diff --git a/tests/commands/test_commands.py b/tests/commands/test_commands.py
index 3d75e9172..85e42c11d 100644
--- a/tests/commands/test_commands.py
+++ b/tests/commands/test_commands.py
@@ -133,6 +133,8 @@ def test_list_exchanges(capsys):
     captured = capsys.readouterr()
     assert re.search(r"^binance$", captured.out, re.MULTILINE)
     assert re.search(r"^bybit$", captured.out, re.MULTILINE)
+    # An exchange not supporting futures
+    assert re.search(r"^kraken$", captured.out, re.MULTILINE)
 
     # Test with --all
     args = [
@@ -173,6 +175,19 @@ def test_list_exchanges(capsys):
     assert not re.search(r".*bingx.*", captured.out)
     assert re.search(r".*hyperliquid.*", captured.out)
 
+    # Only futures
+    args = [
+        "list-exchanges",
+        "--trading-mode",
+        "futures",
+    ]
+
+    start_list_exchanges(get_args(args))
+    captured = capsys.readouterr()
+    assert re.search(r"Exchanges available for Freqtrade.*", captured.out)
+    assert re.search(r".*binance.*", captured.out)
+    assert not re.search(r".*kraken.*", captured.out)
+
 
 def test_list_timeframes(mocker, capsys):
     api_mock = MagicMock()