Kraken Prop: Inside the Funded-Trader Program a $20B Exchange Built to Feed Its IPO Push

Kraken switched on Kraken Prop on May 27, 2026, becoming the first major crypto exchange to run a retail, evaluation-based proprietary-trading program directly inside its own platform. The product lets traders pass a paid skills test, receive up to $200,000 in funded capital, and keep as much as 90% of the profits — without risking their own balance. It is also the clearest signal yet of where…