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Contract Specifications

Last updated: 15 чэрвеня 2026 г.

Understanding Contract Specifications

Every futures contract listed on Kraken Derivatives US comes with a set of standard parameters known as its contract specifications. These specifications define the structure and behavior of each contract and are essential for understanding how margin, pricing, and fees work.

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:

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    If a position is open at expiration, it will be closed automatically.

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    A debit or credit will be applied to your account based on the final settlement price.

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    There is no physical delivery of the asset.

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

CME-listed contract examples:

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    BTC (Bitcoin): 5 BTC per contract

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    MBT (Micro Bitcoin): 0.1 BTC per contract

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    ETH (Ether): 50 ETH per contract

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    MET (Micro Ether): 0.1 ETH per contract

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    GSOL (Solana): 500 SOL per contract

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    MSL (Micro Solana): 25 SOL per contract

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.

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    Intraday Margin: Lower requirement for trades placed during active trading hours. For CME-listed and Bitnomial-listed perpetual contracts, applies from market open until 15 minutes before session close.

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    Initial Margin: Higher requirement for holding a position through a market close. For CME-listed and Bitnomial-listed perpetual contracts, enforced 15 minutes before session end.

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:

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    Tick Size = 0.25

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    Value Per Point = $10

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    Tick Value = $2.50 (because 0.25 tick size × $10 per point)

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:

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    Exchange Fee: Collected by the relevant exchange (CME, CBOT, NYMEX, COMEX, Bitnomial, depending on the contract)

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    NFA Fee: Set by the National Futures Association

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    Clearing Fee: Covers transaction clearing

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    Commission Fee: Varies by contract. To view the commission fee for a specific contract, select the ⓘ button next to any contract on the Trade page.

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:

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    If MBT (Micro Bitcoin) is trading at $60,000 and each contract represents 0.1 BTC:

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    Notional Value = 60,000 × 0.1 = $6,000 per contract

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:

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    Product Code (e.g. BTC, ETH, GSOL, PBUC)

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    Expiration Month Code (e.g. M = June, U = September, Z = December)

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    Year Code (e.g. 25 = 2025, 50 = 2050)

Examples:

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

Month codes follow CME convention:

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    January - F

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    February - G

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    March - H

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    April - J

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    May - K

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    June - M

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    July - N

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    August - Q

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    September - U

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    October - V

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    November - X

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    December - Z

Futures and 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. Leverage available may vary by asset. 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.

U.S. Futures and 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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