Margin schedule

For Kraken Futures we use Initial Margin (IM) and Maintenance Margin (MM) to manage the credit risk arising from open positions. IM and MM are a function of both contract type and of position size:

Position size: The larger a trader's position, the more liquidity is required to unwind that position in the event of an adverse price move.

Contract type: The more volatile a currency pair, the higher the margin that is required to withstand typical price moves.

 

Perpetual Contracts

Margin Levels and Limits

  Level I Level II Level III Level IV Maximum
Bitcoin-USD 0-500,000  500,000-1,000,000  1,000,000-3,000,000  >3,000,000 6,000,000
Ether-USD 0-250,000  250,000-500,000  500,000-2,000,000  >2,000,000 5,000,000
Litecoin-USD 0-250,000 250,000-500,000 >500,000 - 2,000,000
BitcoinCash-USD 0-100,000 100,000-500,000 >500,000 - 2,000,000
Ripple-USD 0-250,000  250,000-500,000  500,000-2,000,000 >2,000,000  4,000,000
Ripple-Bitcoin 0-100,000  100,000-500,000  >500,000  - 2,000,000
For Professional Clients
Leverage 50x 25x 17x 10x -
Initial Margin 2% 4% 6% 10% -
Maintenance Margin 1% 2% 3% 5% -
For Retail Clients
Leverage 2x 2x 2x 2x -
Initial Margin 50% 50% 50% 50% -
Maintenance Margin 25% 25% 25% 25% -

 

Fixed Maturity Contracts

Margin Levels and Limits

  Level I Level II Level III Level IV Maximum
Bitcoin-USD 0-500,000  500,000-1,000,000  1,000,000  - 3,000,000
Ether-USD 0-250,000  250,000-500,000  >500,000  - 2,000,000
Litecoin-USD 0-250,000 250,000-500,000 >500,000 - 2,000,000
BitcoinCash-USD 0-100,000 100,000-500,000 >250,000 - 1,500,000
Ripple-USD 0-250,000  250,000-500,000  >500,000  - 2,000,000
Ripple-Bitcoin 0-100,000  100,000-500,000  >500,000  - 1,500,000
For Professional Clients
Leverage 50x 25x 17x - -
Initial Margin 2% 4% 6% - -
Maintenance Margin 1% 2% 3% - -
For Retail Clients
Leverage 2x 2x 2x - -
Initial Margin 50% 50% 50% - -
Maintenance Margin 25% 25% 25% - -

Last updated: Mar-5-2019


Note:

Margin percentages are based on the value of the collateral currency at entry price.

Margin requirements and maximum position size are calculated for each instrument individually per maturity.

Example for Professional Client

You are long 1,000,000 contracts in the Perpetual Bitcoin-Dollar Futures and 250,000 contracts in the Monthly Bitcoin-Dollar Futures.

Your IM requirement for the position in the Perpetual will be 2% for the first 500,000 contracts and 4% for the second 500,000 contracts, resulting in an average IM of 3%.

Your IM requirement for the position in the Monthly will be 2%.