Kraken’s plan to launch regulated Bitcoin perpetual futures in the United States has put the exchange into a fast-moving race with Coinbase and Kalshi after fresh CFTC action opened a new path for crypto derivatives.
Summary
- Kraken expects regulated Bitcoin perps through Bitnomial within 30 days for eligible U.S. institutional clients.
- Kalshi secured CFTC approval for BTCPERP, while Coinbase opened institutional access through its Deribit route.
- CFTC staff also issued 24/7 market guidance as exchanges bring offshore-style products into U.S. oversight.
Kraken said it “plans” to launch CFTC-regulated perpetual futures in the United States within the next 30 days. The exchange said eligible U.S. clients would be able to trade the contracts through Kraken Pro, alongside spot, margin, and CME-listed futures.
The contracts are expected to list on Bitnomial Exchange, the CFTC-regulated venue owned by Kraken parent Payward. Kraken said perpetual futures will be offered through NinjaTrader Clearing, which operates as Kraken Derivatives US and is registered as a futures commission merchant.
Bitnomial deal gives Kraken a licensed route
Payward closed its Bitnomial acquisition in May after announcing a deal worth up to $550 million in cash and stock. The deal gave Kraken access to a U.S. derivatives structure covering exchange, clearing, and brokerage services.
As reported by crypto.news, the acquisition gave Payward three CFTC licenses needed for a domestic crypto derivatives business. The report also said Kraken planned to start with spot margin trading, with perpetual futures and options set to follow.
Coinbase and Kalshi move first
Kraken is not entering an empty field. Kalshi received CFTC approval on May 29 to list BTCPERP, a perpetual futures contract tied to the spot price of Bitcoin. The regulator said Kalshi must keep the contract in line with the Commodity Exchange Act and CFTC rules.
Coinbase also moved on the same day through Coinbase Financial Markets. CFTC staff said certain crypto asset perpetual contracts linked to Coinbase’s Deribit affiliate may be treated as foreign futures under set conditions. Crypto.news reported that Coinbase opened a regulated route for U.S. institutions to access global crypto derivatives, starting with Deribit options.
CFTC sets review path for perps
The CFTC also issued a policy statement on perpetual contracts. The agency said contract designs can vary by asset and that case-by-case review remains the right process for products outside the approved order.
CFTC Chair Michael Selig framed the decision as a move to bring crypto perpetuals under U.S. rules. He said the question was whether these contracts would exist under “American oversight, American standards and American rule of law.”
The agency also issued guidance on 24/7 trading, clearing, and settlement. CFTC staff said crypto asset derivatives may fit round-the-clock markets because they use digital infrastructure and serve global markets.
The race now centers on execution. Kraken has said it “expects” a launch within 30 days, while Kalshi and Coinbase have already moved under CFTC-backed paths. For U.S. traders, the next step is whether these venues can turn approvals and filings into active markets.
