TL;DR

• We are working to bring single-stock perpetual futures to Kraken, subject to the applicable regulatory process. We will start with perpetual futures tied to 10 individual US stocks: TSLA, SPCX, NVDA, AVGO, MU, AAPL, MSFT, AMZN, GOOGL, PLTR

• We’re working toward 24/5 trading. Our goal is to make these markets continuously available, giving traders greater flexibility to respond to market-moving events.

• No expiry dates. Like the crypto perps Kraken traders already know, single-stock perps are designed to let you maintain long or short price exposure without having to roll an expiring futures contract.

• Leveraged long or short exposure. Eligible US clients would be able to take a view on whether an individual stock’s price will rise or fall without owning the underlying shares.

Bringing the perpetual futures model to individual stocks

Perpetual futures changed how traders approach crypto markets. Now we’re working to bring that model to individual US stocks.

Through Bitnomial, the CFTC-regulated exchange and clearinghouse owned by Payward, Kraken’s parent company, we’re working to create a regulated US futures market for single-stock perps, starting with 10 stocks, with the goal of enabling 24/5 trading. As part of this process, Payward is filing applicable exchange rules and product terms today with the CFTC and SEC.   

Our goal: around-the-clock trading 

US equity markets still largely run on a schedule built around the traditional trading day. 

Earnings, geopolitical events, economic data and company announcements don’t wait for the opening bell. When the underlying stock market is closed, traders have fewer ways to respond directly to new information affecting an individual company.

That is one of the problems we believe single-stock perps can solve.

Our goal is to build these contracts for continuous trading. If 24/5 trading is approved, eligible Kraken customers will be able to adjust individual-stock exposure after traditional markets have closed. No waiting for the opening bell. No contract expirations to manage. 

Our filing plans are moving forward while we continue working with regulators on the final market structure, including an eventual expansion to 24/7.

No expiration date

Unlike traditional futures contracts, perpetual futures have no expiration date. Instead, they use a funding mechanism designed to keep the futures price aligned with the price of the underlying market. 

As long as margin requirements are maintained, traders can keep a position open without having to roll it into a new contract simply because an expiration date arrives.

We want to bring that added flexibility to individual stocks, giving traders more choice in how they access and manage exposure. 

Building markets without boundaries 

Payward is dedicated to building trading infrastructure around markets that operate continuously. Perpetual futures are a natural part of that model. 

We’re continuing to work with regulators to bring this capability to US traders, creating a path toward a market where traders can manage exposure on their own schedule.