Kraken is eliminating 176 cryptocurrency trading pairs and replacing them with synthetic markets routed through underlying liquidity pools. The exchange issued notice of the changes on Oct. 27, with a migration window scheduled for Nov. 6–9.
During the migration, affected markets will enter cancel-only mode starting Nov. 6 at 14:00 UTC. All outstanding orders on the 176 pairs will be canceled. Native markets will be removed, and replacement synthetic markets are scheduled to become available by end of day Nov. 9.
How Synthetic Markets Work
Kraken’s synthetic markets route transactions through two underlying markets that share a common currency, typically USD. Both legs execute simultaneously in the exchange’s matching engine. For example, SOL/DOGE is routed through SOL/USD and DOGE/USD.
The synthetic model consolidates fees into a single taker fee per transaction, eliminating dedicated order books for each pair. Kraken already offers 10,000+ synthetic pairs through Kraken Pro.
Affected pairs include BTC/DAI, ETH/JPY, AAVE/BTC, ADA/AUD, and SHIB/USDT. The underlying cryptocurrencies remain available on the platform.
Order Execution and Limitations
Synthetic limit orders execute only when underlying markets offer sufficient liquidity at the customer’s specified price or better. The new markets eliminate partial fills, post-only orders, and time-in-force settings.
Kraken states the synthetic model may offer tighter spreads than native markets with limited liquidity. Customer balances and margin trading pairs are unaffected by the migration.
Maker-Fee Eligibility
The migration eliminates maker-fee eligibility on the affected 176 pairs. Traders will no longer qualify for maker rebates on these synthetic markets, which operate under a taker-fee-only structure.
