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Single-Collateral & Multi-Collateral Derivatives Contracts
Kraken Derivatives offers trading with distinct collateral wallet types depending on the contracts being traded.
The main differences are:
  • Cross & Isolated Margin
  • Collateral Currencies
  • Haircuts & Conversion Fees
  • Profit & Loss Currencies
Single-Collateral
Multi-Collateral
Collateral Currencies
BTC, ETH, LTC, BCH, XRP
UI Availability
Offered on the futures.kraken.com UI
Offered on Kraken Pro as well futures.kraken.com UI
Risk Management
Up to 50x leverage
One margin wallet per collateral currency
Cross margin across different maturities of the same asset only
Up to 50x leverage
One wallet for all collateral currencies
Trade any contract with any or all collateral currencies
Cross margin across all collateral currencies by default
Isolated margin mode to restrict risk
Withdraw Unrealized Profit while keeping the position open

Contract Value
USD denominated: 1 contract = $1 USD
Coin denominated: 1 contract = 1 unit of cryptocurrency See contract specifications for decimal precision
Contract Types
Fixed & Perpetual
Fixed & Perpetual
Contract Specs
Fixed Inverse Contract Specifications
Perpetual Inverse Contract Specifications
Fixed Linear Contract Specifications
Perpetual Linear Contract Specifications
Fees
Maker-taker trading fees
Funding rate for Perpetual contracts
Maker-taker trading fees
Funding rate for Perpetual contracts
Conversion fees on non-USD
Interest on large unrealised losses not backed by USD
Profit Settlement
Settled in contract’s collateral currency (e.g. BTC for BTC/USD) 
Settled in USD by default with option to choose from a supported Derivatives collateral currency
Aside from the differing characteristics detailed in the sections below, order types, trading fees and margining remain largely the same.
This article aims to help you choose which collateral wallet is best for your trading strategies and preferences. For details about which contracts are single-collateral or multi-collateral, visit product listing summary.
Collateral Currencies
Risk Management
Fees & Charges
Profit Settlement

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