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Kraken has enabled perpetual futures trading for qualified U.S. customers on Kraken Pro, bringing the most actively traded crypto derivatives product under domestic regulatory supervision on a broad scale for the first time.
The contracts are listed on Bitnomial, an exchange, clearinghouse, and brokerage licensed by the CFTC, which Kraken’s parent company, Payward, acquired earlier this year. The introduction allows U.S. traders to access perpetual futures — a product that achieved over $60 trillion in global trading volume in 2025 — within the CFTC’s regulatory framework, on a platform they can utilize alongside spot, margin, and CME-listed futures.
Perpetual futures mirror the price of an underlying asset without a set expiration date. Unlike conventional futures contracts, positions do not require rollovers and can be maintained indefinitely as long as margin requirements are satisfied. This structure provides traders with continuous leveraged exposure, whether long or short, to assets they do not possess.
To maintain contract prices aligned with spot markets, Kraken’s perpetuals utilize an 8-hour funding rate system. At 7 p.m., 3 a.m., and 11 a.m. CT daily, holders of long and short positions exchange funding payments. When the perpetual price exceeds the spot price, longs compensate shorts; conversely, when it falls below, shorts compensate longs, according to the company.
Kraken’s introduction
The launch is contingent upon Bitnomial, which possesses the complete suite of U.S. derivatives licenses—exchange, clearinghouse, and brokerage. Payward finalized the Bitnomial acquisition in May of this year, one year after completing its purchase of NinjaTrader in May 2025.
These two acquisitions equipped Kraken with the regulated infrastructure necessary to offer perpetuals through a domestic venue.
Perpetual contracts on Kraken Pro reside in the same futures wallet as existing CME-listed products, enabling traders to manage both CME futures and crypto perpetuals against a single collateral pool. This arrangement eliminates the necessity of maintaining capital across multiple platforms to finance separate positions.
Arjun Sethi, Co-CEO of Payward and Kraken, highlighted the offering’s focus on operational efficiency:
“The most valuable service an exchange can offer a serious trader is consolidating everything in one location. Spot, margin, futures, and now perpetuals are all accessible within the same account at Kraken, with perpetuals and futures supported by the same collateral, preventing capital from being tied up across numerous venues.”
At the outset, eligible U.S. customers can trade perpetual bitcoin and eight additional assets. Kraken has indicated its intention to broaden the range of contracts and collateral options over time.
The products are made available through NinjaTrader Clearing, LLC, operating as Kraken Derivatives US, a Futures Commission Merchant registered with the CFTC.
This introduction follows a signal from the CFTC in May that created an opportunity for regulated platforms to offer perpetual futures.
That month, the agency approved Kalshi’s bitcoin perpetual contracts and issued guidance that also paved the way for Coinbase to connect U.S. customers to global options and perpetual markets.
Kalshi experienced over $1 billion in perpetual trading volume within its initial week of introducing the product.
Original article : bitcoinmagazine.com