Kraken’s Unified Wallet rollout to eligible European Economic Area clients can expose crypto held for spot trading and qualifying Earn balances to futures losses after users switch it on. Its default cross-margin setting allows a losing position to draw on the account’s entire eligible balance.
The exchange announced EEA availability on October 16, 2026. Unified Wallet combines eligible spot, margin, Earn and futures balances on Kraken Pro, removing the need to transfer collateral into a separate futures wallet.
The announcement includes eligible Earn balances without identifying every qualifying product. Kraken’s wallet guide, which describes the default wallet setup, distinguishes active staking and Earn strategies held in an Earn wallet from Auto Earn balances remaining in Main.
Activation is manual through Kraken Pro’s account settings, with eligible balances pooled immediately afterward. Futures trading must also be enabled. Kraken’s EEA derivatives requirements include account verification and, for new futures clients, a knowledge-and-experience questionnaire and a tax identification number.
Kraken says more than 40 cryptocurrencies, alongside USD, EUR and gold (XAU), can serve as collateral.
In cross-margin mode, margin is calculated across the eligible pool. A loss can therefore reach spot holdings that would remain separate from futures losses under the separate-wallet arrangement, according to Kraken’s Unified Wallet documentation.
Collateral is credited at asset-specific ratios. For cross margin, the introductory documentation lists bitcoin and ether at 99% of their value and USD and EUR at 100%, with parameters subject to change.
Regional restrictions narrow the pool further. Kraken’s collateral valuation rules give USDT and DAI zero collateral value for EEA users through a 100% haircut.
Coin-M, or inverse, derivatives balances remain outside Unified Wallet. The support guide also keeps US TradFi futures separate.
Limiting a position’s exposure and switching back
For individual trades, isolated margin remains available on linear Multi-M futures contracts. It separates the margin allocated to a position, limiting that position’s potential trading losses to its allocation.
Users do not need to close open positions to enable Unified Wallet, but switching back to separate wallets requires closing all derivatives positions and active orders first.
After switching back, balances remain in Main. Users must manually transfer funds to the separate derivatives wallet before opening new positions there.