Kraken has launched a new line of crypto perpetual futures products regulated by the Commodity Futures Trading Commission in the United States. The move positions the exchange to tap into a market it estimates at $60 trillion, putting it in direct competition with Coinbase and Kalshi.
The product and the regulator
Kraken's new offering consists of CFTC-regulated perpetual futures — derivatives that let traders speculate on crypto prices without an expiration date. By securing CFTC oversight, the exchange aims to stand out in a market where most perpetuals trade on unregulated offshore platforms. The launch comes as the agency has been tightening its grip on crypto derivatives, demanding clearer disclosures and stricter margin rules.
A $60 trillion target
Kraken is betting big on the addressable market. The exchange cited a $60 trillion figure for the global perpetual futures market, though it didn't break down how much of that is currently captured by regulated U.S. venues. The company sees an opportunity to bring offshore trading volume onshore, where customers get the protections of a regulated exchange. That's a big number — and a big ambition.
The competitive landscape
Kraken now joins Coinbase and Kalshi in offering regulated crypto derivatives in the U.S. Coinbase launched its own futures products last year, while Kalshi focuses on event-based contracts. The three are vying for traders who want exposure to crypto price moves without holding the underlying assets. Kraken's pitch: a product that combines the liquidity of perpetuals with the oversight of a CFTC-regulated exchange. The timing isn't accidental — the perpetuals market has been growing fast, and regulators are paying closer attention.
Kraken hasn't disclosed the specific cryptocurrencies available at launch, but the initial lineup is expected to include major tokens like Bitcoin and Ethereum. The exchange will need to comply with CFTC rules on leverage, customer protection, and market manipulation. More trading pairs and margin options are likely in the coming weeks. For now, the market has a new regulated option — and a new fight for market share.
