CoinDesk
Kraken is weeks away from launching regulated perpetual futures on Kraken Pro, after securing CFTC-regulated futures commission merchant, exchange and clearing licenses through its acquisitions of NinjaTrader and Bitnomial. John Palmer, head of derivatives at Kraken, framed the rollout as the early innings of a structural shift in how US traders access crypto derivatives.
The product itself — perpetual futures, or perps — has long dominated offshore venues such as Hyperliquid (HYPE), accounting for the vast majority of global crypto derivatives volume. US traders have historically been locked out by regulatory restrictions, forced either onto dated futures or onto offshore platforms. Regulated perps remove that barrier, and unlike dated contracts they carry no expiration, so traders can hold leveraged positions indefinitely without rolling.
Prediction market platform Kalshi, which launched US perpetual futures last week, already crossed $1 billion in trading volume on Wednesday — an early data point on demand for the onshore product.
Why it matters
Palmer drew a direct line from the spot bitcoin ETF launch in January 2024 to the perps rollout, predicting the same adoption curve: sophisticated proprietary traders and retail first, then investment advisers and large asset managers trailing behind as they work through internal governance and due diligence. "When you take further steps back in the asset management chain, then you have investment committees… those will typically require them to move a little bit slower," he said.
The structural appeal is twofold. Perps are simpler than dated futures — no expirations to manage, no rolls — and Kraken plans to eventually allow crypto assets as collateral, narrowing the gap between the US onshore experience and what's available internationally. Proponents argue that combination could pull liquidity away from offshore venues and into CFTC-regulated books.
Market impact
Palmer was blunt about the timeline. "We're at the beginning of the game," he said.
Frequently asked questions
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When is Kraken launching regulated perpetual futures in the US?
Kraken expects to launch perpetual futures on Kraken Pro in the coming weeks, following CFTC-regulated licenses secured through its NinjaTrader and Bitnomial acquisitions.
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Why are perpetual futures compared to spot bitcoin ETFs?
Kraken's John Palmer drew a direct parallel, predicting the same adoption sequence: sophisticated proprietary traders and retail enter first, then investment advisers and large asset managers follow more slowly as they work through internal governance.
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What advantage do perpetual futures have over dated futures?
Perpetual futures carry no expiration date, so traders can hold leveraged positions indefinitely without rolling contracts. Palmer called the structure simpler than dated futures and said eventual use of crypto as collateral would narrow the gap with offshore venues.
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How big is the US crypto derivatives market compared to offshore?
Crypto derivatives generate trillions of dollars in annual volume globally, but the US market remains a fraction of that total. Perpetual futures specifically have been largely confined to offshore venues such as Hyperliquid, where they dominate derivatives volume.
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What early signal is there for US perpetual futures demand?
Prediction market platform Kalshi launched US perpetual futures last week and crossed $1 billion in trading volume by Wednesday — the first concrete data point on demand for the onshore regulated product.
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