Marketplace

Last updated: November 13, 2019

Introduction

The Gemini marketplace features central limit order books that follow a price-time priority model. The following trading pairs and order books are available:

	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

Our marketplace operates 24 hours a day, seven days a week, except for brief maintenance periods, which we announce ahead of time on our status page and at @gemini.

You may place as many orders as you like with any of the execution options described below. Gemini is a full reserve exchange — all orders are fully funded — we do not offer margin trading. As a result, your outstanding interest on our orders books cannot exceed your account balance at any time and all open orders reduce your available balance until such orders are fulfilled or canceled.

Order Types

Gemini supports the following order types and execution options:

	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™

Gemini Clearing™ allows trades that are negotiated off-exchange or over-the-counter (OTC) to settle between Gemini accounts. Such trades can either be arranged bilaterally between two parties or brokered via a third party. Gemini Clearing™ provides regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counterparty risk.

Product Highlights

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.


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. If a counterparty Clearing ID has been submitted by the initiator, only that specified counterparty can confirm the trade. If a counterparty Clearing ID has not been submitted, then any counterparty that has been provided with the unique Clearing ID can receive the clearing order and confirm the trade. Once the clearing order has been confirmed by the receiving counterparty, it will enter in to a confirmed status and we will attempt to settle the trade. Settlement will only occur when both parties have the requisite funds in their respective accounts to fulfill the trade. If either party does not deposit the funds required to settle the trade within the settlement window, the clearing order will expire and no funds will be moved.
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. Once the broker has submitted the clearing order, both the buyer and the seller receive the clearing order for review and confirmation. When both parties confirm the clearing order, we will attempt to settle the trade. Settlement will only occur when both parties have the requisite funds in their respective accounts to fulfill the trade. If either party does not deposit the funds required to settle the trade within the settlement window, the clearing order will expire and no funds will be moved.
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%) We will be waiving all Gemini Clearing™ fees until March 31, 2020.	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®

Gemini Block Trading® is a fully-electronic block trading facility. Block Trading enables you to buy and sell large block quantities of digital assets outside of our auction and continuous order books, creating an additional mechanism to source liquidity when trading in greater quantity. Block Trading operates according to the following criteria:


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	~~50 bps (0.50%)~~ 0 bps (0.00%) We will be waiving all Block Trading fees ending June 30, 2021 @ 0:00 UTC.	0 bps (0.00%)
Registration	No.	Yes. To become a market maker, please email sales@gemini.com.
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.

We will be waiving all Block Trading fees ending June 30, 2021 @ 0:00 UTC.

Gemini Auction®

The Gemini marketplace conducts auctions⁵ for certain trading pairs every day (including weekends and holidays), which foster moments of elevated liquidity and price discovery. Below is the schedule for auctions:

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. First indicative price is published via API and website interface.⁷	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. Auction-Only (AO) Limit orders are filled or canceled. If successful, auction results are published as a bulk trade via API and website interface.⁸

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. First indicative price is published via API and website interface.	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. Auction-Only (AO) Limit orders are filled or canceled. If successful, auction results are published as a bulk trade via API and website interface.

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. First indicative price is published via API and website interface.	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. Auction-Only (AO) Limit orders are filled or canceled. If successful, auction results are published as a bulk trade via API and website interface.

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. First indicative price is published via API and website interface.	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. Auction-Only (AO) Limit orders are filled or canceled. If successful, auction results are published as a bulk trade via API and website interface.

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. First indicative price is published via API and website interface.	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. Auction-Only (AO) Limit orders are filled or canceled. If successful, auction results are published as a bulk trade via API and website interface.

Gemini Auction® How It Works

The final auction price for every auction is established as the price that executes the greatest aggregate quantity and minimizes the imbalance between buy and sell orders across both the auction and continuous order books. The imbalance is defined as the absolute value of the difference between total buy orders and total sell orders at a given price across both the auction and continuous order books. A desirable property of this auction design is that it approximates the results of the Walrasian tâtonnement process used in standard economics textbooks to describe how the forces of supply and demand determine prices and market clearing quantities. Within this auction design, the market is open to accepting orders until the time the auction algorithm runs. This auction mechanism is similar to the auction mechanisms used by NYSE Arca, Nasdaq, Bats, and other large stock exchanges throughout Europe and Asia.

Gemini Auction® Example

In the example below, there are two prices, $99 and $100, that will execute the greatest aggregate quantity across both the auction and continuous order books, which is 30. However, at the $99 price, the imbalance between buy and sell orders is greater than it is at the $100 price. As a result, the final auction price will be $100 because this price executes the greatest aggregate quantity and minimizes the imbalance between buy and sell orders across both the auction and continuous order books.

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

For historical data on auctions, please see our Auction Data page.

Priority of Limit Orders

All limit orders at the same specified price are treated equally and executed in the order in which they were received. Partially filled resting limit orders retain their priority until canceled.

Market Data

For Gemini market data, please see our Market Data API page.

Periodic Review

We review our codebase, documentation, trading activity, and the order matching and auction process of our matching engine as part of our periodic review, which is performed in accordance with Principle 10 of the IOSCO Benchmark Principles.¹⁰ ¹¹

Trading Fee Schedules

For information on our trading fee schedules, please see the following:

Marketplace Conduct Rules

We have Marketplace Conduct Rules designed to prevent the use of Gemini for manipulative conduct or deceptive practices, including, but not limited to, price manipulation. We take our Marketplace Conduct Rules very seriously and it is our policy to take all necessary steps to prohibit manipulative conduct or deceptive practices.

Marketplace Controls

In an effort to foster a fair and orderly market, we have put in place marketplace controls (Marketplace Controls). Our Marketplace Controls are as follows:

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.

We reserve the right to change and/or modify our Marketplace Controls pursuant to our User Agreement (see ‘Marketplace Controls’).

Clearly Erroneous Transaction Policy

We reserve the right to declare a transaction null and void that we determine to be clearly erroneous pursuant to our User Agreement (see ’Clearly Erroneous Transaction Policy’).

Downtime and Maintenance

We undergo scheduled general maintenance every Thursday from the hours of 7pm ET until 11pm ET or earlier. We also undergo scheduled FIX maintenance every Thursday from the hours of 5:15pm ET until 8pm ET or until our scheduled general maintenance is completed. In the event that we experience downtime or perform maintenance outside of our weekly scheduled window, we will always do our best to pre-communicate details on our status page and at @gemini. For information on how orders are handled during downtime, please see the Order Handling section of our User Agreement.

Questions, Feedback, and Complaints

If you have any questions, would like to provide feedback, or would like more information about Gemini, please feel free to contact our Customer Support Team.

If you would like to report a trading error or lodge a complaint,¹³ please contact our Customer Support Team using one of the following methods:

1. Complete this form;

2. Write to our Customer Support Team at: Gemini Trust Company, LLC, 600 Third Avenue, 2nd Floor, New York, NY 10016; or Call our Customer Support Team at +1 (866) 240-5113 (toll-free in the USA).

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