Intensifying Perpetual Futures Competition in the US... Kraken Joins Cali, Coinbase

Kraken has launched an unlimited futures trading service in the US, reported by The Digital Times. The exchange completed its acquisition of Bitnomial and obtained CFTC approval for domestic crypto derivative trading. Perpetual futures are derivative products that track price movements of assets like Bitcoin and Ethereum without expiration dates, with funding rates narrowing price gaps between futures and spot markets. US users previously faced regulatory barriers accessing perpetual futures on licensed platforms, relying on offshore exchanges despite regulatory uncertainty and counterparty risks. Kraken's acquisition of Bitnomial, a CFTC-registered derivatives exchange, enables its perpetual futures service. The company also launched CME-listed Bitcoin, Ethereum, and Solana futures in 2025, following CFTC approvals for Cali's Bitcoin perpetual futures and Coinbase's 5-year perpetual futures product.