Globally, perpetual futures account for the vast majority of crypto derivatives volume, yet U.S. traders have historically had limited access due to regulatory restrictions.

Kraken recently entered the U.S. regulated derivatives market through its acquisitions of NinjaTrader and Bitnomial, giving it access to futures commission merchant, exchange and clearing licenses regulated by the Commodity Futures Trading Commission (CFTC). The company expects to launch perpetual futures on Kraken Pro in the coming weeks.

Palmer said broader institutional adoption will likely take time, drawing a comparison to the launch of spot bitcoin ETFs in January 2024.

“When you take further steps back in the asset management chain, then you have investment…