Kraken raises BTC/USD margin leverage to 20x
Eligible Kraken Pro traders can now use up to 20x leverage on BTC/USD margin. Only the cap changes: liquidation rules, fees and other pairs stay as they were.
Kraken has raised the maximum leverage on BTC/USD margin positions in Kraken Pro to 20x for eligible traders in eligible markets. Kraken announced the change on its blog on August 11, 2026, saying it was rolling out to eligible traders in select markets, and set it out again to affiliates, including nReferral, on October 12. The higher ceiling applies to BTC/USD margin only, not to other margin pairs or to futures. Kraken's affiliate dashboard lists this promotion as running until January 1, 2030; Kraken has not said that the 20x ceiling will end then.
What changes and what does not
Only the leverage ceiling has moved. Kraken says the margin engine, liquidation price, margin ratio, take-profit and stop-loss tools and fees all work exactly as before. The 20x range sits in the same BTC/USD margin order flow, with no new account type or interface. Kraken's announcement does not say what the previous limit was. Its main margin page was inconsistent when we checked on November 7, 2026: the headline said up to 20x on selected assets, while its FAQ still said up to 10x.
Who can use it
Eligibility depends on where you live and on your account. Kraken says several markets are excluded because of local regulation and that the Kraken Pro app shows whether the higher ceiling is available to you. Kraken's margin eligibility page, last updated September 11, 2026, says margin is offered to most verified clients outside the US, the UK, Canada and Australia, that eligible US retail clients can trade on margin in Kraken Pro, and that separate requirements apply in the UK and Australia. If you do not see the higher ceiling, Kraken suggests checking your eligibility in the Kraken Pro app.
What it costs
Margin fees have not changed. Kraken's margin page lists an opening fee of 0.01% to 0.05% depending on the pair, and a rollover fee at the same rate for every four hours a position stays open. The rate is locked in when the order executes and is shown on the order form. Kraken's fee article gives 0.025% for a long BTC/USD position and 0.010% for a short as examples, and says rates change with market conditions. Because the fees are charged on the size of the position, using 20x on the same collateral means larger fees in dollar terms.
Risks and what nReferral earns
Kraken warns that leverage increases both the upside and the downside, calls the new ceiling "a tool, not a target" and says you could lose more than your initial investment. At 20x, a bitcoin price move of about 5% against you is roughly the size of your whole margin, so an ordinary day's move can be enough to trigger liquidation. nReferral is a Kraken affiliate and earns a commission on the trading of people who sign up with its referral code, 83yhwjdj. Under Kraken's referral terms, the same code may also give a 20% rebate on margin and rollover fees.
Sources
KRAKEN REFERRAL CODE 2026
| Product | Trading Rebate |
|---|---|
| Spot Trading | 20% |
| Margin Trading | 20% |
| Futures | 20% |
| Tokenized Equity | 20% |
| PTL Trading | 20% |
| Prop, first purchase | 20% |
| Rollover | 20% |
| Options | 20% |
Available rewards are confirmed during registration.
We may earn a commission when you use this link, at no extra cost to you. Terms and regional restrictions apply.