Skip to content

    guide

    Kraken Futures: Products, Collateral and Orders

    Distinguish Kraken derivatives products and account eligibility. Learn collateral transfers, order entry, closing, funding and conversion costs.

    Editorial review:

    Model and source checks:

    Responsible publisher: MN Media s.r.o. AI-generated content

    Which Kraken derivatives product?

    The Kraken name covers different account and product arrangements. International multi-collateral derivatives, EEA derivatives and Kraken Derivatives US have separate eligibility, specifications and fee schedules. US brokerage is provided by NinjaTrader Clearing, LLC doing business as Kraken Derivatives US. Do not apply an international perpetual's funding or leverage rules to a US or EEA contract. Check the legal entity and product shown in your own account; a supported interface language does not establish eligibility.

    Collateral and the derivatives wallet

    For the multi-collateral workflow, confirm verification, derivatives permissions and the accepted terms, then select a currently supported collateral currency. Transfer it to the derivatives wallet and confirm the available margin there. Accepted crypto collateral can have a haircut and change in value. P&L, fees and funding may require USD accounting or conversion: holding ETH as collateral does not mean an ETH-denominated contract or free conversion. Read the current collateral and conversion schedule.

    Select, open and manage the contract

    In Kraken Pro's market selector, select the derivatives contract and inspect its specification: perpetual or fixed maturity, base quantity, tick size and settlement. In the order form, choose direction, quantity and Limit or Market, then review the resulting notional and margin. An unfilled limit belongs in Open orders; only executed quantity creates exposure. Check the position, average fill, mark price and maintenance requirements before adding or changing a protective order. A limit controls price but does not guarantee a fill.

    Close and reconcile the ledger

    To reduce exposure, use the supported position close or reduce-only control and verify the resulting position quantity. Review pending orders independently. For linear multi-collateral derivatives, trading fees are accounted in USD; non-USD collateral may incur conversions or other charges under the applicable rules. Reconcile gross price P&L, entry and exit fees, funding and conversion charges in the derivatives history. Transferring remaining collateral out is separate from closing a contract.

    Trading fees, funding and conversion costs

    Kraken charges derivatives trading fees as a percentage of the notional value of each matched trade, and the rate falls as your 30-day rolling volume rises. The entry-tier reference in the Kraken review and fee guide on this site is 0.02% maker and 0.05% taker; check the tier shown in your own account. A market order takes liquidity and pays the taker rate, while a limit order pays the maker or the taker rate depending on whether it rests in the book or executes at once. Example: a 10,000 USD position opened and closed with market orders at 0.05% pays 5 USD on each fill, 10 USD in total, before funding and other charges. On Multi-M contracts, fees, profit and loss and funding are accounted in USD. If the wallet lacks USD, Kraken converts other collateral, lowest haircut first, and charges a conversion fee that depends on the asset; losses not covered by USD can also incur an hourly charge. Funding is a payment between traders, not an exchange fee, and a fixed-maturity position held to settlement is charged a taker fee.

    How funding accrues on Kraken perpetuals

    Kraken's perpetual contracts have no expiry. Funding keeps a perpetual close to its underlying index: when the rate is positive, longs pay shorts, and when it is negative, shorts pay longs. Kraken applies funding continuously while a position is open and shows it as unrealized P&L, then settles it at the end of every hour, or earlier when you change your net position. Each hour's rate comes from the contract's average premium over the index in the previous hour, spread over eight hours: in Kraken's own example, a 0.36% average premium gives a funding rate of 0.045% per hour. The hourly rate is capped at plus or minus 0.5%. Because funding accrues continuously, closing just before the hour does not avoid the funding already accrued. Kraken charges no fee on funding payouts; they pass between the traders on each side.

    Fixed-maturity contracts, mark price and settlement

    Kraken also lists fixed-maturity futures, which trade around the clock apart from maintenance. For BTC and ETH, four run at the same time: a week, a month, a quarter and a semiannual contract, each with its last trading at 08:00 UTC on a Friday. A dated contract has no funding. It settles in USD, or in your chosen profit currency, at the average of Kraken's Real Time Index from 07:30 to 08:00 UTC on the last trading day, within 15 minutes after trading ends, and a position held to settlement is charged a taker fee. On these contracts maintenance margin is half of initial margin, and the maximum leverage depends on the contract's margin class and your position size. Kraken's mark price is the index price plus a 30-second exponential moving average of the order-book mid price minus the index, so check it as well as the last trade. If a position is auto-liquidated, Kraken charges a liquidation fee, calculated differently for a partial and a full liquidation.

    Questions to answer before proceeding

    Is the account eligible for this exact product, and which entity provides it? Which assets count as collateral after haircuts? Is the quantity shown in base assets or contracts? When is funding charged, or when does the dated contract settle? What happens to a stop after a partial fill or close? If any answer is unclear, use the official specification and demo documentation first. The general Kraken review and fee guide provide supporting context; they cannot replace the account's own terms.

    Sources and review scope

    Product documentation and the new examples were checked on 14 September 2026. Examples use stated hypothetical inputs. Current availability, specifications and account-specific charges must be checked with the provider.
    Kraken Pro · Kraken Multi-Collateral · Kraken · Kraken

    Frequently Asked Questions

    How often is funding settled on Kraken perpetuals?
    Every hour. Funding accrues continuously while a Kraken perpetual position is open and shows as unrealized P&L. Kraken settles it at the end of each hour, or earlier if you change your net position. Each hour's rate is capped at plus or minus 0.5%, and its sign decides whether longs or shorts pay.
    Does Kraken charge a fee on funding payments?
    No. Kraken's contract specifications say no fees are charged on funding payouts, which pass between the traders on each side. Trading fees are separate: each matched order is charged the maker or taker rate for your tier, and a fixed-maturity position held to settlement is charged a taker fee.
    In which currency are Kraken Multi-M fees and P&L charged?
    In USD. If the derivatives wallet does not hold enough USD, Kraken converts other collateral to cover fees, losses or funding, starting with the asset that has the lowest haircut, and charges a conversion fee that depends on the asset. Keeping enough USD collateral in the wallet avoids those conversions.
    What happens if I hold a dated Kraken contract to expiry?
    It settles in USD, or in your chosen profit currency, at the average of Kraken's Real Time Index between 07:30 and 08:00 UTC on the last trading day, within 15 minutes after trading ends, and the settlement is charged a taker fee. If you want different exposure, close or roll the position before trading ends; closing is charged the normal trading fee for that order.
    Which Kraken company provides derivatives to my account?
    It depends on where your account is held. For clients in the EEA, investment services in relation to derivatives are provided by Payward Europe Digital Solutions (CY) Limited, authorised by the Cyprus Securities and Exchange Commission (licence 342/17). In the US, brokerage is provided by NinjaTrader Clearing, LLC doing business as Kraken Derivatives US. Other regions have their own entities and eligibility rules, and some exclude retail clients, so check the entity and product named in your own account.

    Derivatives & Leveraged Products — Important Risk Warning

    Derivatives and leveraged products are complex and carry a high risk of rapid, substantial losses. Depending on the product and account rules, losses can exceed the initial margin or money committed. A stand-alone purchased option can lose its entire premium plus transaction costs; writing options, exercising into another position, or combining positions can create additional obligations. An uncovered call writer can face unlimited loss. Applicable legal protections can affect the loss boundary.

    You should carefully consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This content is for educational purposes only and does not constitute financial advice, investment advice, or a recommendation to trade derivatives.

    Legal availability and regulatory protections depend on the product, service, provider and jurisdiction. In the EU, check the applicable investment-services rules, including MiFID II where relevant, and any product restrictions. Before trading, verify with the relevant regulator whether the provider has the permissions required for the service and whether the product may be offered to you. A website being accessible, or a product appearing on this website, does not establish authorization or eligibility.

    Continue Learning

    How to Trade Crypto Futures: Step by Step Crypto Futures Exchanges: Fees, Funding and Risk Crypto Leverage: Margin, P&L and Liquidation

    Get Started with Kraken

    Before registering with Kraken, check the products available in your location, applicable fees and account requirements.

    Visit Kraken

    Ad · Digital asset prices are subject to high market risk and price volatility. Don't invest unless you're prepared to lose all the money you invest. Terms & risk disclosure

    This page contains affiliate links. We may earn a commission if you sign up, at no extra cost to you.