Kraken to Roll Out CFTC-Regulated Perpetual Futures for U.S. Traders

Kraken is preparing to introduce regulated perpetual futures to U.S. customers on Kraken Pro in the coming weeks, according to CoinDesk—bringing a product long dominated by offshore venues into the domestic regulated market. John Palmer, head of Kraken's derivatives business, said the exchange is positioned to launch "truly compliant" perpetual contracts in the U.S. after acquiring NinjaTrader and Bitnomial and securing licenses within the U.S. Commodity Futures Trading Commission (CFTC) framework for futures brokerage, exchange, and clearing. Perpetual contracts differ from traditional futures in that they do not expire, allowing traders to maintain exposure without rolling positions or rotating across monthly contracts. Palmer said the structure matches how crypto markets typically trade globally and should be intuitive for active participants. Kraken expects early adoption to be led by professional traders familiar with exchange infrastructure, alongside some retail users. Investment advisers and large asset managers may follow later given longer internal approval and due diligence timelines. Palmer compared the expected pace to the rollout of U.S. spot Bitcoin ETFs in January 2024, when retail and sophisticated trading clients moved quickly while advisory and asset-management channels ramped up more gradually. While perpetuals represent the bulk of global crypto-derivatives volume, U.S. traders have historically had limited access to domestically compliant offerings due to regulatory constraints. As regulated products come to market, Kraken expects U.S. participants to gain access to a mainstream derivatives tool onshore instead of relying on offshore platforms. The company added that broader permission to use crypto assets as margin could further narrow the gap between U.S. and international trading conditions. Palmer said the U.S. crypto-derivatives market remains in an early phase and that regulated perpetuals are only a first step. Separately, Kalshi also entered the space. After launching its U.S. perpetual contracts product last week, the company said this week that cumulative trading volume has exceeded $1 billion.