Kraken Launches Regulated Spot Margin Trading for US Retail Users

Kraken has launched spot margin trading for eligible US retail users on Kraken Pro through a CFTC-registered entity, expanding access to leveraged crypto trading on a regulated domestic platform.

The product allows traders to borrow against crypto holdings without selling them, offering up to 10x leverage for long and short positions, according to the company. Kraken said the platform displays liquidation prices and borrowing costs before trades are executed.

The crypto exchange said regulated margin trading in the United States has historically been limited to institutions and high-net-worth individuals classified as Eligible Contract Participants, pushing many retail traders toward offshore platforms offering leverage products.

The company said borrowing costs are charged every four hours at rates shown before a position is opened. It added that geographic restrictions apply, though it did not specify which US jurisdictions are excluded.

The launch comes days after Kraken's parent company Payward completed its acquisition of crypto derivatives venue Bitnomial, a deal the company said would support the expansion of federally regulated trading products in the US, including spot margin, perpetuals and options.

In May 2025, Kraken acquired futures trading platform NinjaTrader in a roughly $1.5 billion deal.

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Regulatory shift triggers derivatives expansion

Bitnomial has spent years navigating the uncertain regulatory environment surrounding crypto derivatives in the United States, where exchanges launching new products have faced overlapping federal oversight from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

In 2024, Bitnomial sought to launch XRP (XRP) futures through CFTC self-certification, but the SEC challenged the move, arguing the contracts could require securities exchange registration.

Bitnomial later sued the SEC over the dispute before dropping the case in March 2025. Later that month, the company launched regulated XRP futures for US users, citing shifting SEC policy around digital assets.

The regulatory environment has since shifted. In a joint statement published in September 2025, the SEC and CFTC said they were exploring ways to better align oversight of crypto markets, including potential frameworks for derivatives and perpetual-style products that have historically operated largely offshore.

Against this backdrop, US exchanges have begun expanding regulated crypto derivatives offerings. 

In April, CME Group announced plans to launch futures tied to Sui (SUI) and Avalanche (AVAX), following earlier proposals for Chainlink (LINK), Cardano (ADA) and Stellar (XLM) contracts, while also moving toward 24/7 crypto futures and options trading pending regulatory approval.

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