- Clearing & Settlement - a trade settles immediately or inside an agreed upon settlement window.
- No Counterparty Risk – no funds are transferred between Gemini accounts until both parties of the trade are fully funded.
- Regulatory/Compliance – each party is subject to Gemini’s robust KYC and BSA/AML program.
- Privacy – trade details are known only to the parties involved and are not published via Gemini’s market data feed.
- Orders - Automatic cancellation of any order,¹² or the remaining portion of any order, on a continuous order book that would move the market price by more than 5% in either direction, as compared to the prior prevailing market price;
- Auctions – Automatic cancellation of an auction if the final auction price deviates from the collar price by more than five percent in either direction at the time the auction runs; and
- Self-trade prevention – We prohibit you from crossing with yourself on a continuous order book or with yourself on an auction order book.
Marketplace
Last updated: November 13, 2019
Introduction
Continuous Order Book | AUCTION ORDER BOOK¹ | |
---|---|---|
AAVE/USD | Yes | No |
BAT/BTC | Yes | No |
BAT/ETH | Yes | No |
BAT/USD | Yes | No |
BAL/USD | Yes | No |
BTC/USD | Yes | Yes |
BCH/BTC | Yes | No |
BCH/ETH | Yes | No |
BCH/USD | Yes | Yes |
CRV/USD | Yes | No |
DAI/BTC | Yes | No |
DAI/ETH | Yes | No |
DAI/USD | Yes | No |
ETH/BTC | Yes | No |
ETH/USD | Yes | Yes |
FIL/USD | Yes | No |
KNC/USD | Yes | No |
LINK/BTC | Yes | No |
LINK/ETH | Yes | No |
LINK/USD | Yes | No |
LTC/BCH | Yes | No |
LTC/BTC | Yes | No |
LTC/ETH | Yes | No |
LTC/USD | Yes | Yes |
MANA/USD | Yes | No |
MKR/USD | Yes | No |
OXT/BTC | Yes | No |
OXT/ETH | Yes | No |
OXT/USD | Yes | No |
REN/USD | Yes | No |
STORJ/USD | Yes | No |
SNX/USD | Yes | No |
UMA/USD | Yes | No |
UNI/USD | Yes | No |
YFI/USD | Yes | No |
ZEC/BCH | Yes | No |
ZEC/BTC | Yes | No |
ZEC/ETH | Yes | No |
ZEC/LTC | Yes | No |
ZEC/USD | Yes | Yes |
ZRX/USD | Yes | No |
Order Types
Description | Specifies Price | Can Trade Against Resting Orders | Can Rest on Continuous Order Book | Can Trade in Auction | |
---|---|---|---|---|---|
Market | Filled immediately against resting orders at the current best available price. | No | Yes | No | No |
Limit | Filled at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or canceled. | Yes | Yes | Yes | Yes |
Limit: Immediate-or- Cancel (IOC) | Filled immediately at or better than a specified price. Any quantity that is not filled immediately is canceled and does not rest on the continuous order book. | Yes | Yes | No | No |
Limit: Fill-Or-Kill (FOK) | Filled immediately at or better than a specified price. If the order cannot be filled in full immediately, the entire quantity is canceled. The order does not rest on the continuous order book. | Yes | Yes | No | No |
Limit: Maker-or-Cancel (MOC) | Rests on the continuous order book at a specified price. If any quantity can be filled immediately, the entire order is canceled. | Yes | No | Yes | Yes |
Limit: Auction-Only (AO) Limit | Rests on the auction order book and is filled at or better than a specified price at the conclusion of an auction. Any quantity that is not filled is canceled. | Yes | No² | No | Yes |
Limit: Indication of Interest (IOI) | Initiates Gemini’s block trading workflow to source liquidity for large block quantities. | Yes | No | No | No |
Stop-Limit | Places a Limit order when a Last Trade Price crosses the Stop Price of the order. | Yes | Yes | Yes³ | Yes⁴ |
Gemini Clearing™
Product Highlights
Bilateral Trade Workflow | The initiator enters a clearing order for any supported symbol via Gemini’s website interface, REST API, or FIX API. Upon submission of a clearing order, a unique Clearing ID is generated. |
Broker Trade Workflow | A broker facilitates a trade between two Gemini customers. The broker enters a clearing order for any supported symbol via Gemini’s website interface, REST API, or FIX API. The clearing order will contain the buyer’s Clearing ID, the seller’s Clearing ID, the trade details, and the agreed upon settlement window. |
Price Collar | A clearing order’s price limit must be within 20% of the midpoint of the related continuous order book at the time of order submission. This 20% price collar can be modified if both counterparties agree. To request an override, please contact trading@gemini.com. |
Minimum Quantity | None. |
Settlement Options | Immediate (if pre-funded), 1 Day, 2 Days, or 5 Days. |
Trade Information | Clearing orders and trade details are not published to any market data feeds. |
Bilateral Trade | Broker | |
---|---|---|
Fees | 0 bps (0.00%) | 0 bps (0.00%) |
Registration | All institutional accounts are already enabled for Gemini Clearing™ Retail customers please email sales@gemini.com for more information. | Yes. To become a broker, please email sales@gemini.com |
Order Placement | Website interface, REST API, or FIX API. | Website interface, REST API, or FIX API. |
Gemini Block Trading®
Indication of Interest (IOI): | Taker specifies: (i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit. Market makers only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order. The IOI has an expiry time of 60 seconds, during which market makers may submit but not cancel block orders. |
Price Collar | A block order’s price limit must be within 5% of the midpoint of the related continuous order book at the time of order submission. |
Price Requirement | The price limit for a sell block order must be below the midpoint of the related continuous order book. The price limit for a buy block order must be above the midpoint of the related continuous order book. |
Minimum Quantity | 5 BTC / 100 ETH / 200 ZEC / 500 LTC / 100 BCH / 50,000 BAT / 8,000 DAI / 3,000 LINK / 50,000 OXT / 1,500,000 AMP / 60 COMP / 5 PAXG / 20 MKR / 25,000 ZRX / 6,000 KNC / 250,000 MANA / 60,000 STORJ / 2,000 SNX / 8,000 CRV / 500 BAL / 1,500 UNI / 40,000 REN / 800 UMA / 1 YFI / 150 AAVE / 3,000 FIL |
Fill Allocation | Price-time priority. |
Minimum Required Fill | 5 BTC / 100 ETH / 200 ZEC / 500 LTC / 100 BCH / 50,000 BAT / 8,000 DAI / 3,000 LINK / 50,000 OXT / 1,500,000 AMP / 60 COMP / 5 PAXG / 20 MKR / 25,000 ZRX / 6,000 KNC / 250,000 MANA / 60,000 STORJ / 2,000 SNX / 8,000 CRV / 500 BAL / 1,500 UNI / 40,000 REN / 800 UMA / 1 YFI / 150 AAVE / 3,000 FIL |
Trade Information | Published ten minutes following execution of block trade. |
Order Restriction |
Taker | Market Maker | |
---|---|---|
Fees |
| 0 bps (0.00%) |
Registration | No. | Yes. |
Order Cancellation | No. | No. |
Order Placement | Website interface, REST API, or FIX API. | FIX API only. For information regarding cross-connectivity to our data center, please email connectivity@gemini.com |
Gemini Block Trading® Example
Event | Action | Quantity | Price Limit | Bid | Offer | Final Price |
---|---|---|---|---|---|---|
11:59:59am | Taker places Limit IOI buy order | 1,000 BTC | $10,100 | |||
11:59:59am | Midpoint of the continuous order book is $10,000, resulting in a collar for the block trade of $9,500 USD and $10,500. | |||||
12:00:00pm | IOI and collar broadcast to market makers via FIX protocol. | |||||
12:00:50pm | Market Maker A responds | 1,000 BTC | $9,950 | $10,050 | ||
12:00:52pm | Market Maker B responds | 1,000 BTC | $9,900 | $10,100 | ||
12:00:58pm | Market Maker C responds | 500 BTC | $9,950 | $10,050 | ||
12:01:00pm | Market Maker A sells to Taker | 1,000 BTC | $10,050 | |||
12:11:00pm | Gemini publishes block trade. |
Gemini Auction®
BTC/USD Auction Schedule
New York | 8am | 3:50pm | 3:51 - 3:59pm | 3:59pm | 3:59:15 - 3:59:45pm | 4pm |
---|---|---|---|---|---|---|
UTC (EDT) | 12:00 | 19:50 | 19:51 - 19:59 | 19:59 | 19:59:15 - 19:59:45 | 20:00 |
UTC (EST) | 13:00 | 20:50 | 20:51 - 20:59 | 20:59 | 20:51:15 - 20:59:45 | 21:00 |
SGT/HKT | 11am 2 | 6:50pm | 6:51 - 6:59pm | 6:59pm | 6:59:15 - 6:59:45pm | 7pm |
---|---|---|---|---|---|---|
JST | 12:00 | 19:50 | 19:50 - 19:59 | 19:59 | 19:50:15 - 19:59:45 | 20:00 |
UTC | 03:00 | 10:50 | 10:51 - 10:59 | 10:59 | 10:59:15 - 10:59:45 | 11:00 |
Begin accepting orders for auction.⁶ | First auction simulation runs. | The auction simulation is repeated and the indicative price is published every minute. | Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. | The auction simulation is repeated and the indicative price is published every 15 seconds. | Auction runs. |
ETH/USD Auction Schedule
New York | 8am | 3:50pm | 3:51 - 3:59pm | 3:59pm | 3:59:15 – 3:59:45pm | 4pm |
---|---|---|---|---|---|---|
UTC (EDT) | 12:00 | 19:50 | 19:51 – 19:59 | 19:59 | 19:59:15 – 19:59:45 | 20:00 |
UTC (EST) | 13:00 | 20:50 | 20:51 – 20:59 | 20:59 | 20:51:15 – 20:59:45 | 21:00 |
Begin accepting orders for auction. | First auction simulation runs. | The auction simulation is repeated and the indicative price is published every minute. | Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. | The auction simulation is repeated and the indicative price is published every 15 seconds. | Auction runs. |
ZEC/USD Auction Schedule
New York | 8am | 3:50pm | 3:51 - 3:59pm | 3:59pm | 3:59:15 – 3:59:45pm | 4pm |
---|---|---|---|---|---|---|
UTC (EDT) | 12:00 | 19:50 | 19:51 – 19:59 | 19:59 | 19:59:15 – 19:59:45 | 20:00 |
UTC (EST) | 13:00 | 20:50 | 20:51 – 20:59 | 20:59 | 20:51:15 – 20:59:45 | 21:00 |
Begin accepting orders for auction. | First auction simulation runs. | The auction simulation is repeated and the indicative price is published every minute. | Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. | The auction simulation is repeated and the indicative price is published every 15 seconds. | Auction runs. |
LTC/USD Auction Schedule
New York | 8am | 3:50pm | 3:51 - 3:59pm | 3:59pm | 3:59:15 – 3:59:45pm | 4pm |
---|---|---|---|---|---|---|
UTC (EDT) | 12:00 | 19:50 | 19:51 – 19:59 | 19:59 | 19:59:15 – 19:59:45 | 20:00 |
UTC (EST) | 13:00 | 20:50 | 20:51 – 20:59 | 20:59 | 20:51:15 – 20:59:45 | 21:00 |
Begin accepting orders for auction. | First auction simulation runs. | The auction simulation is repeated and the indicative price is published every minute. | Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. | The auction simulation is repeated and the indicative price is published every 15 seconds. | Auction runs. |
BCH/USD Auction Schedule
New York | 8am | 3:50pm | 3:51 - 3:59pm | 3:59pm | 3:59:15 – 3:59:45pm | 4pm |
---|---|---|---|---|---|---|
UTC (EDT) | 12:00 | 19:50 | 19:51 – 19:59 | 19:59 | 19:59:15 – 19:59:45 | 20:00 |
UTC (EST) | 13:00 | 20:50 | 20:51 – 20:59 | 20:59 | 20:51:15 – 20:59:45 | 21:00 |
Begin accepting orders for auction. | First auction simulation runs. | The auction simulation is repeated and the indicative price is published every minute. | Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. | The auction simulation is repeated and the indicative price is published every 15 seconds. | Auction runs. |
Gemini Auction® How It Works
Gemini Auction® Example
Price | Total Buy Interest | Total Sell Interest | Auction Quantity | Imbalance |
---|---|---|---|---|
$98 | 100 | 10 | 10 | 90 |
$99 | 60 | 30 | 30 | 30 |
$100 | 30 | 30 | 30 | 0 |
$101 | 10 | 60 | 10 | 50 |
$102 | 0 | 100 | 0 | 100 |
Priority of Limit Orders
Market Data
Periodic Review
Trading Fee Schedules
Marketplace Conduct Rules
Marketplace Controls
Clearly Erroneous Transaction Policy
Downtime and Maintenance
Questions, Feedback, and Complaints
¹The auction order book is blind; however, public auction events contain information that allows market participants to understand when there is an imbalance of buy or sell interest. ²Auction-Only (AO) Limit orders can trade against resting limit orders on the continuous order book at the time the auction runs. ³Stop-Limit orders do not fill or rest on the continuous order book until the Last Trade Price crosses the Stop Price. ⁴Stop-Limit orders do not fill or rest on the continuous order book until the Last Trade Price crosses the Stop Price, at which point they can also fill at the conclusion of an auction. ⁵The Gemini Auction® may be covered by one or more patents and/or patent applications, including U.S. Patent No. 10,002,389. ⁶Orders entered prior to eight hours before auction opening will be rejected. ⁷Gemini makes no guarantee that indicative prices and the final auction price will converge or that the related continuous order book prices will converge. Indicative auction prices, the final auction price, and continuous order book prices are solely a product of the interactions between market participants who are bound by our Marketplace Rules of Conduct. ⁸An auction will be canceled if (i) there is insufficient interest or (ii) the final auction price deviates from the collar price by more than five percent at the time that the auction runs. For all BTC/USD auctions, the collar price is the Winklevoss Blended Bitcoin Index (WBBI). The WBBI may be covered by one or more patents and/or patent applications, including U.S. Patent No. 10,002,389. For all ETH/USD and ZEC/USD auctions, the collar price is the midpoint of the continuous order book. If an auction is canceled, all Auction-Only (AO) Limit orders will be canceled and all orders on the continuous order book will be unaffected. ⁹In the event of a tie between multiple prices, the price closest to the collar price will be used. In the event that both prices are an equal distance from the collar price, the midpoint of both prices will be used. ¹⁰See https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf ¹¹Gemini is not a member of IOSCO. ¹²In addition, we provide a confirmation dialogue box via our website interface that warns you before placing any order on a continuous order book that could potentially move the market price by more than 5% in either direction, as compared to the prior prevailing market price. ¹³All trading error reports or complaints must contain sufficient information to facilitate review.
- Introduction
- Order Types
- Gemini Clearing™
- Product Highlights
- Gemini Block Trading®
- Gemini Block Trading® Example
- Gemini Auction®
- BTC/USD Auction Schedule
- ETH/USD Auction Schedule
- ZEC/USD Auction Schedule
- LTC/USD Auction Schedule
- BCH/USD Auction Schedule
- Gemini Auction® How It Works
- Gemini Auction® Example
- Priority of Limit Orders
- Market Data
- Periodic Review
- Trading Fee Schedules
- Marketplace Conduct Rules
- Marketplace Controls
- Clearly Erroneous Transaction Policy
- Downtime and Maintenance
- Questions, Feedback, and Complaints