Kraken has launched 24/7 trading for perpetual futures on tokenized gold, indices, and tech stocks, enhancing its product offerings ahead of an IPO.
Kraken, the cryptocurrency exchange, has launched continuous trading for perpetual futures on tokenized assets, allowing for 24/7 access.
"xStocks Perps just expanded. $TSLAx, $AAPLx, $NVDAx and more now trade 24/7 on Kraken. Long or short, anytime." — Kraken (@krakenfx)
The new trading feature operates on the xStocks platform, developed by Backed Finance AG, and includes 10 contracts covering:
- Gold derivatives
- S&P 500 and Nasdaq 100 indices
- Stocks of major tech companies like Nvidia, Apple, Google, and Tesla, as well as Robinhood
- Shares in crypto firms such as Strategy and Circle
Available to qualified investors in over 110 countries (excluding the U.S.), these tokenized assets are fully collateralized by underlying contracts at a 1:1 ratio. Mark Greenberg, Kraken's head of consumer products, noted that this initiative aligns traditional finance with the 24/7 dynamics of the crypto market, offering essential speed and flexibility alongside reliable risk management.
Market Competition and Liquidity
As Kraken expands its derivatives offerings, it aims to challenge the time constraints of traditional stock markets. Other platforms, like BitMEX and Lighter, have also introduced 24/7 stock contract trading, but Kraken emphasizes its reliance on regulated benchmarks.
While the exchange has not disclosed its liquidity provider, it is known to collaborate closely with the CME Group, which supports its products related to indices, metals, energy, and fiat currencies.
Financial Developments and IPO Plans
Earlier this month, Kraken's co-CEO Arjun Sethi announced the completion of its acquisition of Backed, the issuer of xStocks. The exchange reported an adjusted revenue of $2.2 billion for 2025 and is gearing up for an initial public offering (IPO). In November, Kraken filed a confidential IPO application after securing funding that valued it at $20 billion. In January, the associated SPAC, KRAKacquisition, raised $345 million and went public on Nasdaq. Since the introduction of xStocks, trading volumes have surged to $25 billion.
