Kraken, a leading cryptocurrency exchange, has rolled out forex perpetual futures for EUR/USD and GBP/USD pairs with up to 20x leverage, blending crypto trading features with traditional forex markets as of April 18, 2025. The move signals Kraken’s ambition to bridge decentralized finance with global financial systems.
On April 18, 2025, Kraken, one of the world’s most established cryptocurrency exchanges, announced the launch of forex perpetual futures (FX perps), a new product aimed at expanding its offerings beyond crypto markets. The initial rollout supports two of the most traded forex pairs globally: EUR/USD and GBP/USD, allowing traders to access these markets with up to 20x leverage. The announcement, shared via Kraken’s official channels, marks a significant step for the exchange as it seeks to merge the flexibility of crypto trading with the structure of traditional finance.
Unlike traditional futures contracts that come with an expiration date, perpetual futures—popular in the crypto space—have no expiry, enabling traders to hold positions indefinitely. Kraken’s FX perps are benchmarked against DxFeed’s Composite Forex Index, ensuring real-time price updates, though the index aligns with traditional forex market hours.
Traders can place orders 24/7 via Kraken Pro, the exchange’s advanced trading platform, offering a seamless experience for those accustomed to the always-on nature of crypto markets. “By introducing FX perps, we’re capitalizing on this market-leading position by providing clients with a powerful new tool,” said Alexia Theodorou, Kraken’s Head of Derivatives, highlighting the product’s role in broadening Kraken’s appeal across asset classes.
Kraken’s move comes on the heels of significant forex trading activity on its platform. In 2024, according to report, the exchange recorded $5.4 billion in FX spot market trading volume, with EUR/USD and GBP/USD alone accounting for $3.5 billion of that total. This existing demand likely fueled Kraken’s decision to target these pairs first, with plans for a global rollout already in motion, including markets in the U.S., U.K., and EU.
The introduction of FX perps could shake up the forex trading landscape by offering features that traditional platforms often lack, such as zero funding fees and the ability to trade around the clock. Perpetual futures have long been a staple in crypto, with daily trading volumes exceeding $100 billion as of late 2022 per Investopedia. By applying this model to forex, Kraken is positioning itself as a hybrid platform that caters to both crypto enthusiasts and traditional traders. For retail investors, this means more opportunities to speculate on currency movements without the constraints of conventional forex market hours.
However, the high leverage—up to 20x—also introduces significant risks, especially in the volatile forex market where price swings can be sharp. Kraken’s decision to align index updates with forex hours may help mitigate some of this volatility, but traders will need to approach the product with caution.
Kraken’s latest offering underscores a broader trend in the crypto industry: the convergence of decentralized and traditional finance. With the global cryptocurrency exchange market projected to grow from $37.07 billion in 2022 to $264.32 billion by 2030, according to Spherical Insights, Kraken’s foray into forex could set a precedent for other exchanges to follow. As the exchange continues its global expansion, it may indeed be laying the groundwork for what some are calling “the next Wall Street on-chain.”
Disclaimer: Some projections, such as the cryptocurrency exchange market growth, are based on third-party reports and may not reflect real-time developments. Specific details about Kraken’s global rollout timeline remain unconfirmed as of this writing.
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