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What is the margin order book?
Last updated: May 6, 2026
Margin trading on Kraken Derivatives US is executed on a regulated order book offered by Bitnomial, separate from the standard spot market. As such, the reference market is not necessarily an accurate reflection of the prices in the margin order book. While pricing in the margin order book may generally follow the reference market, the margin order book may show differences in spread or volume, particularly during periods of low activity.
For most traders, the reference market chart provides price context for making trading decisions. The margin-specific chart is available for those who want to see exact order book activity for their margin trades. To view it, select "View [pair]:BTNL chart" from the chart info prompt.
Does this affect my trades?
Your margin trades are always executed on the BTNL margin order book, regardless of which chart you are viewing. Switching between charts does not change where your orders are routed.
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. .
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. .