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Linear Contract Specifications

Introduction

Kraken MTF (Crypto Facilities Ltd) offers both perpetual and fixed maturity futures contracts, margined and cash settled in USD (“linear”). 

Perpetuals are a type of derivatives contract that have no expiration date, and a funding rate mechanism that is paid between traders every hour to keep the contract price in line with the underlying cash market.

Fixed maturity futures have a traditional expiration date and are available in weekly, monthly, quarterly, and semiannual maturities depending on the underlying asset. The fixed maturity listing schedule results in there typically being listed simultaneously four contracts for BTC, ETH and SOL (in addition to the perpetuals)

Linear Contract Information

Trading Symbols

Perpetual contracts use a “PF” prefix followed by the base and quote currency of the underlying pair. e.g. a perpetual contract on the Bitcoin-dollar market uses the symbol “PF_BTCUSD”


 

Fixed maturity contracts use a “FF” prefix followed by the base and quote currency of the underlying pair and the expiration date in “YYMMDD” format.

e.g. a fixed maturity contract on the Bitcoin-dollar market which expires 28th of November, 2025 uses the symbol “FF_BTCUSD_251128”
Trading Hours 24 hours/day, 7 days/week, 365 days/year (excluding maintenance)
Minimum Lot

Each contract has a minimum lot expressed in units of the base currency. These contracts do not currently have any multiplier as is common with trad-fi futures. 

e.g. the minimum lot for perpetual Ether-dollar contracts (PF_ETHUSD) is 0.001 ETH
Fee Structure Kraken MTF 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 funding payouts -- these occur strictly between counter-parties.
Mark Price

The mark price is the price at which open positions are marked for the calculation of unrealised profit or loss and liquidation.


Index Price plus the 30 seconds exponential moving average of the order book mid price minus the Real Time Index (RTI) price (future's basis). The premium for perpetual contracts is capped at 1% and 1% for contracts with 1 day to expiry and 20% for contracts with 210 days to expiry and is linearly interpolated in between.

 

Mark Price =Index Price + EMA₃₀ₛ(Impact Mid Price − Index Price)
Real Time Index

A once per second regulated benchmark index price that aggregates order data from the underlying asset’s USD markets operated by major cryptocurrency exchanges that conform to the CF Benchmarks standards. Calculated every second, it is the most precise source for crypto pricing and the pre-eminent price benchmark for real time valuations being a Registered Benchmark under UK BMR.  Real Time Index data is compiled from order book data of constituent exchanges in order to compute a global price for the underlying asset.


 

CF Benchmarks has been the index and settlement rate provider for CME Bitcoin and Ether futures since 2016.
Settlement Rate

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. More information available on CF Benchmarks

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
Contract Expiration The perpetual derivatives are non-expiring, which means that positions in the contract are never “expired” or “matured”, however there is a funding rate payment every hour that applies funding to anchor the spot value to the Index. 
Margin requirements

Margin requirements are determined by contract-specific margin category (see Margin Schedule). 

  • Initial margin (IM): as low as 2% (50x leverage)
  • Maintenance margin (MM): always half of initial margin
Settlement Time:

Perpetual contracts’ funding rate payments are calculated and paid in USD every 1 hour at the end of the hour between contract counterparties: The accumulated unrealised funding is paid and a new rate set based on TWAP premium to index in the prior rate period. 


 

Fixed maturity contracts are cash settled in USD at 8 UTC on the Last Trading day.
Last Trading:
  • 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:
  • 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.

Perpetual Funding Rate Information

The funding rate is a payment between counterparties designed to keep the contract’s price aligned with its underlying spot price. Perpetual contracts on the Kraken MTF use an hourly funding rate which is computed as the time-weighted average premium and standardised to a per-hour basis, between the index price and perpetual contract exchange price. If the 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 the 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 the Index.

The funding accumulates as unrealised profit/loss and settles every 1 hour at end of the funding period, or when the trader changes net open position (whichever occurs first).

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 Index (RTI)
Impact Mid

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. 


 

Impact Mid = median( Pₛₑₗₗ × Qₛₑₗₗ , Pᵦᵤᵧ × Qᵦᵤᵧ )
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 Permissible Range per 1 hour [-0.5%, +0.5%] (i.e., a maximum 400 basis point magnitude for 8-hour realisation period).
Funding Rate Multiplier n = 8 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 0.045%, meaning that over the course of 8 hours, this 0.36% total will be realised. This assumes the Average Premium remains constant and repeats every hour.
Average Premium 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. 

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.

See Funding Rate Examples for different funding scenarios and their calculations.

Perpetual Contract Specifications

Symbol Base Currency Min Lot Tick Size Max Position (Base)
Margin Class & Max Leverage
PF_XBTUSD* Bitcoin (BTC) 0.0001 1 1,200 BTC 100x
PF_ETHUSD Ethereum (ETH) 0.001 0.1 16,000 ETH 100x
PF_1INCHUSD 1inch (1INCH) 1 0.00001 6,000,000 Class C (25x)
PF_2ZUSD DoubleZero (2Z) 1 0.00001 7,500,000 Class D (20x)
PF_AAVEUSD Aave (AAVE) 0.01 0.01 60,000 Class B (50x)
PF_ACEUSD Fusionist (ACE) 1 0.0001 4,100,000 Class E (10x)
PF_ADAUSD Cardano (ADA) 1 0.00001 60,000,000 Class A (50x)
PF_AEVOUSD Aevo (AEVO) 1 0.00001 19,300,000 Class D (20x)
PF_AGLDUSD Adventure Gold (AGLD) 1 0.0001 3,000,000 Class C (25x)
PF_AIUSD Sleepless AI (AI) 1 0.00001 17,000,000 Class E (10x)
PF_AIXBTUSD aixbt by Virtuals (AIXBT) 1 0.00001 16,100,000 Class D (20x)
PF_AKTUSD Akash (AKT) 1 0.0001 900,000 Class D (20x)
PF_ALCHUSD Alchemist AI (ALCH) 1 0.00001 18,500,000 Class E (10x)
PF_ALGOUSD Algorand (ALGO) 1 0.00001 17,500,000 Class B (50x)
PF_ALICEUSD My Neighbor Alice (ALICE) 1 0.0001 4,100,000 Class D (20x)
PF_ALTUSD AltLayer (ALT) 1 0.00001 63,300,000 Class D (20x)
PF_ANIMEUSD Animecoin (ANIME) 1 0.00001 142,900,000 Class D (20x)
PF_ANKRUSD Ankr Network (ANKR) 1 0.000001 50,000,000 Class D (20x)
PF_APEUSD ApeCoin (APE) 1 0.0001 4,000,000 Class B (50x)
PF_API3USD API3 (API3) 1 0.0001 2,000,000 Class D (20x)
PF_APTUSD Aptos (APT) 0.1 0.0001 750,000 Class B (50x)
PF_ARBUSD Arbitrum (ARB) 1 0.0001 20,000,000 Class A (50x)
PF_ARCUSD AI Rig Complex (ARC) 1 0.00001 35,700,000 Class D (20x)
PF_ARKMUSD Arkham (ARKM) 1 0.0001 3,400,000 Class D (20x)
PF_ARUSD Arweave (AR) 0.01 0.001 200,000 Class C (25x)
PF_ASTERUSD Aster (ASTER) 1 0.0001 1,700,000 Class D (20x)
PF_ASTRUSD Astar (ASTR) 1 0.0001 71,800,000 Class D (20x)
PF_ATHUSD Aethir (ATH) 1 0.00001 50,000,000 Class D (20x)
PF_ATOMUSD Cosmos (ATOM) 0.1 0.001 3,000,000 Class B (50x)
PF_AUCTIONUSD Bounce Token (AUCTION) 0.1 0.0001 200,000 Class D (20x)
PF_AVAXUSD Avalanche (AVAX) 0.01 0.001 700,000 Class A (50x)
PF_AXSUSD Axie Infinity (AXS) 0.1 0.0001 700,000 Class C (25x)
PF_B3USD B3 Base (B3) 1 0.000001 513,300,000 Class E (10x)
PF_BANANAUSD Banana Gun (BANANA) 0.1 0.001 100,000 Class E (10x)
PF_BANDUSD Band Protocol (BAND) 0.1 0.0001 2,400,000 Class C (25x)
PF_BATUSD Basic Attention (BAT) 1 0.00001 10,000,000 Class C (25x)
PF_BBUSD BounceBit (BB) 1 0.00001 11,300,000 Class D (20x)
PF_BCHUSD Bitcoin Cash (BCH) 0.01 0.01 30,000 Class B (50x)
PF_BEAMUSD Beam (BEAM) 1 0.000001 242,600,000 Class D (20x)
PF_BELUSD Bella Protocol (BEL) 1 0.00001 6,400,000 Class E (10x)
PF_BERAUSD Berachain (BERA) 0.1 0.001 700,000 Class D (20x)
PF_BICOUSD Biconomy (BICO) 1 0.00001 5,000,000 Class D (20x)
PF_BIGTIMEUSD Big Time (BIGTIME) 1 0.00001 40,000,000 Class D (20x)
PF_BIOUSD Bio Protocol (BIO) 1 0.00001 13,100,000 Class D (20x)
PF_BLURUSD Blur (BLUR) 1 0.00001 7,000,000 Class D (20x)
PF_BNBUSD BNB (BNB) 0.01 0.01 50,000 Class A (50x)
PF_BNTUSD Bancor Network (BNT) 1 0.0001 7,000,000 Class E (10x)
PF_BOMEUSD BOOK OF MEME (BOME) 1 0.0000001 200,000,000 Class D (20x)
PF_BONKUSD Bonk (BONK) 1000 0.000000001 100,000,000,000 Class B (50x)
PF_BRETTUSD Brett (BRETT) 1 0.00001 45,800,000 Class D (20x)
PF_BSUUSD Baby Shark Universe (BSU) 1 0.00001 20,000,000 Class D (20x)
PF_C98USD Coin98 (C98) 1 0.00001 31,800,000 Class D (20x)
PF_CAKEUSD PancakeSwap (CAKE) 1 0.0001 1,900,000 Class D (20x)
PF_CATIUSD Catizen (CATI) 1 0.00001 15,200,000 Class D (20x)
PF_CATUSD Simon's Cat (CAT) 1000 0.000000001 239,611,600,000 Class E (10x)
PF_CELOUSD Celo (CELO) 1 0.0001 5,000,000 Class E (10x)
PF_CELRUSD Celer Network (CELR) 1 0.000001 250,000,000 Class D (20x)
PF_CETUSUSD Cetus Protocol (CETUS) 1 0.00001 25,700,000 Class D (20x)
PF_CFXUSD Conflux (CFX) 1 0.00001 11,000,000 Class D (20x)
PF_CGPTUSD ChainGPT (CGPT) 1 0.00001 23,700,000 Class D (20x)
PF_CHILLGUYUSD Just a chill guy (CHILLGUY) 1 0.00001 45,600,000 Class D (20x)
PF_CHRUSD Chromia (CHR) 1 0.00001 14,700,000 Class E (10x)
PF_CHZUSD Chiliz (CHZ) 1 0.00001 45,000,000 Class C (25x)
PF_CKBUSD Nervos Network (CKB) 1 0.000001 336,800,000 Class D (20x)
PF_COMPUSD Compound (COMP) 0.1 0.001 100,000 Class C (25x)
PF_COOKIEUSD Cookie DAO (COOKIE) 1 0.00001 15,300,000 Class E (10x)
PF_COTIUSD COTI (COTI) 1 0.00001 15,000,000 Class D (20x)
PF_COWUSD CoW Protocol (COW) 1 0.0001 5,600,000 Class D (20x)
PF_CROUSD Cronos (CRO) 10 0.00001 15,000,000 Class D (20x)
PF_CRVUSD Curve DAO (CRV) 1 0.0001 12,000,000 Class B (50x)
PF_CTSIUSD Cartesi (CTSI) 1 0.00001 15,000,000 Class D (20x)
PF_CVXUSD Convex Finance (CVX) 1 0.0001 500,000 Class D (20x)
PF_CYBERUSD Cyber (CYBER) 1 0.0001 1,200,000 Class E (10x)
PF_DASHUSD Dash (DASH) 0.1 0.001 70,000 Class C (25x)
PF_DEEPUSD DeepBook (DEEP) 1 0.000001 65,100,000 Class E (10x)
PF_DEGENUSD Degen (DEGEN) 1 0.000001 630,300,000 Class D (20x)
PF_DENTUSD Dent (DENT) 100 0.0000001 2,657,800,000 Class D (20x)
PF_DEXEUSD DeXe (DEXE) 0.1 0.001 200,000 Class D (20x)
PF_DOGEUSD Dogecoin (DOGE) 1 0.000001 200,000,000 Class A (50x)
PF_DOGSUSD Dogs (DOGS) 1 0.00000001 3,000,000,000 Class D (20x)
PF_DOGUSD Dog (Runes) (DOG) 1 0.0000001 800,000,000 Class E (10x)
PF_DOTUSD Polkadot (DOT) 0.1 0.001 3,500,000 Class A (50x)
PF_DYDXUSD dYdX (DYDX) 1 0.0001 3,600,000 Class D (20x)
PF_DYMUSD Dymension (DYM) 0.1 0.0001 1,000,000 Class D (20x)
PF_EGLDUSD MultiversX (EGLD) 0.01 0.01 60,000 Class C (25x)
PF_EIGENUSD EigenLayer (EIGEN) 1 0.0001 1,300,000 Class C (25x)
PF_ENAUSD Ethena (ENA) 1 0.00001 5,000,000 Class B (50x)
PF_ENJUSD Enjin Coin (ENJ) 1 0.00001 26,200,000 Class D (20x)
PF_ENSUSD Ethereum Name Service (ENS) 0.1 0.001 400,000 Class B (50x)
PF_ESPORTSUSD Yooldo Games (ESPORTS) 1 0.00001 7,500,000 Class D (20x)
PF_ETCUSD Ethereum Classic (ETC) 0.1 0.001 200,000 Class B (50x)
PF_ETHFIUSD Ether.fi (ETHFI) 0.1 0.0001 1,100,000 Class C (25x)
PF_ETHWUSD EthereumPoW (ETHW) 0.1 0.001 1,400,000 Class E (10x)
PF_FARTCOINUSD Fartcoin (FARTCOIN) 1 0.0001 3,800,000 Class B (50x)
PF_FETUSD Artificial Superintelligence Alliance (FET) 1 0.00001 5,000,000 Class B (50x)
PF_FILUSD Filecoin (FIL) 0.1 0.0001 4,000,000 Class B (50x)
PF_FLOKIUSD FLOKI (FLOKI) 1000 0.00000001 20,000,000,000 Class B (50x)
PF_FLOWUSD Flow (FLOW) 1 0.0001 4,200,000 Class D (20x)
PF_FLRUSD Flare (FLR) 1 0.000001 71,200,000 Class E (10x)
PF_FLUXUSD Flux (FLUX) 1 0.0001 10,400,000 Class D (20x)
PF_GALAUSD GALA (GALA) 1 0.000001 120,000,000 Class C (25x)
PF_GASUSD Gas (GAS) 1 0.0001 600,000 Class E (10x)
PF_GIGAUSD Gigachad (GIGA) 1 0.00001 40,700,000 Class E (10x)
PF_GMTUSD GMT (GMT) 1 0.00001 30,000,000 Class C (25x)
PF_GMXUSD GMX (GMX) 0.01 0.001 100,000 Class D (20x)
PF_GOATUSD Goatseus Maximus (GOAT) 1 0.00001 22,800,000 Class B (50x)
PF_GPSUSD GoPlus Security (GPS) 1 0.000001 168,000,000 Class E (10x)
PF_GRASSUSD Grass (GRASS) 1 0.0001 3,000,000 Class D (20x)
PF_GRIFFAINUSD GRIFFAIN (GRIFFAIN) 1 0.00001 5,400,000 Class E (10x)
PF_GRTUSD The Graph (GRT) 1 0.00001 30,000,000 Class C (25x)
PF_GTCUSD Gitcoin (GTC) 1 0.0001 6,000,000 Class E (10x)
PF_HAEDALUSD Haedal Protocol (HAEDAL) 1 0.00001 15,000,000 Class E (10x)
PF_HBARUSD Hedera (HBAR) 1 0.00001 50,000,000 Class B (50x)
PF_HFTUSD Hashflow (HFT) 1 0.00001 24,100,000 Class D (20x)
PF_HIGHUSD Highstreet (HIGH) 1 0.0001 4,100,000 Class E (10x)
PF_HMSTRUSD Hamster Kombat (HMSTR) 1 0.000001 3,045,200,000 Class D (20x)
PF_HYPEUSD Hyperliquid (HYPE) 0.1 0.001 130,000 Class B (50x)
PF_ICPUSD Internet Computer (ICP) 0.1 0.001 500,000 Class B (50x)
PF_ICXUSD ICON (ICX) 1 0.00001 13,800,000 Class D (20x)
PF_IDUSD SPACE ID (ID) 1 0.00001 12,000,000 Class E (10x)
PF_IMXUSD Immutable (IMX) 1 0.0001 4,000,000 Class C (25x)
PF_INITUSD Initia (INIT) 1 0.0001 8,600,000 Class D (20x)
PF_INJUSD Injective (INJ) 0.1 0.001 1,000,000 Class B (50x)
PF_IOSTUSD IOST (IOST) 100 0.000001 514,600,000 Class D (20x)
PF_IOTAUSD IOTA (IOTA) 1 0.00001 7,800,000 Class D (20x)
PF_IOUSD io.net (IO) 1 0.0001 3,700,000 Class D (20x)
PF_IPUSD Story (IP) 0.1 0.001 600,000 Class D (20x)
PF_JASMYUSD JasmyCoin (JASMY) 1 0.000001 400,000,000 Class C (25x)
PF_JTOUSD Jito (JTO) 1 0.0001 1,000,000 Class C (25x)
PF_JUPUSD Jupiter (JUP) 1 0.0001 2,500,000 Class C (25x)
PF_KAIAUSD Kaia (KAIA) 1 0.00001 24,400,000 Class D (20x)
PF_KAITOUSD Kaito (KAITO) 1 0.0001 2,200,000 Class D (20x)
PF_KASUSD Kaspa (KAS) 1 0.00001 60,000,000 Class D (20x)
PF_KAVAUSD Kava (KAVA) 1 0.0001 10,000,000 Class C (25x)
PF_KOMAUSD Koma Inu (KOMA) 1 0.00001 60,500,000 Class E (10x)
PF_KSMUSD Kusama (KSM) 0.01 0.001 100,000 Class C (25x)
PF_LAYERUSD Solayer (LAYER) 1 0.0001 4,900,000 Class E (10x)
PF_LCAPUSD Large Cap DTF (LCAP) 0.1 0.001 300,000 Class D (20x)
PF_LDOUSD Lido DAO (LDO) 1 0.0001 2,500,000 Class B (50x)
PF_LINKUSD Chainlink (LINK) 0.1 0.001 2,000,000 Class A (50x)
PF_LPTUSD Livepeer (LPT) 0.1 0.001 500,000 Class C (25x)
PF_LQTYUSD Liquity (LQTY) 1 0.0001 4,000,000 Class E (10x)
PF_LRCUSD Loopring (LRC) 1 0.00001 8,000,000 Class C (25x)
PF_LSKUSD Lisk (LSK) 1 0.0001 5,600,000 Class D (20x)
PF_LTCUSD Litecoin (LTC) 0.01 0.01 300,000 Class A (50x)
PF_LUNA2USD Luna2.0 (LUNA2) 0.1 0.0001 12,400,000 Class E (10x)
PF_MANAUSD Decentraland (MANA) 1 0.0001 12,000,000 Class B (50x)
PF_MELANIAUSD Melania Meme (MELANIA) 0.1 0.0001 350,000 Class D (20x)
PF_METISUSD Metis (METIS) 0.1 0.001 100,000 Class E (10x)
PF_MEUSD Magic Eden (ME) 1 0.0001 2,600,000 Class E (10x)
PF_MEWUSD cat in a dogs world (MEW) 1 0.0000001 1,000,000,000 Class C (25x)
PF_MINAUSD Mina Protocol (MINA) 1 0.0001 3,500,000 Class D (20x)
PF_MIRAUSD Mira (MIRA) 1 0.0001 5,000,000 Class D (20x)
PF_MNTUSD Mantle (MNT) 1 0.0001 4,000,000 Class E (10x)
PF_MOGUSD Mog Coin (MOG) 1000 0.0000000001 2,962,524,100,000 Class E (10x)
PF_MONUSD Monad (MON) 1 0.00001 20,000,000 Class E (10x)
PF_MOODENGUSD Moo Deng (MOODENG) 1 0.00001 15,000,000 Class B (50x)
PF_MORPHOUSD Morpho (MORPHO) 1 0.0001 3,500,000 Class D (20x)
PF_MOVEUSD Movement (MOVE) 1 0.0001 18,900,000 Class D (20x)
PF_MOVRUSD Moonriver (MOVR) 0.1 0.001 300,000 Class D (20x)
PF_MTLUSD Metal DAO (MTL) 1 0.0001 3,000,000 Class D (20x)
PF_MUBARAKUSD Mubarak (MUBARAK) 1 0.00001 57,600,000 Class E (10x)
PF_NEARUSD NEAR Protocol (NEAR) 1 0.0001 1,250,000 Class B (50x)
PF_NEIROUSD Neiro (NEIRO) 1 0.00000001 6,641,500,000 Class E (10x)
PF_NEOUSD NEO (NEO) 0.1 0.001 200,000 Class C (25x)
PF_NIGHTUSD Midnight (NIGHT) 1 0.00001 60,000,000 Class D (20x)
PF_NMRUSD Numeraire (NMR) 0.1 0.001 300,000 Class D (20x)
PF_NOTUSD Notcoin (NOT) 1 0.0000001 250,000,000 Class D (20x)
PF_OGNUSD Origin Token (OGN) 1 0.00001 16,000,000 Class D (20x)
PF_OMIUSD ECOMI (OMI) 10000 0.00000001 15,000,000,000 Class D (20x)
PF_ONDOUSD Ondo (ONDO) 1 0.0001 2,000,000 Class B (50x)
PF_ONEUSD Harmony (ONE) 10 0.000001 203,900,000 Class D (20x)
PF_ONGUSD Ontology Gas (ONG) 1 0.00001 11,500,000 Class D (20x)
PF_ONTUSD Ontology (ONT) 1 0.00001 18,700,000 Class D (20x)
PF_OPENUSD OpenLedger (OPEN) 1 0.0001 4,600,000 Class E (10x)
PF_OPUSD Optimism (OP) 1 0.0001 4,000,000 Class B (50x)
PF_ORCAUSD Orca (ORCA) 1 0.0001 800,000 Class E (10x)
PF_ORDERUSD Orderly Network (ORDER) 1 0.00001 7,500,000 Class E (10x)
PF_ORDIUSD ORDI (ORDI) 0.01 0.001 200,000 Class C (25x)
PF_OXTUSD Orchid Protocol (OXT) 1 0.00001 40,000,000 Class E (10x)
PF_PAXGUSD PAX Gold (PAXG) 0.001 0.1 1,000 Class D (20x)
PF_PENDLEUSD Pendle (PENDLE) 0.1 0.001 800,000 Class C (25x)
PF_PENGUUSD Pudgy Penguins (PENGU) 10 0.000001 100,000,000 Class B (50x)
PF_PEOPLEUSD ConstitutionDAO (PEOPLE) 1 0.000001 99,900,000 Class D (20x)
PF_PEPEUSD** Pepe (PEPE) 1000 0.0000000001 1,000,000,000,000 Class A (50x)
PF_PIXELUSD Pixels (PIXEL) 1 0.00001 7,500,000 Class E (10x)
PF_PNUTUSD Peanut the Squirrel (PNUT) 1 0.00001 9,200,000 Class C (25x)
PF_POLUSD Polygon Ecosystem Token (POL) 1 0.00001 10,000,000 Class B (50x)
PF_POPCATUSD Popcat (POPCAT) 1 0.00001 20,000,000 Class B (50x)
PF_PORTALUSD Portal (PORTAL) 1 0.00001 8,000,000 Class E (10x)
PF_POWRUSD Powerledger (POWR) 1 0.00001 15,000,000 Class D (20x)
PF_PROMPTUSD Prompt (PROMPT) 1 0.00001 20,000,000 Class E (10x)
PF_PUMPUSD PUMP (PUMP) 100 0.000001 750,000,000 Class B (50x)
PF_PYTHUSD Pyth Network (PYTH) 1 0.00001 5,000,000 Class C (25x)
PF_QNTUSD Quant (QNT) 0.01 0.01 12,000 Class D (20x)
PF_QTUMUSD Qtum (QTUM) 1 0.0001 700,000 Class D (20x)
PF_RAREUSD SuperRare (RARE) 1 0.00001 20,000,000 Class D (20x)
PF_RARIUSD Rarible (RARI) 1 0.0001 6,000,000 Class D (20x)
PF_RAYUSD Raydium (RAY) 1 0.0001 1,000,000 Class D (20x)
PF_RENDERUSD Render (RENDER) 0.1 0.0001 600,000 Class B (50x)
PF_REZUSD Renzo (REZ) 1 0.000001 135,700,000 Class D (20x)
PF_RLCUSD iExec RLC (RLC) 1 0.0001 1,000,000 Class E (10x)
PF_ROSEUSD Oasis (ROSE) 1 0.00001 59,600,000 Class D (20x)
PF_RSRUSD Reserve Rights (RSR) 1 0.000001 500,000,000 Class D (20x)
PF_RUNEUSD THORChain (RUNE) 1 0.0001 1,500,000 Class B (50x)
PF_SAGAUSD Saga (SAGA) 0.1 0.0001 800,000 Class D (20x)
PF_SANDUSD The Sandbox (SAND) 1 0.0001 15,000,000 Class C (25x)
PF_SEIUSD Sei (SEI) 1 0.00001 5,000,000 Class B (50x)
PF_SHELLUSD MyShell (SHELL) 1 0.00001 11,000,000 Class D (20x)
PF_SHIBUSD Shiba Inu (SHIB) 1000 0.000000001 1,000,000,000,000 Class B (50x)
PF_SKLUSD Skale (SKL) 1 0.00001 60,000,000 Class D (20x)
PF_SNXUSD Synthetix Network (SNX) 1 0.0001 2,200,000 Class C (25x)
PF_SOLUSD Solana (SOL) 0.01 0.01 200,000 Class A (50x)
PF_SOLVUSD Solv Protocol (SOLV) 1 0.000001 80,000,000 Class E (10x)
PF_SONICUSD Sonic SVM (SONIC) 1 0.0001 8,800,000 Class E (10x)
PF_SOONUSD SOON (SOON) 1 0.00001 8,800,000 Class E (10x)
PF_SPELLUSD Spell (SPELL) 1 0.0000001 1,800,000,000 Class D (20x)
PF_SPCXXUSD SpaceX (SPCXx) 0.01 0.01 10,000 Class E (10x)
PF_SPKUSD Spark (SPK) 1 0.00001 70,000,000 Class E (10x)
PF_SPXUSD SPX6900 (SPX) 1 0.0001 4,500,000 Class B (50x)
PF_SSVUSD SSV Network (SSV) 0.1 0.001 300,000 Class D (20x)
PF_STBLUSD STBL (STBL) 1 0.00001 15,700,000 Class E (10x)
PF_STEEMUSD Steem (STEEM) 1 0.00001 25,000,000 Class D (20x)
PF_STGUSD Stargate Finance (STG) 1 0.00001 8,000,000 Class E (10x)
PF_STORJUSD Storj (STORJ) 1 0.0001 5,000,000 Class D (20x)
PF_STRKUSD Starknet (STRK) 1 0.00001 4,000,000 Class C (25x)
PF_STXUSD Stacks (STX) 1 0.0001 3,000,000 Class B (50x)
PF_SUIUSD Sui (SUI) 1 0.0001 5,000,000 Class A (50x)
PF_SUNUSD Sun (SUN) 1 0.000001 150,000,000 Class E (10x)
PF_SUPERUSD SuperVerse (SUPER) 1 0.0001 1,500,000 Class D (20x)
PF_SUSD Sonic (S) 1 0.0001 8,200,000 Class D (20x)
PF_SUSHIUSD SushiSwap (SUSHI) 1 0.0001 4,000,000 Class C (25x)
PF_SWARMSUSD Swarms (SWARMS) 1 0.00001 67,100,000 Class E (10x)
PF_SXTUSD Space and Time (SXT) 1 0.00001 22,100,000 Class E (10x)
PF_SYNUSD Synapse (SYN) 1 0.0001 6,000,000 Class D (20x)
PF_SYRUPUSD Syrup (SYRUP) 1 0.00001 9,000,000 Class E (10x)
PF_TAIKOUSD Taiko (TAIKO) 1 0.0001 4,700,000 Class E (10x)
PF_TAOUSD Bittensor (TAO) 0.01 0.01 15,000 Class B (50x)
PF_THETAUSD Theta Network (THETA) 1 0.0001 3,000,000 Class C (25x)
PF_TIAUSD Celestia (TIA) 0.1 0.0001 700,000 Class B (50x)
PF_TLMUSD Alien Worlds (TLM) 10 0.000001 364,100,000 Class C (25x)
PF_TNSRUSD Tensor (TNSR) 1 0.0001 3,500,000 Class D (20x)
PF_TONUSD Toncoin (TON) 0.1 0.001 500,000 Class B (50x)
PF_TRBUSD Tellor Tributes (TRB) 0.01 0.01 50,000 Class D (20x)
PF_TRUMPUSD OFFICIAL TRUMP (TRUMP) 0.1 0.001 200,000 Class B (50x)
PF_TRUUSD TrueFi (TRU) 1 0.00001 15,000,000 Class D (20x)
PF_TRXUSD TRON (TRX) 1 0.000001 75,000,000 Class C (25x)
PF_TURBOUSD Turbo (TURBO) 100 0.0000001 600,000,000 Class C (25x)
PF_TUSD Threshold (T) 1 0.000001 100,000,000 Class D (20x)
PF_UMAUSD UMA (UMA) 0.1 0.0001 1,000,000 Class C (25x)
PF_UNIUSD Uniswap (UNI) 0.1 0.001 3,500,000 Class B (50x)
PF_USDCUSD USDC (USDC) 1 0.0001 5,000,000 Class B (50x)
PF_USDTUSD Tether (USDT) 1 0.0001 5,000,000 Class B (50x)
PF_USUALUSD Usual (USUAL) 1 0.00001 5,600,000 Class D (20x)
PF_VELOUSD Velo (VELO) 10 0.000001 144,100,000 Class E (10x)
PF_VETUSD VeChain (VET) 1 0.000001 150,000,000 Class D (20x)
PF_VINEUSD Vine (VINE) 1 0.00001 25,400,000 Class E (10x)
PF_VIRTUALUSD Virtuals Protocol (VIRTUAL) 1 0.0001 800,000 Class B (50x)
PF_WIFUSD dogwifhat (WIF) 1 0.0001 8,000,000 Class A (50x)
PF_WLDUSD Worldcoin (WLD) 1 0.0001 1,500,000 Class B (50x)
PF_WLFIUSD World Liberty Financial (WLFI) 1 0.00001 10,000,000 Class D (20x)
PF_WOOUSD WOO (WOO) 1 0.00001 31,100,000 Class E (10x)
PF_WUSD Wormhole (W) 1 0.00001 17,500,000 Class D (20x)
PF_XAUTUSD Tether Gold (XAUT) 0.001 0.1 1,000 Class D (20x)
PF_XCNUSD Onyxcoin (XCN) 10 0.000001 88,200,000 Class D (20x)
PF_XLMUSD Stellar (XLM) 1 0.00001 70,000,000 Class B (50x)
PF_XMRUSD Monero (XMR) 0.01 0.01 200,000 Class B (50x)
PF_XPLUSD Plasma (XPL) 1 0.0001 3,400,000 Class E (10x)
PF_XRPUSD XRP (XRP) 1 0.00001 50,000,000 Class A (50x)
PF_XTZUSD Tezos (XTZ) 1 0.0001 5,000,000 Class B (50x)
PF_XVSUSD Venus (XVS) 0.1 0.001 400,000 Class E (10x)
PF_YFIUSD yearn.finance (YFI) 0.0001 1 750 Class C (25x)
PF_YGGUSD Yield Guild Games (YGG) 1 0.0001 9,600,000 Class D (20x)
PF_ZBTUSD ZEROBASE (ZBT) 1 0.00001 20,000,000 Class E (10x)
PF_ZECUSD Zcash (ZEC) 0.01 0.01 50,000 Class C (25x)
PF_ZENUSD Horizen (ZEN) 0.1 0.001 200,000 Class C (25x)
PF_ZEREBROUSD Zerebro (ZEREBRO) 1 0.00001 20,600,000 Class E (10x)
PF_ZETAUSD ZetaChain (ZETA) 1 0.0001 3,000,000 Class D (20x)
PF_ZIGUSD ZIGChain (ZIG) 0.1 0.00001 33,500 Class D (20x)
PF_ZILUSD Zilliqa (ZIL) 10 0.000001 146,900,000 Class D (20x)
PF_ZKUSD ZKsync (ZK) 1 0.000001 25,000,000 Class C (25x)
PF_ZROUSD LayerZero (ZRO) 1 0.0001 1,000,000 Class C (25x)
PF_ZRXUSD 0x Protocol (ZRX) 1 0.00001 10,000,000 Class D (20x)
 

Fixed Maturity Contract Specifications

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

Margin Schedule

The Kraken MTF uses Initial Margin (IM) and Maintenance Margin (MM) to manage the 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 tables below reflecting current schedule values for 6 classes into which each asset is assigned.

 

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. 

Category Level I Level II Level III Level IV Level V Level VI Level VII Level VIII
BTC Perpetual 0 – $1,000,000 $1,000,000 – $3,000,000 $3,000,000 – $5,000,000 $5,000,000 – $10,000,000 $10,000,000 – $30,000,000 $30,000,000 – $50,000,000 $50,000,000 – $150,000,000 $150,000,000+
ETH Perpetual 0 – $500,000 $500,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000 – $10,000,000 $10,000,000 – $30,000,000 $30,000,000 – $50,000,000 $50,000,000 – $150,000,000 $150,000,000+
Class A — 0 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000 – $10,000,000 $10,000,000 – $30,000,000 $30,000,000 – $50,000,000 $50,000,000 – $150,000,000 $150,000,000+
Class B — 0 – $500,000 $500,000 – $1,500,000 $1,500,000 – $3,000,000 $3,000,000 – $10,000,000 $10,000,000 – $20,000,000 $20,000,000 – $50,000,000 $50,000,000+
Class C — — 0 – $250,000 $250,000 – $750,000 $750,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000 – $10,000,000 $10,000,000+
Class D — — — 0 – $25,000 $25,000 – $250,000 $250,000 – $1,000,000 $1,000,000 – $3,000,000 $3,000,000+
Class E — — — — 0 – $250,000 $250,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000+
Class F — — — — — 0 – $25,000 $25,000 – $250,000 $250,000+
Leverage 100× 50× 25× 20× 10× 5× 3.33× 2×
IM 1% 2% 4% 5% 10% 20% 30% 50%
MM 0.5% 1% 2% 2.5% 5% 10% 15% 25%

Last updated 1 June, 2026