Kraken Launches Tokenized Equity Perpetual Futures Built on xStocks
Kraken listed perpetual futures on ten xStocks in February 2026, including SPYx, QQQx and NVDAx, with up to 20x leverage for non-US clients in 110+ countries.
Kraken launched perpetual futures on tokenized equities on February 24, 2026. The contracts are built on the xStocks framework and listed on Kraken's derivatives venue, and Kraken describes them as the first tokenized equity perpetuals with regulated benchmarks.
The first contracts
| Contract | Tracks |
|---|---|
| SPYx Perps | S&P 500 |
| QQQx Perps | Nasdaq 100 |
| GLDx Perps | Gold price |
| NVDAx Perps | NVIDIA |
| AAPLx Perps | Apple |
| GOOGLx Perps | Alphabet |
| TSLAx Perps | Tesla |
| HOODx Perps | Robinhood |
| MSTRx Perps | Strategy |
| CRCLx Perps | Circle |
Key terms
Because the underlying xStocks trade on-chain at all hours, prices keep moving when US stock exchanges are closed. Kraken pitched the contracts for directional trades, short positions, event-driven trades and basis trades.
Risks
Perpetual futures have no expiry, and positions are kept close to the underlying price through funding payments. Leverage of up to 20x means small moves in a stock can wipe out a position. The contracts are not available to US clients.
Source: Official exchange announcement
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