Que sont les contrats à terme (futures) sur crypto ? guide complet

A crypto futures contract is an agreement between two parties to exchange either the fiat value of a crypto asset, or the asset itself, at a future date and price.

Many traders think of futures as a bet on the future price of an asset such as Bitcoin (BTC) or Ethereum (ETH):

• A trader who believes the price will rise takes a long position.
• A trader who believes the price will fall takes a short position ("short selling").

If a trader’s prediction plays out, they profit from the difference between the futures price and the actual market price at settlement.

Futures trading platforms like Kraken Pro match buyers and sellers of each futures contract. Kraken is not a counterparty to your trade; instead, it facilitates the agreement between traders. The “loser” of the trade pays the “winner” the price difference between the settlement price and the current spot price of the asset.

Crypto futures are among the most popular types of derivatives in digital asset markets.They allow traders to gain exposure to crypto price movements without owning the underlying asset, often with lower fees and leverage that amplifies position size.

Derivatives make up a significant part of the crypto economy. They now account for more than half of all cryptocurrency trading volume, representing billions of dollars traded daily.

Kraken now offers two distinct types of crypto futures products:

1. Perpetual futures, offered on Kraken Pro, available in many regions worldwide.
2. Fixed-term (traditional or CME-style) futures, available through Kraken’s NinjaTrader platform.

A perpetual futures contract (more simply, a perpetual contract or ) is a type of futures agreement with no expiration date. You can hold the position indefinitely, provided you meet margin requirements.

Because perpetual contracts never expire, they rely on a funding rate mechanism to keep the contract price close to the spot market price.

• When the perpetual price is above spot, longs pay shorts.
• When the perpetual price is below spot, shorts pay longs.

A trader goes long on a BTC perpetual contract expecting Bitcoin to rise. If BTC increases, the contract’s value rises and the trader profits. If BTC falls, they incur losses. The position remains open until closed (either voluntarily or by liquidation).

Fixed-term futures are traditional futures contracts with a defined expiration date. These are the types of futures offered by regulated markets such as the CME Group, now accessible to Kraken clients through .

Each contract specifies:

• The underlying asset (e.g., BTC or ETH)
• The contract size (e.g.,1 BTC or a fractional equivalent)
• An expiry date (e.g., July 2026)
• Settlement terms (cash or physical delivery)

Two parties agree to buy or sell an asset at a set price on a specific future date. As expiry approaches, the contract’s price converges toward the spot price.

These contracts may settle:

• In cash: the difference in price is paid in fiat.
• Physically: the underlying crypto asset is delivered (less common in retail trading).

A trader buys an Ether (ETH) futures contract expiring in March 2026 at $3,000. If the spot price rises above this before expiry, the trader can sell the contract for a profit. If it falls below $3,000, they incur a loss at settlement.

Trading crypto futures involves an agreement between two traders: one who expects the price of a crypto asset to rise (the buyer, or long) and one who expects it to fall (the seller, or short). When the futures price moves in the direction a trader predicts, that trader profits. The other trader incurs a corresponding loss.

Because a futures contract is a direct agreement between traders, both parties must agree to key details before the contract is executed. These details define how the contract behaves, how it settles and what amount of value it represents.

Every cryptocurrency futures contract consists of four main components.

The expiration date determines when the contract will close and when value will be exchanged between the involved parties.

In fixed-term futures, the expiration date is agreed upon when traders enter into the contract at a set price. On that date, the contract automatically settles based on the difference between the agreed-upon futures price and the spot price of the underlying crypto asset.

For example, if two traders agree to exchange the value of 1 BTC at a price of $60,000 in December and the price of BTC is $65,000 at that time, the buyer profits by $5,000 while the seller realizes that same loss.

Some platforms (such as Kraken Pro) also offer perpetual futures. As discussed, these allow traders to hold their positions indefinitely provided they maintain sufficient margin to cover potential losses.

The contract lot size defines how much of the underlying asset each futures contract represents.

A single contract can be priced in terms of the underlying crypto asset (for example 1 contract = 1 BTC) or in terms of its notional value in fiat (for example 1 contract = $1 worth of BTC).

Most platforms (including Kraken) allow for fractional trading. This means a trader does not need to commit to a full contract unit. For example, even though a futures contract might represent 1 BTC, a trader could open a position for as little as 0.0001 BTC. Fractional sizing allows for greater flexibility and risk control, especially for traders with smaller portfolios or those testing strategies.

Leverage allows traders to control a position that is larger than their initial deposit (known as margin). This feature increases capital efficiency, making it possible to amplify potential returns but it also magnifies potential losses.

For example, a trader might open a Bitcoin futures contract worth 5 BTC (about $150,000) with only a 10% initial margin deposit, or $15,000. This gives them 10x leverage. 

If the price of Bitcoin rises by 5%, the position’s notional value increases to $157,500, resulting in a $7,500 profit (a 50% gain on margin). However, if Bitcoin falls by 5%, the trader would lose the same $7,500, half of their margin, and risks liquidation if the loss exceeds maintenance requirements.

Different crypto exchanges apply different leverage limits depending on the asset, volatility and region. Kraken provides traders with built-in risk management systems to prevent excessive exposure and manage liquidation thresholds.

The settlement method determines how the contract closes when it expires or when a trader exits the position.

• Cash settlement: in most cases, crypto futures settle in cash. The trader who loses pays the trader who wins in fiat currency such as USD or EUR or in a stablecoin. This is the most common method across both perpetual and fixed-term contracts because it is efficient and does not require the transfer of the underlying crypto asset.

• Physical settlement: some regulated exchanges and institutional venues also offer physical delivery. Here, the seller must deliver the actual digital asset to the buyer at the agreed-upon settlement price. For example, if a contract calls for delivery of 1 BTC at $60,000, the seller transfers 1 BTC and receives $60,000 from the buyer.

The difference between the contract settlement price and the spot price at the time of settlement determines each trader's profit or loss. On platforms such as Kraken Pro and NinjaTrader, this process happens automatically at contract closure, ensuring both sides of the trade are fulfilled according to the agreed terms.

As touched on earlier, platforms require margin collateral — typically cash, stablecoins or crypto. If a position moves against a trader and the margin falls below maintenance levels, a margin call may be issued.

Failure to respond to this by topping up margin can trigger liquidation, where the platform closes the position automatically to prevent further losses.

Despite their complexity, futures offer a variety of benefits over the spot market that many traders find useful. They can be used in different ways depending on a trader’s experience, strategy and risk tolerance.

• Speculation: futures allow traders to take advantage of price swings in either direction. Opening a long or short position makes it possible to profit from both rising and falling markets. Shorting a futures contract is one of the simplest ways to benefit when an asset’s price declines.
• No asset ownership: futures provide exposure to digital asset prices without requiring traders to own or store the actual cryptocurrency. This can be attractive for investors who want to participate in the crypto market without managing wallets or private keys.
• Fees: futures trading fees are generally lower than those in spot markets. Some exchanges offer trading fees as low as 0.01%, helping active traders manage costs more efficiently.
• Leverage: futures contracts typically include built-in leverage, allowing traders to control larger positions with smaller deposits. Leverage increases potential profits but also amplifies losses if the market moves against a trader’s position.
• Hedging: traders who already hold cryptocurrencies can use futures to protect against adverse price movements. For example, opening a short futures position can offset losses in a long spot position during a market downturn, without requiring sale of the assets.
• Arbitrage opportunities: futures create opportunities to profit from temporary price differences between markets. A trader might open offsetting long and short positions on different exchanges or contract types, capturing profit when prices converge.
• Greater market access and flexibility: futures enable traders to access a wide range of digital assets and trade around the clock. The ability to go long or short gives flexibility that spot trading alone cannot offer.
• Liquidity and capital efficiency: futures markets tend to have deep liquidity, allowing traders to enter or exit large positions with minimal price impact. Because only a margin deposit is required, traders can allocate capital more efficiently than in spot markets.
• Diversification of strategies: Futures support advanced trading approaches such as hedging, spread trading and portfolio diversification. This allows traders to build more sophisticated strategies and manage risk across multiple positions.

On spot exchanges, a purchase results in immediate ownership or delivery. You exchange one asset, such as USDT, for another, such as BTC, and the transaction settles at once. Because you are holding the actual asset, you become directly exposed to its price movements and market risk.

Futures trading operates differently: you enter a contract to buy or sell the asset at a predetermined future date and price. Instead of owning the underlying asset, you're trading a derivative whose value tracks that asset’s price. 

Another major difference is exposure: in spot trading, you have direct asset exposure and custody responsibilities (ownership, wallets, transfers). In futures trading, you gain indirect exposure to the asset’s price without actually holding it, outsourcing custody to your chosen platform (at the cost of added complexity).

Because of the mechanics of contracts, leverage, and futures pricing (including concepts like contango/backwardation), futures markets often require more advanced understanding and stronger risk management, and are usually better suited to more experienced or institutional traders.

Crypto futures trading opens up new ways to gain exposure to digital assets without directly owning them. 

Whether through perpetual contracts on Kraken Pro or fixed-term futures available via NinjaTrader, traders can choose the product that best matches their goals, time horizon and risk tolerance. 

Understanding how each type of futures contract works, along with key concepts like leverage, funding rates and settlement, is essential before trading. 

As the crypto and traditional markets continue to converge, Kraken aims to provide clients with the trading tools, education and access they need to navigate both confidently and responsibly.

Ready to get started with derivatives trading? Kraken Pro has you covered with 100+ futures markets — and a seamless experience that makes trading effortless, whether you’re on the go or at your desk.