📝 Resumen ejecutivo
Perpetual futures generated more than $60 trillion in volume last year, according to the crypto exchange, largely outside the U.S.
Kraken debuts U.S. perpetual futures, targeting the $60 trillion offshore crypto derivatives market with a regulated onshore alternative.
The article reports Kraken's launch of U.S. perpetual futures, opening a new onshore market for crypto derivatives. This should boost institutional and retail access to leverage on Bitcoin, potentially increasing volume and liquidity. The $60 trillion global volume figure underscores the demand, previously offshore.
By offering regulated leverage to U.S. traders, the futures could increase demand and liquidity, providing a near-term boost to Bitcoin as more capital flows into the largest crypto asset.
Kraken operates under U.S. regulatory oversight, offering traders legal certainty and investor protections not available on unregulated offshore exchanges.
Post-2024 U.S. elections, regulatory stances softened, with Trump's executive orders creating a crypto task force. This has encouraged exchanges like Kraken to expand offerings, reversing the trend of crypto activity moving outside U.S. jurisdiction.
Ethereum is the second-largest crypto asset and a major component of perpetual futures markets. Kraken's launch of U.S. perpetuals likely includes ETH pairs, which would similarly benefit from increased accessibility and leverage trading onshore. The $60 trillion offshore volume suggests pent-up demand will flow into ETH derivatives.
Likely yes—Ethereum is a staple of crypto derivatives markets, and Kraken will almost certainly offer ETH/USD perpetuals alongside Bitcoin to attract traders.
Greater access to leveraged long positions could amplify buying pressure, lifting ETH in the short term if traders bet on upward momentum.
Perpetual futures generated more than $60 trillion in volume last year, according to the crypto exchange, largely outside the U.S.
Perpetual futures are derivative contracts that allow traders to speculate on cryptocurrency prices without an expiry date, using leverage. They mimic spot markets through a funding rate mechanism and dominate trading volumes on exchanges like Binance and Kraken.
It brings a massive, previously offshore market under U.S. regulatory oversight, offering legal certainty, investor protections, and potential tax benefits. The move marks a shift as crypto derivatives 'come onshore' following improved regulatory environments after the 2024 U.S. election.
According to Kraken, perpetual futures generated more than $60 trillion in global volume last year, dwarfing spot trading and occurring largely outside U.S. jurisdiction. Kraken's entry aims to capture a portion of this huge liquidity.