The cryptocurrency exchange Kraken has launched around-the-clock trading for perpetual futures on tokenized assets.

xStocks Perps just expanded. $TSLAx, $AAPLx, $NVDAx and more now trade 24/7 on Kraken.

Long or short, anytime.

Click to trade @xStocksFi ⤵️

— Kraken (@krakenfx) February 24, 2026

This tool operates on the xStocks platform from Backed Finance AG. Traders now have access to 10 contracts, including:

  • derivatives on gold;
  • S&P 500 and Nasdaq 100 indices;
  • stocks of tech giants (Nvidia, Apple, Google, Tesla) and the Robinhood platform;
  • shares of crypto companies — Strategy and Circle.

Qualified investors from over 110 countries, excluding the U.S., can access these new instruments. The tokenized assets are fully backed by underlying contracts at a 1:1 ratio.

Mark Greenberg, Kraken's head of consumer products, emphasized that this initiative adapts traditional finance to the 24/7 nature of the crypto market. He stated that the perpetual futures format provides the necessary speed, flexibility, and reliable risk management mechanisms for capital.

Competition and Liquidity Provision

The exchange continues to expand its derivatives lineup, breaking traditional stock market time constraints.

Similar 24/7 trading for contracts on major company stocks has already been launched by platforms like BitMEX and Lighter. However, Kraken emphasizes that it uses only regulated benchmarks.

The company has not disclosed its liquidity provider, but it is known to have a close partnership with CME Group. Previously, exchange representatives confirmed that contracts from this platform underpin their products related to indices, metals, energy resources, and fiat currencies.

Financial Performance and IPO Preparation

Earlier this month, Kraken co-CEO Arjun Sethi confirmed the completion of the acquisition of Backed, the issuer of xStocks. At that time, the exchange reported an adjusted revenue of $2.2 billion for 2025. Ahead of its IPO, the company plans to build a comprehensive trading ecosystem similar to Robinhood.

In November, the platform filed a confidential application for an initial public offering. This followed an investment round that valued the company at $20 billion. In January, the SPAC structure associated with the exchange, KRAKacquisition, raised $345 million and successfully went public on Nasdaq.

Since the launch of tokenized xStocks, trading volumes have reached $25 billion.