Kraken Prop adds an S&P 500 perpetual to its evaluation and funded accounts

What happened

Kraken has added an S&P 500 market to Kraken Prop, the evaluation programme it runs inside Kraken Pro. Cointelegraph, TradeInformer and FX News Group all reported the change on 12 August 2026, and Cointelegraph said its report was based on a Kraken blog post.

The new market is a perpetual contract, not a dated futures contract. According to the coverage, an index oracle that tracks the S&P 500 sets its price. It has no expiry date, so traders do not have to roll positions. It is the second traditional market on Kraken Prop, after the Nasdaq 100.

The reports gave these details:

• Leverage of up to 5x and a maximum notional exposure of $1 million (Cointelegraph, TradeInformer).
• The market can be traded on every evaluation and funded account, across the Starter, Intermediate and Advanced plans (FX News Group, TradeInformer).
• Positions can be held over the weekend, within the programme’s risk limits (TradeInformer).
• The existing evaluation rules still apply, including the daily loss limit and the overall drawdown (TradeInformer).
• Kraken said commodities are the next step in its multi-asset plans but gave no date (Cointelegraph).

TradeInformer noted that Kraken calls the prop programme an unregulated service run by Payward Oceanic Ltd. FX News Group carried the same disclaimer and added that evaluation fees cannot be refunded once trading starts.

What it means for traders

Until now, a Kraken Prop account was mostly for crypto perpetuals, with the Nasdaq 100 as the only stock index. With the S&P 500 added, a trader can hold US index exposure in the same account as their crypto positions, under the same loss limits. A loss on the index position counts toward the same daily and overall limits as a loss on bitcoin.

Some points to keep in mind:

• This is not the CME E-mini. The contract is priced from an oracle and follows Kraken’s own terms. Experience with exchange-traded index futures does not carry over to it exactly.
• Weekend exposure cuts both ways. Holding over the weekend gives flexibility. It also means a position stays open while the main US stock market is closed.
• Lower leverage than many crypto pairs. The reported maximum of 5x limits position size. Traders moving from crypto pairs should check how their usual sizing fits under that cap.

Most traders do not pass prop evaluations, and fees are usually not refunded, so a new market is a reason to read the rules again, not a shortcut. Our Kraken Prop profile covers the plans, and the crypto challenges page compares it with other crypto firms.

What we do not know yet

• How the oracle price behaves when the US stock market is closed, and whether spreads or fees on the index market differ from crypto pairs. None of the reports explained this.
• Which countries can trade the new market. The coverage did not mention eligibility.
• When commodities will be added and which ones. Kraken gave no timeline.