Fees for Derivatives trading

The trading fee schedule is the same for both Coin-M and Multi-M Derivatives. See Fee Schedule.

Volume traded across Multi-M and Coin-M wallets is aggregated to identify the fee bracket applied. If Kraken Fee Credits are available inside your Multi-M wallet, they will be used as the preferred trading fee currency.

Trading fees for Multi-M Derivatives are charged in USD. If USD is unavailable, then the non-USD funds will be converted using the collateral with the lowest haircut first. Conversion fees apply.

Conversion fees vary by collateral asset. USDC, USDG, and USDT have 0% conversion fees. For the exact conversion fee rate applicable to each asset, refer to the Derivatives collateral currencies article.

Cash conversion fees apply to collateral and positions in the Multi-M wallet.

As this wallet allows for multiple assets to be used as collateral, margined in real-time in USD terms, there is a need to constantly assess the USD value of all currencies held in the wallet to determine portfolio value, position values and liquidation levels.

All profit and loss in the Multi-M wallet are calculated in USD. In the scenarios outlined below, if the wallet does not hold enough USD as collateral, then non-USD will be converted in ascending order of haircut i.e. the collateral with the lowest haircut will be converted first to cover the Loss and/or charges.

We use index prices to value any crypto or fiat balance.

Funds will be converted and charged a conversion fee in the following scenarios:

The auto-conversion threshold for uncovered losses is $5,000,000.

Non-USD backed losses will incur a charge at a rate starting at 0.0025% per hour and increasing progressively as the uncovered loss increases.

Charges can be avoided by ensuring the account is sufficiently collateralised with USD, USDC, USDG, and/or USDT

Effective 26th of February, 2026

The funding rate is calculated and charged continuously on perpetual contracts only – it is not a fee charged by the exchange. More information, including examples and calculations, can be found in the Linear Multi-M Perpetual Contract Specifications. The funding rate is realised in USD and charged continuously as unrealized profit/loss. Every 1 hour this is realised and if a non-USD profit currency preference is selected and a payment is made to the account, then the funding rate payment will be realised in that currency. For funding rate payouts uncovered by USD, the non-USD funds will be converted using the collateral with the lowest haircut first. Conversion fees apply. 

A liquidation fee is incurred if your Multi-M position is auto-liquidated due to insufficient margin and there is a difference in fee calculation if it is a Full Liquidation or a Partial Liquidation

Partial Liquidation Fee: the absolute difference between:

(A) the lesser of the execution price and the Mark Price, in the case of a sell Order, or the greater of the execution price and the Mark Price, in the case of a buy Order; and

(B) the Zero Equity Price, multiplied by the quantity of the Order executed

Full Liquidation Fee: calculated as 50% of the minimum maintenance margin of the contract.

For Inverse Single-Collateral contracts fees are charged in the collateral currency of the contract being traded.

Note: Holding a Fixed Maturity contract until maturity (settlement) results in a taker fee. 

There are no additional fees for Fixed Maturity Single-Collateral contracts. There are no additional Kraken fees for Perpetual Single-Collateral contracts however there is the funding rate. For more info on the funding rate, see Inverse crypto-collateral perpetual contract specifications.

For Multi-Collateral contracts, fees are charged in USD.

If USD is unavailable in a trader’s account for fees, PnL, or funding payout, then available non-USD funds will be converted for a fee by prioritising converting assets by ascending order of collateral ‘haircut’.

e.g. if a Trader has EUR and ETH as collateral, fees will be taken out from its EUR balance which bears a lower haircut than ETH.

Multi-Collateral contracts are subject to conversion fees and in some cases, interest on losses uncovered by USD collateral. For more info on Multi-Collateral fees, see Fees & Charges for Multi-Collateral Derivatives.

If you submit an order that crosses the order book and is immediately matched, you pay the taker fee. If you submit an order that first sits in the order book before it is matched, you pay the maker fee.

On the legacy futures.kraken.com platform, you can look up the fees you have paid by navigating to the "Logs" tab in the left panel of the trading platform. On the Kraken Pro platform, you can look up the fees you have paid on

Derivatives

by navigating to the "History" tab at the top panel of the trading platform and then clicking on ‘

Derivatives

ledger’

The volume discounts for Kraken spot markets will not carry over to Kraken

Derivatives

or vice versa.

You can transfer Kraken Fee Credits (FEE) to your Multi-Collateral (MC)

Derivatives

wallet. When you have a FEE balance inside your MC wallet it will be used as the preferred trading fee currency. It is worth highlighting that FEE will only be applied on trading fees and not other Multi-Collateral fees such as (

Conversion Fees, Funding Payouts, Liquidation Fees, Interest Fees).