Kraken rolls out crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Kraken rolls out crypto-style, 24/7 perpetuals trading for tokenized U.S. stocks The crypto exchange is bringing U.S. stocks closer to the crypto world, letting users trade derivatives of tokenized stocks around-the-clock and with 20x leverage. By Krisztian Sandor | Edited by Stephen Alpher Feb 24, 2026, 3:00 p.m. Make us preferred on Google Kraken (modified by CoinDesk) What to know : Kraken claims to be the first to launch regulated perpetual futures for tokenized stocks Move extends crypto’s fast-growing and dominant derivatives model to traditional equities. The contracts trade 24/7 with up to 20x leverage, giving non-U.S. investors capital-efficient exposure, Kraken said. Crypto exchange Kraken is launching what it calls the first regulated perpetual futures contracts based on tokenized stocks, the firm told CoinDesk. The products, available to eligible non-U.S. users in more than 110 countries, track digital versions of major U.S. stocks, indices and a gold ETF, building on the tokenized equities offering of xStocks that Kraken acquired in December. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla and SPDR's gold ETF (GLD), the firm said. Kraken's launch matters because perpetuals trading has enjoyed a rapid growth, dominating crypto derivatives trading. Blockchain-based decentralized exchanges processed over $600 billion in perps trading volume in January, with Hyperliquid claiming the biggest market share with $200 billion monthly volume, data by The Block shows. Unlike traditional futures contracts, perps do not expire and trade 24/7 and allow users to trade with high leverage. Investors favor them for continuous access, capital efficiency and the ability to take long or short positions at any time. With Kraken's move, that structure now is expanded to other asset classes like equities. The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced assets, according to the company. That provides a pricing anchor even when U.S. exchanges are closed. The tokenized stocks trade around the clock and support leverage of up to 20x. "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," Mark Greenberg, Kraken’s global head of consumer, said in a statement. "Regulated tokenized equities as perpetual futures represent a new chapter for global capital markets, one where equities, indices, and commodities trade with the same speed, accessibility, and flexibility as crypto via tokenization, delivering a more robust risk management experience," he added. Kraken said it plans to expand the lineup with more tokenized stocks and ETFs in the coming months. Rival tokenization firm Ondo Finance earlier this month also announced plans to launch perps trading with its tokenized stocks. Read more: Kraken’s co-CEO could trust AI with 100% of his crypto — Dragonfly’s Haseeb Qureshi isn’t convinced Kraken perpetual contracts tokenized stocks Tokenized Assets Exclusive More For You Wall Street’s big blockchain win: SEC gives WisdomTree the green light for instant, around-the-clock trading By Helene Braun , Francisco Rodrigues | Edited by Jamie Crawley 13 minutes ago The move adds momentum to the $10 billion large tokenized Treasury market led by BlackRock, Circle and others. What to know : The Securities and Exchange Commission approved WisdomTree’s request to let its Treasury Money Market Digital Fund (WTGXX) trade at a fixed $1 intraday price with a dealer, rather than only at end-of-day net asset value. Under the new structure, a broker-dealer will trade from its own inventory on a 24/7 basis with instant blockchain settlement, while the mutual fund’s primary structure and regulation remain intact. The move positions WisdomTree among a growing group of firms tokenizing traditional assets like U.S. Treasury money market funds, a market that now exceeds $10 billion in tokenized Treasuries. 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