The trading fee schedule is the same for both Single-Collateral and Multi-Collateral futures. See Fee Schedule.

Volume traded across Multi-Collateral and Single-Collateral wallets is aggregated to identify the fee bracket applied. If Kraken Fee Credits are available inside your Multi-Collateral wallet, they will be used as the preferred trading fee currency.

Trading fees for Multi-Collateral futures are charged in USD. If USD is unavailable, then the non-USD funds will be converted using the collateral with the lowest haircut first. Conversion fees apply.

Conversion fees start at 0.05% for the majority of cash assets and stablecoins and 0.5% for all other collateral assets. 

Cash conversion fees apply to collateral and positions in the Multi-Collateral wallet. 

As this wallet allows for multiple assets to be used as collateral, margined in real-time in USD terms, there is a need to constantly assess the USD value of all currencies held in the wallet to determine portfolio value, position values and liquidation levels. 

All profit and loss in the Multi-Collateral wallet are calculated in USD. In the scenarios outlined below, if the wallet does not hold enough USD as collateral, then non-USD will be converted in ascending order of haircut i.e. the collateral with the lowest haircut will be converted first to cover the Loss and/or charges.

We use index prices to value any crypto or fiat balance. 

Funds will be converted and charged a conversion fee in the following scenarios:

If an account has a total unrealised loss exceeding $30,000 with no USD collateral to cover or holds USD as collateral but the unrealised loss exceeds the USD balance by greater than $30,000, then interest payments will be charged of 0.005% per hour (43.8% APR) on the amount of loss above $30,000. 

If the total unrealised loss not covered by USD exceeds $250,000 then there will be an automatic conversion of non-USD assets into USD such that the uncovered loss in USD is reduced to $50,000 whilst the position remains untouched. 

Interest charges can be avoided by ensuring the account is sufficiently collateralised with USD. 

The funding rate is calculated and charged continuously on perpetual contracts only – it is not a fee charged by the exchange. More information, including examples and calculations, can be found in the Linear Multi-Collateral Perpetual Contract Specifications. The funding rate is realised in USD and charged continuously as unrealized profit/loss. Every 1 hour this is realised and if a non-USD profit currency preference is selected and a payment is made to the account, then the funding rate payment will be realised in that currency. For funding rate payouts uncovered by USD, the non-USD funds will be converted using the collateral with the lowest haircut first. Conversion fees apply. 

A liquidation fee is incurred if your Multi-Collateral position is auto-liquidated due to insufficient margin. The liquidation fee will be equal to half of the minimum MM% (maintenance margin %) for the contract. For example, since the minimum MM% for the BTC Perp contract is 1% the liquidation fee would be equivalent to: (1% * 0.5) = 0.5%. The liquidation fee is capped at a maximum of 5%.

You can check out the Multi-Collateral margin schedule along with the Linear Multi-Collateral Perpetual Contract Specifications to calculate the liquidation fee that would be charged. The liquidation fee is charged in USD. For liquidation fees uncovered by USD, the non-USD funds will be converted using the collateral with the lowest haircut first. Conversion fees apply.