How Kraken Brings 24/7 Oil Perpetuals to Kraken Pro with Pyth Indices
Kraken is extending access to oil markets beyond traditional exchange hours. By integrating Pyth Indices, Kraken can support continuous pricing for oil perpetuals, giving eligible traders access to oil exposure alongside crypto, equities, and commodities through Kraken Pro.
Products
Indices
Challenge
Perpetual contracts trade continuously and have no expiry date. Oil markets, however, have traditionally operated according to defined exchange schedules.
That creates a structural gap: an oil perpetual still needs a reliable reference price during periods when traditional oil markets are closed, including weekends and holidays. Relying solely on an exchange order book or internal mark introduces a less independent pricing process and limits the ability to offer oil products around the clock.
For Kraken, continuous pricing was a prerequisite for launching oil perpetuals that match the always on experience traders expect from digital asset markets.
Solution
Kraken integrated Pyth Indices to support continuous pricing for its oil perpetuals.
Pyth Indices are 24/7 products constructed from Pyth’s price feeds. The initial offering includes WTI and Brent oil indices, alongside indices covering U.S. equities, metals, FX, and futures. Each product has a defined methodology and is designed to run continuously.
Pyth sources first party prices directly from more than 125 institutions, including trading firms, exchanges, and market makers. This allows the pricing layer to reflect market activity across venues and geographies rather than relying on the operating hours of a single traditional exchange.
As John Palmer, Global Head of Derivatives at Kraken, explained:
“Pyth Indices give us a continuous benchmark for assets where the underlying market doesn’t trade round the clock. That matters because Kraken is launching perpetual contracts on oil, and a perpetual needs a 24/7 reference price to function.”
Impact
With Pyth Indices, Kraken can offer oil perpetuals with a continuously available reference price, extending commodity market access beyond traditional trading hours.
Traders can access oil exposure alongside the crypto, equity, and commodity products already available through Kraken Pro, using an infrastructure model built for markets that operate continuously.
The integration demonstrates how exchanges can introduce new perpetual products even when the underlying asset markets follow traditional schedules. As trading becomes increasingly continuous, the pricing infrastructure behind those markets must operate the same way.
Pyth Indices gives Kraken the foundation to bring oil markets into the always on trading environment.
Success Stories
Infrastructure
How dYdX Powers Always On Derivatives with Pyth Indices
Infrastructure
How Fenics Market Data Extends Institutional OTC Pricing Through Pyth
Derivatives
Exploring the Future of Market Data Distribution with LMAX
Prediction Markets
Jupiter Predict uses Pyth Pro to power its BTC and SPCX markets
Prediction Markets
How Kalshi Modernizes Commodity Resolution with Pyth Pro
Prediction Markets
