Kraken launches FX perpetual futures, starting with EUR/USD and GBP/USD

Kraken has introduced a new asset class to its derivatives platform in an effort to expand past crypto.

The exchange announced the launch of forex perpetual futures (FX perps) with initial support for EUR/USD and GBP/USD trading pairs. 

Forex perpetual futures are a form of derivative contract enabling traders to speculate on the price changes of foreign exchange (forex) currencies, offering the advantage of no expiration date. The move marks the crypto exchange’s expansion into traditional financial markets, offering clients leveraged access—up to 20x—to two of the world’s most traded currency pairs.

The FX perps are perpetual contracts benchmarked against DxFeed’s Composite Forex Index, enabling real-time trading without expiries. 

Traders can place orders 24/7 via Kraken Pro, though index prices only update during traditional forex market hours.

Kraken recently announced commission-free trading for stocks and exchange-traded funds, expanding its product suite beyond crypto.

FX spot trading within the crypto space 

According to Kraken Head of Derivatives Alexia Theodorou, the launch builds on Kraken’s standing as a top FX spot venue within the crypto ecosystem. 

“By introducing FX perps, we’re capitalizing on this market-leading position by providing clients with a powerful new tool,” she said, noting the product expands Kraken’s reach across asset classes.

In 2024, Kraken clients traded $5.4 billion in FX spot markets, with EUR/USD and GBP/USD making up $3.5 billion of that volume. 

FX perps allow for tighter strategy execution and continuous market access, while also incorporating safeguards like zero funding during stale pricing and price collars to prevent trades outside a 4% range.

Kraken plans to expand its FX perp offerings and geographic availability in the coming months, continuing its effort to bridge crypto and traditional financial markets.