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What are xStocks Vaults on Kraken
Kraken’s xStocks Vaults let you earn rewards on tokenized equities and ETFs you hold, directly from your Kraken account. Your SPYx, QQQx, or NVDAx is allocated to onchain lending markets through a non-custodial embedded wallet, and rewards accrue automatically over time. Each vault supports one specific xStock. You can withdraw at any time with a 3-day wait time.
Like other vaults, your assets are held in a self-custodial embedded wallet and allocated to decentralized protocols. The key difference is that xStocks Vaults are purpose-built for tokenized equities, so your rewards are paid in the same xStock you allocated, and you stay fully exposed to the price of the underlying index.
How xStocks Vaults work
When you allocate SPYx, QQQx, or NVDAx to a vault, it’s sent to your embedded wallet on the Ink network, wrapped to each xStocks wrapped version for vault accounting purposes, and deposited into a Veda vault managed by the vault’s risk manager, Sentora.
Next, your xStocks are supplied as collateral to a lending protocol, and stablecoins are borrowed against them. These stablecoins are deployed into reward-generating DeFi strategies. Rewards are converted back into your xStock and re-deployed so they auto-compound.
When you deallocate, your xStock is unwrapped and returned to your Kraken balance.
All of this happens behind the scenes, so you don’t need to worry about onchain complexity. In the Kraken interface, you simply see your balance grow.
Allocation instructions
On the Home screen, navigate to the Earn page and find the xStock you’d like to allocate.
You can also go to Portfolio, find the xStock, and tap Allocate.If it's your first time, read through the informational pages to better understand the xStocks Vault, then tap Continue.
On the "Earn on xStocks" screen, enter the amount you want to allocate. The minimum is 0.001 of the xStock (Ex. 0.001 NVDAx). Then tap Review.
Review the earning rate, wait times, and estimated annual earnings. If everything is to your satisfaction, tap Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen confirming your allocation.
Once you open the Kraken Pro App, navigate to the More tab, then select Earn. If you hold an xStock eligible for xStocks Vaults, it’ll appear in the “Ready to Earn” section. Tap the xStock to begin the allocation.
You can also go to Portfolio, find the xStock you’d like to allocate, and tap Earn.If it's your first time, read through the informational pages to better understand the xStocks Vault, then tap Continue.
On the "Earn on xStocks" screen, enter the amount you want to allocate. The minimum is 0.001 of the xStock. (Ex. 0.001 NVDAx) Then tap Review.
Review the earning rate, wait times, and estimated annual earnings. If everything is to your satisfaction, tap Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen confirming your allocation.
Sign in to your Kraken account on Kraken.
Go to the Earn page.
Find and click on the xStock you’d like to allocate in the "Ready to earn" table.
A pop-up will appear on your first time, it provides information regarding xStocks Vaults. Review the information tand then click Continue.
On the "Earn on xStocks" screen, enter the amount of of the xStock you want to allocate.
You can enter in USD or the xStock. The minimum is 0.001 of the xStock. (Ex. 0.001 NVDAx) Use the quick-select buttons (25%, 50%, 75%, Max) or type a custom amount.Click Continue.
Review the earning rate, wait times, and estimated annual earnings. If everything is to your satisfaction, click Confirm.
Complete the Privy OTP email verification if required
Once processed, you will see a success screen showing your allocated BTC amount and the message "Allocation initiated."
Sign in to your Kraken account on Kraken Pro.
Go to the Earn page by hovering your mouse over Yield, then clicking Earn.
Click the xStock you’d like to allocate in the "Ready to earn" asset table, or use the "For you" section.
You can also allocate from your Portfolio by finding the xStock in your balances and choosing Allocate.A pop-up will appear on your first time providing information regarding xStocks Vaults. Review the information and then click Continue.
On the "Earn on xStocks" screen, enter the amount of the xStock you want to allocate. You can enter in USD or switch to the allocating xStock.
The minimum is 0.001 of the xStock (Ex. 0.001 NVDAx). Use the quick-select buttons (25%, 50%, 75%, Max) or type a custom amount.Click Continue.
Review the earning rate, wait times, and estimated annual earnings. If everything is to your satisfaction, click Confirm.
Complete the Privy OTP email verification if required.
Once processed, you will see a success screen showing your allocated BTC amount and the message "Allocation initiated."
Deallocation instructions
Open the Kraken app and go to the Earn page.
Find your allocated xStock and tap it to open the Asset Detail Page.
Tap the Vault, then tap Deallocate.
Enter the amount you want to deallocate.
Tap Review.
On the confirmation screen, verify the details including the wait time.
Tap Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen confirming your deallocation.
Your xStock will be returned to your Kraken balance after the deallocation wait time.
Open the Kraken Pro app and go to the Earn page.
Under the Allocated section, find your allocated xStock and tap it to open the Asset Detail Page.
Tap the Vault, then tap Deallocate.
Enter the amount you want to deallocate.
Tap Review.
On the confirmation screen, verify the details including the wait time.
Tap Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen confirming your deallocation.
Your xStock will be returned to your Kraken balance after the deallocation wait time.
Sign in to your Kraken account, then go to the Earn page.
Find the xStock in your Allocated assets, then click on it.
You will see the Vault allocation here, click the three dots and then click Deallocate.
Enter the amount you want to deallocate. You can enter in USD or the xStock. (Ex. 0.001 NVDAx)
Click Review.
On the confirmation screen, verify the deallocation amount, vault, earning rate, amount, and wait time.
Click Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen with the message "Deallocation initiated."
Your xStock will be returned to your Kraken balance after the deallocation wait time.
Sign in to your Kraken account on Kraken Pro.
Go to the Earn page by hovering your mouse over Yield, then clicking Earn.
Find the xStock in your Allocated assets, then click on it.
A panel on the right side will appear, where you will see the Vault allocation, click the three dots and then click Deallocate.
Enter the amount you want to deallocate. You can enter in USD or the xStock. (Ex. 0.001 NVDAx)
Click Review.
On the confirmation screen, verify the deallocation amount, vault, earning rate, amount, and wait time.
Click Confirm.
Complete the Privy OTP email verification if required.
You will see a success screen with the message "Deallocation initiated."
Your xStock will be returned to your Kraken balance after the deallocation wait time.
Additional Information
Rewards accrue continuously and are auto-compounded into your vault balance. You don’t need to claim them manually. Rewards are paid in the same xStock you allocated. Vault rewards are not guaranteed and can change until you deallocate.
You can track your lifetime earnings in the “Lifetime Earnings” section of the Earn page.
Earning rates are variable and depend on borrowing demand in the underlying lending markets. The APY displayed is the trailing 7-day average and may change over time.
Note: During the initial launch period of the xStock vaults, the displayed APY is a fixed estimate of 2.0% net of fees for SPYx and QQQx, and 1.8% for NVDAx.
There is a 25% performance fee on vault earnings, applied at the protocol level. There are no fees to allocate or deallocate, and no gas fees for deposits or withdrawals on the Ink network. The APY you see is net of fees.
The xStocks Vaults use well-established protocols and infrastructure that have been widely tested in the market. However, as with any onchain strategy, there are important risks to be aware of.
Smart contract risk: The vault relies on audited and widely used smart contracts. As with any onchain system, there is a possibility of bugs or exploits that could impact funds.
Liquidity risk: In periods of high demand or market stress, withdrawals may be delayed if liquidity is not immediately available. Funds generally remain in the vault and continue earning until liquidity returns.
Bad debt and market risk: The strategies rely on overcollateralized lending. In extreme market conditions, rapid price movements can lead to losses that may reduce your vault balance, including your initial deposit. Any resulting losses are shared proportionally across vault users.
Liquidation risk: The xStocks Vaults rely on borrowing stablecoins against xStocks collateral. If the value of the respective xStocks collateral declines significantly or withdrawal demand increases sharply, positions may need to be closed quickly. Any resulting losses are shared proportionally across vault users.
Cross-chain execution risk: The vault moves assets across blockchains. Delays or issues with these transfers can slow withdrawals or position adjustments, which may increase exposure to changing market conditions.
Leverage risk: The vault uses leverage by borrowing against xStocks collateral to increase exposure. While this can enhance returns, it also increases sensitivity to market movements, meaning losses can be amplified during periods of volatility.
Downstream asset exposure: The vault’s strategy may involve assets beyond what you deposit, including wrapped or synthetic tokens and stablecoins. These carry their own risks, such as loss of peg or custodian failure.
The rewards you earn can change over time, and there’s a chance you could lose some or all of your deposit. Vaults aren’t part of any government or bank protection program, so they don’t come with the same safety nets as traditional savings accounts.
When you use xStocks Vaults, you’re taking on market and protocol risk, meaning the value of assets or the systems involved could change or fail.
Frequently asked questions
Yes, each xStock vault has a deposit minimum of 0.001 of the respective asset. (Ex. 0.001 NVDAx)
Holding xStocks tracks the index with no yield. Allocating to a vault keeps that same exposure while your balance also earns rewards.
No. Kraken automatically creates a non-custodial embedded wallet for you when you make your first DeFi Earn allocation. You don’t need to manage seed phrases or use any external tools.
Yes. All rewards are paid in the same xStock you allocated and auto-compounded into your vault balance.
You use the same embedded wallet for all vault allocations. Each position is tracked separately and can be managed independently.
The vault is managed by Sentora as the risk manager and administered by Veda. Kraken provides access to the vault but doesn’t control the strategy or the underlying protocols.
Yes. You can export your embedded wallet’s private key at any time through Earn Settings. This is permanent and irreversible.
No. These are two different types of holdings, including for tax purposes.
At launch, xStocks Vaults are available in the EEA and rest of world, excluding the UAE. They’re not available in the UK, US, Canada, or Australia, or in sanctioned countries.