Kraken Turns Prime Into a Self-Service Platform for Institutions

Kraken has redesigned Kraken Prime as a self-service trading and operations interface for institutional clients, shifting much of the product away from API integrations and desk-managed workflows. According to the exchange, clients can now reach execution, settlement, access controls and order management through a single web interface without any API setup.

The change targets institutional users who want to oversee trading activity, exposure and post-trade processes from one place. Previously, the web interface supported OTC RFQ requests only, while a fuller view of Prime activity required programmatic access. Much of that infrastructure otherwise had to be handled through the desk.

Multi-venue execution and net settlement in one UI

The updated interface adds multi-venue execution, post-trade net settlement, a unified activity blotter, user permissions and expanded order types. Clients can place limit orders, market orders, spot RFQs and TWAP orders directly through the UI. Kraken said Prime clients can trade against their credit limit, settle net at the end of a cycle, build settlement batches, monitor live exposure, confirm settlement and export PDF or CSV reports without contacting the desk.

The activity view consolidates orders, fills and trade history into a single blotter, regardless of whether a trade originated through the UI, the API or the desk. Institutions can also assign trading or view-only permissions, configure API keys and revoke credentials.

Kraken introduced Prime in June 2025 as an institutional service combining trading, custody, lending and financing. At launch, the company said the product offered access to liquidity from more than 20 global venues, covering over 90% of the digital asset market, alongside smart order routing, T+1 credit facilities and asset-backed lending. It is aimed at eligible institutional clients, including hedge funds, asset managers, corporates and professional trading firms, and follows the prime brokerage model of giving clients one operational setup for liquidity, credit, collateral, custody and post-trade activity rather than separate workflows with multiple counterparties.

Parts of the Prime stack are legally separated. The company's latest announcement states that OTC services covering spot trading, derivatives and lending are provided by Payward Oceanic Ltd., a Kraken Group member, and are available only to eligible clients and may not be offered in every jurisdiction.

Kraken did not disclose the economics of the service, the composition of its liquidity sources, execution parameters, its full regulatory configuration, or the legal and operational terms governing settlement.