Setting assignment preferences - Multi-M

Last updated: August 26, 2026

Liquidity Provider Preferences - Multi-Collateral

PreferenceDefinitionRequired/OptionalValues
Time of weekWhen the LP is willing to receive assignmentsRequiredWeekend, Weekdays
Contract pairWhich contracts the LP will receive assignments onRequiredSymbol, e.g. PF_BTCUSD, PF_ETHUSD
Max per-assignment sizeLargest USD size the LP will accept on a single assignment (per contract)RequiredInteger, e.g. 200000
Max post-assignment position sizeLargest USD position the LP will hold in a contract after an assignment fillsRequiredInteger, e.g. 500000
DirectionDirection of assignments the LP is willing to acceptRequiredLong, Short
Maximum effective leverageEffective leverage cap. Prevents assignments and RFQ fills from taking the LP beyond their stated limit.OptionalInteger, e.g. 25
Minimum profitabilityMinimum profitability an LP will accept from an assignment. Lower minimums get higher priority.OptionalPercentage (UI), bps (API). Default 0.75% if unset, max value 2.5%
Global position sizeLargest USD position the LP will hold across all contractsOptionalInteger, e.g. 1000000
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    Note: there is NO price consideration allowed on these preferences.

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    Multi-M contract preferences are denominated in USD and use the same Multi-M margin wallet.

Example: as a liquidity provider you want:

Contract Pair

Max Assignment Size

Max Position Size Post-Assignment Per Contract

PF_BTCUSD 

400,000 USD

2,000,000 USD NET LONG or SHORT PF_BTCUSD contracts

PF_ETHUSD

150,000 USD

1,000,000 USD NET LONG or SHORT PF_ETHUSD contracts

PF_SOLUSD

200,000 USD

1,000,000 USD NET LONG or SHORT PF_SOLUSD contracts

Liquidity providers are NOT allowed to specify ANY price preferences in the program. Liquidity providers may ONLY be passive in the PAS, in such a way that the only preferences are about quantity to manage the limits.

Assignments always occur at best execution and are a last resort mechanism to provide an orderly market, only done after liquidation in the orderbooks fills any open orders at better prices than the 0 equity point of the undercollateralized trader.

See an example here.

Click on the sections below to view steps to manage your Assignment preferences

Clients can manage their Position Assignment Program (PAS) preferences via the Settings > Derivatives PAS tab on the Kraken Pro UI.

From here, clients must agree that they understand PAS and the risks involved. Once the client has confirmed they understand the PAS they can set the preferences through the interface or API. Preferences changes are limited on a per contract pair basis.

The client must choose the contract pair, whether to accept long or short positions (or both), the max size, the max position per contract after assignment and the timeframe (weekends, weekdays, all).

There are optional preferences such as global position size, minimum profitability, and maximum effective leverage.

Active preferences will show at the top of the page, with the preference history showing below.

Preferences can also be edited by clicking the edit icon on the right hand side of the row.

Clients can also delete a preference if they no longer wish to take part in the PAS. This will then create a new entry in the preference history:

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