Kraken Pro, a major cryptocurrency trading platform, has listed perpetual futures contracts for Pi Network’s native token, PI, offering traders the ability to speculate on its price with up to 20x leverage.
The listing, announced May 23, marks a significant development for Pi Network, a mobile-first blockchain project boasting a community of more than 60 million users since its 2019 launch. The new PI contracts enable users to take long or short positions without owning the underlying asset, with over 40 collateral options available across Kraken’s 360 markets.
Perpetual futures, unlike standard futures, have no expiry date and are settled continuously, subject to funding rate payments. Kraken’s offering expands access to sophisticated trading strategies, though availability may vary by region due to regulatory restrictions.
Founded by Stanford alumni, Pi Network allows users — called “Pioneers” — to mine PI tokens via mobile devices using a low-energy consensus mechanism adapted from the Stellar Consensus Protocol. The network transitioned to an open mainnet on Feb. 20, and has since introduced five decentralized applications, including a gaming platform and e-commerce integrations, alongside a new email-based account recovery system.
PI is currently trading at around $0.76 to $0.79, down from a high of $1.60 earlier this month, according to CoinMarketCap. The token has a market cap between $5.5 billion and $5.7 billion, with a 24-hour trading volume ranging from $209 million to $270 million. Its high volatility — a 50% drop in the past two months — makes it a prime candidate for leveraged futures trading, though such products may also amplify risk.
However, traders should be cautious, as leverage can magnify both gains and losses, especially for a token with PI’s volatility.
Despite the progress, Pi Network has yet to secure spot listings on major exchanges like Binance or Coinbase. Critics point to its centralized token distribution — with about 60% of supply controlled by the core team — as a barrier to wider adoption. Regulatory scrutiny also lingers, particularly in Vietnam, where many validator nodes operate under increasingly restrictive crypto regulations.
Technically, PI recently broke out of a falling wedge pattern, with $0.84 as a resistance level. A clear breakout could push prices to $0.96 or beyond, though bearish pressure from short positions may limit upward movement. Traders are advised to monitor funding rates and open interest to assess sentiment.
Pi Network’s roadmap includes further token migration to the mainnet and expansion of its $100 million venture capital fund to support real-world applications. Kraken’s futures listing highlights growing institutional interest, but market participants are urged to perform due diligence given the token’s volatility and centralization concerns.
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