Kraken is launching perps trading in the United States on the heels of its recent acquisition of Bitnomial, and the Commodity Futures Trading Commission’s approval of onshore crypto derivatives trading.

Perps are derivative contracts that provide continuous exposure to an underlying asset, like BTC or ETH, without expiration, using funding rates to keep prices aligned with the spot market.

U.S. users have historically had limited direct access to true perpetual futures on regulated platforms and have often turned to offshore venues (with associated risks such as regulatory uncertainty or counterparty issues).

Kraken completed its acquisition of the fully CFTC-licensed exchange, clearinghouse, and brokerage Bitnomial in May.

The CFTC, during the second Trump administration, has moved to onshore crypto derivatives as part of its attempt to position the U.S. as a crypto hub. Late last month, the agency approved Kalshi's listing of the first official Bitcoin perp (BTCPERP) in the U.S., as well as Coinbase's "perpetual-style" five-year long-dated futures designed to mimic perps.

Kalshi's bitcoin perps have quickly garnered over $1 billion in volume, indicating the native institutional and retail interest in perps. Offshore exchanges like Binance and Bybit, which dominate perps volume, are supposed to restrict U.S. users.

Kraken's perps will be accessible on Kraken Pro. It follows recent moves to scale the exchange's derivatives business, including the acquisition of CFTC-registered NinjaTrader to support the rollout of Kraken Derivatives US in mid-2025, which offered CME-listed crypto futures like BTC, ETH, and SOL.