Kraken adds S&P 500 to funded trading program, commodities to follow

Kraken's funded trading program is expanding into round-the-clock exposure to a major US equity benchmark as the company builds out a broader multi-asset offering.

US-based crypto exchange Kraken has added an S&P 500 perpetual product to its proprietary trading program, giving funded traders continuous exposure to the US equity benchmark outside the limited weekday trading hours of traditional US equity markets.

According to a company blog post published Wednesday, the product is structured as a perpetual instrument priced off an index oracle tracking the S&P 500, rather than a standardized futures contract. As a result, it has no expiration date or rollover requirement. The perpetual structure, popularized in cryptocurrency derivatives markets, has become a widely used instrument for continuous price exposure without contract expirations.

The S&P 500 is the second traditional market available through Kraken Prop, following the Nasdaq 100. The company said it plans to add commodities as part of a wider multi-asset rollout. Traders can access the S&P 500 market through Kraken Prop's evaluation and funded accounts with up to 5x leverage and a maximum notional exposure of $1 million, according to Kraken.

Kraken Prop allows traders to purchase an evaluation and, if they meet the program's requirements, qualify to trade with Kraken capital. Evaluation plans start at $20, while funded account sizes range from $5,000 to $200,000. The model mirrors the structure long used by traditional proprietary futures trading firms, where participants prove their trading skill through a test phase before gaining access to firm capital.

The launch follows Kraken's move in July to offer retail investors access to Jersey Mike's initial public offering through direct share allocations in the US and tokenized shares in more than 110 countries, as the exchange continues expanding its traditional financial products. The multi-asset push reflects a broader trend among cryptocurrency exchanges building bridges into traditional finance, with multiple platforms adding tokenized securities, stock trading, and real-world asset products to their offerings.

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