Perpetual futures generated more than $60 trillion in trading volume last year, with the majority of activity still concentrated outside the United States, according to the exchange.

Kraken has now launched regulated perpetual futures for U.S. customers, marking a key milestone in bringing one of crypto’s most actively traded derivatives products onshore after years of dominance on offshore platforms.

The contracts are available on Kraken Pro and are listed via Bitnomial, a CFTC-regulated exchange acquired earlier this year by Kraken’s parent company, Payward. In a Monday blog post, Kraken said traders can access perpetuals alongside spot trading, margin products, and CME-listed crypto futures within a unified interface.

Perpetual futures, or “perps,” allow traders to take long or short positions on assets like bitcoin (BTC) without owning the underlying asset and without any expiry date. Unlike traditional futures, positions can remain open indefinitely as long as margin requirements are met.

These contracts have become the dominant segment of global crypto derivatives markets. Kraken estimates that perpetual futures volume exceeded $60 trillion in 2025.

Much of this activity has been centered on offshore exchanges, including fast-scaling platforms like Hyperliquid, which has attracted professional traders seeking deep liquidity and nonstop leveraged access. Prediction market Kalshi, which recently introduced perp-style contracts, also saw more than $1 billion in trading volume within its first week.

Kraken’s move comes after recent regulatory signals from the CFTC indicating that regulated exchanges may now offer perpetual futures. In May, the regulator approved Kalshi’s bitcoin perp contracts and issued guidance that also enabled Coinbase (COIN) to connect U.S. users to global options and perp markets.

The firm has been steadily expanding its derivatives business through acquisitions and new product offerings. It acquired NinjaTrader in May 2025 and Bitnomial a year later to strengthen its regulated futures infrastructure. Kraken has also added CME-listed crypto futures and expanded margin trading for U.S. clients.

Kraken derivatives head John Palmer told CoinDesk that U.S. adoption of perps may follow a path similar to spot bitcoin ETFs, with professional traders entering first before broader institutional participation follows after compliance reviews.

At launch, Kraken’s perpetual futures cover major cryptocurrencies including BTC, ETH, SOL, XRP, ADA, LINK, DOGE, LTC, and AVAX, with plans to expand both listings and collateral options over time.

Separately, the CFTC issued a late-Friday policy allowing regulated exchanges to convert perp-like futures into true perpetual contracts. Through a “no-action letter,” the agency said exchanges may remove expiration dates from qualifying futures products, provided they meet specified customer protection and procedural requirements, including notifying existing traders and allowing them to exit positions.

The no-action relief is set to expire at the end of June.