Kraken Prop: gold and other commodities at half commission
Since 29 October Kraken Prop offers six commodities at 2 bps commission. What a trade costs against your daily loss limit, and what remains unclear.
Since 29 October 2026 you can trade six commodities on Kraken Prop: gold, silver, WTI oil, Brent oil, copper and natural gas. At the same time, Kraken halved the commission on every market that is not crypto, from 4 to 2 basis points (bps) per side. Opening and closing a $100,000 position there now costs $40 instead of $80. The lower commission also applies to the S&P 500 and XYZ100 indices, and to evaluations and funded accounts you already have. On crypto it stays at 4 bps.
Kraken Prop commodities in short
- Six new markets: gold (GOLD), silver (SILVER), WTI oil (CL), Brent oil (BRENTOIL), copper (COPPER) and natural gas (NATGAS).
- Half the commission outside crypto: 2 bps per side on commodities and indices, 4 bps on crypto. That applies on all plans except Lite.
- Each market has its own limit: gold up to 5x leverage and a position of at most $500,000, copper up to 10x, natural gas up to 3x.
- Open day and night: the commodities run 24/7 on a price from an external source (an ‘oracle’). At weekends and outside exchange hours, spreads can widen.
- Costs count towards your loss limit: commission and financing costs (0.033% per day) come off your balance. On a $10,000 Starter account, a gold position at 5x leverage that you keep open for 24 hours costs $36.50, over 12% of your $300 daily loss limit.
- Otherwise nothing new: funded accounts up to $200,000, no consistency rules, no time limit and up to 90% of the profit, according to Kraken.
Which commodities, with what leverage?
Kraken writes that the limits are ‘under ongoing review’ and can change. The maximum position per market is separate from the size of your account.
If you already have a Lite plan, you get the same six markets too, with leverage up to 20x and the old commission; Lite sold out on 1 October. The new markets are available in every region where Kraken Prop is offered, except the United Arab Emirates.
What a trade costs now
Kraken charges two kinds of costs: commission when you open and when you close, and financing costs (‘swap’) on every position that stays open. The swap is 0.033% per day of the full position value, split across six deductions, one every four hours. Both come off your balance, so they count towards your daily loss limit and your maximum drawdown.
The sums on a Starter account
A $10,000 Starter account has a daily loss limit of 3%: $300. With gold at 5x leverage you have a position of $50,000. Opening and closing costs $20, and if you hold the position for 24 hours, $16.50 of swap comes on top. That makes $36.50, or 12.2% of your daily loss limit, before the price has even moved. With the same position in crypto it is $40 plus $16.50, $56.50 in total: 18.8% of your limit.
Over a year, 0.033% per day comes to more than 12% of the position value. On a commodity, the swap already exceeds the commission from the second day (0.066% against 0.04%), on crypto from the third day (0.099% against 0.08%). In its own support article, Kraken warns that on a $100,000 account with a 3% daily loss limit, a few large trades held overnight can cut deep into your daily loss buffer.
What does your trade on Kraken Prop cost?
Choose your account, the market and how long the position stays open. Commission and swap come off your balance and count towards your loss limits.
- Position
- $50,000.00
- Commission to open and close
- $20.00
- Swap, 0.033% per day
- $16.50
- Total costs
- $36.50
Rates according to Kraken on 29 October 2026: 4 bps per side on crypto, 2 bps on commodities and indices, swap 0.033% per day. Daily loss limit 3% of your balance; maximum drawdown 6% (Starter), 5% (Intermediate) or 3% (Advanced). Spreads and price losses come on top.
Trading 24/7 on an oracle price
Commodities normally trade on exchanges such as NYMEX and COMEX, with set trading hours. Kraken Prop lets you trade day and night and at weekends, with no expiry and no contract rollover. The price comes from an external source; Kraken writes that small differences with NYMEX, COMEX or other platforms are ‘normal’. Kraken does not say which source that is. Outside the trading hours of the underlying markets and at weekends, spreads can widen, and a wider spread is also a cost.
What does this mean for you as a European investor?
You are not really trading gold. Kraken adds this to every announcement: ‘You provide trade signals only. You do not hold real positions.’ The evaluation and the funded accounts are simulated; the payouts are real. It is offered by Payward Oceanic Ltd, together with Breakout. Kraken itself calls it ‘not a regulated product’. The product page also says that Payward Oceanic’s financial interest is opposite to yours: if your balance hits the loss limit, Payward Oceanic no longer has to pay a profit share.
The leverage compared with CFDs. In 2018 ESMA limited leverage on CFDs for retail investors in the EU to 20:1 for gold, 10:1 for other commodities and 2:1 for crypto. Kraken Prop does not sell CFDs but an evaluation with simulated positions; whether those limits apply here has not been established. They do show what European regulators consider acceptable for ordinary investors.
Tax. A prop trading payout is taxed differently from country to country. See our guide to prop trading and tax.
Reliability. What regulators in Europe say about prop firms is set out in is prop trading legit?. How Kraken Prop compares with Funded and Breakout is covered in Kraken Prop, Funded or Breakout: the three routes compared.
With the code CRYPTOCODES you get 2% off a Kraken Prop evaluation; see the Kraken Prop discount code page. If you buy through our link, we receive a fee; you pay nothing extra.
What is not certain yet
- The support article lags behind. The article ‘Understanding Fees on Kraken Prop’ still says 4 bps on every trade. The blog of 29 October and the product page say 2 bps outside crypto.
- The leverage in the FAQ. The FAQ on the commodities page says ‘Up to 5x on all commodity markets’ and gives a maximum position of $500,000 per instrument; the table on the same page gives copper 10x and natural gas 3x, and lower positions outside gold. We follow the table and the blog.
- The price source. Kraken does not name the oracle for the commodities.
- The limits themselves. Kraken keeps leverage and maximum positions ‘under ongoing review’.
This article is not investment advice. Trading with leverage can quickly lead to losses, and you will not get the cost of an evaluation back.
Frequently asked questions
Can you trade gold on Kraken Prop?
Yes, since 29 October 2026, with leverage up to 5x and a position of up to $500,000. You trade simulated positions; once you are funded, the payouts are real.
What does a trade cost on Kraken Prop?
On commodities and indices 2 bps per side, on crypto 4 bps. So opening and closing a $100,000 position costs $40 or $80. On top of that comes 0.033% per day for as long as a position is open.
Is Kraken Prop regulated?
No, according to Kraken itself: ‘This is an unregulated service.’ The product runs through Payward Oceanic Ltd and Breakout, not through Kraken’s Irish MiCA licence.
Can you trade oil at the weekend on Kraken Prop?
Yes. The commodities run 24/7, even when the underlying exchange is closed. Bear in mind that the spread may be wider then.
Sources
Read on 2 November 2026.
- Kraken Blog: Gold, silver, oil, and other commodities are now live on Kraken Prop at half the commission (29 October 2026)
- Kraken: Commodities trading on Kraken Prop, table, FAQ and disclaimer (as of 2 November 2026)
- Kraken Support: Understanding Fees on Kraken Prop (as of 2 November 2026)
- Kraken: Kraken Prop, plans and rules
- ESMA: ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors (27 March 2018)