Much of the activity has occurred on offshore exchanges, including fast-growing platforms such as Hyperliquid, which has attracted professional traders seeking deep liquidity and continued access to leveraged markets. Prediction market Kalshi, which introduced crooks to its platform earlier this month, recorded more than $1 billion in trading volume in just one week.
The debut comes weeks after the CFTC signaled that regulated platforms could offer perpetual futures. In May, the agency approved Kalshi’s bitcoin perpetual contracts and issued guidance that also paved the way for Coinbase (COIN) to connect U.S. customers to global options and perpetual markets.
Kraken has been moving toward introduction through a series of acquisitions and derivatives-focused product launches. The company acquired NinjaTrader in May 2025 and Bitnomial a year later to gain regulated futures infrastructure. It recently added CME-listed crypto futures and margin trading for US clients.
Kraken head of derivatives John Palmer told CoinDesk last week that adoption may mirror the trajectory of spot bitcoin exchange-traded funds (ETFs), with sophisticated traders jumping in first before investment advisors and asset managers follow after completing internal reviews.
At launch, Kraken perpetual futures cover major cryptocurrencies including BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX. The company said it plans to expand the range of contracts and warranty options over time.
