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Inverse Crypto-Collateral Fixed Maturity Contract Specifications
To see Perpetual Inverse contract specifications, please visit the other page here.
These contracts are listed on the Crypto Facilities MTF.
Symbol
Active Maturities
Base Currency
Quote Currency
Contract Size & Minimum Order
Tick Size
Price quotation
Max Position Size
Impact Mid
Max Leverage
Settlement Index
FI_XBTUSD*
Monthly, Quarterly, Semi-annually
Bitcoin (BTC)
U.S. Dollar (USD)
1 USD
0.5 USD
USD per 1 BTC
40,000,000 USD
1,000 USD
50x
FI_ETHUSD
Monthly, Quarterly, Semi-annually
Ethereum (ETH)
U.S. Dollar (USD)
1 USD
0.05 USD
USD per 1 ETH
15,000,000 USD
1,000 USD
50x
FI_LTCUSD
Monthly, Quarterly
Litecoin (LTC)
U.S. Dollar (USD)
1 USD
0.01 USD
USD per 1 LTC
5,000,000 USD
1,000 USD
25x
FI_BCHUSD**
Monthly, Quarterly
Bitcoin Cash (BCH)
U.S. Dollar (USD)
1 USD
0.1 USD
USD per 1 BCH
3,000,000 USD
1,000 USD
25x
FI_XRPUSD
Monthly, Quarterly
Ripple (XRP)
U.S. Dollar (USD)
1 USD
0.0001 USD
USD per 1 XRP
3,000,000 USD
1,000 USD
10x

*BTC is used on the platform UI. XBT is used on the API and account logs. Both refer to Bitcoin (BTC).
Additional Information
PnL Settlement Method
Inverse futures are cash-settled in base currency
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.
Settlement time
Within 15 minutes after Last Trading
Last Trading
16:00 London time. Month: Last Friday of the month. Quarter: Last Friday of a month in the March quarterly cycle (March, June, September, December). Semiannual: Last Friday of a month in the March quarterly cycle (March, June, September, December). Semiannual maturity is available for FI_BTCUSD and FI_ETHUSD contracts only.
First Trading
For FI_BTCUSD and FI_ETHUSD contracts: 16:00 London time. 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. Semiannual: The last Friday of the calendar month where a Month contract and Quarter contract exists. For FI_BTCUSD and FI_ETHUSD, the fixed maturity listing schedule results in there always being listed simultaneously three contracts: a Month contract, a Quarter contract and a Semiannual 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 semiannual contract will become the September quarterly contract and the new semiannual contract for December will be listed. For all other inverse contracts: 16:00 London time. 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. The fixed maturity listing schedule results in there always being listed simultaneously two 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 and the new September quarterly contract will be listed.
Initial Margin
Maintenance Margin
Half of Initial Margin
Maximum Initial Leverage
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)
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. 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.
Margin & Settlement Currency
Base currency (e.g. FI_ETHUSD_220930 realises PnL in ETH)
**Note that if the settlement rate reported by the Index provider is, for any reason, deemed to not adequately represent the underlying market, the Market Risk Committee of Crypto Facilities reserves the right to select its own appropriate fair value settlement rate. If the index provider restates the price, Crypto Facilities will settle to the first value published by the index provider at or after publication time.
The decimal and thousands separators shown in this article may differ from the formats displayed on our trading platforms. Review our article on how we use points and commas for more information.