TheBlock
Kraken has launched perpetual futures trading for US users on Kraken Pro, becoming one of the first major US-based exchanges to offer onshore crypto perps. The rollout builds on Payward's May acquisition of Bitnomial — a fully CFTC-licensed exchange, clearinghouse, and brokerage — and lands weeks after the CFTC, under the second Trump administration, opened the door to onshore crypto derivatives.
Perps offer continuous leveraged exposure to assets like BTC and ETH with no expiry, using funding rates to keep prices anchored to spot. US traders have long been pushed toward offshore venues such as Binance and Bybit, which dominate global perps volume and are supposed to restrict American users — a workaround that carries counterparty and regulatory risk.
Why it matters
The CFTC's late-2025 approval of Kalshi's BTCPERP and Coinbase's perpetual-style long-dated futures signalled a policy shift toward bringing perps onshore. Kalshi's bitcoin perps have already cleared $1 billion in volume, suggesting the demand is real and the regulatory gap was a self-inflicted wound on US market share. Kraken's launch runs on rails it has spent the year assembling: Bitnomial for the CFTC-licensed core, NinjaTrader for the retail-facing derivatives venue, and Kraken Derivatives US — which has been offering CME-listed BTC, ETH, and SOL futures since mid-2025.
Market impact
Onshore perps could siphon meaningful volume from offshore venues, particularly from US-based traders who have been routing through VPNs or accepting the compliance risk. The competitive field is now defined: Kalshi leads on the prediction-market-style regulated venue, Coinbase on a long-dated mimic, and Kraken on a full perpetual product. Watch for funding-rate spreads and open interest to migrate from Binance and Bybit's US-facing books to Kraken Pro, and for the CFTC's next moves on margin requirements and eligible collateral as the onshore perps market matures.
Frequently asked questions
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What did Kraken launch?
Kraken launched crypto perpetual futures trading for US users on Kraken Pro, making it one of the first major US-based exchanges to offer onshore perps.
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How is Kraken able to offer US perps?
The launch runs on Payward's May acquisition of Bitnomial, a fully CFTC-licensed exchange, clearinghouse, and brokerage, combined with Kraken Derivatives US, which has offered CME-listed BTC, ETH, and SOL futures since mid-2025.
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Why are US crypto perps significant now?
The CFTC under the second Trump administration approved onshore crypto derivatives late last year, greenlighting Kalshi's BTCPERP and Coinbase's perpetual-style long-dated futures — ending a regulatory gap that had pushed US traders to offshore venues.
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How much volume have onshore US perps seen?
Kalshi's bitcoin perps cleared $1 billion in volume shortly after launch, indicating strong institutional and retail demand for a regulated US-based perpetual futures product.
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What should traders watch next?
Watch funding-rate spreads and open interest migrating from offshore venues like Binance and Bybit to Kraken Pro, plus the CFTC's next moves on margin requirements and eligible collateral for the maturing onshore perps market.
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