Kraken’s Perpetual Peculiarities: Stocks Tokenized, Leverage Unleashed!

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Finance

What to know:

  • Kraken, that paragon of innovation, now claims to be the first to launch regulated perpetual futures for tokenized stocks-though one wonders if the regulators were asleep during the announcement.
  • Move extends crypto’s fast-growing and dominant derivatives model to traditional equities, because nothing says “progress” like trading digital doppelgängers of stocks while sipping tea in a pajama suit.
  • The contracts trade 24/7 with up to 20x leverage, giving non-U.S. investors capital-efficient exposure-assuming “capital-efficient” means “risking your life savings for a chance to lose it all.”

Crypto exchange Kraken is launching what it calls the first regulated perpetual futures contracts based on tokenized stocks, the firm told CoinDesk. A feat so groundbreaking, one might think the moon itself has been tokenized and is now trading on their platform.

The products, available to eligible non-U.S. users in more than 110 countries, track digital versions of major U.S. stocks, indices and a gold ETF, building on the tokenized equities offering of xStocks that Kraken acquired in December. One might ask, “Why not tokenize the sky?”

Initial listings include tokenized versions of the S&P 500, the Nasdaq 100, Apple, Nvidia, Tesla and SPDR’s gold ETF (GLD), the firm said. A veritable feast for those who enjoy watching their investments oscillate like a pendulum in a madman’s clock.

Kraken’s launch matters because perpetuals trading has enjoyed a rapid growth, dominating crypto derivatives trading. Blockchain-based decentralized exchanges processed over $600 billion in perps trading volume in January, with Hyperliquid claiming the biggest market share with $200 billion monthly volume, data by The Block shows. A number so large, it could fund a small country’s military for a decade-or at least a very expensive casino.

Unlike traditional futures contracts, perps do not expire and trade 24/7 and allow users to trade with high leverage. Investors favor them for continuous access, capital efficiency and the ability to take long or short positions at any time. A system so perfect, it rivals the bureaucracy of a Russian commune.

With Kraken’s move, that structure now is expanded to other asset classes like equities. The underlying xStocks tokens are fully collateralized and backed 1:1 by the referenced assets, according to the company. That provides a pricing anchor even when U.S. exchanges are closed. The tokenized stocks trade around the clock and support leverage of up to 20x. A marvel of modern finance, where even the concept of “rest” is obsolete.

“This is what it looks like when traditional markets are rebuilt for a crypto-native, always-on world, not a moment too soon given the volatility that all markets are exhibiting,” Mark Greenberg, Kraken’s global head of consumer, said in a statement. A statement so earnest, it could be mistaken for a prayer to the god of speculation.

“Regulated tokenized equities as perpetual futures represent a new chapter for global capital markets, one where equities, indices, and commodities trade with the same speed, accessibility, and flexibility as crypto via tokenization, delivering a more robust risk management experience,” he added. A new chapter indeed-perhaps titled “The Fall of Common Sense.”

Kraken said it plans to expand the lineup with more tokenized stocks and ETFs in the coming months. A promise as reliable as a Russian winter.

Rival tokenization firm Ondo Finance earlier this month also announced plans to launch perps trading with its tokenized stocks. A race to the bottom, perhaps, but who’s counting?

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2026-02-24 19:37