Cryptocurrency exchange Kraken has strengthened its derivatives trading capabilities in the U.S. with the acquisition of Small Exchange for $100 million, a strategic move following last year’s major acquisition of NinjaTrader for $1.5 billion.

With Small Exchange, a designated contract market maker licensed by the U.S. Commodity Futures Trading Commission (CFTC), Kraken is now positioned to develop and offer exchange-listed derivatives in the U.S.

“Under CFTC oversight, Kraken can now integrate clearing, risk, and matching into one environment that meets the same standards as the largest exchanges in the world.”
— Arjun Sethi, Co-CEO of Kraken

A Single Platform for Crypto Trading

This acquisition aligns with Kraken’s goal of building a unified trading platform, establishing a base for a new era in U.S. derivatives markets. The CFTC-licensed DCM will help integrate spot, futures, and margin trading while reducing fragmentation and enhancing trade execution speeds.

This initiative is also part of a broader focus on global derivatives infrastructure, with existing operations in the U.K. and EU.

“Together, these elements create a network that moves collateral in real time, nets exposure across jurisdictions, and reduces capital inefficiencies that have long held back U.S. traders.”
— Arjun Sethi, Co-CEO of Kraken

Expanding into Derivatives

Kraken has previously ventured into derivatives markets in the U.S. Earlier in 2025, the exchange launched a derivatives platform for U.S. traders through the acquisition of NinjaTrader, facilitating Chicago Mercantile Exchange (CME)-listed crypto futures.

These developments are in line with Kraken’s dedicated push into derivatives markets, which also included the acquisition of U.K.-based Crypto Facilities in 2019.

As derivatives trading gains traction, the market continues to expand despite fluctuations in spot trading volumes, signaling a shift in trader preferences.