Introduction to Unified Wallet

Last updated: September 29, 2026

Overview

Kraken's Unified Wallet (UW) consolidates Spot, Margin and Derivatives into a single, flexible balance, simplifying the trading experience. Supporting over 40 cryptocurrencies as collateral, this account-level margin system allows unrealized profits from margin and derivatives to be used as margin for trading different product types. The UW features two margin modes, Isolated and Cross Margin, both catering to different risk preferences and trading strategies, thus optimizing risk management and trading flexibility.

You can manually upgrade to the Unified Wallet via Kraken Pro Web or Kraken Pro App.

Included in the shared pool

  • Spot

  • Spot margin

  • Futures (Multi-M)

  • Options

  • Unrealized profit and loss (UP&L) from spot margin, futures and options

Kept separate

  • Inverse futures and TradFi futures (US futures) stay in your inverse and futures wallet

  • •

    Single balance for Spot, Margin and Derivatives (Multi-M & Options): No need to transfer funds between wallets to use collateral.

  • •

    Unified collateral weights: The same weights apply whether assets are used for Margin or Derivatives.

  • •

    Cross-margin efficiency: UP&L from Spot Margin or Derivatives can be reused across instruments.

  • •

    Isolated positions still supported: You can continue to use isolated margin for Derivatives when needed.

  • •

    One-click activation and deactivation: Easily turn Unified Wallet on or off in your Account Settings as long as you have no open positions or orders.

Enabling and Switching the Unified Wallet

Quick note

When switching from separate wallets to unified wallets, you will not need to close any open positions. Although, if you’d like to switch back to separate wallets, all open positions must be closed first.

On Kraken Web (pro.kraken.com)

From your account settings

  1. 1

    Click the profile icon in the top right corner then click Settings.

  2. 2

    Under Trading platform, click Edit, then select Unified Wallet.

On the Kraken Pro App:

  1. 1

    Tap More in the bottom right corner.

  2. 2

    Tap your name on the top of the page.

  3. 3

    Tap Preferences.

  4. 4

    Near the top of the Preferences page, you’ll see Wallet setting. Tap the dropdown located on the right. (It will say “Separate” since that is your current setting)

  5. 5

    Tap Unified wallet, then tap Confirm to make the switch to a unified wallet.

Once enabled, all eligible balances are immediately combined into your Unified Wallet.

  1. 1

    Close all active Derivatives positions and orders.

  2. 2

    Return to your Account settings and toggle off Unified Wallet.

  3. 3

    Your wallets will be separated again, but balances remain in Main. You must manually transfer funds back into your Derivatives wallet to open new positions there.

Unified Wallet vs. Separate Wallets

The essential question is whether your capital is shared across products or ring-fenced by product.

Separate walletsUnified wallet
StructureSeparate main and futures walletsOne combined wallet
Moving fundsManual transfers needed to fund futures tradesNo transfers, capital is already shared
CollateralEach wallet’s assets only back that wallet’s positionsAll eligible assets back your positions
Profit and lossContained within each walletOffset across wallets
Risk containmentA futures loss can’t reach your spot fundsA losing position can draw on your whole eligible balance
Capital efficiencyLower, capital can sit idle in another walletHigher, capital isn’t siloed

Separate wallets prioritize simplicity and segregation. You can see exactly how much is at risk in each product, and a futures loss can’t reach your spot holdings.

A unified wallet prioritizes efficiency and convenience. Your capital is already available across products, but a greater share of your portfolio may be exposed.

Example: No transfer step

With separate wallets, if you hold 10,000 USD in your main wallet and want to open a futures position, you first transfer funds to your futures wallet.

With a unified wallet, that same 10,000 USD is already available as collateral. You can open the position without a transfer.

Consider a unified wallet with cross margin if you:

  • Actively trade across spot, margin and futures

  • Understand margin, maintenance margin and liquidation

  • Want maximum capital efficiency

  • Are comfortable with your full eligible balance backing your positions

Consider separate wallets or isolated margin if you:

  • Are newer to leveraged trading

  • Hold long-term assets you don’t want exposed

  • Want to know exactly how much is at risk per product

  • Need to cap what a single trade can lose

Rule of thumb

Cross margin optimizes for capital efficiency. Isolated margin and separate wallets optimize for capital protection and risk containment. Choose the model that matches how you trade.

Margin, Interest, and Risk

In Cross Margin mode (default), the UW leverages the entire asset value of the account, including unrealized profits, to maintain and initiate derivative positions. This method enhances capital efficiency by allowing profits and losses from different derivatives to offset each other and by calculating margins at the account level rather than per position.

Additionally, Isolated Margin mode is available for Multi-M derivatives contracts. This mode allows traders to segregate margins for individual positions, thereby limiting potential trading losses to the amounts specifically allocated per position.

The below table shows the various account margin modes supported by UTW.

Margin ModeBenefitsSupported Products
Isolated ModeIndividual margin calculations for positions. Active orders in one position do not impact others, minimizing potential loss to the margin of that specific position.Multi-M Contracts
Cross Margin ModeProfits and losses across different products can offset each other, allowing profits to be used to open new positions.Spot Margin

Multi-M Derivatives

Note: You can switch back to your current separate Spot and Derivatives Wallets after enabling.

  • •

    When enabling Unified Wallet, all balances from your Derivatives wallet are moved into your Unified wallet.

  • •

    To switch back to separate wallets, you must first close all Derivatives positions and orders. No balances are automatically moved back into your Derivatives wallet.

  • •

    Coin-M Derivatives balances are not included in Unified Wallet and must still be managed separately.

If the equity of USD and other whitelisted assets* under the Unified Trading Wallet would fall below zero due to derivatives trades and/or unrealized losses, the system will automatically start charging interest on the net negative equity of these assets > $30,000. If the equity of these assets breaches -$250,000 other collateral currencies will be automatically converted such that the negative equity of the assets is reduced to -$50,000.

Under Cross Margin mode, the margin calculations depend on the adjusted equity value of the account. Each collateral asset is valued according to its specific collateral value ratio. This ratio primarily reflects the liquidity conditions of the asset. 

The total margin balance in USD value of your Unified Wallet is based on the following calculation:

Total Asset Value (in USD) = Sum (Asset N × Corresponding USD Index Price × Corresponding Collateral Value Ratio + Asset (N+1) × Corresponding USD Index Price × Corresponding  Collateral Value Ratio + ….)

AssetCollateral Value Ratio
USD100%
EUR100%
BTC99%
ETH99%

To learn more about the collateral value ratio of different assets, visit this page.

Notes: 

— Parameters may be modified based on market conditions. Kraken will  notify users in advance. 

— Any asset balance on the collateral list will be used to calculate the total account equity. 

Example

Assuming Trader A currently has 1,000 USD, 1,000 EUR, and 0.1 BTC in their Unified Trading Wallet.

AssetsUSD Index priceCollateral Value RatioUSD equivalent
USD1100%1,000 x 1 x 100% = 1,000 USD
EUR1.11 USD100%1,000 x 1.11 x 100% = 1,110 USD
BTC106,639.81 USD99%0.1 x 106,639.81 x 99% ≈ 10,557.34119

Total Margin Balance = 1,000 + 1,110 + 10,557.34119 ≈ 12667.34 USD 

The total amount that can be used as a margin in your account is 12667.34 USD.

The UW calculates all risks and assets in USD. 

Under Cross Margin mode, positions can be maintained as long as the account's maintenance margin to equity ratio is below 100%. Liquidation is triggered when maintenance margin to equity ratio reaches or exceeds 100%. 

Under Isolated Margin mode, the UW segregates the margin used for an individual position from the account balance using the collateral with the highest value ratio. Liquidation is triggered when the Mark Price reaches or exceeds Liquidation Price.

For additional details on margin and liquidation policies, refer to Trading Rules: Liquidation Process (Unified Wallet)