Kraken is preparing to launch what it says will be the first CFTC-regulated crypto perpetual futures available domestically in the United States, aiming to bring the world's largest crypto derivatives market onshore. The announcement marks a potential reshaping of how US traders access the product that dominated global digital asset markets.
Sixty-Trillion-Dollar Market Comes Onshore
Crypto perpetual futures saw more than $60 trillion in trading volume during 2025, making them the largest segment of digital asset derivatives. However, most perpetual trading has historically occurred offshore via exchanges like Binance, Bybit, and OKX because US regulation limited domestic access. Kraken's move signals a broader effort to migrate that activity into regulated US infrastructure.
Unlike traditional futures, perpetuals have no expiration date, allowing traders to hold leveraged positions indefinitely without rolling contracts. They rely on funding rates—periodic payments between longs and shorts—to keep prices aligned with the spot market. This structure proved highly attractive, driving the product's dominance.
Kraken's US Derivatives Buildout
The perpetual futures launch is part of a broader expansion of Kraken's regulated US derivatives stack. In July 2025, Kraken introduced CME-listed crypto futures. Earlier this year, the company launched CFTC-regulated spot margin trading. The new perpetual contracts will be listed through Bitnomial, the CFTC-regulated exchange recently acquired by Kraken parent company Payward.
Eligible US clients will be able to trade perpetuals directly on Kraken Pro alongside spot, margin, and CME futures within a unified account environment. This integration allows traders to manage multiple types of exposure without fragmented platforms.
Initial Asset Coverage
Kraken plans to launch perpetual futures across nine major digital assets: BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, AVAX. Additional collateral options and broader functionality may follow. The inclusion of assets beyond Bitcoin and Ethereum indicates Kraken intends to compete directly with offshore derivatives venues rather than limit the offering to institutional favorites.
Broader Market Structure Shift
The launch arrives during a period of rapid expansion in regulated US crypto infrastructure. CME Group recently introduced 24/7 crypto futures and options trading. The broader direction is clear: firms are attempting to migrate crypto market activity that historically developed offshore into regulated US venues.
For offshore exchanges, regulated US perpetuals could create new competition for the most valuable trading activity. For US traders, it means access to one of crypto's most widely-used products without relying on offshore venues. For regulators, it represents another step toward integrating fragmented crypto activity into the traditional financial framework. If regulated perpetuals gain traction, the distinction between offshore crypto venues and traditional regulated markets may begin to narrow significantly.