Kraken opens Bitcoin and Ethereum options to eligible European traders

Eligible traders in the European Economic Area can now trade Bitcoin and Ethereum options through their existing Kraken Pro derivatives accounts on web and mobile, Kraken announced Oct. 26. The contracts use the collateral already supporting their futures positions.

That extends an options rollout Kraken began in July for eligible professional and institutional clients. At that point, European access was scheduled for later in 2026. The October announcement confirms availability in EEA countries where Kraken offers derivatives, with an options appropriateness assessment required before trading.

The contracts are cash-settled. Premium, profit and loss, and final settlement are calculated in U.S. dollars, even when collateral is posted in another accepted currency. Expiries run from weekly and monthly contracts to quarterly and semiannual maturities.

Kraken accepts 30-plus currencies as collateral. Portfolio margin is enabled by default, so offsetting positions can lower the amount required to support the portfolio. Futures and options draw on the same pool, giving existing derivatives clients a shared source of collateral for both types of trade.

The options use futures-style margining: premium is not paid upfront, while gains and losses are marked against collateral. Options do not accrue funding payments, although perpetual contracts in the same account still do.

Kraken warns that buyers can lose their entire options position value, while sellers can lose substantially more than posted margin and may face unlimited losses.

Its European derivatives risk disclosure also warns that leverage amplifies gains and losses and that clients may have to provide additional collateral on short notice. Positions can be closed when collateral is insufficient.

Trading runs through a request-for-quote system. Clients can assemble a trade with up to five components, or legs, then review quotes that expire after a limited time. They can decline a quote, but accepting one makes the trade binding.

If a portfolio becomes distressed, Kraken says it uses a sealed-offer auction rather than liquidation through an order book.

The separate Unified Wallet choice

Default options portfolio margin is distinct from Kraken’s separate Unified Wallet upgrade. As CryptoSlate reported on Oct. 19, that setting requires manual activation before eligible spot and derivatives balances are pooled. Once enabled, default cross margin can expose eligible spot holdings to futures losses.