- FX perpetuals offer continuous access to major fiat pairs within Kraken’s crypto platform
- The move builds on strong institutional demand and rising FX spot volumes
- Kraken signals global expansion and deeper integration with traditional finance
Kraken has expanded beyond its cryptocurrency realm by launching FX perpetual futures (FX perps) for the European Monetary Union-Euro/US Dollar (EUR/USD) and the Great Britain Pound-US Dollar (GBP/USD). The new contracts, available on the Kraken Pro, include two of the most actively traded fiat pairs with leverage of 20:1 and contract terms that do not expire.
FX perps do not have specific expiry dates in their contracts. They are based on the Composite Forex Index of DxFeed and are updated every second when the underlying spot forex markets are open. These are intended to provide crypto exchange users with 24/7 access to forex trading, addressing the gap that arises when spot markets are inaccessible.
A Unified Platform for Multi-Asset Trading
The addition of FX perpetual will naturally fit within Kraken’s broader goal of becoming a multi-asset brokerage firm. This comes after other previous changes, including announcing free stock trading for US-based stocks and ETFs. With these updates, Kraken seeks to provide the market’s requirement for a single platform that hosts both conventional and crypto assets.
The introduction of FX perps allows active in different forex markets to hedge their exposures without leaving the crypto space. The trading interface, however, is quite similar to the previous layout of Kraken Pro, thus lowering client acquisition costs for users already familiar with crypto derivatives.
The FX perps reflect up-to-date information corresponding to the functional forex markets. During off-market hours trading, certain regulations are applied to maintain orderliness on Kraken’s trading platform. The first one is that funding is prohibited during an inactive price index, whereas the second one concerns a price collar that restricts order entry within a 4% band on the last recorded index value.
While the FX perps are traded throughout the day, the indices use the conventional forex market hours. This concept facilitates continuous trade execution and ensures that price accuracy is retained when the forex markets are closed. This structure helps to give a fair measure of access to forex derivatives while guarding against the formation of improper prices during off-hours.
Institutional Interest and Volume Growth
In 2025, Kraken total FX spot volume was $5.4 billion out of which $ 3.5 billion were traded in EUR/USD and GBP/USD. The emergence of FX perps seems to be an extension of this trend, aimed at institutional and professional traders who wish to leverage their exposure to the primary fiat currency pairs in real-time.
In moving into FX derivatives, Kraken is catering to a rising appetite among institutional clients for a wider range of products offered within the crypto sphere. The product will create volume from traditional forex users and extend crypto users’ direct interaction with the market.
Currently, Kraken’s FX perps are offered in some regions, but the company has signaled a desire to expand to more regions. This confirms Kraken’s ongoing process of expanding its offer and consolidating its position in the global financial markets.
