Kraken has taken a significant step beyond the cryptocurrency ecosystem with the launch of forex perpetual futures (FX perps) on its derivatives platform. The initial offering includes EUR/USD and GBP/USD trading pairs, giving traders the ability to speculate on currency price movements without expiration dates. These contracts are benchmarked against DxFeed’s Composite Forex Index, enabling real-time trading while maintaining the 24/7 accessibility that crypto users expect, though index prices will only update during traditional forex market hours. The move complements Kraken’s recent announcement of commission-free trading for stocks and ETFs, signaling the exchange’s broader financial market ambitions.
The expansion builds upon Kraken’s established presence in the forex spot market within the crypto space. According to Alexia Theodorou, Kraken’s Head of Derivatives, the exchange has already facilitated $5.4 billion in FX spot trading during 2024, with EUR/USD and GBP/USD pairs accounting for $3.5 billion of that volume. The new perpetual futures contracts offer traders enhanced capabilities with up to 20x leverage, providing opportunities for tighter strategy execution and continuous market access. Importantly, the platform incorporates protective measures including zero funding during periods of stale pricing and price collars that prevent trades outside a 4% range, addressing common concerns in leveraged products.
This latest development represents Kraken’s ongoing strategy to bridge cryptocurrency and traditional financial markets. By leveraging its technology infrastructure and trading expertise, the exchange is creating pathways for crypto traders to access conventional financial instruments and vice versa. With plans to expand its FX perpetual futures offerings and geographic availability in the coming months, Kraken is positioning itself as a comprehensive trading platform that spans multiple asset classes. This hybrid approach may appeal to sophisticated traders looking for diversified exposure across both emerging digital assets and established currency markets through a single platform.