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Equity Indices on Kraken Prop

Last updated: August 5, 2026

Kraken Prop offers equity index instruments that give you price exposure to major stock indices: XYZ100 (tracks an index of the 100 largest non-financial US-listed companies) and S&P500 (tracks an index of 500 leading US-listed companies). The FAQs below cover what these instruments are, how they differ from digital assets, trading hours, available leverage, maximum position size, and why prices may differ from other platforms.

Equity index instruments track a US stock index. Trading them gives you price exposure to the movement of that index; they do not represent ownership of any underlying shares. Holding a position confers no dividends, no shareholder rights, and no entitlement to physical delivery of any asset.

Equity index instruments (Nasdaq100, S&P500) trade on Kraken Prop using the same order book, matching engine, and account rules as digital asset instruments. We use an external market (Hyperliquid) for price data, so prices may differ from the value of the underlying index shown on third-party platforms.

Indices behave 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. Indices give you price exposure to an index of large US-listed companies rather than to a digital asset.

Because indices refer to an equity index, two points differ from digital assets. First, indices confer no dividends, shareholder rights, or physical delivery. They are a price-exposure instrument only. Second, the indexes they track have defined underlying market hours, which affects pricing behavior outside those hours. See What are the trading hours for Equity Indices? below.

Equity indices are available to trade on Kraken Prop 24 hours a day, 7 days a week, consistent with all other instruments. The underlying index they track have 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, equity index 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 all equity instruments is 5x. Leverage is auto-applied and is not subject to change.

The maximum position size for XYZ100 & S&P500 is $1,000,000 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”.

Equity index pricing is not set within the Kraken Prop trading environment. We use an external market (Hyperliquid) for price data, and that market determines the price. As a result, the equity index 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.

Currently, Nasdaq100(XYZ100) & S&P500 (S&P500) are available on Kraken Prop.

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