Kraken Launches First Regulated Tokenized Equity Perpetual Futures

Event summary

  • Kraken launched the world’s first regulated tokenized equity perpetual futures contracts on February 24, 2026.
  • The contracts track tokenized versions of major equity indices, commodities, and publicly traded companies using the xStocks framework.
  • Initial listings include perpetual futures for SPYx, QQQx, GLDx, NVDAx, AAPLx, GOOGLx, TSLAx, HOODx, MSTRx, and CRCLx.
  • The products are available to eligible non-U.S. clients in over 110 countries.
  • The futures contracts offer 24/7 trading and leverage of up to 20x.

The big picture

Kraken’s launch of regulated tokenized equity perpetual futures marks a significant step in integrating traditional financial instruments with crypto-native trading infrastructure. By leveraging the xStocks framework, Kraken enables continuous trading and capital efficiency, addressing the limitations of fixed trading hours in traditional markets. This move aligns with the broader trend of tokenizing real-world assets and expanding access to global capital markets.

What we're watching

Market Adoption
How the availability in over 110 countries will drive global adoption of tokenized equity perpetual futures.
Regulatory Scrutiny
Whether the regulated benchmarks will withstand scrutiny and set a precedent for similar products.
Competitive Response
The pace at which competitors will introduce similar tokenized equity products.