Cryptocurrency exchange Kraken has introduced FX perpetual futures for EUR/USD and GBP/USD, offering its users 24/7 access to major currency pairs for the first time.

Kraken’s latest addition, live now on Kraken Pro, brings the forex market to a platform previously centered on cryptocurrencies. Unlike traditional FX products that expire or follow limited trading windows, the newly launched FX perps trade continuously without expiry.

“By introducing FX Perps, we’re capitalizing on this market-leading position by providing clients with a powerful new tool to better navigate and tailor exposure to some of the most widely-traded currency markets in crypto today,” said Alexia Theodorou, Head of Derivatives at Kraken.

According to the US-based crypto exchange, the contracts mirror the mechanics of its crypto perpetual and aim to give traders deeper access to fiat markets.

FX Trading, the Crypto Way

By enabling seamless exposure to EUR/USD and GBP/USD in real time, Kraken positions itself as a multi-asset venue for active traders looking to manage both crypto and fiat positions from a single platform.

The FX perps update pricing every second while the underlying spot market is open. They are benchmarked to DxFeed’s Composite Forex Index. To protect market integrity during forex closures, Kraken applies mechanisms like zero funding payouts and order price collars, limiting trades to a 4% range of the last available index price.

According to the firm, in 2024 alone, clients traded $5.4 billion in FX spot volume on the platform, with $3.5 billion coming from just EUR/USD and GBP/USD. The exchange sees FX perps as a way to expand engagement with those same high-volume traders while lowering barriers to round-the-clock trading.

The contracts also allow up to 20x leverage, similar to existing crypto perps on Kraken. The interface remains unchanged within Kraken Pro, making it easy for existing users to transition between crypto and FX instruments without additional onboarding.

Multi-Asset Ambitions

The launch comes as Kraken accelerates its push into traditional markets. Earlier this year, it rolled out commission-free trading for U.S. stocks and ETFs, bringing equities into the same ecosystem.

The company also partnered with Mastercard to let crypto users in the UK and Europe spend digital assets at millions of merchants.

By rolling out FX perpetuals, Kraken taps into that momentum, offering a new option for traders who want continuous access to major currencies, without stepping outside the crypto-native environment.

Source: Finance Magnates