Kraken Launches U.S. Perpetual Futures, Bringing Crypto Derivatives Onshore

Kraken, a leading cryptocurrency exchange, has debuted U.S. perpetual futures, a key crypto derivatives product, to its U.S. customers through Kraken Pro. This move follows recent guidance from the Commodity Futures Trading Commission (CFTC) that cleared the way for regulated platforms to list perpetual futures, also known as 'perps.' Perpetual futures allow traders to take long or short positions on assets like bitcoin, and they have become the dominant form of crypto derivatives trading globally, with annual volume surpassing $60 trillion in 2025.

The introduction of U.S. perpetual futures by Kraken is a significant step in bringing this popular trading product into the country, after years of activity concentrated on offshore venues. The contracts are available through Kraken Pro and are listed on Bitnomial, a CFTC-regulated exchange acquired by Kraken's parent company, Payward, earlier this year. Traders can access these products alongside spot trading, margin trading, and CME-listed crypto futures through a single interface.

Kraken's perpetual futures initially cover major cryptocurrencies, including bitcoin, ether, and solana, with plans to expand the range of contracts and collateral options over time. The company has been building toward this introduction through a series of derivatives-focused acquisitions and product releases, including the acquisition of NinjaTrader and Bitnomial to gain regulated futures infrastructure.

The launch of U.S. perpetual futures by Kraken comes weeks after the CFTC signaled that regulated platforms could offer these products. In May, the agency approved Kalshi's bitcoin perpetual contracts and issued guidance that also cleared a path for Coinbase to connect U.S. customers to global options and perpetual markets. This move is expected to have a significant impact on the crypto derivatives market, with potential implications for market reaction and institutional impact.

According to Kraken, the adoption of perpetual futures may mirror the trajectory of spot bitcoin exchange-traded funds (ETFs), with sophisticated traders entering first before investment advisers and asset managers follow after completing internal reviews. At launch, Kraken's perpetual futures cover major cryptocurrencies, including BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX. The company plans to expand the range of contracts and collateral options over time.

The introduction of U.S. perpetual futures by Kraken is a significant development in the crypto derivatives market, marking a major shift as the market moves onshore. With the potential for increased regulatory clarity and oversight, this move could lead to greater institutional participation and mainstream adoption of crypto derivatives.