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Sep 14, 2020 21:18
Kraken Futures Cuts Taker Fees Across the Board for All Traders

On October 2, Kraken Futures will reduce taker fees for all clients and move from a flat-fee model to volume-based fee tiers. We’re cutting taker fees by at least 33% FOR ALL CLIENTS (from 7.5bps to 5 bps).

In addition to offering some of the lowest fees in the industry, Kraken Futures is the first and only regulated crypto derivatives exchange in Europe after it obtained a Multilateral Trading Facility (MTF) license from the UK’s Financial Conduct Authority (FCA).

The new reduced fee tiers

The new reduced fee tiers are based on rolling 30-day trade volume as follows:

A more equitable and growth-driven future

For Kraken Futures CEO Timo Schlaefer, this change in pricing strategy is central to his goal of ensuring an equitable market for all participants and driving growth. “With this new structure, every client no matter how big or small will see dramatically lower taker fees. Lower fees for both individuals and institutions is expected to encourage flow and drive volume.”

“Kraken Futures has consistently grown in market share over the past year. Lowering the fees is the right thing for clients, and will help set the foundation for our next phase of growth.”

How will the migration to the reduced fee tiers work?

October 2 at 12pm UTC: the fee tiers will come into effect (and the Revenue Share Program will be discontinued – see below for details). 

How will traders be assigned to fee tiers?

Fee tiers will be assessed in real time on a 30-day rolling basis, meaning that you will not have to wait for the month to end to jump up a fee tier and take advantage of lower rates if you have an increase in trading activity.

How can clients see their fee tier?

Clients will be able to view their 30-day volume and their fee tier in the platform or via the API.  

What does this mean for the Kraken Futures Revenue Share Program?

The Revenue Share Program will operate as normal until the payment on October 2. After the October 2 payment, the Revenue Share Program will be discontinued and no further Revenue Share Program payments will be made.

Through our Revenue Share Program, first introduced In February 2019, Kraken Futures distributed 30% of our fees to all clients that traded on the platform every week. It was an uncapped program, and we are proud to have distributed more than $5 million directly to our clients. 

However, under the Revenue Share Program, a greater portion of rewards went to the most active traders. With the new reduced fees, we are sharing the economic benefits of trading futures on Kraken more broadly with our client base. Therefore, we will be retiring the Revenue Share Program. 

Do you charge any other fees?

We do not charge any other fees. However, positions opened in Perpetual contracts will accumulate a funding rate as an unrealized profit/loss (UPL). This is a user-to-user transfer.

When am I a Taker, when am I a Maker?

If you submit a market order, or a limit order that crosses the order book and is immediately matched, you pay the taker fee. If you submit a limit order that first sits in the order book for a period of time before it is matched, you pay the maker fee.

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Bonus!
To receive the bonus and change your ranking, you will need to complete and meet the requirements of eight different investment levels. These investment levels make up the overall Partner Investment Structure (PIS).

Please note that each of your own personal investments will also bring you 100% towards your overall personal contribution;

The eight different PIS investment levels are detailed below, together with their relevant percentages and their turnover limits.

Level 1
Each investment of the 1st level referral in your PIS will also bring you 100% to the total PIS turnover.

Level 2
Each investment of the 2nd level referral in your PIS will bring you 50% to the total PIS turnover.

Level 3
Each 3rd level referral investment in your PIS will bring you 30% to the total PIS turnover.

Level 4
Each investment referral 4th level in your structure will bring you 20% of the total turnover of the PIS;

Level 5
Each investment of the 5th level referral in your structure will bring you 15% to the total PIS turnover.

Level 6
Each investment of the 6th level referral in your structure will bring you 10% to the total PIS turnover.

Level 7
Each investment of the 7th level referral in your structure will bring you 5% to the total PIS turnover.

Level 8
Each investment of the 8th level referral in your structure will bring you 3% to the total PIS turnover.

Use case example
As an example, if you are a Partner with a total turnover of $ 12,000 and your Level 3 referral made an investment of $ 1,000, then you PIS turnover will receive a credit for 30% or the equivalent of $300.

This means that your PIS will then have a total turnover of $ 12,300.

In order to reach the Ambassador rank, your PIS will need to make a joint investment of $25,000.

In addition, you will also need to make a personal contribution of $ 1,000, in order that you receive the bonus for the rank of $ 1,000.

This can be achieved in two ways: either through direct personal sales for this amount; or from an investment made by any party from your PIS network that equals this amount.

As a general rule, the second option is proven to be more effective than the first, provided that is you have a PIS that has developed to at least 4 levels.

IMPORTANT: As each PIS turnover level is achieved, the next rank is not reset, but continues to grow.

For example, when your PIS has reached a turnover of $ 25,000 you will be awarded the rank of Ambassador. To then move forwards on to the next rank of Businessman ($ 50,000), your PIS only needs to achieve $ 25,000 in sales.