Trading SPYx, QQQx, GLDx, NVDAx, AAPLx, TSLAx on Kraken

Each xStocks instrument on Kraken tracks a different underlying asset. SPYx tracks the S&P 500 ETF, NVDAx tracks Nvidia, GLDx tracks gold. The trading mechanics are the same as crypto perps, but the underlying tech is different. This article outlines what you need to know about each one before opening a position.

For a full breakdown of how xStocks perps work as a product, read our what are xStocks perps article.

SPYx and QQQx are the two broad equity index instruments in the xStocks perps range. Both track major ETFs that themselves follow the underlying index, not the index directly.

SPYx tracks the SPDR S&P 500 ETF Trust (SPY). This means, you get exposure to the price movement of the S&P 500, the US large-cap equity benchmark. It's useful for broad equity market exposure, macro hedging, or positioning around events like FOMC meetings.

QQQx tracks the Invesco QQQ Trust (QQQ), which follows the Nasdaq-100. It's more concentrated in technology and growth names than SPYx and tends to be more volatile.

The table below breaks down both instruments and their key features such as leverage and settlement.

Individual stock perps track single company shares. As a result, they carry higher volatility than the index instruments. A single company's price can move significantly on earnings, news, or macro events without the broader index moving in proportion.

NVDAx tracks Nvidia Corp. Nvidia is highly sensitive to earnings guidance, US-China trade policy, and data center demand signals.

AAPLx tracks Apple Inc. Apple tends to be less volatile than Nvidia given its size and sector diversification, but still carries substantially more single-name risk than SPYx or QQQx.

TSLAx tracks Tesla Inc. Tesla is typically the highest-volatility instrument in the xStocks range, driven by its sensitivity to delivery figures, margin commentary, and broader EV sector sentiment.

The table below breaks down both instruments and their key features such as leverage and settlement.

GLDx tracks the SPDR Gold Shares ETF (GLD), which tracks the price of gold. It gives you 24/7 leveraged exposure to gold without needing a futures brokerage or a gold trading account.

Gold moves on different drivers than equity instruments: real interest rates, dollar strength, and risk-off sentiment rather than earnings or growth expectations. Adding GLDx to your positions gives your portfolio different risk characteristics from the equity perps. Gold has historically behaved differently from equities during market stress, though past performance is not indicative of future results.

Reference price during US market close. xStocks perps trade 24/7 because the underlying xStocks tokens trade onchain continuously. Outside US market hours, the reference price reflects onchain trading of the xStocks tokens rather than pausing until the market opens, so price discovery continues around the clock.

No dividend entitlement. xStocks perps are derivatives, not shares. Holding SPYx does not give you ownership of the underlying ETF or entitlement to any dividends it distributes.

Volatility profile by instrument. Index perps (SPYx, QQQx) move with broad market sentiment. Individual stock perps (NVDAx, TSLAx) carry single-name risk and can move sharply on company-specific events. GLDx follows macro drivers distinct from equities. This is why sizing positions appropriately may matter more for xStocks instruments than for BTC-PERP, where you likely already have a feel for the volatility range.

Step 1: Log in to Kraken Pro and open the market selector. Click the Futures filter to show only futures markets, then use the Categories filter to display xStocks only.

Step 2: Select the instrument you want to trade. SPYx, QQQx, NVDAx, AAPLx, TSLAx, and GLDx all appear in this view.

Step 3: In the order form, choose your margin amount and order type. Market orders execute immediately at the current price. Limit orders let you set a specific entry price.

Step 4: Set a stop-loss and take-profit before confirming. For instructions on how to set conditional orders on Kraken Pro, see how to set a stop-loss and take profit.

Step 5: Review and confirm. Your position opens and appears in the open positions panel alongside any crypto perp positions.

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.