Trading S&P 500, Nasdaq, gold, and oil on Kraken
US and EU traders on Kraken can trade S&P 500, Nasdaq-100, gold, and oil futures from the same account they use for crypto, without opening a separate brokerage account.
These are CME-cleared contracts, the same instruments traded on traditional exchanges, accessible directly through Kraken Pro.
There are no funding rates on TradFi futures. The contract price converges naturally to spot at settlement rather than through periodic funding payments.
Leverage works differently by region. In the US, it is baked into the contract structure and posted margin. EU clients set leverage via a slider, up to 10x.
EU users now have access to TradFi futures on Kraken Pro. Clients outside the US and EU are not currently eligible for TradFi futures but xStocks perps are available as an alternative for all eligible non-US users across 110+ countries, including Europe.
Who can access TradFi futures on Kraken
If you already have a Kraken account, you can trade S&P 500 and Nasdaq-100 futures from the same interface you use for BTC-PERP. Same margin wallet, same order types, different underlying asset.
For an introduction to what TradFi futures are and how they differ from crypto perps, see what are TradFi futures.
US traders: TradFi futures are available via Kraken Derivatives US, a CFTC-registered Futures Commission Merchant. Available contracts include equity indices (S&P 500, Nasdaq), commodities (gold, oil), FX pairs, and fixed-term crypto futures (BTC, ETH). This is in addition to crypto perpetual futures, which are not available to US users.
EU traders: TradFi futures launched for EU clients on March 16, 2026, via Kraken's CySEC-regulated entity. Available contracts include equity indices, commodities, and FX. Fixed-term crypto futures are not currently part of the EU TradFi offering at this time.
Rest of the world traders: TradFi futures are not currently available, but clients can still trade perpetual futures contracts on all of the leading cryptocurrencies. For equity and commodity exposure, xStocks perps (SPYx, QQQx, GLDx, NVDAx, TSLAx) are available to eligible non-US users.
What TradFi futures are available on Kraken
Equity indices: S&P 500 (ES / MES), Nasdaq-100 (NQ / MNQ), FTSE, DAX, Russell, and Dow Jones.
Commodities: Gold (GC / MGC), crude oil (CL / MCL), silver, natural gas, energy and more.
Currencies: EUR/USD, GBP/USD, JPY, AUD, and more FX pairs available.
Fixed-term crypto futures (US only): BTC, ETH, SOL fixed-term contracts available.
Be aware that as Kraken continues to evolve, product availability changes over time.
Equity index futures: S&P 500 and Nasdaq-100
With S&P 500 and Nasdaq-100 futures, you get direct exposure to the price movement of the index without holding the underlying stocks. Both are cash-settled: at expiry, the contract pays the difference between your entry price and the final settlement price in cash, no physical delivery.
Micro contracts (MES, MNQ) are 1/10 the size of the standard E-mini contracts (ES, NQ). All four contracts trade Sunday through Friday, nearly 24 hours a day on CME Globex, and settle in cash on a quarterly cycle.
Contract | Underlying | Multiplier | Tick size | Tick value |
|---|---|---|---|---|
ES (E-mini S&P 500) | S&P 500 Index | $50 x Index | 0.25 pts | $12.50 |
MES (Micro E-mini S&P 500) | S&P 500 Index | $5 x Index | 0.25 pts | $1.25 |
NQ (E-mini Nasdaq-100) | Nasdaq-100 Index | $20 x Index | 0.25 pts | $5.00 |
MNQ (Micro E-mini Nasdaq-100) | Nasdaq-100 Index | $2 x Index | 0.25 pts | $0.50 |
Why you might use these:
Equity exposure without a separate brokerage account.
Hedging a crypto portfolio against broad risk-off moves (crypto and equities often sell off together).
Macro positioning around FOMC decisions, earnings seasons, or index rebalancing events.
It's also worth being aware that margin requirements can change with volatility.
Commodity futures: gold and oil
Gold and crude oil are two of the most actively traded commodity contracts in the world. Both trade on CME nearly 24 hours a day in standard and micro contract sizes.
Contract | Underlying | Contract size | Tick size | Tick value |
|---|---|---|---|---|
GC (Gold) | Gold | 100 troy oz | $0.10/oz | $10.00 |
MGC (Micro Gold) | Gold | 10 troy oz | $0.10/oz | $1.00 |
CL (WTI Crude Oil) | WTI Crude | 1,000 barrels | $0.01/barrel | $10.00 |
MCL (Micro WTI) | WTI Crude | 100 barrels | $0.01/barrel | $1.00 |
Physical delivery applies to standard GC and CL contracts at expiry if positions are held to settlement. Most traders close or roll before expiry.
Why you might use these:
- Gold as a macro hedge during periods of risk-off sentiment or dollar weakness.
- Oil for energy sector exposure or event-driven positioning around OPEC decisions or inventory data.
- Diversification across asset classes within one account.
How margin and leverage work for TradFi futures
TradFi futures on Kraken have no funding rate. On a perpetual contract, you pay or receive funding at each interval to keep the contract price near spot.
On a fixed-term TradFi futures contract, that mechanism doesn't exist. The contract price converges naturally to spot as expiry approaches through normal arbitrage. What you manage instead is rollover: when a contract approaches expiry, you close the expiring position and open the next quarterly contract to maintain exposure.
For a full explanation of how expiry and rollover work, see our fixed-term futures contracts: expiry and rollover article.
How leverage differs by region
For EU clients, margin works the same way as on crypto perps. You set the margin amount via the leverage slider, up to 10x, and Kraken calculates the effective leverage and liquidation level from that input.
For US clients on Kraken Derivatives US, leverage is determined by the contract structure and your posted margin rather than a slider. You post margin, and the contract's specifications determine the effective leverage. This is the standard CME model. For a full explanation, see US futures compliance and product nuances.
How to place a TradFi futures trade on Kraken Pro
Step 1: Log in to Kraken Pro and navigate to the futures market selector. TradFi futures contracts are listed alongside crypto perps. Select the index or commodity contract you want to trade.
Step 2: Enter your margin amount. Kraken Pro calculates your position size and liquidation level based on the margin you input and the current contract price.
Step 3: Choose your order type: market for immediate execution, limit to set a specific entry price.
Step 4: Set a take profit and stop loss if you want to define your exit levels upfront. For instructions on how to set conditional orders, see how to set a stop-loss and take profit.
Step 5: Review and confirm. Your position appears in the open positions panel alongside any crypto futures positions.
For a full walkthrough of placing your first futures trade on Kraken Pro, see how to place your first futures trade.
Frequently Asked Questions (FAQs)
Disclaimer
The educational material on this page is for information only and does not constitute an offer to trade futures. Kraken Futures is provided by a different licensed Kraken entity depending on where you live. Derivatives are complex instruments that carry a high risk of rapid losses due to leverage. You should not risk money you cannot afford to lose. Tax treatment depends on your individual circumstances and may change. Geographic restrictions may apply and can change without notice. Kraken products and services may not be covered by investor-compensation or deposit-protection schemes. Nothing on this page is investment, legal or tax advice. Access is subject to eligibility, local regulation and the Terms of Service for the legal entity you face.