Linear Multi-Collateral Derivatives Contract Specifications for clients in the European Economic Area
Geographic notice:
This article is for clients located in the European Economic Area (EEA). If you are not located in the EEA, click here.
Below you can find detailed information on Kraken's linear multi-collateral perpetual and fixed maturity derivatives contracts.
Symbol | Base Currency | Min Lot | Tick Size | Max Position (Base) | Impact Mid (Base) | Margin Class & Max Pro Leverage | First Trading |
|---|---|---|---|---|---|---|---|
PF_1INCHUSD | 1inch (1INCH) | 1 | 0.0001 | 6,000,000 | 18750 1INCH | Class C (10x) | 24-Aug-2022 |
PF_AAVEUSD | Aave (AAVE) | 0.01 | 0.01 | 60,000 | 31 AAVE | Class B (10x) | 27-Jun-2022 |
PF_ACHUSD | Alchemy Pay (ACH) | 1 | 0.000001 | 100,000,000 | 110000 ACH | Class D (10x) | 26-Jul-2023 |
PF_ADAUSD | Cardano (ADA) | 1 | 0.00001 | 60,000,000 | 7100 ADA | Class B (10x) | 22-Mar-2022 |
PF_AGLDUSD | Adventure Gold (AGLD) | 1 | 0.0001 | 3,000,000 | 4275 AGLD | Class C (10x) | 23-Aug-2023 |
PF_AKTUSD | Akash (AKT) | 1 | 0.0001 | 900,000 | 2150 AKT | Class D (10x) | 19-Nov-2024 |
PF_ALGOUSD | Algorand (ALGO) | 1 | 0.00001 | 17,500,000 | 25000 ALGO | Class B (10x) | 06-Jul-2022 |
PF_ANKRUSD | Ankr Network (ANKR) | 1 | 0.000001 | 50,000,000 | 130000 ANKR | Class D (10x) | 14-Sep-2022 |
PF_API3USD | API3 (API3) | 1 | 0.0001 | 2,000,000 | 4200 API3 | Class C (10x) | 31-Jan-2024 |
PF_APTUSD | Aptos (APT) | 0.1 | 0.0001 | 750,000 | 900 APT | Class B (10x) | 19-Oct-2022 |
PF_ARPAUSD | ARPA (ARPA) | 1 | 0.00001 | 40,000,000 | 100000 ARPA | Class D (10x) | 19-Jul-2023 |
PF_ATOMUSD | Cosmos (ATOM) | 0.1 | 0.001 | 3,000,000 | 900 ATOM | Class B (10x) | 22-Mar-2022 |
PF_AXSUSD | Axie Infinity (AXS) | 0.1 | 0.001 | 700,000 | 1350 AXS | Class C (10x) | 03-Aug-2022 |
PF_BADGERUSD | Badger (BADGER) | 0.1 | 0.001 | 700,000 | 1150 BADGER | Class E (10x) | 27-Mar-2024 |
PF_BALUSD | Balancer (BAL) | 0.1 | 0.001 | 500,000 | 3600 BAL | Class C (10x) | 21-Sep-2022 |
PF_BANDUSD | Band Protocol (BAND) | 0.1 | 0.0001 | 2,400,000 | 4950 BAND | Class C (10x) | 21-Sep-2022 |
PF_BATUSD | Basic Attention (BAT) | 1 | 0.00001 | 10,000,000 | 25500 BAT | Class C (10x) | 20-Jul-2022 |
PF_BCHUSD | Bitcoin Cash (BCH) | 0.01 | 0.01 | 30,000 | 15 BCH | Class B (10x) | 22-Mar-2022 |
PF_BICOUSD | Biconomy (BICO) | 1 | 0.00001 | 5,000,000 | 23000 BICO | Class D (10x) | 01-May-2024 |
PF_BLURUSD | Blur (BLUR) | 1 | 0.0001 | 7,000,000 | 22500 BLUR | Class D (10x) | 15-Feb-2023 |
PF_BONKUSD** | Bonk (BONK) | 1000 | 0.000000001 | 100,000,000,000 | 410000000 BONK | Class B (10x) | 21-Dec-2023 |
PF_CELRUSD | Celer Network (CELR) | 1 | 0.000001 | 250,000,000 | 265000 CELR | Class D (10x) | 22-Aug-2024 |
PF_CHZUSD | Chiliz (CHZ) | 1 | 0.00001 | 45,000,000 | 82500 CHZ | Class C (10x) | 20-Jul-2022 |
PF_COMPUSD | Compound (COMP) | 0.1 | 0.001 | 100,000 | 82.5 COMP | Class C (10x) | 13-Jul-2022 |
PF_COTIUSD | COTI (COTI) | 1 | 0.00001 | 15,000,000 | 37500 COTI | Class D (10x) | 30-Apr-2024 |
PF_CRVUSD | Curve DAO (CRV) | 1 | 0.0001 | 12,000,000 | 9000 CRV | Class B (10x) | 27-Jun-2022 |
PF_CTSIUSD | Cartesi (CTSI) | 1 | 0.00001 | 15,000,000 | 40000 CTSI | Class D (10x) | 29-May-2024 |
PF_CVXUSD | Convex Finance (CVX) | 1 | 0.0001 | 500,000 | 1150 CVX | Class D (10x) | 30-Mar-2023 |
PF_DASHUSD | Dash (DASH) | 0.1 | 0.001 | 70,000 | 157.5 DASH | Class C (10x) | 24-Aug-2022 |
PF_DOGEUSD | Dogecoin (DOGE) | 1 | 0.000001 | 200,000,000 | 33750 DOGE | Class A (10x) | 20-Jun-2022 |
PF_DOTUSD | Polkadot (DOT) | 0.1 | 0.001 | 3,500,000 | 1200 DOT | Class B (10x) | 22-Mar-2022 |
PF_DRIFTUSD | Drift Protocol (DRIFT) | 1 | 0.00001 | 5,000,000 | 4500 DRIFT | Class E (10x) | 11-Jul-2024 |
PF_EGLDUSD | MultiversX (EGLD) | 0.01 | 0.01 | 60,000 | 232.5 EGLD | Class C (10x) | 07-Sep-2022 |
PF_ENSUSD | Ethereum Name Service (ENS) | 0.1 | 0.001 | 400,000 | 310 ENS | Class B (10x) | 28-Sep-2022 |
PF_EOSUSD | EOS (EOS) | 1 | 0.0001 | 25,000,000 | 6000 EOS | Class B (10x) | 22-Mar-2022 |
PF_ETHUSD | Ethereum (ETH) | 0.001 | 0.1 | 16,000 | 3.5 ETH | Class A (10x) | 22-Mar-2022 |
PF_FETUSD | Artificial Superintelligence Alliance (FET) | 1 | 0.00001 | 5,000,000 | 7500 FET | Class C (10x) | 23-Mar-2023 |
PF_FIDAUSD | Bonfida (FIDA) | 1 | 0.00001 | 10,000,000 | 28500 FIDA | Class D (10x) | 25-Sep-2024 |
PF_FILUSD | Filecoin (FIL) | 0.1 | 0.001 | 4,000,000 | 1700 FIL | Class B (10x) | 22-Mar-2022 |
PF_GALAUSD | GALA (GALA) | 1 | 0.00001 | 120,000,000 | 232500 GALA | Class C (10x) | 03-Aug-2022 |
PF_GIGAUSD | Gigachad (GIGA) | 1 | 0.00001 | 40,700,000 | 77500 GIGA | Class E (10x) | 13-Dec-2024 |
PF_GMTUSD | GMT (GMT) | 1 | 0.0001 | 30,000,000 | 75000 GMT | Class C (10x) | 30-May-2022 |
PF_GRTUSD | The Graph (GRT) | 1 | 0.00001 | 30,000,000 | 41250 GRT | Class C (10x) | 17-Aug-2022 |
PF_HBARUSD | Hedera (HBAR) | 1 | 0.00001 | 50,000,000 | 27000 HBAR | Class B (10x) | 25-Jun-2024 |
PF_IMXUSD | Immutable (IMX) | 1 | 0.0001 | 4,000,000 | 7500 IMX | Class C (10x) | 12-Oct-2022 |
PF_INJUSD | Injective (INJ) | 0.1 | 0.001 | 1,000,000 | 560 INJ | Class B (10x) | 05-Apr-2023 |
PF_IOTXUSD** | IoTeX (IOTX) | 10 | 0.000001 | 75,000,000 | 110000 IOTX | Class D (10x) | 19-Dec-2024 |
PF_JASMYUSD | JasmyCoin (JASMY) | 1 | 0.000001 | 400,000,000 | 285000 JASMY | Class C (10x) | 05-Apr-2023 |
PF_JTOUSD | Jito (JTO) | 1 | 0.0001 | 1,000,000 | 1875 JTO | Class C (10x) | 21-Dec-2023 |
PF_JUPUSD | Jupiter (JUP) | 1 | 0.0001 | 2,500,000 | 9000 JUP | Class C (10x) | 01-Feb-2024 |
PF_KNCUSD | Kyber Network Crystal (KNC) | 1 | 0.0001 | 2,000,000 | 10500 KNC | Class C (10x) | 31-Aug-2022 |
PF_KSMUSD | Kusama (KSM) | 0.01 | 0.01 | 100,000 | 240 KSM | Class C (10x) | 17-Aug-2022 |
PF_LDOUSD | Lido DAO (LDO) | 1 | 0.0001 | 2,500,000 | 6100 LDO | Class B (10x) | 08-Mar-2023 |
PF_LINKUSD | Chainlink (LINK) | 0.1 | 0.001 | 2,000,000 | 350 LINK | Class B (10x) | 22-Mar-2022 |
PF_LPTUSD | Livepeer (LPT) | 0.1 | 0.001 | 500,000 | 825 LPT | Class C (10x) | 20-Jul-2022 |
PF_LRCUSD | Loopring (LRC) | 1 | 0.00001 | 8,000,000 | 36750 LRC | Class C (10x) | 10-Aug-2022 |
PF_LTCUSD | Litecoin (LTC) | 0.01 | 0.01 | 300,000 | 56 LTC | Class B (10x) | 22-Mar-2022 |
PF_MASKUSD | Mask Network (MASK) | 1 | 0.0001 | 1,500,000 | 2850 MASK | Class C (10x) | 08-Mar-2023 |
PF_MINAUSD | Mina Protocol (MINA) | 1 | 0.0001 | 3,500,000 | 10000 MINA | Class D (10x) | 05-Oct-2022 |
PF_MKRUSD | Maker (MKR) | 0.001 | 0.1 | 5,000 | 2.4 MKR | Class C (10x) | 20-Jul-2022 |
PF_NMRUSD | Numeraire (NMR) | 0.1 | 0.001 | 300,000 | 310 NMR | Class D (10x) | 04-Jul-2024 |
PF_OGNUSD | Origin Token (OGN) | 1 | 0.00001 | 16,000,000 | 40000 OGN | Class D (10x) | 31-Aug-2022 |
PF_OPUSD | Optimism (OP) | 1 | 0.0001 | 4,000,000 | 4950 OP | Class C (10x) | 02-Jun-2022 |
PF_ORCAUSD | Orca (ORCA) | 1 | 0.0001 | 800,000 | 1100 ORCA | Class D (10x) | 19-Dec-2024 |
PF_OXTUSD | Orchid Protocol (OXT) | 1 | 0.00001 | 40,000,000 | 17500 OXT | Class E (10x) | 29-Oct-2024 |
PF_PAXGUSD | PAX Gold (PAXG) | 0.001 | 0.1 | 1,000 | 0.65 PAXG | Class D (10x) | 16-Aug-2023 |
PF_PEPEUSD** | Pepe (PEPE) | 1000 | 0.0000000001 | 1,000,000,000,000 | 640000000 PEPE | Class B (10x) | 25-May-2023 |
PF_PERPUSD | Perpetual Protocol (PERP) | 1 | 0.0001 | 4,000,000 | 10000 PERP | Class D (10x) | 22-May-2024 |
PF_POLUSD | Polygon Ecosystem Token (POL) | 1 | 0.00001 | 10,000,000 | 23000 POL | Class B (10x) | 19-Sep-2024 |
PF_POWRUSD | Powerledger (POWR) | 1 | 0.00001 | 15,000,000 | 13500 POWR | Class D (10x) | 15-May-2024 |
PF_PYTHUSD | Pyth Network (PYTH) | 1 | 0.00001 | 5,000,000 | 25500 PYTH | Class C (10x) | 29-Nov-2023 |
PF_QNTUSD | Quant (QNT) | 0.01 | 0.01 | 12,000 | 32.5 QNT | Class D (10x) | 12-Oct-2022 |
PF_RADUSD | Radworks (RAD) | 1 | 0.0001 | 3,000,000 | 1550 RAD | Class E (10x) | 27-Jun-2024 |
PF_RAREUSD | SuperRare (RARE) | 1 | 0.0001 | 20,000,000 | 31000 RARE | Class D (10x) | 16-Aug-2024 |
PF_RENDERUSD | Render (RENDER) | 0.1 | 0.0001 | 600,000 | 1400 RENDER | Class B (10x) | 30-Jul-2024 |
PF_RLCUSD | iExec RLC (RLC) | 1 | 0.0001 | 1,000,000 | 975 RLC | Class E (10x) | 12-Apr-2023 |
PF_SANDUSD | The Sandbox (SAND) | 1 | 0.0001 | 15,000,000 | 12750 SAND | Class C (10x) | 13-Jul-2022 |
PF_SEIUSD | Sei (SEI) | 1 | 0.00001 | 5,000,000 | 21000 SEI | Class C (10x) | 06-Sep-2023 |
PF_SKLUSD | Skale (SKL) | 1 | 0.00001 | 60,000,000 | 105000 SKL | Class D (10x) | 28-Jan-2025 |
PF_SNXUSD | Synthetix Network (SNX) | 1 | 0.0001 | 2,200,000 | 4950 SNX | Class C (10x) | 06-Jul-2022 |
PF_SOLUSD | Solana (SOL) | 0.01 | 0.01 | 200,000 | 47 SOL | Class A (10x) | 22-Mar-2022 |
PF_SPELLUSD | Spell (SPELL) | 1 | 0.0000001 | 1,800,000,000 | 4000000 SPELL | Class D (10x) | 27-Feb-2024 |
PF_STORJUSD | Storj (STORJ) | 1 | 0.0001 | 5,000,000 | 8500 STORJ | Class D (10x) | 07-Sep-2022 |
PF_STRKUSD | Starknet (STRK) | 1 | 0.0001 | 4,000,000 | 24000 STRK | Class C (10x) | 21-Feb-2024 |
PF_STXUSD | Stacks (STX) | 1 | 0.0001 | 3,000,000 | 7200 STX | Class B (10x) | 30-Mar-2023 |
PF_SUPERUSD | SuperVerse (SUPER) | 1 | 0.0001 | 1,500,000 | 5000 SUPER | Class D (10x) | 25-Apr-2024 |
PF_SUSHIUSD | SushiSwap (SUSHI) | 1 | 0.0001 | 4,000,000 | 5925 SUSHI | Class C (10x) | 31-Aug-2022 |
PF_SWELLUSD | Swell (SWELL) | 1 | 0.000001 | 80,000,000 | 265000 SWELL | Class D (10x) | 14-Nov-2024 |
PF_SYNUSD | Synapse (SYN) | 1 | 0.0001 | 6,000,000 | 14500 SYN | Class D (10x) | 22-Aug-2024 |
PF_TIAUSD | Celestia (TIA) | 0.1 | 0.0001 | 700,000 | 1700 TIA | Class B (10x) | 29-Nov-2023 |
PF_TRUUSD | TrueFi (TRU) | 1 | 0.00001 | 15,000,000 | 70000 TRU | Class D (10x) | 17-Apr-2024 |
PF_UMAUSD | UMA (UMA) | 0.1 | 0.001 | 1,000,000 | 3075 UMA | Class C (10x) | 25-Jan-2024 |
PF_UNIUSD | Uniswap (UNI) | 0.1 | 0.001 | 3,500,000 | 800 UNI | Class B (10x) | 22-Mar-2022 |
PF_USDTUSD | Tether (USDT) | 1 | 0.0001 | 5,000,000 | 4000 USDT | Class B (10x) | 11-Mar-2023 |
PF_WIFUSD | dogwifhat (WIF) | 1 | 0.0001 | 8,000,000 | 12000 WIF | Class B (10x) | 22-Jan-2024 |
PF_XBTUSD* | Bitcoin (BTC) | 0.0001 | 1 | 1,200 | 0.065 BTC | Class A (10x) | 22-Mar-2022 |
PF_XCNUSD** | Onyxcoin (XCN) | 10 | 0.000001 | 88,200,000 | 235000 XCN | Class D (10x) | 28-Jan-2025 |
PF_XLMUSD | Stellar (XLM) | 1 | 0.00001 | 70,000,000 | 18000 XLM | Class B (10x) | 06-Jul-2022 |
PF_XRPUSD | XRP (XRP) | 1 | 0.00001 | 50,000,000 | 2750 XRP | Class A (10x) | 22-Mar-2022 |
PF_XTZUSD | Tezos (XTZ) | 1 | 0.0001 | 5,000,000 | 6800 XTZ | Class B (10x) | 06-Jul-2022 |
PF_YFIUSD | yearn.finance (YFI) | 0.0001 | 1 | 750 | 0.675 YFI | Class C (10x) | 13-Jul-2022 |
PF_ZECUSD | Zcash (ZEC) | 0.01 | 0.01 | 50,000 | 82.5 ZEC | Class C (10x) | 24-Aug-2022 |
PF_ZETAUSD | ZetaChain (ZETA) | 1 | 0.0001 | 3,000,000 | 10000 ZETA | Class D (10x) | 15-May-2024 |
PF_ZROUSD | LayerZero (ZRO) | 1 | 0.0001 | 1,000,000 | 1275 ZRO | Class C (10x) | 21-Jun-2024 |
PF_ZRXUSD | 0x Protocol (ZRX) | 1 | 0.00001 | 10,000,000 | 9500 ZRX | Class D (10x) | 12-Apr-2023 |
Perpetual Derivatives are a type of Derivatives contract that have no expiration date and an auto-rolling feature every hour.
Perpetual contracts feature a funding rate, a payment between traders designed to keep the contract's price aligned with the underlying asset's spot price.
If the funding rate is positive, long positions pay short positions; if negative, short positions pay long positions.
Traders may pay or receive funding dependent on market conditions. The price difference is calculated hourly, with funding adjustments reflected as unrealized profit or loss, settling at the end of each hour or when the net position changes.
Additional Information | |
|---|---|
Auto-Roll Period | Every 1 hour at the end of the hour |
Rate-setting Calculation Window | Rate for next period is calculated over current 1-hour period (e.g., rate for 12-13 UTC period is calculated in window between 11-12 UTC) |
Funding Rate | Between start and end of the Rate-setting Period the Funding Rate is computed as the time-weighted average premium, and standardised to a per-hour basis. Permissible range per 1 hours: [-0.25%, +0.25%]*** (i.e., 600 basis point magnitude for 24-hour realisation period) |
Payout Frequency | Continuously based on Funding Rate set at the end of the prior Funding Period. Positions will immediately and continuously receive or send funding while open in the perpetual contracts. The funding accumulates as unrealised profit/loss and settles every 1 hour at end of the Funding Period, or when user changes net open position (whichever occurs first). |
Funding Rate Multiplier | n = 24 This is the coefficient used in the calculation of the funding rate. A value of 1/n means that, ceteris paribus, it will take n hours to realise the Average Premium. Example: if the Average Premium is 0.36% for the 1-hour period, then Funding Rate is equal to 0.015%, meaning that over the course of 24 hours, this 0.36% total will be realised. |
Funding Rate Calculation | In a given 1-hour Funding Period, Premium values calculated from minutely perpetual contract prices (60 observations) using an Impact Mid are recorded versus the Real Time Platform Ticker. The Impact Mid is the median of the average entry price market-selling x value of contracts and market-buying x value of contracts. See table above for contract-specific values. The Average Premium is calculated as the average of the mid 30 values recorded from the above 60 observations. Finally, this value is weighted by the Funding Rate Multiplier. If Average Premium is greater than 0 for the 1 hour period, those in Long positions will continuously pay out to Short positions, which pushes the price closer to Index. If Average Premium is less than 0 for the 1 hour period, those in Short positions will continuously pay out to Long positions, which pushes the price closer to Index. |
Trading Hours | 24 hours/day, 7 days/week, 365 days/year (excluding maintenance) |
P&L Settlement Method | Cash settled in USD with optional payout in any of the collateral currencies (profit only, losses are always realised in USD) |
Fee Structure | Kraken Derivatives uses a maker-taker fee structure. Fees are calculated as a percentage of the notional order value for a matched trade. No fees are charged on auto-roll or funding payouts -- these occur strictly between counter-parties. |
Contract Expiration | The perpetual derivatives are non-expiring, which means that positions in the contract are never “expired” or “matured”, however there is a settlement process every hour that applies funding to anchor the spot value to the Index. See Last Trading for more information. |
Settlement time | Every 1 hour at the end of the hour: The accumulated unrealised funding is settled and new rate set based on TWAP premium to index in prior rate period. |
Last Trading | This contract remains trading perpetually and would only expire in an emergency situation if Kraken Derivatives deems necessary to settle/expire the contract. Kraken Derivatives reserve the right to set any contract to post-only, suspended, or settle any contract at any time and without warning due to either adverse market conditions or regulatory risk. |
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 for perpetual contracts is capped at 1%. Calculation: Index Price + EMA_30seconds(Impact Mid Price - Index Price) |
Margin & Settlement Currency | USD, but with full collateral options of EUR and GBP, adjusted for haircut (see Derivatives Collateral Currencies) |
The funding rate for a given perpetual contract is represented in two different ways:
- •
absolute rate: The amount of funding an account will receive by maintaining a 1 contract unit short position for 1 hour. This is more useful for account log purposes.
- •
absolute funding payout = # of contracts * absolute funding rate * time elapsed within funding period without position alteration
- •
relative rate: The absolute funding rate relative to the spot price at the time of funding rate calculation. This is an intermediate value in the calculation of the absolute funding rate and is the number we display in the front end (as a %) as the 'funding rate'.
- •
relative funding payout = # of contracts * (relative funding rate*spot price) * time elapsed within funding period without position alteration
Funding Rate Examples
In order to get a complete understanding of the funding rate dynamics of the Perpetual Contract, we present examples to demonstrate the key features.
- 1
Assume time is 12 UTC and that the price of BTC is $37,000 (via bitcoin-dollar real-time index) and the Perpetual trades at $37,100 the whole time until 13 UTC. The average premium is computed as 0.27027% for the 1-hour period (100/37,000). This leads to a funding rate of 0.27027 / 24 = 0.01126125% per hour.
Now assume that you are in a short position of 2 BTC, with 1 BTC perpetual contract valued at $37,100. If you hold this position from 13 to 14 UTC, and the premium in the 13 to 14 UTC period remains as 0.27027%, then you will be paid funding of 8.333325 USD for the one-hour period [(2*37000)*0.0001126125]
- 2
Assume time is 12 UTC and that price of BTC is $37,000 and the Perpetual trades at $39,700 until 13 UTC. The average premium is computed as 7.297297% for the 1-hour period. This leads to a funding rate of 7.297297 / 24 = 0.30405404% per hour.
The maximum funding rate per hour in any given period is 0.25%. The minimum is -0.25%.
As a result, this 0.30405404% hourly rate is floored to 0.25% per hour, so that the maximum 24 hour realisation will not exceed 6%.
Note that there is no "dampening" of rates done in this model: if a 1 hour computed rate is near 0, then it will pay out non-0 value even if it is de minimis.
- 3
Assume time is 13 UTC and that the index spot price of BTCUSD is $37,000, and the relative rate set for the 1 hour period is 0.05% per hour.
Now assume the time is 13:30 UTC and the perpetual trades at $38,000 and you enter a Short position of 4 BTC at this price.
You will immediately begin receiving funding at an absolute rate of 0.05%*$37,000 = 18.5 USD per hour per unit.
In your available balance you will then see this rate applying in your unrealised PnL through continuous funding payout equal to:
18.5 * 4 BTC = $74 per hour
$1.233 per minute
This will pay out continuously until 14 UTC where the relative funding rate will change based on the market activity between 13-14 UTC.
In your 4 BTC short position at the end of the half hour period you will have $36.99 applied in your account log at 14 UTC.
Assume this new relative funding rate is now 0.03% and the real-time spot index is $37,900 for BTCUSD at 14 UTC.
From 14 UTC to 15 UTC a new absolute funding rate will begin applying of 0.03%*$37,900=$11.37 per hour per unit.
- 4
Assume time is 14 UTC and you enter a position long 2 BTC on BTCUSD at 37,000. Assume that the funding rate for the one-hour period (13-14 UTC) is set as -0.04% per hour.
At 15 UTC, after you have held this position for one full hour, you will have earned $29.6 [(0.0004*2 BTC)*37,000], which credits continuously throughout the hour period you hold it.
However, during this period, the price was at a premium and so the new one-hour rate set for 14 - 15 UTC is 0.04% per hour. After one hour of holding the position, you have paid $29.6 and you close at 16 UTC.
Your funding for the two hour period you held the position is thus + $29.6 for the first period and then - $29.6 for the first second and your net flows are 0 for this.
- 5
Assume it's 12 UTC you are in a 5 BTC long position on BTCUSD with spot index at $37,000 and the rate in the funding period is -0.08%. This credits and debits every millisecond to every user with an open position. It credits first as unrealised profit and loss, but you have the funds available right away to use in further positions or transfer into your Cash account. The funding is booked into your account log and realised when one of the following events occur:
- You adjust your open position up or down by any amount,
-You hold until the end of the Funding Period, at which point it is booked (occurs at the end of every hour).
Symbol | Active Maturities | Base Currency | Min Order | Tick Size | Max Position (Base units) | Margin Class | Settlement Index |
|---|---|---|---|---|---|---|---|
FF_ETHUSD | Weekly, Monthly, Quarterly, Semiannual | Ethereum (ETH) | 0.001 | 0.1 | 8,000 | Class A | ETHOPTRR |
FF_SOLUSD | Monthly, Quarterly | Solana (SOL) | 0.01 | 0.01 | 80,000 | Class B | SOLOPTRR |
FF_XBTUSD* | Weekly, Monthly, Quarterly, Semiannual | Bitcoin (BTC*) | 0.0001 | 1 | 600 | Class A | BTCOPTRR |
*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 & Collateral Currencies: Linear Derivatives are settled in USD by default, or your chosen profit currency. See Derivatives Collateral Currencies for more information.
Trading Hours: 24 hours/day, 7 days/week, 365 days/year (excluding maintenance)
Fee Structure: Kraken Derivatives 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 Derivatives 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
Week: Every Friday
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).
First Trading: 08:00 UTC.
Week: Friday of each week where no contract exists in the following week.
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.
The fixed maturity listing schedule results in there always being listed simultaneously at four contracts for BTC and ETH: a Week contract, a Month contract, a Quarter contract, and a Semiannual contract. SOL only has a month 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 10%
Maintenance Margin: Half of Initial Margin
Maximum Initial Leverage: Up to 10x
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.
**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 Kraken Derivatives reserves the right to select its own appropriate fair value settlement rate. If the index provider restates the price, Kraken Derivatives will settle to the first value published by the index provider at or after publication time.
Additional Information
Impact Mid Size
The Impact Mid is the median of the average entry price market-selling x value of contracts and market-buying x value of contracts.
The contract values for Impact Mid are regularly updated.
For current contract-specific Impact Mid values see our API's Instruments Endpoint.
Global Platform Max Order Size
The maximum individual order size is $20,000,000 for all contracts and order types. A single order placed with a USD value higher than this amount will not execute.
Decimal and Thousands Separator Formatting
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.
Disclaimer:
Investment services in relation to derivatives are provided by Payward Europe Digital Solutions (CY) Limited (ex I.F. Greenfields Wealth Ltd) ("PEDSL-CY"). PEDSL-CY is authorised and approved by the Cyprus Securities and Exchange Commission (CySEC) for the provision of investment services. See Risk Disclosures here.
PEDSL-CY is authorised and regulated by the Cyprus Securities and Exchange Commission with licence number 342/17. PEDSL-CY is registered in Cyprus with registered number HE 356603 and registered office at Athalassas, 62, Mezzanine, Strovolos 2012, Nicosia, Cyprus