Kraken Opens Crypto-Collateral Futures to EU Traders

Kraken launched crypto-collateralized perpetual futures for EU traders under MiFID II and MiCA frameworks.

Kraken deployed crypto-collateralized perpetual futures for EU traders on November 3, 2025. Bitcoin, Ethereum, and stablecoins qualify as margin collateral. 150+ perpetual futures markets available on Kraken Pro. Up to 10x leverage. MiFID II and MiCA compliant.​

Collateral-to-Margin Conversion

Crypto holdings convert to USD-denominated margin. Volatility haircuts discount collateral value based on price volatility—riskier assets require larger buffers. Liquidation triggers when equity falls below maintenance requirement. All margin calculations and settlements use USD conversion.​

Regulatory Licensing

Central Bank of Ireland (MiCA authority) and Cyprus Securities & Exchange Commission (CySEC, MiFID II overseer) licensed Kraken. Company acquired Cyprus investment firm in February 2025 to access MiFID II framework. One of first regulated EU platforms offering crypto-collateralized perpetuals.​

Revenue and Expansion

Q3 2025 revenue: $648 million (50% QoQ, 114% YoY growth). Crypto collateral extends derivatives reach after $1.5 billion NinjaTrader acquisition (March 2025) for US platform infrastructure. EU launch targets institutional demand for regulated leveraged crypto trading