Kraken’s opt-in European wallet can expose spot holdings to futures losses
Kraken has rolled out Unified Wallet to eligible European Economic Area clients on Kraken Pro. After users manually activate it and enable futures, eligible spot, margin, Earn and futures balances are pooled as collateral, removing transfers between wallets. The default cross-margin mode lets futures losses draw on the entire eligible pool, including spot holdings. More than 40 cryptocurrencies, USD, EUR and gold can qualify, with asset-specific collateral ratios; USDT and DAI receive no collateral value for EEA users. Coin-M derivatives and US TradFi futures remain separate, while isolated margin is available for individual linear Multi-M futures positions. Users can switch back to separate wallets only after closing derivatives positions and active orders, then must transfer funds manually to trade.
