Kraken Plans to List Single-Stock Perpetual Futures Contracts via Bitnomial

According to disclosure documents from the U.S. Securities and Exchange Commission (SEC), Bitnomial Exchange, which has been acquired by Payward, the parent company of Kraken, has filed a rule change application proposing to establish common listing standards and related trading rules for cash-settled single-stock security futures. The exchange plans to launch cash-settled security futures based on individual stocks, including "perpetual security futures" with no fixed expiration date. These products will support 24/5 trading and employ a funding rate mechanism for payments between long and short positions. Additionally, Bitnomial intends to implement a daily cash settlement mechanism for security futures, specify that each contract represents 100 shares of the underlying stock, and set a standard maximum position limit of 200,000 contracts. Separately, Payward revealed plans to initially launch perpetual futures linked to 10 U.S. listed stocks, including Tesla, NVIDIA, Apple, Microsoft, and Amazon among others.