Kraken Launches U.S. Perpetual Futures as Crypto Derivatives Shift Onshore

Perpetual futures accounted for 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 started offering regulated perpetual futures to 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 platforms.

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

Perpetual futures, commonly known as “perps,” allow traders to go long or short on assets like bitcoin (BTC) without owning the underlying asset and without any expiry date. Unlike standard futures contracts, positions can remain open indefinitely as long as margin requirements are maintained.

These instruments have become the dominant segment of global crypto derivatives trading. Kraken estimates that annual perpetual futures volume exceeded $60 trillion in 2025.

A significant share of this activity has been concentrated on offshore venues, including fast-growing platforms such as Hyperliquid, which has attracted professional traders seeking deep liquidity and continuous leveraged exposure. Prediction market platform Kalshi, which recently introduced perpetual-style contracts, recorded over $1 billion in trading volume within its first week.

Kraken’s launch follows recent signals from the CFTC suggesting that regulated platforms may now 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 building its derivatives infrastructure through a series of acquisitions and product expansions. It acquired NinjaTrader in May 2025 and Bitnomial a year later, strengthening its regulated futures capabilities. Kraken has also recently added CME-listed crypto futures and expanded margin trading for U.S. clients.

Kraken derivatives head John Palmer told CoinDesk that adoption of perpetual futures in the U.S. could follow a pattern similar to spot bitcoin ETFs, with advanced traders entering first before broader institutional adoption follows after compliance reviews.

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

In parallel, the CFTC issued a late-Friday policy update 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 futures products, provided they meet specific customer protection and procedural requirements, including notifying existing traders and allowing position exits.

The no-action relief is scheduled to expire at the end of June.

(Update June 15, 2026, 17:30 UTC: Added details on CFTC action permitting conversion of perp-style contracts into true perpetuals.)

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