Kraken Futures Order Cancellation & Execution FAQ

This article answers the most common questions about order cancellation and execution on Kraken Futures, covering how the matching engine works, when you can cancel, and what happens during liquidations. You’ll learn the key rules for limit, market, and post-only orders, plus how to avoid common mistakes.

Background: How Kraken Futures Orders Work

Kraken Futures is the derivatives arm of Kraken, a major cryptocurrency exchange. It offers perpetual and dated futures contracts on Bitcoin, Ethereum, and other assets. Unlike spot trading, futures involve leverage and a margin system, so orders behave differently—especially when it comes to cancellation and execution.

The exchange uses a central limit order book (CLOB) where buy and sell orders are matched by price and time priority. When you place an order, it goes through a risk check and then enters the matching engine. If it can be filled immediately, it executes; if not, it rests in the book until filled or canceled.

How Order Cancellation Works

You can cancel an open order at any time before it fills, as long as the market hasn’t moved to trigger a liquidation or the order hasn’t already been matched. To cancel, go to the “Open Ordersâ€� tab in the Kraken Futures interface and click the cancel button, or use the API’s cancelOrder endpoint.

When you cancel, the order is removed from the order book. The cancellation is immediate in normal conditions, but during extreme volatility or system maintenance, there may be delays. If an order is partially filled, you can cancel the remaining unfilled quantity.

Order Execution Types

Kraken Futures supports several order types, each with different execution rules:

• Limit orders – execute only at your specified price or better. They can be partially filled and rest until canceled.
• Market orders – execute immediately at the best available price. They are never placed on the book; they are filled against resting orders.
• Post-only orders – limit orders that must add liquidity. If they would match immediately, they are canceled instead.
• Stop orders – become a market or limit order when a trigger price is hit. The trigger is based on the mark price or last price, depending on your settings.
• Reduce-only orders – ensure the order only reduces your position, never increasing it. They are useful for closing positions.

Execution price for market orders can differ from the last traded price due to slippage, especially in thin markets.

Common Cancellation Problems

Users sometimes face issues when trying to cancel orders. Here are typical scenarios:

• Order already filled – if the order matches before you hit cancel, it won’t appear in open orders.
• Post-only order rejected – if your post-only limit would cross the spread, it is automatically canceled by the system.
• Reduce-only cancellation – if a reduce-only order would flip your position, it may be rejected or canceled.
• API errors – if you use the API, ensure you send the correct order ID and have the proper permissions.

If you cannot cancel an order, check if it’s actually still open. Sometimes the interface lags; refresh the page or query the API.

Liquidation and Auto-Cancel

Liquidation is not a manual cancellation—it’s an automatic process when your margin balance falls below the maintenance margin. The exchange cancels all open orders for that position before liquidating. This is to prevent increasing the position during liquidation.

Kraken Futures also has an “auto-cancel� feature for post-only orders that would immediately match, and for reduce-only orders that would increase the position. These are canceled automatically, not executed.

Costs and Fees

Kraken Futures uses a maker/taker fee model. Maker orders (those that add liquidity, like most limit orders) typically have lower fees than taker orders (those that remove liquidity, like market orders). Fees are charged in the settlement currency of the contract.

There are no fees for canceling an order. However, if you use post-only and your order gets canceled because it would cross the spread, you don’t pay a fee, but you also don’t get a fill.

Safety and Best Practices

To avoid unintended executions and cancellations:

• Always double-check order price and size before submitting.
• Use reduce-only when closing positions to avoid accidentally opening a new one.
• Set stop-loss orders to limit losses, but remember they may not trigger exactly at your price during fast moves.
• Keep an eye on your margin usage; liquidation can cancel all open orders unexpectedly.
• Test API cancellation logic in a sandbox if you’re building a trading bot.

Kraken Futures provides a testnet environment for practice. Use it to understand how orders behave without risking real funds.

Frequently Asked Questions

Can I cancel a market order?

No. Market orders execute immediately as soon as they are placed. There is no cancellation window. If you want more control, use a limit order with a wide price range.

Why was my post-only order canceled?

Post-only orders are canceled if they would match immediately. This happens when your limit price is at or better than the current best opposite price. To avoid cancellation, set your price away from the spread.

What happens to my open orders when I get liquidated?

All open orders for the liquidated position are automatically canceled before the liquidation engine takes over. This prevents the position from increasing during the liquidation process.

How fast does cancellation take effect?

In normal conditions, cancellation is near-instantaneous. During high volatility or system maintenance, there may be a delay of a few seconds. If you see an order still open after canceling, refresh the page or check the API.

Can I cancel an order after it’s partially filled?

Yes. The filled portion is executed, and the remaining unfilled quantity remains as an open order. You can cancel that remaining quantity.

Does canceling an order cost anything?

No. Kraken Futures does not charge fees for canceling an order. Fees only apply when an order is executed.

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