Nasdaq 100 perpetual futures are live on Kraken Prop
Kraken Prop offers the Nasdaq 100 (XYZ100) as a 24/7 perpetual future with up to 5x leverage and a $1 million notional cap; a referral code cuts the fee by 2%.
Kraken Prop now lets traders working towards a funded account trade the Nasdaq 100. The contract, listed as XYZ100, is a perpetual future: it trades 24 hours a day, seven days a week, has no expiry date and never needs to be rolled over. Kraken added it on July 20, 2026 as Kraken Prop's first market outside crypto. On October 10 it set out the current terms to its affiliates, including nReferral: up to 5x leverage, a $1 million notional cap, evaluations from $20, up to a 90% profit split and payouts within 24 hours. Kraken describes the Nasdaq 100 as the world's second most-traded equity index future. Kraken's affiliate dashboard lists this Nasdaq 100 promotion as running until December 31, 2026; Kraken has not said that the market itself will close then.
How the contract works
XYZ100 tracks an index of the 100 largest non-financial companies listed in the US. It gives price exposure only, with no shares, dividends or shareholder rights. Kraken's support page says the price comes from an external market, Hyperliquid, so it can differ from the index value shown on sites such as Yahoo Finance or TradingView. The underlying index trades from 9:30 a.m. to 4 p.m. New York time on weekdays. Outside those hours Kraken uses what it calls a protected pricing model: spreads can widen, and prices can jump when the US market reopens. Otherwise the contract uses the same order book, order types, fees and account rules as the crypto markets on Kraken Prop.
Leverage and limits have changed
The numbers have moved since launch. Kraken's July 20 post listed 2x leverage and a $100,000 notional cap per trader. The October affiliate update gives 5x and $1 million, and Kraken's Prop page lists up to 5x on every plan. Kraken's support page on equity indices, last updated August 18, 2026, lists 10x for all equity instruments and a $1 million cap for XYZ100. Before you trade, check the current figures under Instrument info in the Kraken Prop platform. Kraken has since added a second index, the S&P 500, on August 12, 2026, with 5x leverage and a $1 million cap.
Is it easier to pass?
In its affiliate update, Kraken says the Nasdaq 100 is less volatile than crypto pairs, which it says means a higher evaluation pass rate, and it presents the index as a good entry point for futures traders who are new to prop trading. Kraken has not published pass-rate figures to back this up. Its own disclaimers say most applicants do not pass on their first attempt, that evaluation fees are non-refundable once trading begins and that Kraken Prop is an unregulated service. Leverage still magnifies every move in the index, and the 3% maximum daily loss applies whichever market you trade.
Referral code and what nReferral earns
Evaluations start at $20 for a $5,000 Advanced plan. Entering the referral code 83yhwjdj at Kraken Prop checkout gives Kraken's standing 2% discount on the evaluation fee, which appears on the payment step. nReferral is a Kraken affiliate and earns Kraken's standard 25% commission on each referred buyer's first evaluation fee. Kraken Prop is not available to users in India or Canada.
Sources
KRAKEN REFERRAL CODE 2026
| Product | Trading Rebate |
|---|---|
| Spot Trading | 20% |
| Margin Trading | 20% |
| Futures | 20% |
| Tokenized Equity | 20% |
| PTL Trading | 20% |
| Prop, first purchase | 20% |
| Rollover | 20% |
| Options | 20% |
Available rewards are confirmed during registration.
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