Contract Specifications

Each futures contract has a defined expiration date—the final day the contract is tradable.

For CME-listed contracts, it is the trader's responsibility to monitor maturity and close or roll positions before expiration.

For Bitnomial-listed perpetual futures, there is no expiration date to manage. You can hold a position indefinitely without rolling into a new contract.

On Kraken Derivatives US, all contracts are cash-settled, meaning:

Contract size, sometimes called the contract multiplier, defines how much of the underlying asset is represented by one futures contract.

CME-listed contract examples:

Bitnomial-listed contract examples:

• PBTCUCZ50 (Bitcoin): 0.01 BTC per contract
• PETHIUZ50 (Ether): 0.5 ETH per contract
• PSOLUZ50 (Solana): 5 SOL per contract

For Bitnomial-listed perpetual futures, contract sizes are listed on each instrument's contract specification page on the Trade page.

This specification is critical when calculating notional value and understanding your exposure per trade.

You can see the margin requirements for each contract in the margin table or on the individual contract detail page. Margin can also be elevated if purchasing high quantities of contracts of a single contract.

Value per point defines the dollar value of each 1-point price movement in the contract. It tells you how much your PnL (profit and loss) will change for each point the contract price moves in your favor or against you.

Example: If a contract has a value per point of $10, and the price moves from 1,000 to 1,005, the PnL impact is $50 per contract.

A tick is the smallest possible price increment by which a contract can move. Tick size is the defined interval between allowed price levels. For example, if the tick size is 0.25, prices can move in increments of 0.25 (e.g., from 100.00 to 100.25).
Tick value is the dollar value of one tick movement. It tells you how much your PnL will change for a single tick change in the contract price.

Example:

The tick size defines the price precision, and tick value defines the impact of movement. Together, they help traders calculate risk and understand minimum profit/loss increments.

Futures contracts must be traded in whole units. You cannot trade fractional contracts. Each order must be rounded to the nearest full contract based on your available margin.

If the notional value or available balance doesn't meet the minimum required to open 1 contract, the order will not be accepted.

Trading hours vary by exchange and contract. For exact open and close times, refer to the contract specification page for each instrument on the Trade page, or see Trading Hours and Calendar for full exchange schedules.

Each futures (entry and exit) trade incurs a set of fixed and percentage-based fees:

These fees are clearly shown in the order preview window before execution.

Notional value is the dollar amount represented by your futures trade.
Formula: Notional Value = Contract Price x Contract Size (units)

Example:

Kraken displays notional value during order entry to help you track fees, margin use, and trade exposure.

Each futures contract is represented by a standardized symbol made up of:

Examples:

• BTCM25 = Bitcoin futures expiring in June 2025
• PBUCZ50 = Bitcoin perpetual futures contract

Month codes follow CME convention: