Payward, the parent company behind Kraken, has filed to launch single-stock perpetual futures for eligible US traders. The product would launch with 10 equities and offer 24/5 trading hours, essentially bringing the always-on mechanics of crypto derivatives markets to traditional stocks.
Perpetual futures, but for stocks
Perpetual futures are a staple of crypto trading. Unlike traditional futures contracts that expire on a set date, perpetuals let traders hold leveraged positions indefinitely, with periodic funding payments keeping prices anchored to spot markets.
The 24/5 trading window is notable too. Traditional US stock markets operate roughly six and a half hours a day, five days a week. Offering equity-linked perpetuals nearly around the clock gives traders the ability to react to overnight news, earnings releases, and global events in real time rather than waiting for the opening bell.
The specific stocks that would be available at launch haven’t been disclosed publicly. Neither have the leverage limits or the exact timeline for going live. Those details are presumably part of the regulatory review process with the CFTC.
Building on the Bitnomial acquisition
In May 2026, Kraken completed its acquisition of Bitnomial for up to $550 million. Bitnomial held a rare combination of licenses: it was both a CFTC-designated contract market and a clearinghouse.
The first product to launch through that infrastructure came in June 2026, when Kraken rolled out CFTC-regulated crypto perpetual futures. Those covered major assets including BTC, ETH, SOL, and XRP. Single-stock perpetuals represent the logical next step, extending the same regulated derivatives rails to equities.
Outside the US, Kraken has already been offering equity-linked products. Its xStocks framework provides tokenized-equity perpetual futures in over 110 countries. The US filing would bring a version of that capability to American traders, though under a different regulatory regime.
A crowded starting line
Crypto.com and Coinbase have both made parallel moves toward offering equity-linked perpetual products for US clients.
What this means for the market
The introduction of regulated single-stock perpetual futures in the US would create a genuinely new product category for American traders. Currently, retail investors who want leveraged equity exposure typically use options or margin accounts, both of which come with expiration dates or maintenance requirements that perpetuals sidestep.
The funding rate system, where longs pay shorts (or vice versa) depending on market sentiment, creates natural incentives that keep contract prices tracking the underlying stock.
