Perpetual futures generated more than $60 trillion in trading volume last year, with most of that activity taking place outside the United States, according to the exchange.
Kraken has now introduced regulated perpetual futures for U.S. customers, marking a major step in bringing one of crypto’s most actively traded derivatives products onshore after years of dominance on offshore venues.
The contracts are available via Kraken Pro and are listed through Bitnomial, a CFTC-regulated exchange acquired earlier this year by Kraken’s parent company, Payward. In a Monday blog post, the firm said traders can access perps alongside spot markets, margin products, and CME-listed crypto futures through a single platform interface.
Perpetual futures, commonly referred to as “perps,” allow traders to go long or short on assets like bitcoin (BTC) without owning the underlying asset and without any expiration date. Unlike traditional futures, positions can remain open indefinitely as long as margin requirements are met.
These instruments have become the dominant force in global crypto derivatives trading. Kraken estimates annual perpetual futures volume surpassed $60 trillion in 2025.
A significant portion of this activity has been concentrated on offshore exchanges, including fast-growing platforms such as Hyperliquid, which has attracted professional traders seeking deep liquidity and continuous leveraged exposure. Prediction market Kalshi, which recently introduced perp-style contracts, recorded more than $1 billion in trading volume within its first week.
Kraken’s launch follows recent signals from the CFTC suggesting regulated venues 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 exchange has been steadily expanding its derivatives footprint through acquisitions and product development. It acquired NinjaTrader in May 2025 and Bitnomial a year later to strengthen its regulated futures infrastructure. Kraken has also added CME-listed crypto futures and expanded margin trading for U.S. customers.
Kraken derivatives head John Palmer told CoinDesk that adoption of perpetual futures in the U.S. could resemble the rollout of spot bitcoin ETFs, with advanced traders entering first before broader institutional adoption follows after compliance approvals.
At launch, Kraken’s perp offerings include major cryptocurrencies such as BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX, with further expansion planned across contracts and collateral types.
Separately, the CFTC issued a late-Friday policy allowing regulated exchanges to convert perp-style futures into true perpetual contracts. Through a “no-action letter,” the agency said exchanges may remove expiry dates from qualifying products, provided they meet customer protection and procedural requirements, including notifying traders and allowing position exits.
The relief is set to expire at the end of June.
