Kraken has launched regulated perpetual futures linked to tokenized stocks for eligible non-U.S. users, starting this month in more than 110 countries. The move pushes perpetual trading beyond crypto and into U.S. equities, indexes, and a gold ETF through xStocks-based products.
Initial listings include major stocks, indexes, and gold exposure
According to Kraken, the new contracts track digital versions of major U.S. market assets. The first batch includes S&P 500, Nasdaq 100, Apple, Nvidia, Tesla, and SPDR Gold Shares. The exchange said the products were built on the xStocks platform, which it acquired in December.
24/7 pricing built on fully collateralized xStocks tokens
Kraken said the underlying xStocks tokens are fully collateralized and backed one-to-one by the referenced assets. That setup enables continuous pricing even after U.S. equity markets close. Tokenized stocks can trade around the clock, and the perpetual contracts offer leverage of up to 20x.
Perpetuals structure expands from crypto into traditional market assets
Perpetual futures remain the dominant format in crypto derivatives. Data cited in the report shows decentralized exchanges processed more than $600 billion in perpetuals volume in January alone, with Hyperliquid accounting for about $200 billion in monthly volume. Unlike traditional futures, perpetual contracts do not expire, which makes them suitable for continuous access and open-ended positioning. Kraken is now applying that model to equities, indexes, and commodities.
Mark Greenberg, Kraken’s global head of consumer, said the products rebuild traditional markets around continuous trading. He also said tokenized equities offered as perpetual futures bring a regulated structure for broader global participation.
Binance is also reviving tokenized stock offerings
Kraken’s rollout comes as Binance resumes work on tokenized stock products through a partnership with Ondo Finance. Binance plans to list 10 tokenized U.S. stocks, ETFs, and commodity-linked products on Binance Alpha. Earlier this month, the exchange also introduced plans for an institutional collateral program that would allow tokenized shares from a money market fund issued through Franklin Templeton’s Benji platform. Binance had previously halted tokenized stocks in 2021 under regulatory pressure.
Ondo Finance said the tokenized stock market’s capitalization is now nearing $1 billion. The firm also reported more than $550 million in assets under management and $11 billion in trading volume since September 2025.