Kraken Pro launches CFTC-regulated BTC and ETH perps via Bitnomial. Onshore access to $60T market. Kraken's derivatives head sees adoption mirroring spot ETF path.
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Kraken began offering regulated perpetual futures to US customers on June 15, moving the most heavily traded crypto derivatives product onshore after years of activity flowing through offshore platforms.
The contracts are listed on Kraken Pro via Bitnomial, a CFTC-regulated derivatives exchange Payward, Kraken's parent, acquired in May 2026. Traders can access them alongside spot and margin positions from the same interface. Kraken announced the rollout in a June 15 blog post.
Perpetual futures carry no expiry, so positions stay open as long as margin requirements hold. A funding rate mechanism keeps the contract price aligned with spot markets. Global volume on these instruments surpassed $60 trillion in 2025, according to Kraken.
Most perpetual futures trading has historically run through unregulated offshore exchanges such as Hyperliquid. Earlier this month, prediction market Kalshi added perps and recorded more than $1 billion in volume within a week, signalling US demand for the product.
Kraken spent roughly two years building the infrastructure. It acquired trading platform NinjaTrader in May 2025 to support its US derivatives arm, then bought Bitnomial a year later for the regulated exchange license. It recently added CME-listed crypto futures and margin trading for American customers.
John Palmer, Kraken's head of derivatives, told CoinDesk he expects professional traders to adopt the products first. Investment advisers and asset managers could follow once they complete internal compliance reviews, he said.
For US traders, the launch offers access to a derivatives product that had been largely off-limits on regulated domestic venues. Kraken now competes with CME's standardised futures and the deep liquidity of offshore perp markets. The funding-rate mechanism adds a holding cost that spot Bitcoin ETFs do not carry.
The products are live immediately for eligible Kraken Pro users in the US.
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