Linear Multi-Collateral Derivatives Contract Specifications

Below you can find four sections with detailed information on Kraken's linear Multi-M perpetual and fixed maturity derivatives contracts.

Click to expand each section:

Perpetual Derivatives are a type of Derivatives contract that have no expiration date and an auto-rolling feature every hour.

Perpetual contracts feature a funding rate, a payment between traders designed to keep the contract's price aligned with the underlying asset's spot price. More information on this mechanism can be found under "Perpetual Contract Funding Rate Information" in the next drop-down menu.

Margin Class and maximum leverage by position size are detailed in Derivatives Margin Schedule & Maximum Leverage.


Forex Perpetual (FX perps) information is detailed in Forex Perpetual Futures

Please note:
SymbolBase CurrencyMin LotTick Size
Max Position (Base)
Margin Class & Max Leverage
First Trading
PF_1INCHUSD1inch (1INCH)10.000016,000,000Class C (25x)24-Aug-2022
PF_1MBABYDOGEUSD**
1M x BABYDOGE (1MBABYDOGE)
10000.00000013,000,000,000Class D (20x)25-Jun-2025
PF_AAVEUSDAave (AAVE)0.010.0160,000Class B (50x)27-Jun-2022
PF_ACEUSDFusionist (ACE)10.00011,000,000Class E (10x)09-Oct-2024
PF_ACHUSD
Alchemy Pay (ACH)
10.000001100,000,000Class D (20x)26-Jul-2023
PF_ACTUSD
Act I The AI Prophecy (ACT)
10.000016,000,000Class D (20x)26-Nov-2024
PF_ADAUSDCardano (ADA)10.0000160,000,000Class B (50x)22-Mar-2022
PF_AEVOUSDAevo (AEVO)10.000015,000,000Class C (25x)22-May-2024
PF_AGLDUSD
Adventure Gold (AGLD)
10.00013,000,000Class C (25x)23-Aug-2023
PF_AI16ZUSDai16z (AI16Z)10.00012,000,000Class D (20x)20-Jan-2025
PF_AIUSDSleepless AI (AI)10.000019,000,000Class D (20x)14-Nov-2024
PF_AIXBTUSD
aixbt by Virtuals (AIXBT)
10.000013,400,000Class D (20x)21-Jan-2025
PF_AKTUSDAkash (AKT)10.0001900,000Class D (20x)19-Nov-2024
PF_ALCHUSD
Alchemist AI (ALCH)
10.0000118,500,000Class D (20x)28-Jan-2025
PF_ALGOUSDAlgorand (ALGO)10.0000117,500,000Class B (50x)06-Jul-2022
PF_ALICEUSD
My Neighbor Alice (ALICE)
10.00011,600,000Class D (20x)21-Sep-2022
PF_ALPHAUSDStella (ALPHA)10.0000120,000,000Class C (25x)19-Jul-2023
PF_ALTUSDAltLayer (ALT)10.0000112,000,000Class C (25x)29-May-2024
PF_ANIMEUSD
Animecoin (ANIME)
10.0000130,000,000Class D (20x)24-Jan-2025
PF_ANKRUSD
Ankr Network (ANKR)
10.00000150,000,000Class D (20x)14-Sep-2022
PF_APEUSDApeCoin (APE)10.00014,000,000Class B (50x)13-Jun-2022
PF_API3USDAPI3 (API3)10.00012,000,000Class C (25x)31-Jan-2024
PF_APTUSDAptos (APT)0.10.0001750,000Class B (50x)19-Oct-2022
PF_APUUSD
Apu Apustaja (APU)
10.00000013,000,000,000Class E (10x)14-Nov-2024
PF_ARBUSDArbitrum (ARB)10.00020,000,000Class B (50x)23-Mar-2023
PF_ARCUSD
AI Rig Complex (ARC)
10.0006,500,000Class D (20x)28-Jan-2025
PF_ARKMUSDArkham (ARKM)10.00011,500,000Class D (20x)15-May-2024
PF_ARKUSDArk (ARK)10.000015,000,000Class D (20x)24-Oct-2024
PF_ARPAUSDARPA (ARPA)10.0000140,000,000Class D (20x)19-Jul-2023
PF_ARUSDArweave (AR)0.010.001100,000Class C (25x)09-May-2024
PF_ASTRUSDAstar (ASTR)10.0000120,000,000Class D (20x)01-May-2024
PF_ATHUSDAethir (ATH)10.0000150,000,000Class D (20x)14-Nov-2024
PF_ATOMUSDCosmos (ATOM)0.10.0013,000,000Class B (50x)22-Mar-2022
PF_AUCTIONUSD
Bounce Token (AUCTION)
0.10.0001200,000Class D (20x)15-Aug-2024
PF_AUDIOUSDAudius (AUDIO)10.0000112,000,000Class D (20x)28-Sep-2022
PF_AUDUSD
Australian Dollar (AUD)
10.000017,500,000Class D (20x)24-Apr-2025
PF_AVAXUSD
Avalanche (AVAX)
0.010.001700,000Class B (50x)22-Mar-2022
PF_AXSUSD
Axie Infinity (AXS)
0.10.0001700,000Class C (25x)03-Aug-2022
PF_B3USDB3 Base (B3)10.000001400,000,000Class E (10x)14-Mar-2025
PF_BADGERUSD
Badger (BADGER)
0.10.0001700,000Class E (10x)27-Mar-2024
PF_BAKEUSD
BakerySwap (BAKE)
10.0000110,000,000Class D (20x)11-Jul-2024
PF_BALUSDBalancer (BAL)0.10.0001500,000Class C (25x)21-Sep-2022
PF_BANANAUSD
Banana Gun (BANANA)
0.10.001100,000Class D (20x)25-Sep-2024
PF_BANDUSD
Band Protocol (BAND)
0.10.00012,400,000Class C (25x)21-Sep-2022
PF_BANUSDComedian (BAN)10.0000121,420,069Class E (10x)26-Nov-2024
PF_BATUSD
Basic Attention (BAT)
10.0000110,000,000Class C (25x)20-Jul-2022
PF_BBUSDBounceBit (BB)10.0000110,000,000Class D (20x)20-Jun-2024
PF_BCHUSD
Bitcoin Cash (BCH)
0.010.0130,000Class B (50x)22-Mar-2022
PF_BEAMUSDBeam (BEAM)10.00000160,000,000Class D (20x)17-Apr-2024
PF_BELUSD
Bella Protocol (BEL)
10.000016,400,000Class E (10x)07-Nov-2024
PF_BERAUSDBerachain (BERA)0.10.001600,000Class D (20x)12-Feb-2025
PF_BICOUSDBiconomy (BICO)10.000015,000,000Class D (20x)01-May-2024
PF_BIGTIMEUSD
Big Time (BIGTIME)
10.0000140,000,000Class C (25x)25-Jun-2024
PF_BIOUSD
Bio Protocol (BIO)
10.000017,000,000Class D (20x)28-Jan-2025
PF_BLASTUSD**Blast (BLAST)100.000001400,000,000Class D (20x)28-Nov-2024
PF_BLURUSDBlur (BLUR)10.000017,000,000Class D (20x)15-Feb-2023
PF_BNBUSDBNB (BNB)0.010.0150,000Class A (50x)22-Nov-2023
PF_BNTUSD
Bancor Network (BNT)
10.00017,000,000Class D (20x)18-Jun-2024
PF_BOMEUSD
BOOK OF MEME (BOME)
10.0000001200,000,000Class C (25x)24-Apr-2024
PF_BONKUSD**Bonk (BONK)10000.000000001100,000,000,000Class B (50x)21-Dec-2023
PF_BRETTUSDBrett (BRETT)10.0000130,000,000Class D (20x)18-Jun-2024
PF_C98USDCoin98 (C98)10.0000115,000,000Class D (20x)22-May-2024
PF_CAKEUSD
PancakeSwap (CAKE)
10.00011,900,000Class D (20x)19-Nov-2024
PF_CATIUSDCatizen (CATI)10.000015,000,000Class D (20x)15-Oct-2024
PF_CATUSD**
Simon's Cat (CAT)
10000.000000001100,000,000,000Class D (20x)31-Oct-2024
PF_CELOUSDCelo (CELO)10.00015,000,000Class E (10x)15-Oct-2024
PF_CELRUSD
Celer Network (CELR)
10.000001250,000,000Class D (20x)22-Aug-2024
PF_CETUSUSD
Cetus Protocol (CETUS)
10.0000120,000,000Class D (20x)29-Oct-2024
PF_CFXUSDConflux (CFX)10.0000110,000,000Class C (25x)09-Aug-2023
PF_CGPTUSD
ChainGPT (CGPT)
10.000017,000,000Class D (20x)28-Jan-2025
PF_CHEEMSUSD**
Cheems Token (CHEEMS)
10000000.00000000013,000,000,000,000Class D (20x)27-Dec-2024
PF_CHFUSD
Swiss Frank (CHF)
10.000014,500,000Class D (20x)24-Apr-2025
PF_CHILLGUYUSD
Just a chill guy (CHILLGUY)
10.0000125,500,000Class D (20x)15-Jan-2025
PF_CHRUSDChromia (CHR)10.0000110,000,000Class E (10x)08-May-2024
PF_CHZUSDChiliz (CHZ)10.0000145,000,000Class C (25x)20-Jul-2022
PF_CKBUSD
Nervos Network (CKB)
10.000001200,000,000Class C (25x)29-Oct-2024
PF_COMPUSD
Compound (COMP)
0.10.001100,000Class C (25x)13-Jul-2022
PF_COOKIEUSD
Cookie DAO (COOKIE)
10.0000110,000,000Class D (20x)04-Feb-2025
PF_COSUSD**Contentos (COS)100.000001250,000,000Class D (20x)26-Nov-2024
PF_COTIUSDCOTI (COTI)10.0000115,000,000Class D (20x)30-Apr-2024
PF_COWUSD
CoW Protocol (COW)
10.00015,600,000Class D (20x)26-Nov-2024
PF_CROUSD**Cronos (CRO)100.0000115,000,000Class D (20x)20-Dec-2024
PF_CRVUSDCurve DAO (CRV)10.000112,000,000Class B (50x)27-Jun-2022
PF_CSPRUSD
Casper Network (CSPR)
10.000001142,500,000Class D (20x)05-Dec-2024
PF_CTSIUSDCartesi (CTSI)10.0000115,000,000Class D (20x)29-May-2024
PF_CVXUSD
Convex Finance (CVX)
10.0001500,000Class D (20x)30-Mar-2023
PF_CYBERUSDCyber (CYBER)10.00011,000,000Class E (10x)24-Oct-2024
PF_DASHUSDDash (DASH)0.10.00170,000Class C (25x)24-Aug-2022
PF_DEEPUSD
DeepBook (DEEP)
10.00000165,100,000Class D (20x)14-Nov-2024
PF_DEGENUSDDegen (DEGEN)10.000001150,000,000Class D (20x)14-Nov-2024
PF_DENTUSD**Dent (DENT)1000.00000012,000,000,000Class D (20x)28-Nov-2024
PF_DEXEUSDDeXe (DEXE)0.10.001100,000Class D (20x)04-Feb-2025
PF_DFUSDdForce (DF)10.0000140,000,000Class D (20x)12-Feb-2025
PF_DOGEUSD
Dogecoin (DOGE)
10.000001200,000,000Class A (50x)20-Jun-2022
PF_DOGSUSDDogs (DOGS)10.000000013,000,000,000Class C (25x)09-Oct-2024
PF_DOGUSD
Dog (Runes) (DOG)
10.0000001800,000,000Class D (20x)14-Nov-2024
PF_DOTUSDPolkadot (DOT)0.10.0013,500,000Class B (50x)22-Mar-2022
PF_DRIFTUSD
Drift Protocol (DRIFT)
10.000015,000,000Class E (10x)11-Jul-2024
PF_DUCKUSD
DuckChain (DUCK)
10.00000011,000,000,000Class E (10x)12-Feb-2025
PF_DUSKUSDDusk (DUSK)10.0000112,000,000Class D (20x)28-Nov-2024
PF_DYDXUSDdYdX (DYDX)10.00012,500,000Class C (25x)07-Sep-2022
PF_DYMUSD
Dymension (DYM)
0.10.00011,000,000Class D (20x)08-Feb-2024
PF_EGLDUSD
MultiversX (EGLD)
0.010.0160,000Class C (25x)07-Sep-2022
PF_EIGENUSD
EigenLayer (EIGEN)
10.00011,000,000Class C (25x)09-Oct-2024
PF_ENAUSDEthena (ENA)10.000015,000,000Class C (25x)24-Apr-2024
PF_ENJUSDEnjin Coin (ENJ)10.000018,500,000Class D (20x)13-Jul-2022
PF_ENSUSD
Ethereum Name Service (ENS)
0.10.001400,000Class B (50x)28-Sep-2022
PF_ETCUSD
Ethereum Classic (ETC)
0.10.001200,000Class B (50x)03-Aug-2022
PF_ETHFIUSDEther.fi (ETHFI)0.10.00011,000,000Class C (25x)09-May-2024
PF_ETHUSDEthereum (ETH)0.0010.116,000Class A (50x)22-Mar-2022
PF_ETHWUSD
EthereumPoW (ETHW)
0.10.001600,000Class E (10x)15-Sep-2022
PF_EURUSDEuro (EUR)10.000015,000,000Class B (50x)17-Apr-2025
PF_FARTCOINUSD
Fartcoin (FARTCOIN)
10.00012,400,000Class C (25x)20-Jan-2025
PF_FETUSD
Artificial Superintelligence Alliance (FET)
10.000015,000,000Class C (25x)23-Mar-2023
PF_FIDAUSDBonfida (FIDA)10.0000110,000,000Class D (20x)25-Sep-2024
PF_FILUSDFilecoin (FIL)0.10.00014,000,000Class B (50x)22-Mar-2022
PF_FIOUSD**
FIO Protocol (FIO)
100.00000180,000,000Class D (20x)28-Nov-2024
PF_FLMUSD**
Flamingo Finance (FLM)
100.0000130,000,000Class D (20x)05-Dec-2024
PF_FLOKIUSD**FLOKI (FLOKI)10000.0000000120,000,000,000Class C (25x)15-May-2024
PF_FLOWUSDFlow (FLOW)10.00011,800,000Class C (25x)17-Aug-2022
PF_FLRUSDFlare (FLR)10.00000170,000,000Class E (10x)10-Jan-2023
PF_FLUXUSDFlux (FLUX)10.00014,200,000Class D (20x)28-Nov-2024
PF_FXSUSDFrax Share (FXS)0.10.001500,000Class D (20x)30-Aug-2023
PF_GALAUSDGALA (GALA)10.000001120,000,000Class C (25x)03-Aug-2022
PF_GASUSDGas (GAS)10.0001600,000Class D (20x)22-Oct-2024
PF_GBPUSD
British Pound (GBP)
10.000015,000,000Class B (50x)17-Apr-2025
PF_GIGAUSDGigachad (GIGA)10.0000140,700,000Class E (10x)13-Dec-2024
PF_GLMRUSD
Moonbeam (GLMR)
10.000016,000,000Class E (10x)05-Oct-2022
PF_GLMUSDGolem (GLM)10.000018,500,000Class D (20x)22-Oct-2024
PF_GMTUSDGMT (GMT)10.0000130,000,000Class C (25x)30-May-2022
PF_GMXUSDGMX (GMX)0.010.00145,000Class D (20x)08-Mar-2023
PF_GOATUSD
Goatseus Maximus (GOAT)
10.000015,000,000Class B (50x)24-Oct-2024
PF_GPSUSD
GoPlus Security (GPS)
10.00000185,000,000Class D (20x)14-Mar-2025
PF_GRASSUSDGrass (GRASS)10.00012,000,000Class C (25x)14-Nov-2024
PF_GRIFFAINUSD
GRIFFAIN (GRIFFAIN)
10.000015,400,000Class D (20x)22-Jan-2025
PF_GRTUSDThe Graph (GRT)10.0000130,000,000Class C (25x)17-Aug-2022
PF_GTCUSDGitcoin (GTC)10.00015,000,000Class D (20x)18-Jun-2024
PF_GUSDGravity (G)10.000001100,000,000Class D (20x)19-Nov-2024
PF_HAEDALUSD
Haedal Protocol (HAEDAL)
10.0000115,000,000Class D (20x)22-May-2025
PF_HBARUSDHedera (HBAR)10.0000150,000,000Class B (50x)25-Jun-2024
PF_HFTUSDHashflow (HFT)10.000017,000,000Class D (20x)26-Jul-2023
PF_HIGHUSD
Highstreet (HIGH)
10.00012,500,000Class E (10x)09-Jul-2024
PF_HIPPOUSD**sudeng (HIPPO)100.000001150,000,000Class D (20x)05-Dec-2024
PF_HIVEUSDHive (HIVE)10.000017,500,000Class D (20x)28-Jan-2025
PF_HMSTRUSD
Hamster Kombat (HMSTR)
10.0000011,000,000,000Class D (20x)24-Oct-2024
PF_HONEYUSD
Hivemapper (HONEY)
10.0000190,000,000Class D (20x)19-May-2025
PF_HOOKUSD
Hooked Protocol (HOOK)
10.000016,700,000Class D (20x)19-Dec-2024
PF_HOTUSDHolo (HOT)10.00000012,000,000,000Class E (10x)19-Nov-2024
PF_HYPEUSD
Hyperliquid (HYPE)
0.10.001130,000Class D (20x)24-Jan-2025
PF_ICPUSD
Internet Computer (ICP)
0.10.001500,000Class B (50x)14-Sep-2022
PF_ICXUSDICON (ICX)10.0000110,000,000Class D (20x)28-Sep-2022
PF_IDUSDSPACE ID (ID)10.0000112,000,000Class E (10x)12-Feb-2025
PF_IMXUSDImmutable (IMX)10.00014,000,000Class C (25x)12-Oct-2022
PF_INITUSDInitia (INIT)10.00013,500,000Class D (20x)19-May-2025
PF_INJUSDInjective (INJ)0.10.0011,000,000Class B (50x)05-Apr-2023
PF_IOSTUSD**IOST (IOST)1000.000001420,000,000Class D (20x)19-Dec-2024
PF_IOTAUSDIOTA (IOTA)10.000016,200,000Class D (20x)05-Dec-2024
PF_IOTXUSD**IoTeX (IOTX)100.00000175,000,000Class D (20x)19-Dec-2024
PF_IOUSDio.net (IO)10.00011,100,000Class D (20x)28-Jan-2025
PF_IPUSDStory (IP)0.10.001600,000Class D (20x)07-Mar-2025
PF_JASMYUSD
JasmyCoin (JASMY)
10.000001400,000,000Class C (25x)05-Apr-2023
PF_JPYUSD**
Japanese Yen (JPY)
1000.000001750,000,000Class D (20x)24-Apr-2025
PF_JTOUSDJito (JTO)10.00011,000,000Class C (25x)21-Dec-2023
PF_JUPUSDJupiter (JUP)10.00012,500,000Class C (25x)01-Feb-2024
PF_KAIAUSDKaia (KAIA)10.0000124,400,000Class D (20x)14-Nov-2024
PF_KAITOUSDKaito (KAITO)10.00012,200,000Class D (20x)11-Mar-2025
PF_KASUSDKaspa (KAS)10.0000160,000,000Class C (25x)09-Jan-2024
PF_KAVAUSDKava (KAVA)10.000110,000,000Class C (25x)10-Aug-2022
PF_KNCUSD
Kyber Network Crystal (KNC)
10.00012,000,000Class C (25x)31-Aug-2022
PF_KOMAUSD
Koma Inu (KOMA)
10.0000137,800,000Class E (10x)15-Jan-2025
PF_KSMUSDKusama (KSM)0.010.001100,000Class C (25x)17-Aug-2022
PF_LAYERUSDSolayer (LAYER)10.00013,500,000Class E (10x)14-Feb-2025
PF_LDOUSDLido DAO (LDO)10.00012,500,000Class B (50x)08-Mar-2023
PF_LEVERUSDLeverFi (LEVER)10.00000011,500,000,000Class E (10x)22-Oct-2024
PF_LINKUSDChainlink (LINK)0.10.0012,000,000Class B (50x)22-Mar-2022
PF_LOOKSUSD**
LooksRare (LOOKS)
100.0000152,600,000Class D (20x)05-Dec-2024
PF_LPTUSDLivepeer (LPT)0.10.001500,000Class C (25x)20-Jul-2022
PF_LQTYUSDLiquity (LQTY)10.00014,000,000Class E (10x)22-Oct-2024
PF_LRCUSDLoopring (LRC)10.000018,000,000Class C (25x)10-Aug-2022
PF_LSKUSDLisk (LSK)10.00011,200,000Class C (25x)31-Jan-2024
PF_LTCUSDLitecoin (LTC)0.010.01300,000Class B (50x)22-Mar-2022
PF_LUMIAUSDLumia (LUMIA)10.00012,600,000Class E (10x)21-Jan-2025
PF_LUNA2USDLuna2.0 (LUNA2)0.10.00012,500,000Class E (10x)01-Jun-2022
PF_MAGICUSD
Treasure (MAGIC)
10.000018,500,000Class D (20x)07-Nov-2024
PF_MAJORUSDMajor (MAJOR)10.000017,000,000Class E (10x)21-Jan-2025
PF_MANAUSD
Decentraland (MANA)
10.000112,000,000Class B (50x)27-Jun-2022
PF_MASKUSD
Mask Network (MASK)
10.00011,500,000Class C (25x)08-Mar-2023
PF_MELANIAUSD
Melania Meme (MELANIA)
0.10.0001350,000Class D (20x)20-Jan-2025
PF_MEMEUSD
Memecoin (MEME)
10.000001300,000,000Class C (25x)15-Aug-2024
PF_METISUSDMetis (METIS)0.10.001100,000Class E (10x)14-Nov-2024
PF_MEUSDMagic Eden (ME)10.00011,200,000Class D (20x)15-Jan-2025
PF_MEWUSD
cat in a dogs world (MEW)
10.00000011,000,000,000Class B (50x)18-Jun-2024
PF_MINAUSD
Mina Protocol (MINA)
10.00013,500,000Class D (20x)05-Oct-2022
PF_MKRUSDMaker (MKR)0.0010.15,000Class C (25x)20-Jul-2022
PF_MOCAUSD
Moca Network (MOCA)
10.0000114,500,000Class D (20x)15-Jan-2025
PF_MOGUSD**Mog Coin (MOG)10000.00000000012,000,000,000,000Class D (20x)15-Aug-2024
PF_MOODENGUSD
Moo Deng (MOODENG)
10.0000115,000,000Class B (50x)31-Oct-2024
PF_MORPHOUSD
Morpho (MORPHO)
10.00013,500,000Class D (20x)26-Nov-2024
PF_MOVEUSD
Movement (MOVE)
10.00014,000,000Class D (20x)20-Dec-2024
PF_MOVRUSD
Moonriver (MOVR)
0.10.001300,000Class D (20x)15-May-2024
PF_MTLUSDMetal DAO (MTL)10.00013,000,000Class D (20x)25-Jul-2024
PF_MUBARAKUSD
Mubarak (MUBARAK)
10.0000149,800,000Class D (20x)22-May-2025
PF_MYROUSDMyro (MYRO)10.0000130,000,000Class E (10x)25-Jun-2024
PF_NCUSDNodecoin (NC)10.00000170,000,000Class E (10x)12-Feb-2025
PF_NEARUSD
NEAR Protocol (NEAR)
10.00011,250,000Class B (50x)13-Jun-2022
PF_NEIROETHUSD**
Neiro on ETH (NEIROETH)
100.0000137,000,000Class D (20x)26-Nov-2024
PF_NEIROUSDNeiro (NEIRO)10.000000012,000,000,000Class C (25x)09-Oct-2024
PF_NEOUSDNEO (NEO)0.10.001100,000Class C (25x)24-Apr-2024
PF_NMRUSDNumeraire (NMR)0.10.001300,000Class D (20x)04-Jul-2024
PF_NOTUSDNotcoin (NOT)10.0000001250,000,000Class C (25x)09-Jul-2024
PF_OGNUSD
Origin Token (OGN)
10.0000116,000,000Class D (20x)31-Aug-2022
PF_OLUSDOpen Loot (OL)10.0000112,000,000Class E (10x)19-Dec-2024
PF_OMNIUSD
Omni Network (OMNI)
0.10.001300,000Class D (20x)19-Nov-2024
PF_OMUSDMANTRA (OM)10.00013,000,000Class D (20x)01-Aug-2024
PF_ONDOUSDOndo (ONDO)10.00012,000,000Class B (50x)11-Apr-2024
PF_ONEUSD**Harmony (ONE)100.000001150,000,000Class D (20x)04-Feb-2025
PF_ONGUSD
Ontology Gas (ONG)
10.0000111,500,000Class D (20x)14-Nov-2024
PF_ONTUSDOntology (ONT)10.0000118,700,000Class D (20x)14-Nov-2024
PF_OPUSDOptimism (OP)10.00014,000,000Class C (25x)02-Jun-2022
PF_ORCAUSDOrca (ORCA)10.0001800,000Class D (20x)19-Dec-2024
PF_ORDIUSDORDI (ORDI)0.010.00150,000Class C (25x)24-Jan-2024
PF_OXTUSD
Orchid Protocol (OXT)
10.0000140,000,000Class E (10x)29-Oct-2024
PF_PAXGUSD
PAX Gold (PAXG)
0.0010.11,000Class D (20x)16-Aug-2023
PF_PENDLEUSD
Pendle (PENDLE)
0.10.001800,000Class C (25x)29-May-2024
PF_PENGUUSD**
Pudgy Penguins (PENGU)
100.000001100,000,000Class C (25x)20-Dec-2024
PF_PEOPLEUSD
ConstitutionDAO (PEOPLE)
10.00000140,000,000Class B (50x)11-Jun-2024
PF_PEPEUSD**Pepe (PEPE)10000.00000000011,000,000,000,000Class B (50x)25-May-2023
PF_PERPUSD
Perpetual Protocol (PERP)
10.00014,000,000Class D (20x)22-May-2024
PF_PIPPINUSDpippin (PIPPIN)10.00001100,000,000Class E (10x)12-Feb-2025
PF_PIUSDPi (PI)10.00013,700,000Class D (20x)22-May-2025
PF_PIXELUSDPixels (PIXEL)10.000017,500,000Class D (20x)10-Jun-2024
PF_PNUTUSD
Peanut the Squirrel (PNUT)
10.000012,300,000Class C (25x)26-Nov-2024
PF_POLUSD
Polygon Ecosystem Token (POL)
10.0000110,000,000Class B (50x)19-Sep-2024
PF_POLYXUSD
Polymesh (POLYX)
10.0000114,000,000Class D (20x)14-Nov-2024
PF_PONKEUSDPonke (PONKE)10.000015,000,000Class E (10x)15-Oct-2024
PF_POPCATUSD
Popcat (POPCAT)
10.0000120,000,000Class B (50x)18-Jun-2024
PF_PORTALUSDPortal (PORTAL)10.000018,000,000Class E (10x)25-Jun-2024
PF_POWRUSD
Powerledger (POWR)
10.0000115,000,000Class D (20x)15-May-2024
PF_PRCLUSDParcl (PRCL)10.0000115,000,000Class E (10x)25-Sep-2024
PF_PYTHUSD
Pyth Network (PYTH)
10.000015,000,000Class C (25x)29-Nov-2023
PF_QNTUSDQuant (QNT)0.010.0112,000Class D (20x)12-Oct-2022
PF_QTUMUSDQtum (QTUM)10.0001700,000Class C (25x)24-Aug-2022
PF_QUICKUSD
Quickswap (QUICK)
10.00000170,000,000Class E (10x)19-Nov-2024
PF_RADUSDRadworks (RAD)10.00013,000,000Class E (10x)27-Jun-2024
PF_RAREUSD
SuperRare (RARE)
10.0000120,000,000Class D (20x)16-Aug-2024
PF_RATSUSD**Rats (RATS)10000.0000000140,000,000,000Class D (20x)09-Jul-2024
PF_RAYUSDRaydium (RAY)10.00011,000,000Class D (20x)24-Oct-2024
PF_RENDERUSD
Render (RENDER)
0.10.0001600,000Class B (50x)30-Jul-2024
PF_RENUSDREN (REN)10.00000130,000,000Class E (10x)14-Sep-2022
PF_REZUSDRenzo (REZ)10.00000140,000,000Class D (20x)18-Jul-2024
PF_RLCUSDiExec RLC (RLC)10.00011,000,000Class E (10x)12-Apr-2023
PF_ROSEUSDOasis (ROSE)10.0000140,000,000Class D (20x)24-Oct-2024
PF_RSRUSD
Reserve Rights (RSR)
10.000001500,000,000Class D (20x)25-Sep-2024
PF_RUNEUSD
THORChain (RUNE)
10.00011,500,000Class B (50x)07-Sep-2022
PF_SAGAUSDSaga (SAGA)0.10.0001800,000Class C (25x)12-Apr-2024
PF_SANDUSD
The Sandbox (SAND)
10.000115,000,000Class C (25x)13-Jul-2022
PF_SATSUSD
SATS (Ordinals) (SATS)
1015,000,000,000,000Class B (50x)09-May-2024
PF_SCRUSDScroll (SCR)10.00014,700,000Class D (20x)14-Nov-2024
PF_SCUSDSiacoin (SC)10.0000001600,000,000Class E (10x)05-Oct-2022
PF_SEIUSDSei (SEI)10.000015,000,000Class C (25x)06-Sep-2023
PF_SHELLUSDMyShell (SHELL)10.0000111,000,000Class D (20x)14-Mar-2025
PF_SHIBUSD**Shiba Inu (SHIB)10000.0000000011,000,000,000,000Class B (50x)30-May-2023
PF_SKLUSDSkale (SKL)10.0000160,000,000Class D (20x)28-Jan-2025
PF_SLERFUSDSlerf (SLERF)10.000019,000,000Class E (10x)26-Nov-2024
PF_SLPUSD**
Smooth Love Potion (SLP)
1000.000001554,100,000Class D (20x)05-Dec-2024
PF_SNXUSD
Synthetix Network (SNX)
10.00012,200,000Class C (25x)06-Jul-2022
PF_SOLUSDSolana (SOL)0.010.01200,000Class A (50x)22-Mar-2022
PF_SOLVUSD
Solv Protocol (SOLV)
10.00000180,000,000Class E (10x)12-Feb-2025
PF_SONICUSD
Sonic SVM (SONIC)
10.00014,500,000Class E (10x)28-Jan-2025
PF_SPELLUSDSpell (SPELL)10.00000011,800,000,000Class D (20x)27-Feb-2024
PF_SPKUSDSpark (SPK)10.0000170,000,000Class D (20x)25-Jun-2025
PF_SPXUSDSPX6900 (SPX)10.00014,500,000Class D (20x)19-Dec-2024
PF_SSVUSD
SSV Network (SSV)
0.10.001150,000Class D (20x)07-Nov-2024
PF_STEEMUSDSteem (STEEM)10.0000125,000,000Class D (20x)20-Jun-2024
PF_STGUSD
Stargate Finance (STG)
10.000013,000,000Class E (10x)26-Jul-2023
PF_STORJUSDStorj (STORJ)10.00015,000,000Class D (20x)07-Sep-2022
PF_STRKUSDStarknet (STRK)10.000014,000,000Class C (25x)21-Feb-2024
PF_STXUSDStacks (STX)10.00013,000,000Class B (50x)30-Mar-2023
PF_SUIUSDSui (SUI)10.00015,000,000Class B (50x)03-May-2023
PF_SUNDOGUSD
SUNDOG (SUNDOG)
10.0000110,000,000Class D (20x)15-Oct-2024
PF_SUNUSDSun (SUN)10.000001150,000,000Class E (10x)22-Oct-2024
PF_SUPERUSD
SuperVerse (SUPER)
10.00011,500,000Class D (20x)25-Apr-2024
PF_SUSDSonic (S)10.00014,000,000Class D (20x)18-Jan-2025
PF_SUSHIUSD
SushiSwap (SUSHI)
10.00014,000,000Class C (25x)31-Aug-2022
PF_SWARMSUSD
Swarms (SWARMS)
10.0000140,000,000Class D (20x)04-Feb-2025
PF_SWEATUSD
Sweat Economy (SWEAT)
10.0000001500,000,000Class E (10x)01-Aug-2024
PF_SWELLUSDSwell (SWELL)10.00000180,000,000Class D (20x)14-Nov-2024
PF_SXPUSDSolar (SXP)10.000015,000,000Class C (25x)19-Jul-2023
PF_SXTUSD
Space and Time (SXT)
10.0000121,800,000Class D (20x)22-May-2025
PF_SYNUSDSynapse (SYN)10.00016,000,000Class D (20x)22-Aug-2024
PF_SYRUPUSDSyrup (SYRUP)10.000019,000,000Class D (20x)19-May-2025
PF_TAIKOUSDTaiko (TAIKO)10.00011,700,000Class D (20x)26-Nov-2024
PF_TAOUSDBittensor (TAO)0.010.0115,000Class B (50x)27-Jun-2024
PF_THETAUSD
Theta Network (THETA)
10.00013,000,000Class C (25x)12-Oct-2022
PF_THEUSDTHENA (THE)10.00012,500,000Class E (10x)27-Dec-2024
PF_TIAUSDCelestia (TIA)0.10.0001700,000Class B (50x)29-Nov-2023
PF_TLMUSD**
Alien Worlds (TLM)
100.000001200,000,000Class D (20x)05-Jun-2024
PF_TNSRUSDTensor (TNSR)10.00013,500,000Class D (20x)05-Jun-2024
PF_TOKENUSD
TokenFi (TOKEN)
10.0000150,000,000Class D (20x)18-Jun-2024
PF_TONUSDToncoin (TON)0.10.001500,000Class B (50x)30-Apr-2024
PF_TOSHIUSD**Toshi (TOSHI)10000.00000015,000,000,000Class E (10x)12-Feb-2025
PF_TRBUSD
Tellor Tributes (TRB)
0.010.0150,000Class C (25x)20-Jun-2024
PF_TRUMPUSD
OFFICIAL TRUMP (TRUMP)
0.10.001200,000Class B (50x)18-Jan-2025
PF_TRUUSDTrueFi (TRU)10.0000115,000,000Class D (20x)17-Apr-2024
PF_TRXUSDTRON (TRX)10.00000175,000,000Class B (50x)20-Jun-2022
PF_TSTUSDTest (TST)10.0000118,000,000Class E (10x)12-Feb-2025
PF_TURBOUSD**
Turbo (TURBO)1000.0000001600,000,000Class C (25x)05-Jun-2024
PF_TUSDThreshold (T)10.000001100,000,000Class D (20x)08-May-2024
PF_UMAUSDUMA (UMA)0.10.00011,000,000Class C (25x)25-Jan-2024
PF_UNIUSDUniswap (UNI)0.10.0013,500,000Class B (50x)22-Mar-2022
PF_USDCUSDUSDC (USDC)10.00015,000,000Class B (50x)11-Mar-2023
PF_USDTUSDTether (USDT)10.00015,000,000Class B (50x)11-Mar-2023
PF_USUALUSDUsual (USUAL)10.000015,600,000Class D (20x)15-Jan-2025
PF_UXLINKUSDUXLINK (UXLINK)10.00015,000,000Class D (20x)17-Oct-2024
PF_VANAUSDVana (VANA)0.10.001200,000Class D (20x)22-Jan-2025
PF_VELOUSD**Velo (VELO)100.000001100,000,000Class D (20x)04-Feb-2025
PF_VETUSDVeChain (VET)10.000001150,000,000Class D (20x)07-Nov-2024
PF_VINEUSDVine (VINE)10.000019,000,000Class D (20x)24-Jan-2025
PF_VIRTUALUSD
Virtuals Protocol (VIRTUAL)
10.0001800,000Class D (20x)20-Jan-2025
PF_VOXELUSDVoxies (VOXEL)10.0000115,000,000Class D (20x)19-Dec-2024
PF_VVVUSD
Venice Token (VVV)
0.10.001400,000Class D (20x)12-Feb-2025
PF_WCTUSD
WalletConnect Token (WCT)
10.00014,800,000Class D (20x)22-May-2025
PF_WIFUSDdogwifhat (WIF)10.00018,000,000Class B (50x)22-Jan-2024
PF_WLDUSDWorldcoin (WLD)10.00011,500,000Class B (50x)02-Aug-2023
PF_WOOUSDWOO (WOO)10.0000110,000,000Class E (10x)05-Apr-2023
PF_WUSDWormhole (W)10.000015,000,000Class C (25x)08-Apr-2024
PF_XBTUSD*Bitcoin (BTC)0.000111,200Class A (50x)22-Mar-2022
PF_XCNUSD**Onyxcoin (XCN)100.00000188,200,000Class D (20x)28-Jan-2025
PF_XLMUSDStellar (XLM)10.0000170,000,000Class B (50x)06-Jul-2022
PF_XMRUSDMonero (XMR)0.010.01200,000Class B (50x)22-Mar-2022
PF_XRPUSDXRP (XRP)10.0000150,000,000Class A (50x)22-Mar-2022
PF_XTZUSDTezos (XTZ)10.00015,000,000Class B (50x)06-Jul-2022
PF_XVGUSD**Verge (XVG)1000.000001150,000,000Class E (10x)05-Dec-2024
PF_XVSUSDVenus (XVS)0.10.001400,000Class E (10x)14-Feb-2025
PF_YFIUSD
yearn.finance (YFI)
0.00011750Class C (25x)13-Jul-2022
PF_YGGUSD
Yield Guild Games (YGG)
10.00013,000,000Class D (20x)10-Apr-2024
PF_ZECUSDZcash (ZEC)0.010.0150,000Class C (25x)24-Aug-2022
PF_ZENUSDHorizen (ZEN)0.10.001200,000Class C (25x)05-Dec-2024
PF_ZEREBROUSD
Zerebro (ZEREBRO)
10.000018,500,000Class E (10x)22-Jan-2025
PF_ZETAUSD
ZetaChain (ZETA)
10.00013,000,000Class D (20x)15-May-2024
PF_ZEUSUSD
Zeus Network (ZEUS)
10.0000125,000,000Class D (20x)04-Jul-2024
PF_ZILUSD**Zilliqa (ZIL)100.000001120,000,000Class D (20x)26-Nov-2024
PF_ZKUSDZKsync (ZK)10.00000125,000,000Class C (25x)01-Aug-2024
PF_ZROUSDLayerZero (ZRO)10.00011,000,000Class C (25x)21-Jun-2024
PF_ZRXUSD
0x Protocol (ZRX)
10.0000110,000,000Class D (20x)12-Apr-2023

*BTC is used on the platform UI. XBT is used on the API and account logs. Both refer to Bitcoin (BTC).

**These contracts are not available on the legacy user interface and can only be accessed via Kraken Pro web or mobile and API

Contract specification changes are published on our Derivatives Platform Parameters Changelog.

Perpetual Derivatives are a type of Derivatives contract that have no expiration date and an auto-rolling feature every hour.

Perpetual contracts feature a funding rate, a payment between traders designed to keep the contract's price aligned with the underlying asset's spot price.

If the funding rate is positive, long positions pay short positions; if negative, short positions pay long positions.

Traders may pay or receive funding dependent on market conditions. The price difference is calculated hourly, with funding adjustments reflected as unrealized profit or loss, settling at the end of each hour or when the net position changes.

Additional Information

Auto-Roll Period

Every 1 hour at the end of the hour

Rate-setting Calculation Window

Rate for next period is calculated over current 1-hour period (e.g., rate for 12-13 UTC period is calculated in window between 11-12 UTC)

Funding Rate

Between start and end of the Rate-setting Period the Funding Rate is computed as the time-weighted average premium, and standardised to a per-hour basis. Permissible range per 1 hours: [-0.25%, +0.25%]*** (i.e., 600 basis point magnitude for 24-hour realisation period)

Payout Frequency

Continuously based on Funding Rate set at the end of the prior Funding Period. Positions will immediately and continuously receive or send funding while open in the perpetual contracts. The funding accumulates as unrealised profit/loss and settles every 1 hour at end of the Funding Period, or when user changes net open position (whichever occurs first).

Funding Rate Multiplier

n = 24 This is the coefficient used in the calculation of the funding rate. A value of 1/n means that, ceteris paribus, it will take n hours to realise the Average Premium. Example: if the Average Premium is 0.36% for the 1-hour period, then Funding Rate is equal to 0.015%, meaning that over the course of 24 hours, this 0.36% total will be realised.

Funding Rate Calculation

In a given 1-hour Funding Period, Premium values calculated from minutely perpetual contract prices (60 observations) using an Impact Mid are recorded versus the Real Time Platform Ticker. The Impact Mid is the median of the average entry price market-selling x value of contracts and market-buying x value of contracts. See table above for contract-specific values. The Average Premium is calculated as the average of the mid 30 values recorded from the above 60 observations. Finally, this value is weighted by the Funding Rate Multiplier. If Average Premium is greater than 0 for the 1 hour period, those in Long positions will continuously pay out to Short positions, which pushes the price closer to Index. If Average Premium is less than 0 for the 1 hour period, those in Short positions will continuously pay out to Long positions, which pushes the price closer to Index.

Trading Hours

24 hours/day, 7 days/week, 365 days/year (excluding maintenance)

P&L Settlement Method

Cash settled in USD with optional payout in any of the collateral currencies (profit only, losses are always realised in USD)

Fee Structure

Kraken Derivatives uses a maker-taker fee structure. Fees are calculated as a percentage of the notional order value for a matched trade. No fees are charged on auto-roll or funding payouts -- these occur strictly between counter-parties.

Contract Expiration

The perpetual derivatives are non-expiring, which means that positions in the contract are never “expired” or “matured”, however there is a settlement process every hour that applies funding to anchor the spot value to the Index. See Last Trading for more information.

Settlement time

Every 1 hour at the end of the hour: The accumulated unrealised funding is settled and new rate set based on TWAP premium to index in prior rate period.

Last Trading

This contract remains trading perpetually and would only expire in an emergency situation if Kraken Derivatives deems necessary to settle/expire the contract. Kraken Derivatives reserve the right to set any contract to post-only, suspended, or settle any contract at any time and without warning due to either adverse market conditions or regulatory risk. 

Initial Margin

As low as 2%

Maintenance Margin

Half of Initial Margin

Maximum Initial Leverage

Up to 50x

Mark Price

Index Price plus the 30 seconds exponential moving average of the order book mid price minus the index price (future's basis). The premium for perpetual contracts is capped at 1%. Calculation: Index Price + EMA_30seconds(Impact Mid Price - Index Price)
Note: in the extremely rare circumstance that the Index Price is unavailable for whatever reason, the above caps may not apply and the Mark Price will be equal to the Impact Mid Price.

Margin & Settlement Currency

USD, but with full collateral options of BTC, ETH, ADA, DOT, LTC, SOL, XRP, USDT, USDC, EUR, and GBP, adjusted for haircut (see Derivatives Collateral Currencies)

The funding rate for a given perpetual contract is represented in two different ways:

  • absolute rate: The amount of funding an account will receive by maintaining a 1 contract unit short position for 1 hour. This is more useful for account log purposes.

  • absolute funding payout = # of contracts * absolute funding rate * time elapsed within funding period without position alteration

  • relative rate: The absolute funding rate relative to the spot price at the time of funding rate calculation. This is an intermediate value in the calculation of the absolute funding rate and is the number we display in the front end (as a %) as the 'funding rate'.

  • relative funding payout = # of contracts * (relative funding rate*spot price) * time elapsed within funding period without position alteration

Funding Rate Examples

In order to get a complete understanding of the funding rate dynamics of the Perpetual Contract, we present examples to demonstrate the key features.

  1. 1

    Assume time is 12 UTC and that the price of BTC is $37,000 (via bitcoin-dollar real-time index) and the Perpetual trades at $37,100 the whole time until 13 UTC. The average premium is computed as 0.27027% for the 1-hour period (100/37,000). This leads to a funding rate of 0.27027 / 24 = 0.01126125% per hour.

    Now assume that you are in a short position of 2 BTC, with 1 BTC perpetual contract valued at $37,100. If you hold this position from 13 to 14 UTC, and the premium in the 13 to 14 UTC period remains as 0.27027%, then you will be paid funding of 8.333325 USD for the one-hour period [(2*37000)*0.0001126125]

  2. 2

    Assume time is 12 UTC and that price of BTC is $37,000 and the Perpetual trades at $39,700 until 13 UTC. The average premium is computed as 7.297297% for the 1-hour period. This leads to a funding rate of 7.297297 / 24 = 0.30405404% per hour.

    The maximum funding rate per hour in any given period is 0.25%. The minimum is -0.25%.

    As a result, this 0.30405404% hourly rate is floored to 0.25% per hour, so that the maximum 24 hour realisation will not exceed 6%.

    Note that there is no "dampening" of rates done in this model: if a 1 hour computed rate is near 0, then it will pay out non-0 value even if it is de minimis.

  3. 3

    Assume time is 13 UTC and that the index spot price of BTCUSD is $37,000, and the relative rate set for the 1 hour period is 0.05% per hour.

    Now assume the time is 13:30 UTC and the perpetual trades at $38,000 and you enter a Short position of 4 BTC at this price.

    You will immediately begin receiving funding at an absolute rate of 0.05%*$37,000 = 18.5 USD per hour per unit.

    In your available balance you will then see this rate applying in your unrealised PnL through continuous funding payout equal to:

    18.5 * 4 BTC = $74 per hour

    $1.233 per minute

    This will pay out continuously until 14 UTC where the relative funding rate will change based on the market activity between 13-14 UTC.

    In your 4 BTC short position at the end of the half hour period you will have $36.99 applied in your account log at 14 UTC.

    Assume this new relative funding rate is now 0.03% and the real-time spot index is $37,900 for BTCUSD at 14 UTC. 

    From 14 UTC to 15 UTC a new absolute funding rate will begin applying of 0.03%*$37,900=$11.37 per hour per unit.

  4. 4

    Assume time is 14 UTC and you enter a position long 2 BTC on BTCUSD at 37,000. Assume that the funding rate for the one-hour period (13-14 UTC) is set as -0.04% per hour.

    At 15 UTC, after you have held this position for one full hour, you will have earned $29.6 [(0.0004*2 BTC)*37,000], which credits continuously throughout the hour period you hold it.

    However, during this period, the price was at a premium and so the new one-hour rate set for 14 - 15 UTC is 0.04% per hour. After one hour of holding the position, you have paid $29.6 and you close at 16 UTC.

    Your funding for the two hour period you held the position is thus + $29.6 for the first period and then - $29.6 for the first second and your net flows are 0 for this.

  5. 5

    Assume it's 12 UTC you are in a 5 BTC long position on BTCUSD with spot index at $37,000 and the rate in the funding period is -0.08%. This credits and debits every millisecond to every user with an open position. It credits first as unrealised profit and loss, but you have the funds available right away to use in further positions or transfer into your Cash account. The funding is booked into your account log and realised when one of the following events occur:

    - You adjust your open position up or down by any amount,

    -You hold until the end of the Funding Period, at which point it is booked (occurs at the end of every hour).

  6. 6

    Assume it's 12 UTC you are in a 3 BTC long position on PF_BTCUSD with spot index at $37,000 and the rate in the funding period is -0.05%. Assume that you have set your profit currency as ETH and you hold this position until the end of the funding period at 13 UTC.

    0.0015*37,000*3 = $55.5 per hour

    At the end of the period at 13 UTC, assume that the price of ETH is 2,500 (from the ether-dollar real-time index)

    The conversion can be calculated using the following:
    = Amount in USD to be converted / (Target currency index * (1 - 0.25%))
    = 55.5 USD / (2,500 ETHUSD * .9975)
    = 0.022 ETH

Symbol

Active Maturities

Base Currency

Min Order

Tick Size

Max Position (Base units)

Margin Class

Settlement Index

FF_ETHUSD

Weekly, Monthly, Quarterly, Semiannual

Ethereum (ETH)

0.001

0.1

8,000

Class A

ETHOPTRR

FF_SOLUSD

Monthly, Quarterly

Solana (SOL)

0.01

0.01

80,000

Class B

SOLOPTRR

FF_XBTUSD*

Weekly, Monthly, Quarterly, Semiannual

Bitcoin (BTC*)

0.0001

1

600

Class A

BTCOPTRR

*BTC is used on the platform UI. XBT is used on the API and account logs. Both refer to Bitcoin (BTC).

Additional Information:

PnL Settlement Method & Collateral Currencies: Linear Derivatives are settled in USD by default, or your chosen profit currency. See Derivatives Collateral Currencies for more information.

Trading Hours: 24 hours/day, 7 days/week, 365 days/year (excluding maintenance)

Fee Structure: Kraken Derivatives uses a maker-taker fee structure. Fees are calculated as a percentage of the notional order value for a matched trade. Holding a position until settlement will result in a taker fee.

Conversion fees and interest may be applied in some instances. See Fees & Charges for Multi-Collateral Derivatives for more information.

Settlement Index: The settlement rate is calculated using observations of the underlying Real Time Index over the period of 7:30 UTC to 8:00 UTC on Last Trading day.
The methodology is as follows:
- Take a 30 minute observation window of Real Time Index values before 8 UTC
- Split the window into 1 minute partitions
- Compute the average Real Time Index for each minute
- Compute the average of all 1 minute partitions to obtain the Settlement Rate

Settlement time: Within 15 minutes after Last Trading

Last Trading: 08:00 UTC

Week: Every Friday

Month: Last Friday of the month.

Quarter: Last Friday of a month in the March quarterly cycle (March, June, September, December).

Semiannual: Last Friday of a month in the March quarterly cycle (March, June, September, December).

First Trading: 08:00 UTC.

Week: Friday of each week where no contract exists in the following week.

Month: The last Friday of the calendar month where no contract exists in the following calendar month.

Quarter: The last Friday of the calendar month where a contract exists in the following calendar month.

Semiannual: The last Friday of the calendar month where a Month contract and Quarter contract exists.

The fixed maturity listing schedule results in there always being listed simultaneously at four contracts for BTC and ETH: a Week contract, a Month contract, a Quarter contract, and a Semiannual contract. SOL only has a month and a quarter contract. No contract can have the same remaining days to maturity as another currently-listed contract, therefore at maturity, if the days remaining to maturity on one contract correspond to the maturity of a contract with fewer days to maturity, it will roll into that maturity and the new contract with more days to maturity will be listed.

For example, if the monthly contract expires on the 31st of May, then the June quarterly contract will become the June monthly contract, the September quarterly contract will be listed.

Initial Margin: As low as 2%

Maintenance Margin: Half of Initial Margin

Maximum Initial Leverage: Up to 50x

Mark Price: Index Price plus the 30 seconds exponential moving average of the order book mid price minus the index price (future's basis).

The premium is capped at 1% for contracts with 1 day to expiry and 20% for contracts with 210 days to expiry and is linearly interpolated in between.

Calculation: Index Price + EMA_30seconds(Impact Mid Price - Index Price)

Note: in the extremely rare circumstance that the Index Price is unavailable for whatever reason, the above caps may not apply and the Mark Price will be equal to the Impact Mid Price.

**Note that if the settlement rate reported by the Index provider is, for any reason, deemed to not adequately represent the underlying market, the Market Risk Committee of Kraken Derivatives reserves the right to select its own appropriate fair value settlement rate. If the index provider restates the price, Kraken Derivatives will settle to the first value published by the index provider at or after publication time.

Additional Information

Impact Mid Size

The Impact Mid is the median of the average entry price market-selling x value of contracts and market-buying x value of contracts.

The contract values for Impact Mid are regularly updated.

For current contract-specific Impact Mid values see our API's Instruments Endpoint.

Global Platform Max Order Size

The maximum individual order size is $20,000,000 for all contracts and order types. A single order placed with a USD value higher than this amount will not execute.

Decimal & Thousands Separator Formatting

The decimal and thousands separators shown in this article may differ from the formats displayed on our trading platforms. Review our article on how we use points and commas for more information.

Last updated: 23 May, 2025

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