Kraken has launched perpetual futures trading for select users, expanding its crypto derivatives offerings as the exchange gears up for a public listing in 2026.
Key Takeaways
- Kraken Perps allow traders to speculate on crypto prices without owning the asset, using contracts that have no expiration date.
- The product is now available to eligible clients in certain jurisdictions via Kraken Pro and the mobile app.
- This launch comes as Kraken prepares for a 2026 IPO and seeks to raise up to $500 million in new funding.
- The move aligns with Kraken’s broader expansion, including xStock tokenized equities, FX perps, and the acquisition of Breakout trading platform.
What Happened?
Kraken has rolled out a new derivative offering called Kraken Perps, allowing eligible retail traders to buy and sell perpetual contracts on over 300 crypto assets. These contracts have no expiration date and are designed to track spot prices closely using a funding rate mechanism. The launch follows a series of product expansions aimed at bolstering Kraken’s market presence ahead of a potential initial public offering (IPO) in early 2026.
$XAUT @tethergold perpetual futures now live with up to 20x leverage 🔥
— Kraken Pro (@krakenpro) September 11, 2025
Why choose Kraken Pro futures:
☑️ 50+ collateral options
☑️ 360+ markets
Open XAUT perp: https://t.co/2gKf6QC78V
*Geo restrictions apply pic.twitter.com/zuXuirtUOb
Kraken Perps: A Retail Entry into Derivatives
Kraken Perps are positioned as a user-friendly way for everyday investors to trade on future price movements of cryptocurrencies without needing to own the underlying asset. Unlike traditional futures, these contracts do not expire, allowing positions to be held indefinitely as long as margin requirements are met.
Key features of Kraken Perps include:
- Built-in stop-loss tools to help manage downside risk.
- Initial collateral in Kraken USD, with more asset options planned.
- Over 300 tradable assets, including major cryptocurrencies like Bitcoin.
- Access through Kraken Pro and the mobile app, enabling broader retail engagement.
Kraken emphasized that Perps are not just for professional day traders. According to the company, they are designed to give investors “more ways and the right tools to express your views on the market, manage risk, or add an extra layer of strategy to your portfolio.”
Strategic Timing Before Kraken’s IPO
The launch of Kraken Perps is part of a larger strategy to attract institutional and retail attention before the company goes public. Kraken is reportedly looking to raise $500 million in new funding ahead of its IPO, which is tentatively scheduled for the first quarter of 2026.
This isn’t the first time Kraken considered going public. The exchange explored IPO options back in 2021 and 2022 but ultimately postponed those efforts. Kraken’s founder, Jesse Powell, was also cleared of an FBI investigation in 2023, removing a potential hurdle for the listing.
The firm has taken several aggressive steps to diversify its services:
- xStock, a tokenized real-world equity product, was recently launched in the European market.
- Breakout, a proprietary trading platform, was acquired to enhance Kraken’s infrastructure.
- INK, an Ethereum Layer 2 project being incubated by Kraken, is expected to launch its own token soon.
- FX perps, introduced earlier, have already generated significant volume with 24/7 access to fiat markets like EUR/USD and GBP/USD.
Crypto Perps Market Hits Record Volume
Kraken’s entrance into the perps space aligns with rapid industry growth. In August 2025 alone, the crypto perps market saw an all-time high of $515 billion in trading volume, driven by increased interest in flexible, high-leverage instruments. The market, first popularized by BitMEX in 2016, has since become a staple in crypto derivatives trading.
Platforms like Hyperliquid now dominate the segment, but Kraken aims to carve out a slice by offering risk-managed tools tailored for retail users.
CoinLaw’s Takeaway
In my experience, Kraken is making a smart and well-timed move. Offering perps to retail investors, not just pros, shows that Kraken understands where the market is heading. It’s not about hype anymore. Traders want tools that offer control, flexibility, and real strategy. What stood out to me is how Kraken is layering this with their broader IPO strategy. Launching derivatives and tokenized stocks while adding new tech like Layer 2 shows real momentum. If they keep this pace, I wouldn’t be surprised if they become the go-to exchange for both retail and institutional users before 2026.
