In Australia, Beaufort Fiduciaries Pty Ltd (ACN 162 139 871, AFSL No. 545124) provides wholesale clients with access to derivatives where the underlying assets are digital assets. Derivatives are complex, regulated financial products that are difficult to understand and may not be suitable for inexperienced investors. For eligibility, terms and conditions click here. Krak Pay is offered by Bit Trade Australia Pty Ltd (ACN 163 237 634), Authorised Representative of Flexewallet Pty Ltd (AFSL 448066). This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and read the relevant disclosure documents before making any decision.

Trading the Nasdaq 100 (XYZ100)

Last updated: July 22, 2026

XYZ100 is a new instrument on Kraken Prop that gives you price exposure to an index of the 100 largest non-financial companies listed on a major US exchange. The FAQs below cover what XYZ100 is, how it differs from digital assets, trading hours, available leverage, maximum position size, and why its price may differ from other platforms.

XYZ100 is an instrument that tracks an index of the 100 largest non-financial companies listed on a major US exchange. Trading XYZ100 gives you price exposure to the movement of that index; it does not represent ownership of any underlying shares. Holding an XYZ100 position confers no dividends, no shareholder rights, and no entitlement to physical delivery of any asset.

XYZ100 trades on Kraken Prop using the same order book, matching engine, and account rules as the digital asset instruments already available. Note that we use an external market (Hyperliquid) for XYZ100 price data, so its price may differ from the value of the underlying index shown on third-party platforms.

XYZ100 behaves the same way as the digital asset instruments in terms of order types, leverage application, fees, and account rules. The difference is what it tracks. XYZ100 gives you price exposure to an index of large US-listed companies rather than to a digital asset.

Because XYZ100 references an equity index, two points differ from digital assets. First, XYZ100 confers no dividends, shareholder rights, or physical delivery. It is a price-exposure instrument only. Second, the index it tracks has defined underlying market hours, which affects pricing behavior outside those hours. See What are the trading hours for XYZ100? below.

XYZ100 is available to trade on Kraken Prop 24 hours a day, 7 days a week, consistent with all other instruments. The underlying index it tracks has defined market hours of 9:30 AM to 4:00 PM ET, Monday through Friday, with limited pre-market and after-hours coverage where supported.

Outside of the underlying market hours, XYZ100 pricing is maintained through a protected pricing model. Note that spreads may be wider outside of underlying market hours, and prices may move sharply when the underlying market reopens.

Available leverage for XYZ100 is 2x. Leverage is auto-applied and is not subject to change.

The maximum position size for XYZ100 is $100,000 in notional value per trader. The maximum position size for any instrument is also viewable in Kraken Prop by right-clicking the instrument and selecting "Instrument info".

XYZ100 pricing is not set within the Kraken Prop trading environment. We use an external market (Hyperliquid) for XYZ100 price data, and that market determines the XYZ100 price. As a result, the XYZ100 price may differ from the value of the underlying index shown on third-party platforms such as Yahoo Finance or TradingView.

Differences are typically more pronounced outside of the underlying market hours, when a protected pricing model applies. Note that spreads may be wider during these periods and prices may move sharply when the underlying market reopens.

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