Kraken Unified Wallet in the EEA: your balance is collateral
Since 16 October, Kraken Pro pools spot, margin and futures into one collateral pot for EEA clients. What that saves you, and what it puts at risk.
On 16 October 2026, Kraken opened the Unified Wallet on Kraken Pro to clients in the European Economic Area (EEA). It is a switch in your settings that merges your spot, margin and futures balances into a single pot of collateral. You no longer need to transfer money to open a futures position. The flip side is in Kraken's own explanation: in the default mode (cross margin), a losing position can draw on your entire eligible balance.
This article explains what the Unified Wallet is, how Kraken counts your collateral, what happens on liquidation, and where Kraken's own pages contradict each other. Kraken is one of the partners we work with; below is what Kraken itself writes, drawbacks included.
Kraken Unified Wallet in short
- What: one collateral pot for spot, spot margin, futures (Multi-M) and options. Unrealised profit and loss on margin and futures positions counts as margin for other positions.
- Who for: clients in the EEA on Kraken Pro. The announcement names no countries; Kraken warns elsewhere that geographical restrictions may apply.
- Collateral: more than 40 cryptocurrencies plus USD, EUR and gold (XAU). Each asset counts at its own collateral percentage.
- Default: cross margin. For linear Multi-M futures, isolated margin remains available.
- Switching on: yourself, in the Kraken Pro settings, without closing open positions. Futures trading must be activated first.
- Switching back: only with no open derivatives positions or pending orders. Your balance then stays in your main wallet and does not automatically move back to your futures wallet.
- Risk: according to Kraken, you can lose more than your original deposit.
What changes with a Unified Wallet?
Without a Unified Wallet, you have a main wallet and a separate futures wallet. To open a futures position, you first transfer money across. Whatever sits in your main wallet cannot be hit by a futures loss. With the Unified Wallet, that separation disappears: everything Kraken accepts as collateral backs your positions, and margin is calculated at account level rather than per position.
Kraken itself describes this as a trade-off between efficiency and ring-fencing. In the words of Kraken's explanation: with separate wallets, a loss on a futures position cannot touch your spot holdings, whereas in cross margin a losing position can draw on your entire eligible balance.
What goes into the pot and what does not differs between Kraken's pages. The announcement on the Kraken blog (16 October) mentions spot, margin, Earn and futures. The support page ‘Introduction to Unified Wallet’ (updated on 30 October) mentions spot, spot margin, futures (Multi-M) and options, and leaves out Earn. Inverse futures and US futures stay in their own wallet, and according to Kraken, Coin-M derivatives are not included. If you hold an Earn balance, it is wise to check in the app whether it counts before you flip the switch.
How does Kraken count your collateral?
Each asset counts for a percentage of its value: the collateral value ratio. Kraken writes that this percentage mainly reflects the asset's liquidity and that it may change with market conditions; Kraken says it informs users in advance. According to the support page (updated on 30 October), the current values are:
For other assets, Kraken refers to a separate list. The collateral valuation page (updated on 10 April 2026) also contains a rule for the EEA: USDT and DAI carry a haircut of 100% there, so a collateral value of 0%. If your balance is in those two coins, it does not help as margin.
Worked example (our own numbers, not prices). Say you hold 10,000 euros in bitcoin and 2,000 euros in euros on Kraken. With the percentages above, that counts as 10,000 × 99% + 2,000 × 100% = 9,900 + 2,000 = 11,900 euros of collateral. If, under the old model, you transfer only those 2,000 euros to your futures wallet, then 2,000 euros is at stake if the position is a total loss. With the Unified Wallet in cross margin, that same loss can in theory run on to the full 11,900 euros of collateral, because your bitcoin is backing it too. That is exactly why it feels efficient: you do not have to sell your bitcoin to have margin.
What happens when it goes wrong?
Two mechanisms determine what a loss costs you: liquidation and interest.
Liquidation. According to the introduction page, a position in cross margin stays open as long as the ratio between maintenance margin and your equity stays below 100%; at 100% or higher, liquidation follows. In isolated margin, the position is liquidated as soon as the market price reaches the liquidation price. Kraken describes three types: cross liquidation, isolated liquidation of a single position, and liquidation of the whole account. In the last case, all positions in the wallet are subject to liquidation until the margin is back in order.
Interest and automatic conversion. If equity in USD and other permitted currencies falls below zero because of derivatives losses, Kraken charges interest on the negative amount above $30,000. If the negative balance falls below -$250,000, the system automatically converts other collateral until the negative balance is brought back to -$50,000. These are high thresholds, but they show that your balance in other assets can be converted without any action on your part.
What Kraken itself advises. The support pages recommend monitoring your margin, not making positions too large, and knowing the liquidation thresholds. Kraken says the Unified Wallet with cross margin suits people who actively trade across spot, margin and futures and who understand margin and liquidation. According to Kraken, separate wallets or isolated margin are a better fit for anyone new to leveraged trading, who does not want to expose long-term holdings, or who wants to fix a maximum loss per trade.
What does this mean for you as a European investor?
Savers who only buy and hold bitcoin. Nothing changes for you. The Unified Wallet is a switch you flip yourself; the announcement mentions no automatic migration. If you do not switch it on, your holdings stay separate from derivatives. If you want to keep your holdings entirely out of an exchange's reach, read our guide to choosing a wallet.
Anyone already trading futures or options. On 26 October, Kraken also opened options in the EEA. These share the same collateral pot as your futures; see our article on Kraken options in the EEA. A Unified Wallet makes it easier to cover several positions at once, but also to put a large part of your total balance at risk with a single losing position.
Anyone becoming a client. Check what Kraken Pro costs and which promotion is running now on our Kraken promo code page. A promotion does not change the risks above.
Anyone who wants to switch back. That is only possible once you have no open derivatives positions or orders.
Who provides what. According to the announcement, derivatives are provided by Payward Europe Digital Solutions (CY) Limited, supervised by the Cyprus Securities and Exchange Commission (CySEC). Spot crypto services come from Payward Europe Solutions Limited, supervised by the Central Bank of Ireland. Kraken points out that Earn is not a regulated financial product and may not be covered by statutory protection.
What is not certain yet
- Countries: which EEA countries exactly have the Unified Wallet is not stated in the announcement. Kraken says restrictions may apply.
- Earn: the blog counts Earn as part of the pot; the support page does not mention it. Which of the two is right has not been established.
- Liquidation threshold: the introduction page mentions liquidation at a ratio of 100%; the liquidation rules page (updated on 9 December 2025) works with ‘available liquidation margin ≤ 0’ and weights spot margin with factors of 0.8 and 0.4 (the FAQ uses the same factors). We have not been able to establish how these relate to each other; Kraken itself says the parameters can change.
- Collateral percentages: we have not read the percentages for assets other than USD, EUR, BTC and ETH. They can change.
- Date of the announcement: the blog is dated 16 October 2026; the support page was updated later (30 October). Whether anything changed between those dates, Kraken does not say.
This article is not investment advice. Trading derivatives is not suitable for every investor, crypto can fall sharply in value, and you can lose more than your deposit.
Frequently asked questions
What is the Kraken Unified Wallet?
A setting in Kraken Pro that merges your spot, margin and derivatives balances into a single collateral pot. Margin is calculated at account level, and unrealised profit and loss count towards other positions.
Is the Unified Wallet mandatory?
According to the announcement, you switch it on yourself in your settings, and you can do so at any time. We found no indication that Kraken automatically migrates existing clients.
Can I lose more than the money in my futures wallet?
In cross margin, yes: Kraken writes that a losing position can draw on your entire eligible balance. Kraken's risk warning also states that you can lose more than your original deposit.
How do I switch back to separate wallets?
First close all your derivatives positions and orders, then switch the Unified Wallet off in your settings. Your balance stays in the main wallet; you transfer money to your futures wallet yourself.
Do USDT and DAI count as collateral in the EEA?
No. According to Kraken's collateral valuation page (updated on 10 April 2026), USDT and DAI carry a haircut of 100% for EEA users.
Sources
Read on 3 November 2026.
- Kraken Blog: Trade futures without the wallet-hopping: Unified Wallet is now available in the EEA, 16 October 2026
- Kraken Support: Introduction to Unified Wallet, updated on 30 October 2026
- Kraken Support: Collateral Valuation (Unified Wallet), updated on 10 April 2026
- Kraken Support: Trading Rules: Liquidation Process (Unified Wallet), updated on 9 December 2025
- Kraken Support: Unified Wallet FAQ