Kraken Launches LCAP Perpetual Futures, Expanding Access to Regulated On-Chain Crypto Index Exposure

CF Benchmarks' regulated CF Large Cap index is now available as a perp for the first time.

CFB Powers Kraken’s First Portfolio-Based Perp

CF Benchmarks congratulates Kraken on the successful launch of its Large Cap DTF Perpetual (PF_LCAPUSD) futures contract, referencing the LCAP DTF deployed on the Reserve Protocol, marking Kraken’s first perpetual futures contract offering multi-token exposure.

As the digital asset derivatives landscape continues to evolve beyond single-asset products, this latest inflection point reflects growing demand for instruments that offer diversified exposure, capital efficiency, backed by institutional-grade reference standards.

Against this backdrop, Kraken has today launched a perpetual futures contract referencing the LCAP Decentralized Token Folio (DTF), broadening access to one of the market’s most institutionally aligned on-chain crypto portfolios.

The launch represents a further extension of the LCAP ecosystem following the deployment of the LCAP DTF as an on-chain spot instrument earlier this year.

The contract is based on the Large Cap DTF (LCAP). In turn, LCAP references the CF Large Cap (Diversified Weight) – US – Settlement Price, a CF Benchmarks index designed to represent the large-cap segment of the crypto asset market through a transparent, rules-based, and regulator-aligned methodology.

From Benchmark, to On-Chain Portfolio, to Perp

The LCAP construct was designed with institutional standards in mind from inception.

Index layer: The CF Large Cap (Diversified Weight) – US – Settlement Price provides diversified exposure to leading crypto assets, underpinned by CF Benchmarks’ governance framework, transparent methodology, and benchmark integrity standards.
Portfolio layer: The LCAP DTF translated this index into an on-chain, regulated multi-token portfolio structure, expanding access beyond traditional index products.
Derivatives layer: The launch of a perpetual futures contract referencing the LCAP DTF introduces an additional access route, enabling leveraged and collateral-efficient exposure without requiring spot holdings of the underlying assets.

Together, these layers reflect the continued convergence of benchmark-driven portfolio construction, on-chain infrastructure, and exchange-listed derivatives.

Regulatory Alignment

The integrity of any derivatives contract ultimately depends on the robustness of its underlying reference. The LCAP perpetual is economically anchored to the CF Large Cap (Diversified Weight) – US – Settlement Price, which is:

Administered by CF Benchmarks, an FCA-authorized benchmark administrator in the UK
Designed to be EU BMR-aligned, supporting use by regulated financial institutions
Built on transparent constituent selection, weighting, and governance rules, with an emphasis on representativeness and resistance to manipulation

This regulatory alignment provides an important foundation for both institutional and professional market participants seeking diversified crypto exposure through exchange-listed instruments.

Kraken’s First Multi-Token Perpetual

While multi-asset indices are well established in traditional finance, their adoption within crypto derivatives remains nascent. The LCAP perpetual represents Kraken’s first perpetual futures contract referencing a diversified, multi-token crypto portfolio, signaling growing market maturity and demand for index-based derivatives beyond single-asset BTC and ETH products.

Importantly, this development should be viewed less as a platform milestone in isolation, and more as evidence of the expanding role that benchmark-driven crypto portfolios can play across spot, on-chain, and derivatives markets.

Retail Access + Capital Efficiency

Although institutionally anchored, the LCAP perpetual also introduces features that are likely to resonate with sophisticated retail participants—an important consideration for liquidity formation and market depth.

Key characteristics include:

Perpetual structure, enabling continuous exposure without contract expiry management.
Capital efficiency, with leverage of up to 20x under Kraken’s margin framework.
Collateral flexibility, allowing margining in USD, BTC, and a broad range of supported assets.
Single-contract access to diversified exposure, reducing the need for active rebalancing across multiple spot markets.

For institutional observers, these attributes matter not only from an access perspective, but also because broad retail participation can support sustained trading volumes and more resilient liquidity conditions.

Key Contract Specifications

Ticker: PF_LCAPUSD
Base Asset: LCAP – Large Cap DTF
Quote Currency: USD
Tick Size: 0.001
Minimum Lot: 0.1
Maximum Position Size: 300,000 LCAP
Margin Class: Class D (up to 20x leverage)
Collateral Currencies: USD, BTC, and 40+ additional assets

(Note: contract specifications and trading conditions are determined and administered by Kraken.)

Institutional Use Cases

For institutional and professional market participants, the LCAP perpetual introduces several practical applications:

Efficient large-cap beta exposure
Access diversified crypto market exposure through a single derivatives instrument, without the operational complexity of managing multiple spot positions
Hedging and risk management
Hedge exposure to LCAP-linked portfolios, on-chain holdings, or structured products referencing the CF Large Cap index family
Tactical allocation and overlay strategies
Implement short-term positioning or portfolio overlays using a capital-efficient derivatives contract anchored to a regulated benchmark
Liquidity and price discovery analysis
Observe derivatives-led price signals on a diversified crypto basket, complementing single-asset futures markets

These use cases highlight how benchmark-referenced crypto derivatives can increasingly mirror the role of index futures in traditional asset classes.

A Broader Access Point for Institutional-Grade Crypto Indices

The launch of Kraken’s LCAP DTF Perpetual futures contract represents a further step in the evolution of benchmark-driven crypto markets—extending regulated index exposure across spot, on-chain, and derivatives venues.

For CF Benchmarks, it underscores the growing relevance of transparent, regulator-aligned indices as the reference layer for increasingly sophisticated crypto investment and risk-management tools.