ActiveTrader™ Fee Schedule
Last updated: September 23, 2020
Overview
Orders placed via our ActiveTrader interface (each, an “Order”) are subject to the rates on this schedule.
Gemini utilizes a maker-taker fee model for determining trading fees for all Orders. Liquidity-making Orders are charged different fees than liquidity-taking Orders. If you place an Order that is filled immediately, this Order takes liquidity from the marketplace and, therefore, you are considered a taker and will be charged a taker fee. If you place an Order that is not filled immediately, but instead rests on the order book, your Order adds liquidity to the marketplace and, therefore, you are considered a maker and will be charged a maker fee.
Your Order could be subject to both maker and taker fees. If you place an Order that is partially filled immediately, you will be charged a taker fee on the filled portion. The remainder of your Order will rest on the order book and will be charged a maker fee when it is filled.
ActiveTrader Fee Schedule
Your fee rate for every trading pair is determined by your gross trading volume in notional USD across all of Gemini’s (i) continuous order books, (ii) auction order books (iii), and block trading over a 30-calendar-day trailing window. Your fee rate will be recalculated every day at midnight UTC (7pm EST / 8pm EDT) and applied to all Orders going forward from that time.
The following rates only apply to your Orders placed via ActiveTrader. For information on rates for orders placed via other applications and interfaces, please see the Marketplace Fee Schedules section of our User Agreement.
| 30-DAY TRADING VOLUME IN (USD NOTIONAL) | TAKER FEE | MAKER FEE | AUCTION FEE |
|---|---|---|---|
0 | 0.35% | 0.25% | 0.25% |
≥ $500,000 | 0.25% | 0.15% | 0.20% |
≥ $2,500,000 | 0.25% | 0.15% | 0.10% |
≥ $5,000,000 | 0.15% | 0.10% | 0.10% |
≥ $10,000,000 | 0.15% | 0.10% | 0.00% |
≥ $15,000,000 | 0.10% | 0.00% | 0.00% |
≥ $50,000,000 | 0.075% | 0.00% | 0.00% |
≥ $100,000,000 | 0.05% | 0.00% | 0.00% |
≥ $250,000,000 | 0.04% | 0.00% | 0.00% |
≥ $500,000,000 | 0.03% | 0.00% | 0.00% |
Gemini Product Incentive Discounts
Gemini ActiveTrader customers that achieve one or more of the following benchmarks will receive a 0.005% reduction on their taker fee for each benchmark achieved (“Gemini Incentive Credits”). Each Gemini ActiveTrader customer’s taker fee is established by their 30- calendar-day trading volumes, as described above:
Gemini Clearing®: clearing and settling in excess of $10,000,000 of aggregate notional value utilizing Gemini Clearing® in any calendar month; and/or
Gemini Custody®: holding ≥$10,000,000 average notional value of Supported Digital Assets in a Gemini Custody® account in any calendar month.
Gemini Incentive Credits will be applied to the taker fees for the subsequent calendar month immediately following the month in which the aforementioned benchmarks were attained.
In an effort to foster fair and orderly markets on our Exchange, we may, from time to time, offer fee discounts, rebates, and/or other incentives to certain Gemini Customers, which may include affiliates, who we believe in our sole discretion will provide liquidity to our Marketplace and/or meet liquidity requirements for certain trading pairs on our Exchange.
Block Trading® Fee Schedule
The fee rates for all block Orders (each, a “Block Order”) are fixed at the below rates for all trading pairs.
| TAKER FEE | MAKER FEE |
|---|---|
| 0.0% |
We will be waiving all Block Trading fees commencing September 21, 2018 0:00 UTC ending March 31, 2021 @ 0:00 UTC.
Fee Calculation
We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). Depending on the Order type, fees will be either deducted from the gross proceeds of a trade or charged to the account at the time a trade is executed. Any fees will be applied at the time an Order is placed. For partially filled Orders, only the executed portion is subject to trading fees.
Fee Denominations
Fees are charged in quote currency, or the second currency in the pair. Example: The transaction fee for BTC/USD will be charged in USD. Additionally, the transaction fee for ETH/BTC will be charged in BTC.
Fee Discount Examples
Alice trades $26,000,000 gross volume over four calendar days during a 30-calendar-day window at various times on Gemini continuous and auction order books. Her fees paid are as follows:
| EVENT | ACTION 2 | SIDE | TAKER FEE | MAKER FEE | AUCTION FEE | FEE PAID | 30-DAY TOTAL |
|---|---|---|---|---|---|---|---|
Day 1 @ 4PM | Limit Buy 500 BTC @ $10,000 | Taker | 0.35% | 0.25% | 0.25% | $17,500 | $5,000,000 |
Day 1 @ 7PM | Fee re-calc | 0.15% | 0.10% | 0.10% | |||
Day 2 @ 4PM | Auction-Only (AO) Limit Buy | 0.15%0.15% | 0.10% | 0.10% | $10,00 | $15,000,000 | |
Day 2 @ 7PM | Fee re-calc | 0.10% | 0.00% | 0.00% | |||
Day 3 @ 4PM | Limit Sell 2,000 ETH @ 0.05 BTC | Maker | 0.10% | 0.00% | 0.00% | $0 | $16,000,000 |
Day 3 @ 7PM | Fee re-calc | 0.10% | 0.00% | 0.00% | |||
Day 4 @ 5PM | Limit Sell 1,000 BTC @ $10,000 | Maker | 0.10% | 0.00% | 0.00% | $0 | $20,000,000 |
Fee Calculation Examples
Sell Orders – Fees for limit and market sell Orders are deducted from the proceeds of the resulting trade.
Example: Evelyn enters a limit sell Order of 10 BTC with a limit price of $100 that fills as a maker at an average price of $101 per BTC. She also enters a market sell Order of 10 BTC that fills as a taker at an average price of $100 per BTC. Her fees paid are as follows:
| ACTION | BUY | SELL |
|---|---|---|
Order Type | Limit | Market |
Amount | 10 BTC | 10 BTC |
Fill Price | $101 | $100 |
Fee | 0.25% | 0.15% |
Fee Paid | $2.525 | $1.50 |
Gross Sale Proceeds | $1,010 | $1,000 |
Net Sale Proceeds | $1007.4750¹ | $998.50 |
Buy Orders – Fees for limit buy Orders are added to the purchase price as the Order fills; fees for market buy Orders are deducted from the purchase price of the resulting trade.
Example: Reema enters a limit buy Order for $1,000 of BTC with a limit price of $101 that fills as a maker at an average price of $100 per BTC. She also enters a market buy Order for $1,000 of BTC that fills as a taker at an average price of $100 per BTC. Her fees paid are as follows:
| ACTION | SELL | SELL |
|---|---|---|
Order Type | Limit | Market |
Amount | 10 BTC | 10 BTC |
Fill Price | $101 | $100 |
Fee | 0.25% | 0.15% |
Fee Paid | $2.525 | $1.50 |
Gross Sale Proceeds | $1,010 | $1,000 |
Net Sale Proceeds | $1007.4750¹ | $998.50 |
Block Orders – Fees for the taker side of a Block Order, the IOI, are added to the purchase price as the Block Order fills; fees for the maker side of a Block Order are deducted from the proceeds of the resulting trade.
Example: Aliyah, a taker, enters a Block Order to buy 1000 BTC with a limit price of $100. Market-maker Frank receives an IOI with a quantity of 1000 and a midpoint of $99; she responds by quoting a spread to sell at $99.80 and to buy at $98.20, both for the full quantity of Aliyah’s Block Order. The Block Trading engine then matches them for the full quantity at $99.80. Their fees paid are as follows.
| Market Participant | ALIYAH | |
|---|---|---|
Liquidity | Taker | Maker |
Action | Buy | Sell |
Order Type | Block Limit | Block Limit |
Amount | 1000 BTC | 1000 BTC |
Fill Price | $99.80 | $99.80 |
Fee | 0.10% | 0.00% |
Fee Paid | $99.80 | $0.00 |
Gross purchase price / proceeds | $99,899.80 | $99,800 |
Gross purchase price / proceeds | $1007.4750¹ | $998.50 |
Notice of Changes
Any change to our ActiveTrader Fee Schedule, including adjustments to any tiers or rates, will be emailed and/or posted no fewer than three calendar days before such changes are to take effect and no changes will be in effect for fewer than 30-calendar-days, subject to any shorter period of time that may be required by applicable law or regulation.
Any Order placed after the effective date indicated in any such notice will be subject to the new ActiveTrader Fee Schedule and you will be deemed to have agreed to the new ActiveTrader Fee Schedule by continuing to use our ActiveTrader interface.
Order Placement
For more information on how Orders are handled, please see the Order Placement section of our User Agreement.
¹Displayed as $1,007.48 ²Fee Paid = $1,000 × (0.0015 / 1.0015) ³Displayed as $1.50