CoinDesk
Kraken began offering CFTC-regulated perpetual futures to U.S. customers on Monday through Kraken Pro, marking the first time a major U.S.-licensed venue is offering onshore access to the derivatives structure that has dominated offshore crypto trading. The contracts are listed on Bitnomial, the CFTC-regulated exchange acquired earlier this year by Kraken's parent company, Payward, giving traders a regulated onramp to a product that generated more than $60 trillion in annual volume in 2025.
The launch covers nine contracts at debut — BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX — with plans to expand the range of contracts and collateral options over time. Kraken built toward the launch through a string of derivatives-focused deals: NinjaTrader in May 2025, Bitnomial a year later, and recent additions of CME-listed crypto futures and U.S. margin trading.
Why it matters
Perpetual futures have been the dominant form of crypto derivatives trading globally, but almost all of that activity has been routed through offshore venues like Hyperliquid, where U.S. customers have been locked out. The CFTC's May guidance — which also cleared Kalshi's bitcoin perps and opened a path for Coinbase to connect U.S. customers to global options and perpetual markets — is the regulatory reset that made the Kraken launch possible.
Kraken's head of derivatives John Palmer told CoinDesk the adoption curve could mirror spot bitcoin ETFs: sophisticated traders first, then investment advisers and asset managers once internal reviews clear. That trajectory matters because the offshore liquidity base is the one retail and institutional U.S. traders have been unable to touch.
Market impact
The move intensifies the onshore push that Kalshi triggered earlier this month — Kalshi saw over $1 billion in perp volume within a week of launching. With Coinbase now cleared to follow and Kraken live, the U.S. is set to absorb share from offshore venues that have benefited from years of regulatory ambiguity. Watch Q3 volume splits between U.S. and offshore perps as the first real read on whether onshore liquidity can match offshore depth.
Frequently asked questions
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What did Kraken launch exactly?
Kraken began offering CFTC-regulated perpetual futures to U.S. customers on Monday through Kraken Pro. The contracts are listed on Bitnomial, the CFTC-regulated exchange acquired by Kraken's parent Payward earlier this year.
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Which cryptocurrencies are available at launch?
Nine contracts are live at debut: BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC and AVAX. Kraken said it plans to expand the range of contracts and collateral options over time.
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Why is this a significant move for the U.S. market?
Perpetual futures generated more than $60 trillion in annual volume in 2025, but almost all of that activity was routed through offshore venues inaccessible to U.S. customers. The Kraken launch is the first time a major U.S.-licensed venue is offering onshore access to the structure.
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What regulatory change made this possible?
In May, the CFTC approved Kalshi's bitcoin perpetual contracts and issued guidance that also cleared a path for Coinbase to connect U.S. customers to global options and perpetual markets. That guidance is what made the Kraken launch viable.
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How does Kraken expect adoption to play out?
Kraken's head of derivatives John Palmer told CoinDesk that adoption may mirror the trajectory of spot bitcoin ETFs — sophisticated traders entering first, with investment advisers and asset managers following after completing internal reviews.
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