CryptoSlate
Kraken plans to replace 176 crypto trading pairs with synthetic markets, canceling all outstanding orders during a migration scheduled for Nov. 6–9. Affected markets enter cancel-only mode on Nov. 6 at 14:00 UTC, and replacement markets are expected by the end of Nov. 9. Customers must place fresh orders after the migration; existing instructions will not transfer.
Why it matters
The main change is how trades are priced and executed. Kraken’s synthetic system routes a trade through two underlying markets that share a common currency, typically the US dollar, and completes both transactions simultaneously. For example, a SOL-to-DOGE trade can route through SOL/USD and DOGE/USD, with Kraken applying one consolidated fee.
That model removes maker-fee eligibility: even limit orders incur taker fees. Synthetic limit orders remain available, but they execute only when the underlying markets have enough liquidity at the specified price or better. The system also removes partial fills, post-only orders and time-in-force settings, limiting tools used by traders managing liquidity and execution.
Market impact
Kraken says routing through deeper underlying order books could produce tighter spreads than thin native markets, while one consolidated taker fee can replace separate fees for two manually executed trades. But active traders lose maker pricing and familiar order controls, making the fee and execution changes consequential even where spreads improve.
The affected pairs include BTC/DAI, ETH/JPY, AAVE/BTC, ADA/AUD and SHIB/USDT. Kraken says the underlying cryptocurrencies will remain available, and customer balances and margin trading pairs will not be affected. More than 10,000 synthetic pairs are already available through Kraken Pro.
Frequently asked questions
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When will Kraken cancel orders in the 176 affected markets?
The markets enter cancel-only mode on Nov. 6 at 14:00 UTC. Outstanding orders will be canceled during the migration, which is scheduled to run through Nov. 9.
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Will customers' existing orders carry over to Kraken's synthetic markets?
No. Existing orders will not transfer, so customers must submit fresh orders once replacement markets become available.
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How do Kraken's synthetic markets route a crypto-to-crypto trade?
They route the transaction through two underlying markets that share a common currency, typically the US dollar, and complete both legs simultaneously with one consolidated fee.
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Which order features will disappear in the synthetic markets?
The new markets eliminate partial fills, post-only orders and time-in-force settings. Limit orders remain available but execute only when underlying liquidity meets the specified price or better.
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Will the migration remove the affected cryptocurrencies from Kraken?
No. Kraken says the underlying cryptocurrencies will remain available, and customer balances and margin trading pairs will be unaffected.
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