Kraken vs Bybit futures trading

Kraken is a regulated futures platform available to traders in over 190 countries, offering perpetual futures, CME-cleared contracts, xStocks perps, and TradFi futures from a single account. It has operated since 2011 with no major security incident.

Bybit is the second-largest crypto derivatives exchange by open interest, with a larger perpetual market count and higher maximum leverage on BTC. In February 2025, it suffered approximately $1.5 billion in losses from a cold wallet hack, the largest crypto theft in history. Bybit replenished its reserves within 72 hours and kept withdrawals open. However, the exchange does not service US residents.

This article covers how the two platforms compare on the factors that matter most to futures traders: markets, leverage, fees, and security track record.

US traders: Bybit does not offer services to US residents. US traders can access CME-cleared micro futures through Kraken Derivatives US, a CFTC-registered Futures Commission Merchant and NFA member.

Non-US traders: Bybit leads on perpetual market count and raw leverage. Kraken offers a slightly smaller perp range, although it's still substantial at over 300 markets. And Kraken also provides products Bybit does not: xStocks perps for traders in regions outside the US, TradFi futures, and stronger regulatory standing in both regions. Kraken has also been operating since 2011 with no major security breach resulting in loss of client funds, making it one of the longest-running and most established exchanges in the industry. For traders who weigh a platform's track record and security history alongside product specs, that history matters.

The table below provides a direct comparison between Bybit and Kraken's perpetual futures offerings, covering key factors such as max leverage, funding rate, and more.

Both platforms use a maker-taker fee model with volume-based discounts.

Total cost of carry on a futures position includes more than just the trading fee. The funding rate you pay or receive over the life of the position, spread on entry and exit, and any liquidation fee if your position is closed by the engine, all contribute to the final cost. Both platforms publish live funding rates for every contract, so this comparison is transparent and can be checked in real time.

For current Kraken futures fees, see the Kraken fee schedule.

Bybit's maximum leverage on BTC perpetuals is up to 100x, subject to position size limits through the risk tier system. Larger positions face reduced maximum leverage. Kraken's maximum is 50x on BTC perps. Both platforms use dynamic leverage that decreases as position size grows.

Both Kraken and Bybit support cross margin, isolated margin, and portfolio margin. Portfolio margin nets margin requirements across positions, which reduces the total collateral needed for complex multi-position setups. It is generally most useful for traders running concurrent long and short positions across multiple contracts.

For a full explanation of how cross and isolated margin differ, read our cross margin vs isolated margin guide.

On February 21, 2025, Bybit lost approximately $1.5 billion (around 400,000 ETH) from its Ethereum cold wallet. The attack was a supply chain compromise: hackers infiltrated a developer machine at Safe{Wallet}, the third-party multisig platform Bybit used for transaction signing, and injected malicious JavaScript that altered what the signers saw when approving a routine transfer. The FBI, TRM Labs, and blockchain analyst ZachXBT all attributed the attack to North Korea's Lazarus Group. It is the largest crypto theft on record.

CEO Ben Zhou declared the exchange solvent within hours of the breach, secured a bridge loan covering approximately 80% of the stolen amount, and raised 447,000 ETH through emergency loans from Galaxy Digital, FalconX, Wintermute, and inflows from Binance and Bitget. Reserves were replenished and independently verified within 72 hours.

Withdrawals remained open throughout, though processing times were slower than normal during the peak. Bybit replenished its reserves, but the stolen ETH itself was not recovered.

Kraken has been operating since 2011 with no comparable incident. Kraken stores the majority of customer assets in cold storage and holds a Wyoming Special Purpose Depository Institution charter, meaning it operates under formal banking-grade regulatory oversight for custodied assets.

For a broader comparison of Kraken and Bybit beyond futures, including spot trading, fees, staking, and security track record, see our full Kraken vs Bybit exchange comparison.

Kraken Pro gives you access to 300+ perpetual futures, CME micro contracts, xStocks perps, and TradFi futures, with regulatory protection, an intuitive interface, and a broad product suite.

The educational material on this page is for information only and does not constitute an offer to trade futures. Kraken Futures is provided by a different licensed Kraken entity depending on where you live. Derivatives are complex instruments that carry a high risk of rapid losses due to leverage. You should not risk money you cannot afford to lose. Tax treatment depends on your individual circumstances and may change. Geographic restrictions may apply and can change without notice. Kraken products and services may not be covered by investor-compensation or deposit-protection schemes. Nothing on this page is investment, legal or tax advice. Access is subject to eligibility, local regulation and the terms of service for the legal entity you face. Read Kraken Derivatives risk disclosure to learn more.

xStocks are issued by Backed Assets (JE) Limited (a Jersey private limited company) and offered to eligible Kraken customers via Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. xStocks are not, nor will they be registered with any local securities regulators. PDSL (Kraken) does not provide investment advice and/or recommendations, and, no communication, through any Kraken App or website or otherwise, should be construed as such. Individual investors should make their own decisions or seek professional independent advice if they are unsure as to the suitability / appropriateness of any investment for their circumstances or needs, including potential tax treatment. Investing in xStocks involves an element of risk. The value of an investment may go down as well as up, and past performance is not a reliable indicator of future results. Not available in the U.S. or to U.S. persons. Geo restrictions apply. Read Kraken's xStocks Risk Disclosure at kraken.com/legal/xstocks as well as the Base Prospectus and related Final Terms for xStocks at https://assets.backed.fi/legal-documentation to learn more.

Custody services provided by Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution. Kraken Financial is not an FDIC-insured bank and deposits are neither insured by nor subject to the protections of the FDIC.