Kraken to Retire 176 Native Trading Pairs for Synthetic Markets on Nov. 6
Kraken will cancel outstanding orders and move 176 native crypto trading pairs to synthetic markets beginning Nov. 6, with replacement markets scheduled to go live by the end of Nov. 9. The change removes maker-fee eligibility, charging taker fees even on limit orders, and eliminates post-only orders and partial fills.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
What Kraken Announced
Kraken will cancel orders across 176 native trading pairs and replace them with synthetic markets, according to an Oct. 27 notice from the exchange. The affected markets enter cancel-only mode on Nov. 6 at 14:00 UTC, and existing orders will be canceled and the native markets removed between Nov. 6 and Nov. 9. Replacement markets are scheduled to become available by the end of Nov. 9, but existing order instructions will not carry over, so customers must place fresh orders.
The affected pairs include BTC/DAI, ETH/JPY, AAVE/BTC, ADA/AUD and SHIB/USDT. Kraken said the underlying cryptocurrencies will remain available on the platform, and customer balances and margin trading pairs are unaffected.
How Synthetic Execution Works
Under the synthetic model, an order executes through two underlying markets that share a common currency, typically the US dollar. Kraken's matching engine completes both legs simultaneously and applies one consolidated fee. In the example Kraken offered, a customer swapping Solana for Dogecoin would be routed through SOL/USD and DOGE/USD as a single trade.
The structure removes the need for a dedicated order book for each pair. Kraken argues this can produce tighter spreads than native markets with thin liquidity, because execution draws from deeper underlying books, and that customers pay one taker fee rather than two separate fees for a manual two-step trade. Kraken Pro already offers more than 10,000 synthetic pairs, and the 176 affected markets will join that system.
Fee and Order-Type Changes
The more consequential change falls on limit-order users and market makers. On native order books, traders can qualify for maker pricing when resting orders are available for others to fill. Synthetic markets charge taker fees on every transaction, including limit orders, so that maker pricing no longer applies to the migrated pairs.
Synthetic limit orders remain available but execute only when the underlying markets can fill them at the specified price or better. The new markets also drop partial fills and several advanced instructions, including post-only orders and certain time-in-force settings. Strategies that depend on providing liquidity, managing partially filled positions, or holding orders at specific points in a book will need to be rebuilt.
Where the Coverage Differs
The two source reports agree on the timeline, the pair count and the removal of maker pricing, but they frame the trade-off differently. CryptoSlate emphasizes the execution mechanics and Kraken's claim of tighter spreads on thinly traded pairs. The Defiant leads with the fee consequence and describes the change primarily as a shift in how limit orders are priced. Neither source reports independent measurements of spread or fee outcomes, so the spread claim rests on Kraken's own description of its model.
Why It Matters
For Traders
Open native-pair orders will be canceled on Nov. 6 and must be re-placed, and limit orders will now incur taker fees on the migrated pairs.
For Investors
The shift to synthetic routing reflects exchanges consolidating liquidity into shared pools, which can change how trading volume and fee revenue are distributed across venues.
For Builders
Integrations that rely on post-only orders, partial fills, or per-pair order books on Kraken will need to be reworked for the 176 affected markets.
This article is for information only and is not financial advice. Read the full disclaimer.
