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

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

Fee Structure: Kraken Futures 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 Futures 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

Month: Last Friday of the month.

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

First Trading: 08:00 UTC.

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.

Semi-annual: 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 three contracts: a Month contract 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.