Kraken Pro, the professional trading arm of crypto exchange Kraken, has enabled margin trading on xStocks, the tokenised equities platform it acquired last year, allowing eligible non-US traders to take leveraged positions on tokenised US stocks and ETFs for the first time.
Traders can access up to 3x leverage, going long or short across ten available pairs, including NVDAx, TSLAx, AAPLx, SPYx, GOOGLx, GLDx, CRCLx, QQQx, MSTRx, and HOODx, all quoted against the US dollar.
xStocks are tokenised representations of real-world equities, each backed one-to-one by the underlying stock or ETF and issued as SPL tokens on the Solana blockchain.
The margin framework mirrors Kraken's existing crypto margin mechanics. Borrowed funds are sourced from Payward Digital Solutions Ltd (PDSL), Kraken's Bermuda-licensed subsidiary, with margin fees accruing every four hours on borrowed amounts. Eligible account balances are automatically held as collateral while positions are open.
The system incorporates automated initial and maintenance margin requirements, real-time liquidation logic, position limits based on order book depth, and margin pool exposure caps.
Traditional equity margin trading typically requires separate brokerage accounts and dedicated capital. The move brings tokenised equities into the same margin infrastructure crypto traders already use on Kraken Pro.
The announcement follows a milestone for the broader xStocks ecosystem. xStocks surpassed $25 billion in total transaction volume in less than eight months, covering trading on exchanges, activity on decentralised finance platforms, and mint and redemption flows.
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The platform holds 8 of the top 11 positions for tokenised equities by unique holders and accounts for 68% of the top 25 tokenised stocks by unique holders. Kraken
The product is not available to US customers. Eligibility criteria and geographic restrictions apply.
The recap
- Kraken Pro adds margin trading support for xStocks tokenized equities.
- Traders can access up to 3x leverage on tokenized stocks and ETFs.
- Margin offered via PDSL; availability subject to eligibility criteria.
