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Trading Multi-M Derivatives
Last updated: Feb 27, 2026
This article walks you through everything you need to trade Multi-M (Multi-Collateral) derivatives on Kraken Pro, from funding your wallet to placing your first order to managing and closing positions.
Before you start
To trade Multi-M derivatives you'll need three things:
- A funded Kraken account with a supported Multi-M collateral currency (USD, USDT, or any of the 20+ supported assets).
- Accepted the Derivatives Terms of Service. Follow this guide if you haven't yet.
- Funds transferred to your Multi-M Derivatives wallet.
If your account is funded with a currency that isn't accepted as derivatives collateral, you'll need to convert it first using Spot trading or Instant Buy.
Key Concepts
Before placing your first order, here are a few things worth knowing about Multi-M contracts:
| Concept | What it means |
|---|---|
| Multi-M wallet | A single wallet that accepts 20+ collateral currencies. All your Multi-M collateral lives here together. |
| Cross margin (default) | Your entire wallet balance acts as margin for open positions. All funds in the wallet are at risk. |
| Isolated margin | Margin is separated for a specific position. Only the isolated amount is at risk, the rest of your wallet is protected.
|
| Quantity | Denominated in the base asset (ex. BTC for a BTC/USD contract).
|
| Price | Always denominated in USD. |
| P&L currency | USD by default. Can be changed to any supported collateral currency. |
Note:
For a deeper comparison between Multi-M and Coin-M contracts, see What are Derivatives.
Step 1 - Selecting a Derivatives market
Click the market selector in the top-left corner of the Trade page. In the pop-up that appears, select the Futures tab to view all available derivatives contracts. You can search by name (ex. "BTC Perp") or browse by category.
Click on a contract row to select it. Your Trade page layout, including the chart, order book, and order form will update with that contract's data.
Navigate to the Markets tab from the bottom menu. Select the Futures tab to see all available contracts. Use the search bar at the top to find a specific contract, and tap on it to open the Market trade page.
From the Market trade page, tap Buy or Sell at the bottom of the screen to open the order form.
Step 2 - Choosing your margin mode
Before placing an order, decide whether you want to use cross or isolated margin. The order form defaults to cross margin.
Cross margin uses your entire Multi-M wallet balance as collateral for your positions. This gives you more margin to work with but means all funds in the wallet are at risk if the market moves against you.
Isolated margin lets you set aside a specific amount of collateral for a single position. If that position is liquidated, only the isolated margin is lost, the rest of your wallet is unaffected. Toggle Isolate position in the order form to enable this, then set your desired leverage level.
Important:
Margin mode can only be set before opening a position on a given contract. Once the position is open, you cannot switch between cross and isolated for that contract. You can, however, add or remove margin on isolated positions to adjust your leverage after opening.
On the Order Form widget, you'll notice a toggle in the top-right corner. You can use this toggle to enable or disable isolated margin. If you isolate, you'll then be able to select the amount of leverage that you'd like to use for the position.
From the Market trade page, tap Buy or Sell at the bottom of the screen to open the order form. Then, expand the order form to see the Isolate position toggle. Tap the toggle to enable an isolated position, and then select the level of leverage you'd like to use.
Step 3 - Placing an order
After selecting your contract, the Order Form widget will appear in the Trade page. Here's how to fill it out:
Choose a direction: Click Buy (long) or Sell (short).
Choose an order type: Use the dropdown in the top-right (above the isolate toggle) to select your order type. (See Derivatives order types)
A Market order executes immediately at the best available price. You only need to enter a quantity, no price input is needed. Market orders always incur the taker fee.
A Limit order lets you set your price. The order will execute when the market reaches that price (or better). If the order sits on the book and is filled later, you pay the maker fee. If it matches immediately, you pay the taker fee.
Enter your quantity or total: Input the amount in the base asset (ex. BTC) in the quantity box. The estimated USD total will update automatically. Alternatively, you can enter the total of the quote asset (ex. USD) in the total box. The quantity (base asset) will update automatically.
Optional: Set a Take Profit or Stop Loss: Use the TP/SL dropdown to attach conditional exit orders when opening your position.
Submit: Click the green Buy or red Sell button to submit your order. A notification in the bottom-right confirms whether the order was placed successfully.
After selecting your contract, tap the green Buy or red Sell button at the bottom of the screen to open the Order Form. Here's how to fill it out:
Choose an order type: Use the dropdown in the top-right (above the isolate toggle) to select your order type. (See Derivatives order types)
A Market order executes immediately at the best available price. You only need to enter a quantity, no price input is needed. Market orders always incur the taker fee.
A Limit order lets you set your price. The order will execute when the market reaches that price (or better). If the order sits on the book and is filled later, you pay the maker fee. If it matches immediately, you pay the taker fee.
Enter your quantity or total: Input the amount in the base asset (ex. BTC) in the quantity box. The estimated USD total will update automatically. Alternatively, you can enter the total of the quote asset (ex. USD) in the total box. The quantity (base asset) will update automatically.
Optional: Set a Take Profit or Stop Loss: Use the TP/SL dropdown to attach conditional exit orders when opening your position.
Submit: Click the green Buy or red Sell button to submit your order.
Managing open orders
Limit orders and trigger orders (Stop Loss, Take Profit) may not fill immediately. You can view and manage them from the Open Orders and Conditional Orders (web only) tabs.
On Kraken web:
To edit an order: Click the pencil/edit icon next to the order. A pop-up will appear where you can modify the price and quantity.
To cancel an order: Click the X icon on the right-hand side of the order. To cancel all orders at once, click Cancel All.
On the Kraken Pro App:
To edit an order: Tap the open order, then tap Edit order at the bottom of the page.
To cancel an order: Tap the open order, then tap Cancel order at the bottom of the page.
Closing a position
To close a position, you place an order in the opposite direction. A long (buy) position is closed with a sell order, and a short (sell) position is closed with a buy order. The closing order's quantity must match your position size to fully close it, or you can use smaller orders to partially reduce.
There are two ways to close:
From the order form: Manually place an opposite-direction order with the correct quantity. Simply follow the steps above, but with a trade in the opposite direction, and same quantity as your opening order.
From the Positions tab: Click the X icon on the right side of your position under the Positions tab. This auto-fills the direction and quantity, letting you close instantly with a market or limit order.
Additional information
| Topic | Article |
|---|---|
| Collateral currencies & haircuts | Derivatives Collateral Currencies |
| Conversion fees & interest (Multi-M) | Fees for Multi-M Derivatives |
| Full fee schedule | Fee Schedule |
| Margin schedule & max leverage | |
| Transferring funds | |
| All order types explained | Order Types |
| Get personalized help | Contact Kraken Support |