase long or short positions, magnifying both gains and losses. Regulated US platforms previously limited the service to institutions and wealthy individuals with portfolios of at least $10 million, leaving most retail traders to forgo it or use offshore platforms.

Kraken announced on May 6, 2026, that eligible US retail clients could access spot margin trading with leverage of up to 10 times on Kraken Pro, initially covering 19 trading pairs. The service is executed and cleared by CFTC-registered futures commission merchant NinjaTrader Clearing under the Kraken Derivatives US name, while financing is provided by Payward Accredited.