Kraken Launches First CFTC-Regulated Perpetuals for US Clients

Kraken is rolling out perpetual futures trading for eligible US clients on its Kraken Pro platform. The exchange says the product is the first CFTC-regulated perpetual contract available to American traders. It launches with support for nine tokens, including Bitcoin, Ether, Solana, XRP, and five others.

Perpetual futures are the most traded derivative in crypto. Global volume topped $60 trillion in 2025. Nearly all of that action happened on offshore exchanges like Binance and Bybit, outside US regulatory reach. Institutional money largely stayed on the sidelines because compliance departments could not sign off on gray-zone trading.

American traders had two options: use offshore platforms with uncertain legal standing, or trade CME futures that expire and require roll management. Perpetuals offered no expiry, letting traders hold positions indefinitely without managing roll costs. Kraken’s solution was to buy the infrastructure. The exchange bought NinjaTrader for $1.5 billion and Bitnomial for up to $550 million. NinjaTrader brought the futures commission merchant license needed to clear futures. Bitnomial operates as a CFTC-designated contract market, giving Kraken the authority to list and trade the contracts directly.

The product works like any perpetual contract. No expiration date and continuous pricing. An eight-hour funding rate keeps the contract price aligned with spot markets. The funding rate is calculated from the difference between the perpetual and spot prices. When the perpetual trades above spot, longs pay shorts. The opposite when below. The difference here is CFTC oversight, a first for perps in the US.

Coinbase has expanded its derivatives suite but has not matched Kraken’s offering. Kraken says the new product will sit alongside its spot trading, margin trading, and CME-listed futures on the Kraken Pro platform.

There are trade-offs. Leverage amplifies losses as easily as gains. The funding rate can become expensive during volatile periods, eating into returns for traders on the wrong side. CFTC regulation also imposes compliance requirements that may limit leverage ratios compared to offshore platforms. On Binance and Bybit, perps trade with leverage up to 100x and often minimal KYC. Kraken’s version will likely offer lower leverage reflecting US margin rules.

Kraken expects the product to bring institutional volume onshore. Whether that happens depends on leverage terms and liquidity, the exchange said. The perpetuals will also compete with CME futures, which have grown in open interest but expire every quarter. Perpetuals do not expire, giving Kraken a structural advantage for traders who hold through roll cycles.

Kraken announced the plans on May 29, 2026. Live trading is expected within 30 days.