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How to close Kraken contracts

Closing a Kraken contract involves several steps, including calculating your profit or loss, setting the order type, entering order details, and confirming its execution.

Nov 12, 2024 at 11:41 pm

How to Close Kraken Contracts

Closing a Kraken contract involves several steps that ensure the orderly termination of your position in the derivatives market. Here's a comprehensive guide to help you navigate the process:

Step 1: Understanding Position Closure

Closing a contract refers to the act of exiting an open position by taking an opposite position of equal size.
This involves selling a contract that you previously bought or buying back a contract you previously sold.
By closing a contract, you effectively neutralize your exposure to the underlying asset and end your involvement in the derivatives market.

Step 2: Navigating the Kraken Interface

Access the Kraken Futures dashboard to manage your open positions.
Select the "Positions" tab to view a list of your active contracts.
Identify the contract you wish to close and click on the "Close" button.

Step 3: Calculating Profit and Loss

Before closing a contract, it's essential to calculate your profit or loss (P/L).
The P/L is determined by the difference between the current market price and the price at which you opened the contract.
Kraken provides real-time P/L calculations, which you can view by hovering over the "P/L" column in the "Positions" tab.

Step 4: Setting the Order Type

Kraken offers various order types for closing contracts:
- Market Order: Executes your order immediately at the current market price.
- Limit Order: Allows you to specify a desired price at which your order will execute.
- Stop-Limit Order: Triggers an execution when a specified stop price is reached and executes at a specified limit price.

Step 5: Entering Order Details

Specify the order type, quantity, and any other necessary parameters, such as the limit price for limit orders.
Pay attention to the minimum order quantities for different contracts.
Review the order details before submitting to ensure accuracy.

Step 6: Confirming Order Execution

Once you click the "Close" button, Kraken will attempt to execute your order.
Execution may take a few seconds or minutes, depending on market conditions.
You will receive a confirmation message once the order is filled and your contract is closed.

Step 7: Managing Open Contracts

Repeat steps 2-6 to close additional open contracts as needed.
Once all open contracts are closed, your exposure to the underlying asset is neutralized, and you have completed the process of closing Kraken contracts.

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