Kraken vs Coinbase for futures trading
Kraken offers the most complete futures product suite of any regulated exchange globally: perpetual futures in 190+ countries, CME micro contracts for US traders, xStocks perps for traders in other regions, and TradFi futures for EU and US traders, all from one account.
Coinbase launched CFTC-regulated perpetual-style futures for US users in July 2025, with BTC and ETH contracts at up to 10x leverage.
Kraken Derivatives US offers CME-cleared micro contracts covering crypto and equity indices as well as perpetual futures.
For non-US traders, Kraken's depth is unmatched by Coinbase. Kraken Pro offers 300+ perpetual markets with up to 100x leverage on certain assets in certain regions. Coinbase offers a more limited perp range at lower leverage caps.
Kraken has operated since 2011 with no major security incident and is available in 190+ countries. Coinbase is publicly listed on Nasdaq and acquired Deribit in 2025, making it a global leader in crypto options by open interest.
An introduction to Kraken vs Coinbase for futures trading
Both Kraken and Coinbase offer futures trading, but the products are not interchangeable. Kraken offers perpetual futures globally through Kraken Pro (up to 50x leverage on most assets, with 300+ pairs), CME-cleared micro and standard futures to US residents, and US perpetual futures through Kraken Derivatives US (75+ contracts across crypto, equities, FX, and commodities).
Coinbase offers perpetual-style futures and nano contracts to US residents through Coinbase Financial Markets (CFTC-regulated, 5-year expiration, with up to 10x leverage), and perpetual futures internationally through Coinbase International. The right choice depends on where you live, the contract types you want, and how you want to size positions.
Kraken has operated since 2011 with no major security incident and is available in 190+ countries. Coinbase launched perpetual-style futures for US users in July 2025 and acquired Deribit in 2025, making it one of the global leaders in crypto options. This article explains how the two compare on futures products, fees, and regional access.
Note: Coinbase Advanced is the trading interface for both spot and derivatives. For non-US users, perpetual futures are accessible through Coinbase Advanced. In the US, futures are delivered through Coinbase Financial Markets (CFM), a separate CFTC-regulated entity.
For a broader comparison of Kraken and Coinbase across spot trading, staking, and security, read our full Kraken vs Coinbase comparison.
Futures access: what each platform offers
Kraken
Kraken Pro perpetual futures are available globally to eligible users. The product covers 100+ perpetual pairs with up to 50x leverage on most assets (up to 100x on BTC and ETH in eligible non-EU, non-US regions) and multi-collateral margin accepting BTC, ETH, stablecoins, and select fiat currencies.
Kraken Derivatives US is operated by NinjaTrader and offers 75+ CME-cleared contracts, including:
Crypto futures (BTC, MBT, ETH, MET, GSOL, MSL).
And TradFi futures across CME, CBOT, NYMEX, and COMEX, covering equity indices (MES, MNQ), FX, energy, and metals.
US perpetual futures with 17+ contracts.
xStocks Perps are available to traders in other regions on Kraken Pro, covering tokenized equity perpetual futures on individual stocks, S&P 500, Nasdaq 100, and gold, with up to 20x leverage.
Coinbase
Coinbase Financial Markets (CFM) is Coinbase's CFTC-registered US derivatives entity. It offers nano BTC (1/100 BTC) and nano ETH (1/10 ETH) futures, plus US perpetual-style futures with a 5-year expiration, up to 10x leverage, a funding rate that accrues hourly and settles twice daily, and Section 1256 60/40 tax treatment.
Coinbase International Exchange offers perpetual futures to eligible non-US users. Stock perpetual futures (Mag7, SPY, QQQ) launched in March 2026 for non-US retail.
Coinbase Advanced Trade is the interface through which non-US users access perpetual futures on Coinbase International.
Understanding the different contract types
This is the most misunderstood aspect of comparing these two platforms. The products are not equivalent, and the nuances between the two are important for futures traders.
Dated micro and standard futures (Kraken Derivatives US, US traders)
- Traditional CME-listed futures with fixed expiration dates, settling monthly or quarterly
- Examples: MBT (Micro Bitcoin, 1/10 BTC), MET (Micro Ether, 1/10 ETH), MES (Micro E-mini S&P 500), MNQ (Micro E-mini Nasdaq-100), MSL (Micro Solana)
- Contracts roll at expiration. No funding rate mechanism.
Nano futures (Coinbase Financial Markets, US traders)
- Smaller-notional dated futures: nano BTC (1/100 BTC) and nano ETH (1/10 ETH)
- The smallest notional crypto futures contracts available through either platform
- Designed for lower-capital retail entry.
Perpetual-style futures (Coinbase Financial Markets, Kraken Derivatives, US traders)
- Medium-dated futures with a 5-year expiration date
- Funding rate accrues hourly and settles twice daily to keep price tethered to spot
- Up to 10x leverage
- Section 1256 60/40 tax treatment applies.
Perpetual futures (Kraken Pro)
- Perpetual contracts with no expiry, using funding rates to track spot
- Up to 50x leverage on most assets, up to 100x on BTC and ETH in eligible non-EU, non-US regions
- Multi-collateral margin: BTC, ETH, stablecoins, select fiat currencies.
For US traders: which platform for specific use cases
If you want perpetual-style futures with a funding rate in the US: Coinbase Financial Markets currently offers a US-regulated perpetual-style product with 5-year expiration and up to 10x leverage. Kraken Derivatives US also offers a perpetual-style futures product in the US.
If you want CME-cleared micro or standard futures in the US: Kraken Derivatives US offers 75+ CME contracts including MBT, MET, GSOL, MSL, MES, MNQ, plus TradFi micros across equity indices, FX, energy, and metals. Coinbase Financial Markets does not offer the full CME range. Its US futures lineup centers on nano and perpetual-style crypto contracts only.
If you want the smallest crypto futures contract size in the US: Coinbase Financial Markets nano BTC (1/100 BTC) is the smallest notional crypto futures contract available through either platform. Kraken Derivatives US micro contracts (MBT = 1/10 BTC) are ten times larger but still accessible to lower-capital traders.
If you want cross-asset futures (crypto and TradFi) in one US-regulated account: Kraken Derivatives US is a strong option. A single account provides access to CME crypto, equity index, FX, perps, and commodity futures.
For non-US traders: perp-vs-perp comparison
Kraken Pro covers 100+ perpetual pairs across crypto with up to 50x leverage depending on the asset and region, multi-collateral margin (BTC, ETH, stablecoins, select fiat), and xStocks Perps for traders in other regions covering stocks, S&P 500, Nasdaq, and gold at up to 20x leverage. Kraken Pro is operated through licensed entities by region.
Where Kraken has a clear advantage is xStocks Perps. Kraken's xStocks Perps give traders in other regions outside the EU and US 24/7 exposure to individual stocks (including APPLx, NVDAx, TSLAx), S&P 500, Nasdaq 100, and gold, at up to 20x leverage.
Coinbase launched stock perpetual futures for non-US users in March 2026, covering Mag7, SPY, and QQQ. Kraken's xStocks Perps covers a much broader set of stocks.
Kraken's xStocks perpetual futures mean clients can trade traditional-market exposures but with crypto-native features such as leverage. From Apple (APPLx) to Nvidia (NVDAx), perpetuals can be traded without the open/close constraints of traditional markets.
Fees comparison
Fee structures differ by product and region. Do not compare US futures fees to non-US perp fees as if they are equivalent, these are different product categories. The table below compares the various fee rates.
Kraken Pro | Coinbase Advanced | |
|---|---|---|
Spot maker fee | 0.16% | 0.40% (under $10K/month) |
Spot taker fee | 0.26% | 0.60% (under $10K/month) |
Perp futures (non-US) | 0.02% maker / 0.05% taker | 0% maker / 0.03% taker |
US futures | 0.5 bps + CME pass-through | 0.02% taker |
Volume discounts | Yes, 30-day rolling | Yes, 30-day rolling |
Total cost of carry includes more than the trading fee. Funding rate payments, spread, and liquidation fees all contribute. Both platforms publish live funding rates so you can get the latest figures.
Product comparison
The table below covers the full product range across both platforms, including spot, futures, staking, and other key features. The scope is intentionally broad so traders can assess the complete picture before deciding which platform fits their needs.
Kraken | Coinbase | |
|---|---|---|
Spot trading | Yes, 300+ pairs | Yes, 550+ pairs |
Perpetual futures (US) | Perpetual futures via Kraken Derivatives US (75+ contracts) | Perpetual-style futures via CFM (5-year expiry, up to 10x) |
Nano futures (US) | No | nano BTC (1/100 BTC), nano ETH (1/10 ETH) via CFM |
Perpetual futures (non-US) | 100+ perps, up to 50x on certain assets | Crypto and stock perps via Coinbase International |
xStocks perps | Yes | Stock perps for non-US (Mag7, SPY, QQQ) |
TradFi futures | Yes (EU and US, CME-listed) | Metals (gold, silver) via CFM (US) |
Staking | Yes | Yes |
NFT marketplace | No | Yes (Coinbase NFT) |
Publicly listed | No (private, founded 2011) | Yes (NASDAQ: COIN) |
Deribit ownership | No | Yes (acquired 2025, global leader in crypto options) |
Contract size and position sizing
For traders new to futures, contract size determines how much capital you need per position. These are the smallest notional crypto futures contracts available across both platforms:
- Coinbase Financial Markets nano BTC: 1/100 BTC
- Coinbase Financial Markets nano ETH: 1/10 ETH
- Kraken Derivatives US MBT: 1/10 BTC
- Kraken Derivatives US MET: 1/10 ETH
- Kraken Derivatives US MSL: Micro Solana
For traders who want to scale from smaller to larger contract sizes within one platform, Kraken Derivatives US offers both micro and standard CME contracts (MBT and BTC, MET and ETH) so you can size up without switching platforms.
Regulation and security
Both Kraken and Coinbase operate regulated US futures entities under the same CFTC and NFA framework.
Kraken Derivatives US is operated by NinjaTrader. Kraken is a CFTC-registered FCM and NFA member that has operated since 2011 with no major security incidents and is available in 190+ countries.
Coinbase Financial Markets is also a CFTC-registered FCM and NFA member. Coinbase Inc. is publicly listed on Nasdaq (COIN) and holds regulatory approvals across the US, EU, and UK.
Both entities are subject to the same CFTC and NFA regulatory framework for US futures. Beyond the US, Kraken holds active licenses and registrations across:
- The EEA (MiCA CASP and E-Money Institution via the Central Bank of Ireland)
- The UK (FCA Registered Cryptoasset Firm, FCA Authorised EMI, and FCA Authorised Investment Firm via Crypto Facilities Limited)
- Canada (OSC Restricted Dealer and FINTRAC MSB)
- Australia (AUSTRAC Digital Currency Exchange and AFSL via Beaufort Fiduciaries)
- Bermuda (BMA Class F Digital Asset Business licence)
- Argentina (CNV VASP)
That breadth of regulated presence across multiple major jurisdictions is a meaningful differentiator for traders who want platform access and regulatory protection wherever they are.
Get started trading futures on Kraken
Kraken Pro offers 300+ perpetual futures across 190+ countries, the deepest regulated futures product range available globally.
Whether you are in the US, EU, or anywhere else Kraken operates, you can access the products built for your region from one account, on a platform with a 14-year track record and no major security incident.
Disclaimer
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.
xStocks Perps are offered to eligible Kraken customers via Payward Digital Solutions Ltd. ("PDSL"), a company licensed to conduct digital asset business by the Bermuda Monetary Authority. Neither this product nor Stocks are or will be registered with any local securities regulators. Trading derivatives involves a high level of risk and may not be suitable for all investors. You may lose more than your initial investment. This is not investment advice. Not available in the US and other geographic restrictions apply. For the full terms and conditions, please refer to Kraken's Terms of Service.