Kraken's Prop program now offers 24/7 S&P 500 perpetuals with up to 5x leverage and funded accounts of $200k. The move signals deeper crypto-TradFi convergence.
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Kraken said Wednesday its Kraken Prop program now offers an S&P 500 perpetual market, giving funded traders around-the-clock access to the US equity benchmark with up to 5x leverage. The product is live for eligible users, the exchange said in a blog post.
Kraken Prop lets traders operate funded accounts of up to $200,000 and keep as much as 90% of profits, depending on the plan. The S&P 500 perpetual joins a suite of traditional-market products Kraken already supports in certain regions, including Nasdaq-100, gold, and oil futures.
The move expands Kraken’s multi-asset push beyond digital assets. The exchange has been rolling out tokenized equities under the xStocks brand and a debit card for retail clients across Europe. Adding a perpetual on a major equity index directly targets funded traders who want to trade traditional benchmarks without leaving a crypto-native interface.
Perpetual swaps carry specific risks. The 5x leverage can amplify losses, and the funding rate mechanism means holding positions overnight incurs a cost that can shift with market sentiment. Kraken did not disclose the funding rate model for the S&P 500 perpetual or whether it uses a different settlement mechanism than its crypto perpetuals.
The program is available now for funded traders in eligible jurisdictions. Kraken said it plans to add more traditional-market instruments to Kraken Prop over time, without specifying which indices or commodities are next.
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