Kraken Pushes Into Onshore Derivatives With Launch of U.S. Perp Futures

Perpetual futures generated more than $60 trillion in trading volume last year, with most of that activity occurring outside the United States, according to the exchange.

Kraken has now rolled out regulated perpetual futures for U.S. customers, marking a major step toward bringing one of crypto’s most heavily traded derivatives products onshore after years of dominance on offshore venues.

The contracts are accessible via Kraken Pro and are listed through Bitnomial, a CFTC-regulated exchange acquired earlier this year by Kraken’s parent company, Payward. In a Monday blog post, the company said users can trade perpetuals alongside spot, margin, and CME-listed crypto futures within a single interface.

Perpetual futures, or “perps,” let traders take long or short positions on assets like bitcoin (BTC) without owning the underlying asset and without any expiry date. Unlike standard futures, positions can stay open indefinitely as long as margin requirements are maintained.

These instruments have become the dominant form of crypto derivatives trading globally. Kraken estimates annual perp volume surpassed $60 trillion in 2025.

A large share of this trading has been concentrated on offshore exchanges, including fast-growing platforms like Hyperliquid, which has attracted professional traders seeking deep liquidity and continuous leveraged exposure. Prediction market Kalshi, which recently launched perp-style contracts, also recorded over $1 billion in volume within its first week.

Kraken’s launch follows recent signals from the CFTC that regulated venues may now be permitted to offer perpetual futures. In May, the regulator approved Kalshi’s bitcoin perpetual contracts and issued guidance that also opened the door for Coinbase (COIN) to connect U.S. users to global options and perp markets.

The company has been steadily building out its derivatives offering through acquisitions and product expansion. It acquired NinjaTrader in May 2025 and Bitnomial a year later to strengthen its regulated futures infrastructure. Kraken has also added CME-listed crypto futures and expanded margin trading for U.S. clients.

Kraken derivatives head John Palmer told CoinDesk that U.S. adoption of perpetuals may follow a similar path to spot bitcoin ETFs, with sophisticated traders entering first before broader institutional participation follows after compliance reviews.

At launch, Kraken’s perpetual futures include major cryptocurrencies such as BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX, with plans to expand coverage and collateral options over time.

Separately, the CFTC issued a late-Friday policy allowing regulated exchanges to convert perp-like futures into true perpetual contracts. Through a “no-action letter,” the agency said exchanges may remove expiration dates from qualifying contracts, provided they meet customer protection and procedural requirements, including notifying existing traders and allowing them to exit positions.

The relief is set to expire at the end of June.