Kraken announced Feb. 24 the launch of what it calls the world’s first regulated tokenized equity perpetual futures contracts using the xStocks framework. The products are available to eligible non-U.S. clients in more than 110 countries and trade on Kraken’s derivatives venue.

The initial lineup includes SPYx and QQQx perpetuals tracking the S&P 500 and Nasdaq 100, GLDx tied to gold, and single-stock contracts such as NVDAx, AAPLx, GOOGLx and TSLAx. Additional listings include HOODx, MSTRx, and CRCLx, giving traders exposure to widely followed public companies around the clock.

Unlike traditional equity markets that close each afternoon at 4 p.m. EST, these contracts trade 24/7 and support leverage of up to 20x. That structure allows traders to deploy directional, short-term, or event-driven strategies without waiting for Wall Street’s opening bell.

Perpetual futures are a staple of crypto markets, prized for capital efficiency and continuous price discovery. By applying that model to tokenized equities, Kraken is effectively telling legacy finance to keep up.

Mark Greenberg, Kraken’s global head of consumer, framed the move as a modernization of traditional markets for a crypto-native world. The contracts rely on xStocks, which Kraken describes as fully collateralized and backed 1:1 by underlying assets.

“This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world, not a moment too soon given the volatility that all markets are exhibiting,” Greenberg remarked.

Kraken further said it plans to expand the offering with additional tokenized stocks and exchange-traded funds (ETFs) and extend access to more markets in the coming months. For traders outside the U.S., it marks a notable step toward making equities and commodities trade with crypto’s always-on tempo.

• What did Kraken launch?
  Kraken launched regulated tokenized equity perpetual futures tied to major indexes, gold and select U.S. stocks.
• Who can trade these products?
  Eligible non-U.S. clients in more than 110 countries can access the contracts.
• What assets are included?
  The lineup includes S&P 500, Nasdaq 100, gold and stocks such as Apple, Nvidia and Tesla.
• Do the contracts trade 24/7?
  Yes, the perpetual futures trade around the clock and support leverage of up to 20x.

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