Kraken Offers Regulated Crypto Perpetuals to US Traders
Kraken has officially launched regulated crypto perpetual futures for U.S. traders through Bitnomial, marking a significant step in bringing the $60 trillion global market for these derivatives onshore. The launch, announced on June 15, comes just two months after Kraken’s parent company, Payward, acquired Bitnomial, a Commodity Futures Trading Commission (CFTC)-regulated exchange.
The new offerings, available via Kraken Pro, allow traders to access perpetual contracts tied to major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Solana (SOL), Cardano (ADA), and others. These contracts don’t expire, unlike traditional futures, and instead use a funding rate mechanism to anchor prices to the spot market. Importantly, Kraken’s perpetual futures integrate into the same wallet system as its existing CME-listed crypto futures, enabling streamlined portfolio management.
Why This Matters
Until recently, U.S. traders seeking to engage in perpetual futures had to rely on offshore platforms, which dominate over 70% of global crypto derivatives volumes. Regulatory uncertainty drove this trend, but the CFTC’s approval of Bitcoin perpetual futures on May 29, 2026, signaled a shift. That decision paved the way for U.S.-regulated exchanges like Kraken, Coinbase, and Kalshi to list these products domestically.
Kraken’s move positions it as a serious competitor in this high-growth market. Perpetuals are vital for both retail and institutional traders due to their high leverage and continuous price discovery. CME Group’s CEO recently warned of potential systemic risks tied to these products, but industry analysts believe their regulated introduction could replicate the success of spot Bitcoin ETFs, democratizing access to sophisticated trading instruments.
Competition Heats Up
Kraken isn’t alone in targeting U.S. crypto derivatives. On the same day the CFTC approved perpetual futures, Coinbase revealed plans to offer similar products through its Financial Markets unit. Kalshi also launched its first perpetual contracts, leveraging its CFTC approval to expand beyond prediction markets. The race underscores the growing demand for regulated venues as traders seek alternatives to offshore giants like Binance and Bybit.
For Kraken, this launch builds on a year of strategic moves. In July 2025, it began offering CME-listed crypto futures, and earlier this month, it rolled out margin trading for eligible U.S. customers. The addition of perpetual futures through Bitnomial further cements its position as a leader in regulated crypto derivatives.
What’s Next?
The U.S. market for perpetual futures is still in its early stages, but its growth prospects are significant. Analysts at CoinDesk recently likened the arrival of regulated perpetuals to crypto’s "ETF moment," suggesting it could unlock new liquidity and participation. However, regulatory oversight will remain critical as the CFTC seeks to balance innovation with risk management.
Kraken’s ability to execute on this launch and attract traders will likely determine its share in this burgeoning market. Traders, meanwhile, should closely monitor funding rates, leverage limits, and liquidity as these factors will directly impact profitability and risk.