- Kraken Exchange has added VeChain Perpetual Futures trading on its advanced trading engine.
- The trading platform’s move is a testament to VeChain’s growth over the past year.
Kraken, a popular US-based crypto exchange, announced it has added support for VeChain (VET) perpetual futures on its platform. As a result, users can now trade VET with multiple collateral options on Kraken Pro.
Features and Benefits of the VeChain Perpetual Futures
Kraken Pro announced the development on Thursday in an X post. VeChain community members expect the move to expand the utility of the VET token. According to the exchange, users can now use VET to gain exposure to over 30 collateral options on Kraken Pro. The trading platform offers varied profit payouts and access to over 250 markets.
$VET @vechainofficial perpetual futures now live and ready to trade!
Why choose Kraken Pro futures:
☑️ 30+ collateral options
☑️ Diverse profit payouts
☑️ 250+ marketsOpen VET perp: https://t.co/nr9EWATrAN
*Geo restrictions apply pic.twitter.com/6CWZBSEiGA
— Kraken Pro (@krakenpro) November 7, 2024
Interested users must move their funds to futures wallets to use VET as a collateral asset on Kraken. With VET perpetual futures, traders can speculate about VET’s future price, without worrying about when it will expire.
This gives them the leverage to hedge against price fluctuations. It also provides users more flexibility as they can enter and exit positions anytime based on their investment tolerances. For long-term investors, the VET perpetual futures eliminate the need to keep rolling over positions into new monthly or quarterly contracts.
The development has triggered excitement among VET enthusiasts, with some anticipating the introduction of VET spot trading on Kraken. Experts believe Kraken’s VET listing is a strong sign of ecosystem growth. In the long run, VET is positioned for more crypto traders to gain direct exposure.
The news fueled a slight uptick in VET’s price, which has risen by more than 2% in the past day. At press time, VET trades at $0.02184, with a 24-hour trading volume of $30.2 million.
Kraken Expanding Crypto Portfolio
It is worth noting that the VET perpetual futures listing is not the first on Kraken this year. According to a CNF report, Kraken launched GOAT perpetual futures in October.
While there is great return potential, this listing allows users to trade GOAT with up to 50x leverage, increasing their risk. These agreements depend on a funding rate system that guarantees the price stays aligned with GOAT.
Prior to the listing, Kraken secured a crypto license from the Bermuda Monetary Authority. As reported by CNF, the license permits Kraken to launch a regulated derivatives trading platform in Bermuda. Kraken’s new Bermuda platform offers more than 200 contracts, including perpetual and fixed-term futures, allowing investors to trade derivatives around the clock.
This move strengthens Kraken’s position in the global crypto market. It also enables consumers to trade crypto futures legally and safely in a highly regulated environment. Kraken has also made important steps in Europe, as CNF previously reported.