Getting started with US margin trading

Last updated: May 6, 2026

US Margin trading is now available on Kraken Pro to eligible US retail clients through Kraken Derivatives US. This section covers what is specific to US retail margin.

If you are a US client who has self-certified as an Eligible Contract Participant (ECP), your margin trading content can be found under the margin trading section. General margin concepts, terminology, and mechanics also live there and apply to all US margin traders.


Not sure if you qualify? See Margin trading and ECP self-certification for US clients.

These FAQs and Program Rules explain how Spot Margin works and how Kraken Derivatives US administers it. Your signed agreements (NinjaTrader Customer Agreement, Margin Loan Agreement, and the Control Agreement) govern in the event of a conflict.

Spot margin trading aka margin trading lets you trade larger crypto positions than your account balance alone would allow, by borrowing funds to amplify your exposure to the market. While this can increase potential profits, it also increases potential losses.

For example, with $1,000 in your account and 5x leverage, you can open a $5,000 position. If the asset increases 10% in value, your profit is $500, a 50% return on your $1,000. If the asset drops 10%, you lose $500, half your account*. Leverage amplifies both gains and losses. 

*Note: this example does not include fees or financing costs.

Margin refers to the amount of collateral you must have in your account to open and maintain a leveraged position. Think of it as a good faith deposit, it ensures you can cover potential losses.

There are two types of margin to understand:

  • Initial margin: The minimum collateral required to open a position. Set by the exchange and subject to change based on market conditions.

  • Maintenance margin: The minimum collateral required to keep a position open. If your account equity drops to 80% of the required margin, you will receive a margin call. If it drops to 40%, your position may be liquidated automatically.

For full details on liquidation see Liquidations - US margin trading.

At launch, margin trading through Kraken Derivatives US supports 19 trading pairs , with more pairs to be added over time. Pairs are available across three leverage tiers:

  • Up to 10x leverage: ADA/USD, AVAX/USD, BTC/USD, DOGE/USD, ETH/USD, LINK/USD, LTC/USD, SOL/USD, SUI/USD, USDC/USD, and XRP/USD

  • Up to 5x leverage: AAVE/USD, BCH/USD, DOT/USD, HYPE/USD, PAXG/USD, UNI/USD, and ZEC/USD

  • 2x leverage: ALGO/USD

All pairs are quoted in USD. Profits are credited in USD. Losses are drawn from your available collateral balance. Kraken Derivatives US may add/remove pairs and adjust maximum leverage at any time due to volatility, liquidity, regulatory, or risk considerations.

You can use USD and all crypto assets currently supported as collateral on Kraken Pro, subject to change at the discretion of Kraken Derivatives US. For example, if you hold BTC in your account, you can use it as collateral to open a margin position on any available pair.

To view supported collateral assets refer to your account settings on Kraken Pro or check here for available pairs.

To start trading US spot margin, you'll need a verified Kraken account. Once you've completed the unlock process, your existing Kraken balance is immediately available as collateral. See How to unlock US margin trading for a step-by-step walkthrough.

US retail margin trading for non-ECP clients is offered, executed and cleared through Ninjatrader Clearing LLC, d/b/a Kraken Derivatives US (Kraken Derivatives US), a Futures Commission Merchant (FCM) registered with the US Commodity Futures Trading Commission (CFTC) and Member of the National Futures Association (NFA).

Payward Accredited LLC (“PAL”) provides financing for margin extensions under a separate Margin Loan Agreement you must accept.

Where can I learn more?

Spot margin trading involves substantial risk and is not suitable for everyone. You may lose all or more than the initial investment, exceeding the value of collateral deposited with the firm to open and maintain the position. You may be required to provide additional collateral on short notice or no notice, and you may remain responsible for any deficiency after liquidation and collateral application. Trading should be undertaken only with risk capital—funds that can be lost without jeopardizing one’s financial security or lifestyle—and only by those who can afford such losses. While leverage can increase potential returns, it also significantly increases risk. Past performance is not necessarily indicative of future results. Availability of spot margin trading through Kraken Derivatives US is subject to certain limitations and eligibility criteria. View Risk Disclosure Statement


Spot margin trading is provided by NinjaTrader Clearing, LLC d/b/a Kraken Derivatives US, a CFTC-registered Futures Commission Merchant and NFA Member (NFA ID: 0309379), with financing provided by Payward Accredited LLC. View Disclosures

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