Kraken Prop adds 24/7 S&P 500 perpetual with 5x leverage and $1M notional cap
The oracle-priced perp is available in evaluation and funded tiers, with commodities planned next.
Kraken added an S&P 500 perpetual to Kraken Prop on Aug. 12, giving evaluation and funded traders 24/7 exposure to the US equity benchmark. The contract offers up to 5x leverage with a maximum notional exposure of $1 million.
Kraken has added an S&P 500 perpetual product to Kraken Prop, its proprietary funded trading program, expanding the program’s traditional-market menu beyond the Nasdaq 100.
The S&P 500 product is available across both Kraken Prop evaluation accounts and funded accounts. The trader-facing limits are explicit: “Traders can access the S&P 500 market across Kraken Prop’s evaluation and funded accounts with up to 5x leverage and a maximum notional exposure of $1 million.”
Access runs 24/7, positioning the product as always-on exposure to a benchmark that typically trades on fixed equity market hours. Kraken framed the launch as part of a broader multi-asset buildout, with commodities planned next.
Kraken Prop’s on-ramp remains the same. Traders buy an evaluation and, if they meet the program’s requirements, qualify to trade with Kraken capital. Pricing and account sizing were disclosed alongside the launch: “Evaluation plans start at $20, with funded account sizes ranging from $5,000 to $200,000.”
Oracle-Priced Perpetual, Not a Standardized Futures Contract
Kraken described the S&P 500 product as a perpetual priced via an index oracle rather than an exchange-listed, standardized futures contract. The company’s description is direct: “the product is structured as a perpetual priced off an index oracle tracking the S&P 500, rather than a standardized futures contract, meaning it has no expiration date or rollover requirement.”
That structure matters for mechanics. A perpetual does not settle at expiry, so traders are not forced through contract rolls to maintain exposure. Instead, the contract’s pricing is anchored to an index feed, with the oracle acting as the reference point for the S&P 500 level used by the product.
Kraken has not disclosed which oracle provider supplies the S&P 500 index feed or any details on the pricing mechanics that typically govern perps, including how any funding-rate methodology is set.
The company also has not named which commodities are coming next or when they will launch, leaving open whether leverage and notional caps will match the S&P 500 product. The S&P 500 rollout follows Kraken’s July move to offer retail access to Jersey Mike’s IPO through direct share allocations in the US and tokenized shares in more than 110 countries, extending the same TradFi expansion theme into the Kraken Prop product line.
