Kraken has launched USD-settled options on Bitcoin and Ethereum for institutional clients, marking its entry into a crypto derivatives segment already occupied by Coinbase and CME Group. The new contracts are European-style, cash-settled in dollars, and available on Kraken Pro through request-for-quote with weekly to semi-annual expiries. Portfolio margin applies by default, allowing clients to offset positions across spot, futures, and options within a single wallet that accepts over 30 collateral currencies.
The move positions Kraken against Coinbase, which acquired Deribit for 2.9 billion dollars in August 2025, and CME Group, which offers CFTC-regulated options with weekend trading introduced in May 2026. Unlike competitors, Kraken integrates options directly into existing client accounts rather than operating a separate platform. A public order book and European access are planned for later phases, though eligibility criteria remain undisclosed and initial access is limited to select clients.
FXnCO Insight
Institutional traders seeking unified margin efficiency across crypto derivatives now have a third major venue option, potentially fragmenting liquidity across Kraken, Deribit, and CME platforms.
Source: Finance Magnates