What are xStocks perps?
xStocks perps are perpetual futures contracts where the underlying asset is a tokenized equity or ETF, giving eligible traders 24/7 leveraged exposure to US stocks and indices without a brokerage account.
Available instruments include SPYx (S&P 500), QQQx (Nasdaq-100), NVDAx (Nvidia), AAPLx (Apple), TSLAx (Tesla), and GLDx (gold), with more planned.
Trading is available 24/7 including weekends and public holidays, because the underlying xStocks tokens trade onchain continuously rather than following exchange hours.
Up to 20x leverage is available, using the same margin wallet you already use for crypto perps on Kraken.
24/7 xStocks perps on Kraken
US stock markets close at 4pm EST. xStocks perps on Kraken do not. Trade the likes of SPYx, NVDAx, AAPLx, and other tokenized equity instruments 24/7 with leverage, from the same account you use for BTC-PERP.
What are xStocks perps?
xStocks perps are perpetual futures contracts where the underlying asset is a tokenized representation of a US equity or ETF. Each contract tracks the price of the underlying stock or index, has no expiry date, and uses a funding rate mechanism to keep the perp price aligned with the reference price.
Trading is available 24/7, including weekends and public holidays, because the xStocks tokens themselves trade onchain continuously. Eligible non-US clients can trade with up to 20x leverage from the same Kraken Pro account they use for crypto perpetuals, without opening a separate brokerage account.
How xStocks perps differ from buying stocks
The table below breaks down the key areas that xStocks perps differ to stocks.
xStocks perps | Buying stocks directly | |
|---|---|---|
Ownership | No share ownership. Derivative exposure only. | You own the underlying shares. |
Market hours | 24/7 including weekends and public holidays | US market hours only (9:30am-4pm EST) |
Leverage | Up to 20x | Typically none (or limited margin via broker) |
Dividends | Auto reinvested into more of the same token | Dividend entitlement applies |
Settlement | Cash-settled. No physical delivery. | Share transfer |
Regulated by | Crypto exchange derivatives regulation | Securities regulation |
Which xStocks assets are available on Kraken
The table below details which xStocks perps were available at launch in February 2026. More tokenized stocks and ETFs will be added over time.
Ticker | Underlying asset |
|---|---|
SPYx | S&P 500 (SPDR S&P 500 ETF) |
QQQx | Nasdaq-100 (Invesco QQQ ETF) |
GLDx | Gold (SPDR Gold Shares ETF) |
NVDAx | Nvidia Corp |
AAPLx | Apple Inc |
GOOGLx | Alphabet Inc |
TSLAx | Tesla Inc |
HOODx | Robinhood Markets Inc |
MSTRx | Strategy Inc |
CRCLx | Circle Internet Group Inc |
For the current full list, see trading SPYx, QQQx, and other xStocks assets available.
How the price tracks the underlying asset
Each xStocks perp is anchored to a reference price derived from the underlying tokenized equity. The xStocks tokens themselves are fully collateralized and backed 1:1 by the referenced assets, which provides a pricing anchor even when US exchanges are closed. The funding rate mechanism keeps the perp price aligned with this reference price, the same way funding rates keep crypto perp prices near spot.
Outside US market hours, the reference price continues to reflect real-time pricing from onchain trading of the xStocks tokens rather than pausing until the next market open. For a full explanation of funding rates, read our dedicated article on how funding rates work.
Leverage and margin on xStocks perps
xStocks perps support up to 20x leverage on Kraken Pro. Margin works the same way as on crypto perps: you set the margin amount when opening the position, and the platform calculates your effective leverage and liquidation level from that input.
You can use the same collateral you already hold for margin or derivatives, including stablecoins and supported crypto assets. For a full treatment of how leverage and margin work on Kraken, see how leverage works on Kraken.
Start trading xStocks perps on Kraken
xStocks perps are available to eligible non-US clients in over 110 different countries. Trade SPYx, NVDAx, TSLAx, GLDx and more, with up to 20x leverage.
Frequently Asked Questions (FAQs)
Disclaimer
These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Kraken does not and will not work to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are regulated and others are unregulated; regardless, Kraken may or may not be required to be registered or otherwise authorized to provide specific products and services in each market, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Legal Disclosures for each jurisdiction here.