Kraken Prop：深入了解这家 200 亿美元交易所为推动 IPO 而打造的 Funded-Trader Program

Kraken switched on Kraken Prop on May 27, 2026, becoming the first major crypto exchange to run a retail, evaluation-based proprietary-trading program directly inside its own platform. The product lets traders pass a paid skills test, receive up to $200,000 in funded capital, and keep as much as 90% of the profits — without risking their own balance. It is also the clearest signal yet of where Kraken is taking its business ahead of a long-telegraphed public listing. The launch is not a standalone experiment. It is the consumer-facing output of an acquisition Kraken closed in September 2025, wired into a Kraken Pro platform that the company has spent roughly $2 billion building out through an aggressive 2025–2026 M&A run. To understand Kraken Prop, you have to understand three things: the product mechanics, the team Kraken bought to build it, and the corporate strategy it serves. Kraken Prop, by the numbers Kraken Prop is operated by Payward Oceanic Ltd, a Kraken subsidiary, and is built into Kraken Pro. The mechanics inherit directly from Breakout, the firm Kraken acquired to power it. The structure is deliberately permissive by prop-firm standards. Most evaluation firms layer on consistency rules, minimum trading days, and profit caps; Kraken Prop applies none of those. A trader buys an evaluation, hits a profit target without breaching the drawdown limit, and gets funded — often, on the one-step path, on the strength of a single strong trade. The trade-offs are the platform lock to the Breakout Terminal, leverage capped well below offshore-derivatives norms, and an aggregate funding ceiling of $200,000. Why now: the strategy behind the launch Kraken Prop arrives in the middle of the most consequential stretch in Kraken’s 15-year history. Under co-CEOs Arjun Sethi and David Ripley, Kraken has been assembling an “any asset, anytime” trading platform and lining up to go public. In November 2025 the company raised $800 million across two tranches at a $20 billion valuation — up roughly a third from the $15 billion mark it carried just two months earlier. The investor list read like a TradFi-meets-crypto roster: Jane Street, DRW Venture Capital, HSG, Citadel Securities (which added a strategic $200 million in the second tranche), and Germany’s Deutsche Börse, which took a 1.5% stake for about $200 million. Kraken confidentially filed its S-1 with the SEC on November 19, 2025, targeting a Q1 2026 IPO — a timeline the company later paused amid choppy market conditions, with parent Payward reported in May 2026 to be raising again at the same $20 billion level. The financial backdrop explains the urgency. Kraken posted $1.5 billion in 2024 revenue and, by Q3 2025, was reporting record quarterly revenue of $648 million (up 50% quarter-over-quarter) and adjusted EBITDA of roughly $178.6 million, on platform volume near $577 billion. The company has guided toward $2.5 billion-plus in 2025 revenue. For an exchange courting public-market investors, every new revenue line and every sign of product breadth matters. That product breadth has been bought, not just built. Kraken’s 2025–2026 acquisition spree is the strategic spine Kraken Prop hangs from: - NinjaTrader — $1.5 billion (announced March 20, 2025): the largest TradFi-crypto deal on record, bringing a CFTC-registered futures brokerage with around 2 million retail traders. It led to the launch of CME-listed futures via Kraken Derivatives US in July 2025. - Bitnomial — $550 million (announced April 17, 2026; closing in H1 2026): a US-regulated derivatives stack — a designated contract market, clearinghouse, and futures commission merchant — folded into the Payward Services B2B arm. - Plus tuck-ins including Small Exchange (~$100 million), Capitalise.ai, and stablecoin-payments firm Reap, layered on earlier deals for Cryptowatch, CF Benchmarks, Crypto Facilities, and Staked. Sethi has framed each step as a piece of one machine. He described NinjaTrader as the first move toward an institutional-grade platform where any asset can be traded at any time. Kraken Prop slots into that thesis as a customer-acquisition engine: a low-cost, skill-based on-ramp that pulls ambitious traders into the Kraken ecosystem, where they can graduate to perpetuals, spot, and derivatives. Sethi cast the Breakout model as a way to build systems that reward “demonstrated performance, not pedigree.” The acquisition that made it possible Kraken did not build its prop program in-house. On September 4, 2025 (operationally effective September 1), it announced the acquisition of Breakout, a crypto-native prop firm legally organized as Breakout Trading Group, LLC and headquartered in Tampa, Florida. Terms were not disclosed. Breakout was a fast, capital-efficient story. Founded in 2023, it raised a single $4.5 million seed round in July 2024, led by RockawayX with participation from Mechanism Capital, IOBC Capital, C² Ventures, and Round13 Capital — six investors in total, per Crunchbase and CB Insights. By the time Kraken stepped in, Breakout had issued more than 20,000 funded accounts since 2023 and carried high-4s ratings on Trustpilot. The deal made Kraken the first crypto exchange to enter retail prop trading, pairing an exchange’s liquidity and infrastructure with an evaluation-based funding model. The founders: who actually built Breakout The user-facing program is new, but the people behind it are not newcomers. Breakout’s leadership is unusually credentialed for the prop space, and the strategy reflects that. Alex Miningham — co-founder and CEO. A Tampa-based serial entrepreneur (FSU College of Business; MBA), Miningham had been building startups since 2008 before crypto. He exited three companies — inDegree (to HEPdata, 2013), Discount Park and Ride (to LocoMobi, 2016), and a beverage-alcohol e-commerce business (to SevenFifty Technologies, 2020, mid-COVID). He entered crypto in 2017 via Bitcoin and Ethereum, then spent two and a half years as a general partner at seed-stage blockchain fund Ascensive Assets, where by his own account the team reviewed roughly 3,000 projects in about 30 months and invested in 14 or 15. That investor’s-eye view shaped how he diligenced the prop opportunity. Dylan Loomer (“TraderMayne”) — co-founder. A UBC graduate and trader active in crypto and global markets since 2013, Loomer is the public face of Breakout and one of the more recognizable voices on Crypto Twitter. He brought the original prop-firm idea to Miningham in early 2023 and seeded Breakout’s first cohort of traders through his own community. Miningham has credited Loomer’s instincts on community-building and distribution as central to early onboarding. “Cred” (CryptoCred) — strategy lead. A widely followed educator known for years of free trading content, Cred became Breakout’s behind-the-scenes strategist. Two of the company’s most important calls were his: the decision to abandon FX early and go all-in on crypto, and the one-step evaluation plan that became the firm’s growth catalyst. “Adam” (abetrade) — Head of Trading. A market-microstructure specialist with long experience in the prop industry, Adam architected Breakout’s most important technical shift — the migration from a B-book to an A-book model (more on that below). Miningham and Loomer bootstrapped Breakout with their own capital for nine months before raising outside money, using that time to choose what to white-label, what to build, and whom to hire. The full team was assembled by November 2023, when Breakout launched. The strategy behind Breakout’s model Breakout’s edge was not leverage or account size. It was trust — built deliberately as a competitive moat in a category Miningham has described as “riddled with scams, rug pulls, and inexperienced operators.” Four strategic decisions defined the firm: - Near-zero arbitrary rules. Where many FX prop firms used profit caps, news-trading bans, and convoluted restrictions to deny winners their payouts, Breakout stripped the rulebook down and let traders trade how they wanted, in both the evaluation and the funded stage. - A clean payout record. Breakout’s central marketing claim — that it has never denied a payout to a funded trader — became its defining brand asset. Because the firm doesn’t custody user capital, a trader’s only downside is the evaluation fee. - B-book to A-book migration. Over the 18 months after launch, the team built its own risk engine and admin system to route funded trades to live markets (A-book) rather than paying winners off the company balance sheet (B-book). That aligned Breakout’s incentives with its traders’ success and gave traders confidence the money would be there. - The one-step evaluation. Collapsing a two-step process into a single pass — sometimes achievable on one good trade — unlocked a wave of participation and pushed growth into hockey-stick territory. A 2024 affiliate program across APAC, Europe, and North America compounded it. Crucially, Miningham came to see Breakout less as a destination than as a “stepping stone” — a top-of-funnel that builds a trader’s bankroll before they graduate to perps, spot, and more complex strategies. That framing is precisely why Kraken was the right acquirer: the prop program feeds the exchange. Sethi, for his part, has described Breakout’s model as a filter for scalable signal — a way to allocate capital on proof of skill rather than access to it. The prop-trading boom, in data Kraken is buying into a category that has exploded — and one where the published outcome data is sobering. Market size and growth. Multiple 2025 market overviews, aggregated by WorldMetrics, put the global proprietary-trading-firm industry at roughly $20 billion, spread across 2,000-plus firms, with an estimated 60–65% headquartered in the United States. Demand has surged: per Google Trends analysis compiled by FinTechStatistic, search interest in prop firms rose about 607% between 2020 and 2024, and monthly searches for “prop firm” reached roughly 49,500 by late 2025, up from about 880 in January 2020 — a more-than-50x jump in five years. Search interest in “proprietary trading” climbed an estimated 1,264% between December 2015 and April 2024. Where Kraken Prop sits in the competitive landscape Kraken’s move is distinctive because no other major exchange runs retail evaluation-based prop directly. Coinbase bought derivatives venue Deribit but did not enter retail prop. Crypto.com and Coincheck have focused on licensing and brokerage. Institutional prop desks like Jump Crypto and Cumberland operate in a different, professional tier. That leaves Kraken Prop competing mainly against crypto-native retail funding platforms. The closest comparable is HyroTrader, which routes funded trading through the Bybit API, settles in USDT/USDC, scales profit splits up to 90%, and pays out in under 24 hours. Other players in the crypto-funding niche include Fondeo.xyz — a US-based (Sheridan, Wyoming) firm built by crypto and prop veterans that offers up to $200,000 in virtual capital, profit shares up to 90%, a 24-hour payout guarantee, and more than $1 million in cumulative payouts — alongside Crypto Fund Trader, Tradeify, BrightFunded, and ThinkCapital. Kraken’s differentiator is institutional backing: an exchange’s balance sheet, liquidity, and (pending) public-company scrutiny behind the funded accounts. What traders should weigh The program’s strengths are real — clean rules, fast USDC payouts, an exchange’s infrastructure, and a first-withdrawal refund of the evaluation fee. A few honest counterweights belong in the same frame: - Evaluation fees are non-refundable unless and until a trader funds and withdraws; industry pass rates suggest most buyers never get there. - Kraken describes the program as unregulated, distinct from its licensed exchange and derivatives businesses. - Leverage is modest (up to 5x) and traders are locked to the Breakout Terminal, with no MT4/MT5/TradingView support and a $200,000 aggregate funding ceiling. None of that is unusual for the category, but it frames Kraken Prop as a skills-and-discipline product, not a shortcut to easy capital. The bottom line Kraken Prop is a small product with an outsized strategic role. For traders, it is one of the most credible entries in a fast-growing but high-attrition category — clean rules, quick payouts, and an institutional name behind the capital. For Kraken, it is a low-cost acquisition funnel that rounds out an “any asset, anytime” platform assembled through $2 billion-plus of M&A and pointed squarely at the public markets. The pieces that make Kraken Prop possible — Breakout’s trust-first model, the NinjaTrader and Bitnomial derivatives stack, and an $800 million war chest at a $20 billion valuation — are the same pieces investors will scrutinize whenever Kraken’s paused IPO comes back to life.