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An official publication regarding Kraken details the recent updates. The source text is available at the primary source.
- This is a high-risk investment and you should not expect to be protected if something goes wrong.
- SpaceX is one of the most sought-after private companies in the world, and for the first time you can take a position in it without waiting for its public listing.
Kraken Announcement Details
The official documents outline the details: Kraken has listed a pre-IPO perpetual on SPCX (Space Exploration Technologies Corp., or “SpaceX”), so you can go long or short on SpaceX exposure before it goes public.
Kraken Timeline and Key Numbers
Trade with up to 5x leverage and multi-collateral (flex) margin , with no expiry . Not available in the US, EEA, Canada, Australia, or New Zealand. Pricing uses a purpose-built Kraken PreMarket Synthetic index that is smoothed and tightly bounded, designed to resist flash liquidations in a thin, early market. If and when SpaceX completes an IPO, Kraken intends to convert the contract to standard tokenized-equity-style pricing , and contract specifications are expected to change. What is the SPCX pre-IPO perpetual? SpaceX is one of the most valuable private companies in the world, but its shares are not yet publicly traded. Go long if you expect SpaceX’s valuation to rise into and beyond a public debut. Go short to hedge or take the other side. No expiry , so you can hold for as long as you like, subject to margin. Multi-collateral margin , so the contract is settled and margined in Kraken’s flex account and a wide range of assets can back your position. Synthetic index : The Kraken PreMarket Synthetic index derives the reference price from the contract’s own market, rather than from an external feed that does not yet exist. Smoothing : The index is exponentially smoothed, so short-lived spikes in a thin order book have little effect on it. Price discovery is intentionally measured. Mark-price clamp : The contract’s mark price is held to within ±0.25% of the synthetic index at all times. Even on a thin book, that band is designed to stop momentary spikes from forcing liquidations: a brief shock moves the mark only fractionally, while a sustained move is followed in an orderly way over minutes rather than seconds. Pricing source : A synthetic, smoothed, and clamped index, rather than an external spot index. Funding : Structurally small during the pre-IPO phase, because the mark is held close to the index by the ±0.25% band. A standard perpetual instead tracks an external spot price. Liquidity : Early markets may be thin, and spreads can be wider than on mature contracts. The smoothing and clamp design exists to keep that early phase orderly. Conversion at IPO : Specifications are expected to change if and when SpaceX goes public (see below). Specification Value Symbol PF_SPCXXUSD Underlying SPCX (Space Exploration Technologies Corp., pre-IPO) Type Perpetual (no expiry) Quote and settlement USD, multi-collateral (flex) margin Max leverage 5× Initial margin 20% (base tier) Maintenance margin 10% (base tier) Margin tiers Up to 5x, stepping down to 3.3x and 2x for larger positions Tick size 0.01 Minimum order size 0.01 SPCX Funding Realized every hour, structurally minimal pre-IPO (mark is held within ±0.25% of the index) Mark price Smoothed synthetic, clamped to within ±0.25% of the Kraken PreMarket Synthetic index Listing date and time June 7, 2026, 10:00 a.m. UTC Availability Global, excluding the US, EEA, CA, AU, and NZ. Professional clients only in the UK. What happens when SpaceX goes public? When SpaceX completes its IPO, Kraken intends to transition PF_SPCXXUSD pricing from the synthetic index to the SpaceX xStocks tokenized equity spot index with normal funding. Contract specifications, including initial margin, maintenance margin, position limits, and funding, are expected to change at that point. Kraken will share the full conversion details and timing ahead of any changes. Payward Digital Solutions Ltd. is licensed to conduct digital asset business by the Bermuda Monetary Authority. Trading futures, derivatives and other instruments using leverage involves an element of risk and may not be suitable for everyone. Read Kraken Derivatives’ risk disclosure to learn more. xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. xStocks are not nor will be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability/appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the US or to US persons. Read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more. and can move sharply. losses can exceed your initial deposit. Liquidation & auto-deleveraging: Leveraged positions can be liquidated. contract this likelihood may be higher than for a mature contract. settle the contract at a value determined by Kraken in accordance with its rules. significant volatility. expected to change on conversion and may be adjusted by Kraken. Products and leverage are not available in all jurisdictions. Technologies Corp. PEP is available for trading! UAI is available for trading! The worst Uptober ever: a sign of things to come? Kraken will not undertake efforts to increase the value of any cryptoasset that you buy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. © 2011 – 2026 Payward, Inc. June 7, 2026 2026 The key dates associated with these events include: June 7, 2026, 2026.
Disclosure: Neither the author nor NewsBTC holds a position in the asset discussed in this article.
