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Inverse Futures Margin Schedule & Maximum Leverage
At Kraken Futures we use Initial Margin (IM) and Maintenance Margin (MM) to manage the credit risk arising from open positions.
The larger a trader's position, the more liquidity is required to unwind that position in the event of an adverse price move.
Additionally, the more volatile a currency pair, the higher the margin that is required to withstand typical price moves. IM and MM are therefore a function of both, contract type and of position size, as shown in the following tables:
Single-Collateral Perpetual Inverse Futures Margin Levels and Limits:
UnitsLevel ILevel IILevel IIILevel IVLevel VLevel VILevel VIILevel VIIILevel IXLevel XMaximum
Bitcoin-Dollar FuturesContracts0-500,000 500,000-1,000,000 1,000,000-3,000,000 3,000,000-6,000,0006,000,000- 12,000,000
-
12,000,000-20,000,000
20,000,000-50,000,000>50,000,000-75,000,000
Ether-Dollar FuturesContracts0-250,000250,000-500,000500,000-2,000,000 2,000,000-5,000,0005,000,000- 8,000,000-8,000,000- 15,000,00015,000,000- 30,000,000>30,000,000-45,000,000
Litecoin-Dollar FuturesContracts0-250,000250,000-500,000500,000-2,000,0002,000,000- 4,000,000>4,000,000-----6,000,000
BitcoinCash-Dollar FuturesContracts-0-500,000500,000-2,000,0002,000,000- 3,000,000-3,000,000- 5,000,000--->5,000,00010,000,000
Ripple-Dollar FuturesContracts-0- 1,000,000->1,000,000----3,000,000
Margin Parameters
Leverage50x25x17x10x6.7x5x4x3.33x2.5x2x-
Initial Margin2%4%6%10%15%20%25%30%40%50%-
Maintenance Margin1%2%3%5%7.5%10%12.5%15%20%25%-
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: 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%.
Single-Collateral Fixed Maturity Inverse Futures Margin Levels and Limits:
UnitsLevel ILevel IILevel IIILevel IVLevel VLevel VILevel VIILevel VIIILevel IXMaximum
Bitcoin-Dollar FuturesContracts0-500,000 500,000-1,000,000 1,000,000- 3,000,000 3,000,000-6,000,0006,000,000-9,000,000-9,000,000- 15,000,00015,000,000- 30,000,000>30,000,00040,000,000
Ether-Dollar FuturesContracts0-250,000250,000-500,000500,000-2,000,000 2,000,000- 4,000,0004,000,000- 6,000,000-->6,000,000-15,000,000
Litecoin-Dollar FuturesContracts-0-500,000500,000-2,000,0002,000,000- 3,000,000>3,000,000----5,000,000
BitcoinCash-Dollar FuturesContracts-0-500,000500,000-2,000,0002,000,000- 2,500,000>2,500,000----3,000,000
Ripple-Dollar FuturesContracts--0- 1,000,000->1,000,000---3,000,000
Margin Parameters
Leverage50x25x17x10x6.67x5x4x3.33x2.5x-
Initial Margin2%4%6%10%15%20%25%30%40%-
Maintenance Margin1%2%3%5%7.5%10%12.5%15%20%-
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: 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%.