Kraken has introduced tokenized equity perpetual futures, giving non-U.S. clients in more than 110 countries continuous leveraged access to leading U.S. equities, indices, and gold. The new offering is built using the exchange’s xStocks framework and is available on Kraken and Kraken Pro platforms.

Tokenized Access to Equities

The perpetual futures track tokenized versions of major benchmarks and companies, including the S&P 500 (SPYx), Nasdaq 100 (QQQx), gold (GLDx), Apple (AAPLx), Alphabet (GOOGLx), Nvidia (NVDAx), Tesla (TSLAx), Robinhood (HOODx), and others.

• 50 jobs in 2 weeks: Kraken's Cyprus Hiring Frenzy Following MiFID Buy
• Kraken Brings Crypto OTC Trading Into ICE Chat as Institutions Step Up Interest
• Kraken-Backed xStocks Debut on Deutsche Börse’s 360X

Crypto derivatives venues such as Binance and BitMEX already list equity‑style perpetual futures tied to names like Tesla and major U.S. indices, also giving traders 24/7, leveraged exposure to stock prices using crypto margin.

xStocks Perps just expanded.$TSLAx, $AAPLx, $NVDAx and more now trade 24/7 on Kraken.

Long or short, anytime.

Click to trade @xStocksFi ⤵️

— Kraken (@krakenfx) February 24, 2026

Notably, Kraken’s latest offering is the combination of 1:1‑backed tokenized equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term (xStocks), regulated benchmarks, and a more tightly regulated structure around the underlying tokenized shares, rather than simply mirroring stock prices via cash‑settled crypto derivatives.

Read more: Kraken-Backed xStocks Debut on Deutsche Börse’s 360X

​“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 Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term that all markets are exhibiting,” commented Kraken Global Head of Consumer Mark Greenberg.

According to the exchange, each xStock is fully collateralized and backed 1:1 by the underlying asset, allowing them to trade on-chain 24/7, even when traditional exchanges are closed.

The tokenized equity perpetuals allow traders to open or close positions at any time, with leverage of up to 20x. The instruments operate with regulated benchmarks and support a range of trading strategies, including directional, event-driven, and hedging positions.

Expansion Plans

Kraken aims to broaden its xStocks offering in the coming months to include more tokenized equities and ETFs, as well as expand access in additional markets.

xStocks recently reported that it had surpassed $25 billion in cumulative transaction volume, highlighting the accelerating adoption of tokenized equities across both centralized and decentralized platforms.

$25,000,000,000 in total transaction volume.

In under 7 months since launch.@xStocksFi is making history.

As part of @payward’s group, xStocks is cementing its position as the largest provider and leading framework for tokenized equities globally. pic.twitter.com/XTPyXOMpBU

— Kraken (@krakenfx) February 19, 2026

The exchange said the total captures trading on centralized exchanges, activity on DeFi protocols, and mint and redemption flows for its tokenized products, all achieved in under eight months.

Onchain activity alone contributes more than $3.5 billion of the volume, supported by over 80,000 unique onchain holders participating in the xStocks ecosystem. As of February 17, xStocks accounts for eight of the eleven largest tokenized equities by unique holders and 68% of the top 25 tokenized stocks by holder count.