We’re thrilled to announce the immediate availability of USDT as collateral when trading derivatives using Gemini’s cross collateral feature.

In addition to the recent announcement of ETH as collateral, Gemini’s perpetual contracts—denominated in Gemini Dollars (GUSD)—now offer even greater flexibility with cross-collateral support. Customers can now use USDT, ETH, BTC, and GUSD as collateral to trade perpetual contracts, providing a wider range of funding options and enhancing trading flexibility.

### What is Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Margin maintenance limit__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage")*.

Collateral serves as a buffer to cover potential losses in the event that your derivatives position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation when margin requirements are not met. Please note that even with sufficient margin, your collateral assets may still be at risk of liquidation if a negative balance occurs and the ‘Negative Balance’ setting is turned off, or if your negative balance exceeds the allowable thresholds. 

*To learn more about negative balances on your derivatives account, check out our article: [What are negative balances and negative balance fees in cross collateral trading?](https://support.gemini.com/hc/en-us/articles/22961549369883-What-are-negative-balances-and-negative-balance-fees-in-Cross-Collateral-trading "Negative Balance Explainer")*

Even if you don't have cross collateral enabled, you can still easily fund your derivatives account on Gemini. Simply transfer SGD, USD, or USDC into your derivatives account, and the funds will automatically be converted to GUSD - offering you flexible funding options to suit your needs.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD,BTC, or ETH to your derivatives account
6. Start trading!

Stay tuned for more updates and features to elevate your derivatives trading experience.

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


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Weekly Market Update

USDT Now Available as Cross Collateral for Derivatives Trading

Today, we’re thrilled to announce the immediate availability of ETH as collateral when trading derivatives using Gemini’s cross collateral feature.

This means that while Gemini’s perpetual contracts are denominated in Gemini Dollars (GUSD), customers who enable cross collateral will now be able to use ETH, in addition to BTC and GUSD, as collateral to trade perpetual contracts - providing more flexible funding options.

### What is Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Margin maintenance limit__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage")*.

Collateral serves as a buffer to cover potential losses in the event that your position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation if margin requirements are not met.

With the cross collateral feature, you can now use BTC and ETH, as collateral for your trades. More assets for cross collateral will be introduced soon.

Even if you don't have cross collateral enabled, you can still easily fund your derivatives account on Gemini. Simply transfer SGD, USD, or USDC into your derivatives account, and the funds will automatically be converted to GUSD - offering you flexible funding options to suit your needs.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD,BTC, or ETH to your derivatives account
6. Start trading!

Stay tuned for more updates and features to elevate your derivatives trading experience.

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing ETH as Cross Collateral for Derivatives Trading

We are thrilled to announce a significant enhancement to [Gemini Foundation](https://www.gemini.com/derivatives "Gemini Crypto Derivatives") that will streamline your trading process like never before. Effective immediately, customers can now transfer SGD from their spot account directly into their Gemini derivatives account, via ActiveTrader on web, where it will be automatically converted to GUSD with no fees.

This means that customers with SGD are no longer required to purchase GUSD or BTC to trade derivatives. Instead, the entire process of conversion to GUSD will be automated, and no fees will be charged to the customer.

Gemini Foundation is a non-US derivatives platform that currently hosts over a dozen crypto perpetual contracts for trading, including BTC/GUSD, ETH/GUSD, XRP/GUSD, and SOL/GUSD perpetual contracts, along with many others.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives "Gemini Crypto Derivatives"). It is not available to customers in the United States of America, United Kingdom, or the European Union. 

### How It Works

1. __Initiate Transfer__: Simply transfer SGD from your spot account to your derivatives account on ActiveTrader via web. 
2. __Confirm Transfer__: Review and confirm your transfer request and exchange rate.
3. __Automated Conversion__: Upon arrival in your derivatives account, SGD will be automatically converted into GUSD at the stated exchange rate. No fees will be charged to the customer as a result of this conversion.
4. __Start Trading__: With your funds now in GUSD, you can execute trades and explore the various perpetual contracts offered on our derivatives platform.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. Log on to ActiveTrader via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer SGD/GUSD/BTC to your derivatives account

Stay tuned as we continue to introduce more features and enhancements to elevate your trading experience. To learn more about Gemini Foundation, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives "Gemini Crypto Derivatives"). 

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing Seamless SGD to GUSD Transfers on Gemini’s Derivatives Platform

You want more? We're giving you more!

Announcing the latest expansion of our derivatives trading competitions on the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") - the P&L Playoff Monthly Challenge!

__Starting now, alongside our daily competitions, we're thrilled to introduce a monthly showdown where the derivatives trader with the highest number of wins at the end of every month in our daily P&L Playoff competition, will win the grand prize of $5000 GUSD.__

Just like our daily P&L Playoff competition, the monthly version of P&L Playoff is open to customers in any of our derivatives-supported jurisdictions. Institutional account holders are not eligible. The winner will be determined at the end of every month, running from the first day of the month at 00:00:00 UTC to the last day of the month at 23:59:59 UTC. Winners will be notified via email.

The prize will be credited directly to the winner’s Gemini derivatives account within 72 hours after the end of each competition period.

Running concurrently with all our daily trading competitions, we’re upping the ante to enhance your trading experience on Gemini.

### How to Join

You will need a Gemini derivatives account and be part of our Gemini Leaderboard in order to qualify.

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For Gemini users who have yet to activate their derivatives account, follow these steps:

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account

With your Gemini derivatives account set up, you are now ready to join the Gemini Leaderboard. __Please note that you must join the Gemini Leaderboard to qualify for any of our derivatives trading competitions.__

1. In your derivatives account, select “Join the Gemini Leaderboard”
2. Enter your customized Geminym and profile picture. Your Geminym is the alias that will be displayed on the Gemini Leaderboard to represent you
3. Agree to the terms and conditions
4. Congratulations! Welcome to the Gemini Leaderboard

Get ready - P&L Playoff May Challenge starts now. 

Good luck and happy trading!

Onward and Upward,

The Gemini Foundation Team

*Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, the European Union, or other prohibited jurisdictions.* 

<details>sign up</details>


Introducing the P&L Playoff Monthly Challenge - $5,000 GUSD Up For Grabs

Introducing the newest derivatives trading competition on the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") - the P&L Playoff!

__Starting now, the derivatives trader with the highest profit achieved in each 24-hour period, including both realized and unrealized, will win $500 GUSD daily.__

P&L Playoff is open to customers in any of our derivatives-supported jurisdictions. Institutional account holders are not eligible. The winner will be determined at the end of every 24-hour period, running from 00:00:00 UTC to 23:59:59 UTC, and will be notified via email.

The prize will be credited directly to the winner’s Gemini derivatives account within 72 hours after the end of each competition period.

Running concurrently with our [ROI Rumble](https://www.gemini.com/blog/announcing-the-extension-of-the-roi-rumble "ROI Rumble") and [Volume Victor](https://www.gemini.com/blog/introducing-volume-victor-the-biggest-taker-takes-it-all "Volume Victor") trading competitions, get ready to compete with traders around the globe to walk away with one of our daily prizes!

### How to Join

Before the competition launches, you will want to ensure that your Gemini derivatives account is set up and ready to go. If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For Gemini users who have yet to activate their derivatives account, follow these steps:

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account

With your Gemini derivatives account set up, you are now ready to join the Gemini Leaderboard. __Please note that you must join the Gemini Leaderboard to qualify for any of our derivatives trading competitions.__

1. In your derivatives account, select “Join the Gemini Leaderboard”
2. Enter your customized Geminym and profile picture. Your Geminym is the alias that will be displayed on the Gemini Leaderboard to represent you
3. Agree to the terms and conditions
4. Congratulations! Welcome to the Gemini Leaderboard

So what are you waiting for? Enter our [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") today and win big. Good luck!

Onward and Upward,

The Gemini Foundation Team

*Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, the European Union, or other prohibited jurisdictions.* 

<details>sign up</details>


Get Ready for the P&L Playoff - Trade Big to Win Big

Today, we are thrilled to announce the listing of the WIF/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the WIF perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD, SOL/GUSD, MATIC/GUSD perpetual contracts and more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD/BTC to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing the WIF/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

Today, we are excited to announce the listing of the BNB/GUSD and INJ/GUSD perpetual contracts on Gemini Foundation. Eligible users can now trade the BNB and INJ perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual,SOL/GUSD, MATIC/GUSD contracts and much more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing the BNB/GUSD and INJ/GUSD Perpetual Contracts on Gemini’s Non-US Crypto Derivatives Platform

Today, we are thrilled to announce the listing of five new perpetual contracts on Gemini Foundation. Eligible users can now trade the AVAX, DOGE, DOT, LINK, and LTC perpetual contracts denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we continue to list new perpetual contracts and enhance your experience on the Gemini derivatives platform. For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing Five New Perpetual Contracts on Gemini’s Derivatives Platform: AVAX/GUSD, DOGE/GUSD, DOT/GUSD, LINK/GUSD, LTC/GUSD

Today, we’re thrilled to announce the immediate availability of cross collateral on the [Gemini derivatives](https://www.gemini.com/derivatives "Gemini Derivatives") platform — providing you with more flexible funding options. 

With the introduction of cross collateral, you are no longer limited to only posting GUSD as collateral to trade derivatives on Gemini. You can now also leverage your BTC holdings to trade derivatives, with ETH collateral becoming available in the coming weeks.

### What is Collateral and Cross Collateral?

When trading derivatives, you are required to deposit funds, known as collateral, in order to open and maintain derivatives positions. The collateral required to open a position is your __Initial Margin__. The collateral required to keep your position open is known as __Maintenance Margin__, and the total amount of collateral available for trading is your __Margin Assets Value__.

*To learn more about margin, check out our article: [Gemini Foundation Academy: Understanding Margin and Leverage](https://www.gemini.com/blog/gemini-foundation-academy-understanding-margin-and-leverage "Gemini Foundation Academy: Understanding Margin and Leverage").*

Collateral serves as a buffer to cover potential losses in the event that your position moves against you. You are required to hold sufficient collateral to meet margin requirements, and keep in mind that collateral assets are at risk of liquidation if margin requirements are not met.

Here’s where cross collateral comes in. Until today, when trading derivatives on Gemini you could only deposit GUSD as collateral to open and maintain derivatives positions. With the introduction of the new cross collateral feature, you can now use BTC, and soon ETH, as collateral for your trades. Keep reading for an example of how this works.

### Cross Collateral In Action

Bob only holds BTC in his Gemini account and wants to open a derivatives position to reflect his short-term view on the price of PEPE. Prior to our new cross collateral feature, Bob would have only been able to use GUSD to trade derivatives on Gemini. This means he would have had to convert some of his BTC holdings into GUSD to trade PEPE derivatives, and in turn lose some of his exposure to BTC.

Now, with cross collateral, Bob has more options. He can directly deposit BTC as collateral to open a position without having to sell some of his BTC for GUSD.

The cross collateral feature provides customers like Bob with greater flexibility and capital efficiency. Customers like Bob can now pursue trading strategies while retaining exposure to their chosen assets.

### How to Open a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD or BTC to your derivatives account
6. Start trading!

The introduction of the cross collateral feature marks a significant step forward in enhancing the trading experience on the Gemini derivatives platform. Stay tuned for more updates, features, and opportunities that will empower you to efficiently navigate the crypto derivatives market with confidence.

For more details on using cross collateral, please visit our [Support page](https://support.gemini.com/hc/en-us/sections/22961163164827-Cross-Collateral "Cross Collateral").

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing Cross Collateral for Derivatives Trading

We are excited to announce the listing of the MATIC/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the SOL perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing the MATIC/GUSD Perpetual Contract on Gemini's Non-US Crypto Derivatives Platform 

We are excited to announce the listing of the SOL/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the SOL perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, XRP/GUSD perpetual contracts and more.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

If you have yet to create a Gemini account and reside in a derivatives-enabled jurisdiction, [sign up for an account here](https://exchange.gemini.com/register "Gemini Exchange") to receive both a spot and derivatives trading account.

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned to our blog as we introduce additional perpetual contracts soon.

For more details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing the SOL/GUSD Perpetual Contract on Gemini's Non-US Crypto Derivatives Platform

Today, we are excited to announce the listing of the XRP/GUSD perpetual contract on Gemini Foundation. Eligible users can now trade the XRP perpetual contract denominated in [Gemini Dollars (GUSD)](https://www.gemini.com/dollar) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform that now hosts multiple crypto perpetual contracts for trading, including the BTC/GUSD, ETH/GUSD, and PEPE/GUSD perpetual contracts.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. The full list of available countries can be found [here](https://www.gemini.com/derivatives). It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

For current Gemini spot users in derivatives-enabled jurisdictions, follow the steps below to activate your derivatives account today.

1. [Log on](https://exchange.gemini.com/signin) via desktop or mobile web browser
2. Select the Account drop-down list at the top left of your screen
3. Select “Activate Now” next to the Derivatives Account option to begin the activation process
4. Read and accept the derivatives-specific terms and conditions
5. Transfer GUSD to your derivatives account

Stay tuned as we introduce additional perpetual contracts, dated futures, and options trading.

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward,

The Gemini Foundation Team

<details>sign up</details>


Introducing the XRP/GUSD Perpetual Contract on Gemini’s Non-US Crypto Derivatives Platform

At Gemini, we are dedicated to delivering the best possible crypto trading experience for our users. Today, we are thrilled to unveil an important update to our derivatives trading ecosystem: __mobile app trading__.

In August, we unveiled the [ability to view your derivatives positions](https://www.gemini.com/blog/introducing-the-crypto-derivatives-portfolio-on-the-gemini-mobile-app) and cancel open orders directly from our mobile app. Starting today, mobile users on both iOS and Android can now place orders directly on the Gemini mobile app.

### Derivatives Trading On The Go

Since [launching our derivatives offering](https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-is-now-live) in May, we’ve worked tirelessly to build a platform that serves the needs of our users while ensuring that all features we bring to market are built with security, compliance, and user experience as core pillars. 

These features will empower our users to remain informed and maintain control over their trading activities on the go, while enabling them to seize opportunities and make the most of market dynamics — all from the convenience of their mobile device.

Whether you're looking to capitalize on a market trend, hedge your existing positions, or simply explore new opportunities, the Gemini mobile app will enable you to navigate the dynamic world of derivatives trading.

### How to Open a Derivatives Account

Derivatives accounts are available via the ActiveTrader interface. To enable ActiveTrader, simply log in to your Gemini account on your desktop or mobile browser, click on "Account" in the top right corner, and select "ActiveTrader”. 

Once you have ActiveTrader selected, you’re ready to create a derivatives account. If you prefer a video walkthrough, watch our [comprehensive tutorial](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

Alternatively, follow these steps to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Introducing Perpetual Swaps”
3. Select “Create a Derivatives Account”
4. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Name your Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Select the maximum leverage your account can take - this can be adjusted later   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and accept the derivatives-specific Terms and Conditions
5. Transfer GUSD into your Gemini Derivatives account 
6. Start trading!

We invite you to [download the Gemini mobile app](https://www.gemini.com/gemini-mobile) today and experience the convenience of trading derivatives on the go. Stay tuned to our blog for more updates that will enhance your derivatives trading experience.

Onward and Upward,

The Gemini Foundation Team

*[Gemini Foundation](http://www.gemini.com/derivatives) is a derivatives platform that currently hosts three perpetual contracts available for trading – the BTC/GUSD perpetual contract, the ETH/GUSD perpetual contract, and the PEPE/GUSD perpetual contract. Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union.*

Crypto Derivatives Trading Now Available on the Gemini Mobile App

__Calling all volume titans, market movers, and the biggest takers!__

Volume Victor, the latest derivatives trading competition on the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard"), is now live! If you’ve got the volume, we’ve got the rewards.

Volume Victor is open to individual (non-institutional) customers in any of our derivatives-supported jurisdictions. The top 3 takers will walk away with prizes every day. Winners will be determined at the end of every 24-hour period, running from 00:00:00 UTC to 23:59:59 UTC, and will be notified via email.

- 1st Place: $300 GUSD
- 2nd Place: $150 GUSD
- 3rd Place: $50 GUSD

Prizes will be credited directly to the winners’ Gemini derivatives account within 72 hours after the end of each competition period.

Running concurrently with our [ROI Rumble trading competition](https://www.gemini.com/blog/announcing-the-extension-of-the-roi-rumble "ROI Rumble"), Volume Victor is not your average trading competition – it's the ultimate battle of trading volume. 

Get ready to compete with traders around the globe and showcase your trading skills to walk away with one of our daily prizes!

### How to Enter

You must have a Gemini derivatives account and join our Gemini Leaderboard to qualify for Volume Victor. If you don’t have a Gemini derivatives account, follow [our guide to open one today](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

If you already have a Gemini derivatives account, great! Here’s what to do next.

Enter the Gemini Leaderboard to qualify as a Volume Victor participant:

- Log on to [ActiveTrader](http://exchange.gemini.com) via the web
- In your derivatives account, select “Join the Gemini Leaderboard”
- Receive your Geminym. Your Geminym is the alias that will be displayed on the Gemini Leaderboard to represent you.
- Agree to the terms and conditions
- Congratulations! Welcome to the Gemini Leaderboard

Place at least one trade on any of our perpetual contracts during the 24-hour period. There is no minimum trade size but in a competition like this – __the bigger the better!__

So what are you waiting for? Enter our [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") today and start trading!

Onward and Upward,

The Gemini Foundation Team

*[Gemini Foundation](http://www.gemini.com/derivatives) is a derivatives platform available via ActiveTrader that launched in early May. The platform now hosts three perpetual contracts available for trading – BTC/GUSD, ETH/GUSD, and PEPE/GUSD. Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, the European Union, or other prohibited jurisdictions.* 

Volume Victor is Now Live - The Biggest Taker Takes It All!

Today, we’re thrilled to release a brand new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) video, as we continue our series covering how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Open Orders

In this video, we explain how you can manage your open orders for derivatives trading on the ActiveTrader interface.

<iframe width="560" height="315" src="https://www.youtube.com/embed/nigCs9cDlwA?si=6GyBzG1NHXxLRjAz" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,

The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: Managing Open Orders

Today, we’re thrilled to release a brand new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) video, as we continue our series covering how to trade derivatives on our ActiveTrader platform.

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Derivatives Positions

In this video, we explain how you can manage your derivatives positions on the ActiveTrader interface.

<iframe width="560" height="315" src="https://www.youtube.com/embed/in0DrIqSo80?si=ZuYoWUHORPh9yF_D" title="YouTube video player" frameborder="0" allow="accelerometer;clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,

The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: Managing Derivatives Positions

We’re thrilled to share some exciting news with our Gemini community – the ROI Rumble trading competition has been extended! Thanks to the enthusiasm and dedication of our participants, we’re extending the ROI Rumble to give you even more time to compete for rewards daily.

### What to Expect

Just like the existing ROI Rumble, the derivatives trader with the highest ROI in each 24 hour period will win $250 GUSD daily. But now, __we’re introducing prizes for 2nd and 3rd place too__.

__Rewards__

- 1st Place: $250 GUSD
- 2nd Place: $100 GUSD
- 3rd Place: $50 GUSD

With prizes awarded daily to the top 3 derivatives traders, you have multiple chances to clinch a top spot on our leaderboard.

Winners will be determined at the end of every 24 hour period, each running from 00:00:00 UTC to 23:59:59 UTC, and will be notified via email. All prizes will be credited directly to the winners’ Gemini derivatives account within 72 hours.

### How to Participate

To join the ROI Rumble, you must reside in one of our derivatives-supported jurisdictions and be an individual (non-institutional) customer. If you don’t have a Gemini derivatives account, follow our [guide to open one today](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

With your Gemini derivatives account ready, here’s what to do next:

__1. Opt in to qualify as a ROI Rumble participant. This competition is strictly opt-in only.__

- Log on to ActiveTrader via the web
- In your derivatives account, select "Join the Gemini Leaderboard"
- Receive your Geminym. Your Geminym will be displayed to represent you on the Gemini Leaderboard
- Agree to the terms and conditions
- Fund your account and maintain at least $250 GUSD in your account to be eligible for the full competition period.

__2. Place at least one trade on any of our perpetual contracts during the 24 hour period. There is no minimum trade size.__

Once you’ve done the steps above, you’re in! You can view the [Gemini Leaderboard](http://www.gemini.com/leaderboard) to keep an eye on your ranking each day. Please see [official rules](https://www.gemini.com/artemis/legal/incentive-contest-official-rules) for details.

Happy trading!

Onward and Upward,

The Gemini Foundation team

*Gemini Foundation is a derivatives platform that currently hosts three perpetual contracts available for trading – the BTC/GUSD perpetual contract, the ETH/GUSD perpetual contract, and the PEPE/GUSD perpetual contract. Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union.* 


Announcing the Extension of the ROI Rumble

Today, we’re thrilled to continue our deep dive into the Account Details section on ActiveTrader as part of our [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) series.

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Account Details

In this video, we continue exploring the 'Account Details' section of the ActiveTrader interface as we explain each metric and how it impacts your trading. If you missed it, check out [Part One here](https://www.gemini.com/blog/gemini-foundation-academy-account-details-deep-dive-part-1).

<iframe width="560" height="315" src="https://www.youtube.com/embed/vrMwp_weU8A?si=PdnHVhAsIaVsMJjL" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

<br>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,

The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*


Gemini Foundation Academy: Account Details Deep Dive Part 2

At Gemini, we are committed to providing our users with seamless access to the world of cryptocurrencies. Today, we are excited to announce a significant enhancement to our mobile app that will enable you to stay in control of your derivatives trading experience with Gemini like never before.

### View Your Derivatives Portfolio on Mobile

Starting today, you can switch between your derivatives and spot accounts to view your perpetual contracts positions directly from our mobile app, offering convenience and real-time insights at your fingertips. Additionally, the Gemini mobile app will offer the ability to manage perpetual contract positions by enabling you to cancel open orders, and remain updated on the cancellation status of your orders in near real-time. 

Whether you're at home, at work, or on the move, you can now conveniently view your derivatives portfolio and stay informed about your positions, ensuring that you never miss a beat in the dynamic world of derivatives trading.

<details>signup link</details>

### Coming Soon: Trade Derivatives on Gemini’s Mobile App

In the coming weeks, we will be rolling out the ability to trade derivatives directly from our mobile app for both iOS and Android. This highly anticipated feature will empower you to open new positions, manage your existing trades, and capitalize on market movements – all from the convenience of your mobile device.

Seamlessly transition from tracking your positions to executing trades, all within the Gemini app. Stay tuned to our blog for updates!

### How to Open a Derivatives Account

Derivatives trading is available via the ActiveTrader interface. To enable ActiveTrader, simply log in to your Gemini account on your desktop or mobile browser, click on "Account" in the top right corner, and select "ActiveTrader”. 

Once you have ActiveTrader set up, you’re ready to create a derivatives account. If you prefer a video walkthrough, watch our [comprehensive tutorial](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

Alternatively, follow these steps to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Introducing Perpetual Swaps”
3. Select “Create a Derivatives Account”
4. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Name your Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Select the maximum leverage your account can take - this can be adjusted later   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and accept the derivatives-specific Terms and Conditions
5. Transfer GUSD into your Gemini Derivatives account 
6. Start trading!

We invite you to download the Gemini mobile app today and experience the convenience of tracking your derivatives positions on the go.

Onward and Upward,

The Gemini Foundation Team

*[Gemini Foundation](http://www.gemini.com/derivatives) is a derivatives platform that currently hosts three perpetual contracts available for trading – the BTC/GUSD perpetual contract, the ETH/GUSD perpetual contract, and the PEPE/GUSD perpetual contract. Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union.*

You can now view your perpetual contracts positions directly from our mobile app, offering convenience and real-time insights at your fingertips.

perp sign up banner

Derivatives - Mobile Download

Introducing the Crypto Derivatives Portfolio on the Gemini Mobile App

Today, we’re thrilled to release a brand new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) video, as we continue our series covering how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Account Details

In this video, we dive into the 'Account Details' section of the ActiveTrader interface and explore each metric.

<iframe width="560" height="315" src="https://www.youtube.com/embed/jLs4xgoNXnM?si=uKVIv6t1lxss8COa" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

<br>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*


Gemini Foundation Academy: Account Details Deep Dive Part 1

When trading perpetual contracts (perps), we can expect to face losses on bad days, but every trader’s goal is to increase the amount of profitable days. As such, it’s important to understand the different types of profit and loss (P&L), how they are derived, and how funding payments play into the equation. Let’s dive in!

### Realized vs. Unrealized P&L

There are two basic types of P&L: Realized and Unrealized. The conceptual difference is pretty simple.  

Realized P&L is profit or loss that is finalized after closing a position, fully or partially. It is based on the difference between the average entry price and exit price of a position, including any fees or funding payments. Realized P&L remains static, only changing after a position is closed or reduced.

Unrealized P&L is essentially the profit or loss that would become realized if the position were closed. It is calculated as the difference between the mark price and the average entry price. Unrealized P&L changes as the mark price changes, constantly going up or down with the market and is included in your margin calculations. 

### Profit Example - (two entries then close)

Let’s walk through an example. We start by opening a long 10 BTCGUSD Perp position at a price of $30,000. As soon as we open the position and before the market moves, our unrealized and realized P&L are at $0.

Unrealized P&L (buy) = Quantity x (Mark Price - Avg. Entry Price)
Unrealized P&L (sell) = Quantity x (Avg. Entry Price - Mark Price)

Plugging the numbers into the buy equation we can see that - 

Unrealized P&L = 10 x ($30,000 - $30,000)
               = 10 x ($0)
               = $0

Now suppose that after an hour, BTCGUSD Perp has increased to $30,500. Our unrealized profit can be calculated using the same equation - 

Unrealized P&L = Quantity x (Mark Price - Avg. Entry Price)

Plugging in the numbers - 

Unrealized P&L = 10 x ($30,500 - $30,000)
               = 10 x ($500)
               = $5,000

We then decide to add to the position and buy 10 more BTCGUSD Perp at $30,500.  Although our average entry price has changed - 

Avg. Entry Price = [(Quantity<sub>1</sub> x Entry Price<sub>1</sub>) + (Quantity<sub>2</sub> x Entry Price<sub>2</sub>)] / (Quantity<sub>1</sub> + Quantity<sub>2</sub>) 
                   = [(10 x $30,000) + (10 x $30,500)] / (10 + 10)
                   = ($300,000 + $305,000) / 20
                   = $605,000 / 20
                   = $30,250

Our unrealized profit does not change - 

Unrealized P&L = Quantity x (Mark Price - Avg. Entry Price)
               = 20 x ($30,500 - $30,250)
               = 20 x $250
               = $5,000

Now suppose again that the price of BTCGUSD Perp further increases to $31,000. Our unrealized profit increases even more now that we have doubled our position size - 

Unrealized P&L = Quantity x (Mark Price - Avg. Entry Price)
               = 20 x ($31,000 - $30,250)
               = 20 x $750
               = $15,000

Finally, we close our position at $31,000, converting our unrealized profit of $15,000 into realized profit.	

### Index Price, Perp Price, Mark Price

The value of a perpetual futures contract is directly related to the __Index Price__ of the underlying spot instrument. To calculate the Index Price of a perp, the fair market spot price is taken into account from various major spot exchanges. This approach prevents market manipulation or excessive volatility stemming from a single exchange.

When trading a perpetual futures contract, you will encounter the __Perp Price__, which is the price at which the contract is bought or sold. This price plays a significant role in determining your average price when opening or adding to positions.  

To ensure a fair representation of the perpetual contract’s value, we have the __Mark Price__. This price is typically derived from the Index Price and the Perp Price. The Mark Price is often averaged over a recent time period to account for temporary market fluctuations. This essential metric is used in calculating your unrealised P&L, and also comes into play when determining if a position needs to be liquidated.

### Funding Payment

What keeps the Perp Price and Spot Price in sync? That’s where the __Funding Payment__ comes in.

Conventional futures will trade at a price that is different from the spot price. One of the key determinants for this price difference is the period of time until the future expires. Perpetual contracts, however, have no expiry date. Therefore, unlike dated futures that do expire, there is no definitive point in time when the perpetual and the spot price will be at the same price. 

To ensure that there isn’t significant divergence between the perpetual and the underlying spot price, funding payments are made. __These are automatic payments made specifically between the long holders and short holders of perpetuals__, not to or from the exchange. 

Funding payments are made at set intervals defined by the exchange, usually ranging between 1-12 hours. At each interval __the payment is a function of the difference in price between the perpetual price and the spot price during the time period between the payment intervals__. If the perpetual price is higher than the spot price then long holders pay short holders an amount based on this premium. If the perpetual price is lower than the spot price, then long holders receive an amount from short holders based on this discount. 

The concept of the funding payment is to __incentivise short holders as the premium to spot gets bigger__, thus capping or reducing this premium, __or to incentivize long holders as the discount gets bigger__, similarly capping or reducing this discount. This funding payment is made in the settlement currency of the contract and is paid/received immediately following the end of each funding period. The net effect is to keep the spot and perpetual prices together, despite not having an expiry date that would force them to be equal.

<style>
  .pnl-image {
    max-width: 100%; 
    height: auto; 
    display: block;
    margin: 10px auto; 
  }
</style>

<img class="pnl-image" src="//images.ctfassets.net/jg6lo9a2ukvr/eyDSjuFol7XPbsSOOUzns/5e8b036a1d63146f20bc33dd49146a2b/Blog_Profit_and_Loss.png" alt="PnL Graph">

### Funding Payment Calculations

Funding Payment amounts are either provided to you by the exchange or can be calculated by multiplying the Funding Rate by the notional value of the position.  

My Funding Payment = Funding Rate x Notional Value of My Position

If Funding Payment is provided, it is usually on a per contract basis. To determine the funding payment on your position, simply multiply by the number of contracts you are long or short.

My Funding Payment = Funding Payment x Quantity of My Position

Finally, I need to determine whether I am receiving or paying.  If the funding payment/rate is positive, long positions pay short positions.  If the funding payment/rate is negative, short positions pay long positions.

Positive =  Long → Short

Negative =  Short → Long

At Gemini, we want to give you all the tools to effectively trade on our platform. Understanding these concepts is crucial to being a successful derivatives trader, so we encourage you to take the time to explore these topics!

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience.

We have plenty more resources planned, so stay tuned to our blog!

Onward and Upward,

The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*


Gemini Foundation Academy: Profit, Loss, and Funding Payments

Following the recent announcement of the [Gemini Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard"), we’re thrilled to launch the __ROI Rumble__, the inaugural Gemini Leaderboard competition for derivatives traders. 

__The derivatives trader with the highest ROI in each 24 hour period will win $250 GUSD daily.__

The Gemini Leaderboard is designed to recognize and reward our top-performing traders and their market acumen. Enter today to walk away with more than just bragging rights! 

### Ready to Rumble?

The ROI Rumble competition will run from now until August 31st. The participant who achieves the highest 24hr ROI on their derivatives trading activity will be rewarded with __$250 GUSD daily__. That means you have multiple chances to clinch the top spot on our leaderboard!

Winners will be determined at the end of every 24 hour period, each running from __00:00:00 UTC to 23:59:59 UTC__, and will be notified via email. The $250 GUSD prize will be credited directly to the winner’s Gemini derivatives account within 72 hours.

### How to Enter

To join the ROI Rumble, you must reside in one of our derivatives-supported jurisdictions and be a retail (non-institutional) customer. If you don’t have a Gemini derivatives account, follow our [guide](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading "Create a Derivatives Account Guide") to open one today.

With your Gemini derivatives account ready, here’s what to do next:

__1. Opt in to qualify as a ROI Rumble participant. This competition is strictly opt-in only.__

- Log on to ActiveTrader via the web
- In your derivatives account, select "Join the Gemini Leaderboard"
- Receive your Geminym. Your Geminym will be displayed to represent you on the Gemini Leaderboard
- Agree to the terms and conditions
- Fund your account and maintain at least $250 GUSD in your account to be eligible for the full competition period.

__2. Place at least one trade on any of our perpetual contracts during the 24 hour period. There is no minimum trade size.__

That’s it! You can [view the Leaderboard](http://www.gemini.com/leaderboard "Gemini Leaderboard") to keep an eye on your ranking when the competition starts. Please see [official rules](https://www.gemini.com/artemis/legal/roi-rumble-official-rules "ROI Rumble Official Rules") for details.

Happy trading and good luck!

Onward and Upward,

The Gemini Foundation Team

*Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union. For a full list of jurisdictions where derivatives are available for trading, please see [here](https://www.gemini.com/derivatives "Gemini Foundation").* 

Ready, Set, ROI Rumble! - The First Gemini Leaderboard Competition Starts Now

Do you have what it takes to be one of the greats?

On August 1st, we’re launching the [Gemini Leaderboard](http://www.gemini.com/leaderboard), a new feature designed to enhance our customer trading experience. Competing for the top spot in our daily competitions, the Gemini Leaderboard will recognize our top-performing traders and their market acumen, beginning with competitions designed for our derivatives customers.

Get ready to compete against traders around the world for prizes and the ultimate bragging rights! 

### Calling All Derivatives Traders

To celebrate the launch of the Gemini Leaderboard, we will be hosting our first-ever leaderboard derivatives competition for [Gemini Foundation](https://www.gemini.com/derivatives) customers from the 1st to 31st of August.

Gemini Foundation is a derivatives platform available via ActiveTrader that launched in early May. The platform now hosts __three perpetual contracts__ available for trading – BTC/GUSD, ETH/GUSD, and PEPE/GUSD.

*Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union.*

Stay tuned in the coming days for more details on the competition and how you can take the top prize. Here’s a teaser – you could walk away with __$250 GUSD daily__.

### How To Prepare for the Competition

Before the competition launches, you will want to ensure that your Gemini derivatives account is set up and ready to go. If you already have a Gemini derivatives account, great! Here’s what to do next.

1. Fund your derivatives account with at least $250 GUSD by the 31st of July.
2. Maintain at least $250 GUSD in your account during the competition period.

You will remain eligible to participate in each day of the competition as long as the above requirement is met.

What’re you waiting for? Fund your account today to be ready right when the action starts!

If you don’t have a Gemini derivatives account set up yet, watch our [walkthrough](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) on how to create an account, or keep reading!

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Open a Gemini Derivatives account”
3. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Create a new Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Read and accept the derivatives-specific Terms and Conditions   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and acknowledge the Risk Disclosure
4. Fund your derivatives account with at least $250 GUSD. It’s free to convert USD and USDC to GUSD. 
5. Take note of the requirements above on getting your account ready for the competition!

This is just the beginning of all the exciting programmes we’ve designed to reward our users. 

Stay tuned for more details on the competition coming very soon!

Onward and Upward,  
The Gemini Foundation Team

Coming Soon: The Gemini Leaderboard

## At Gemini, we are committed to continuously enhancing your trading experience. Today, we're thrilled to unveil a set of rich APIs that enable our derivatives traders to automate their trading experiences on Gemini to take advantage of market fluctuations.

## Advantages of REST APIs

Gemini's Derivatives trading REST APIs offer a powerful interface for seamless interaction with our platform. By using our REST APIs, you can streamline your derivatives trading activities, maximize time-efficiency, and capitalize on market opportunities with unparalleled precision. 

1. __Automated Crypto Trading__: REST APIs empower you to automate your trading strategies, facilitating swift and accurate execution of trades. Use the potential of algorithmic trading and establish automated processes that complement your individualized trading style.
2. __High-Frequency Crypto Trading__: REST APIs enable high-frequency trading, allowing you to seize on rapidly changing market movements. You’ll have access to the pace and flexibility essential for successful high-frequency trading strategies.
3. __Crypto-Focused Developer-Friendly Environment__: At Gemini, we understand the importance of creating a conducive  environment for developers. Our REST APIs, designed with developers at heart, can be seamlessly integrated into your custom applications, proprietary tools, or trading bots. 

These features pave the way for innovative solutions and tailored customization in the crypto trading space. Harness the power of REST APIs for derivatives trading on Gemini and revolutionize your cryptocurrency trading experience.

Getting started with REST APIs for derivatives on Gemini is straightforward. Simply visit our [API documentation page](https://docs.gemini.com/rest-api/) to access instructions on how to integrate our REST APIs into your trading workflow. 

__Opening a Derivatives Account__

Derivatives trading is available via the ActiveTrader interface. To enable ActiveTrader, simply log in to your Gemini account on your desktop or mobile browser, click on "Account" in the top right corner, and select "ActiveTrader”. 

Once you have ActiveTrader set up, you’re ready to create a derivatives account. If you prefer a video walkthrough, watch our [comprehensive tutorial](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

Alternatively, follow these steps to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Open a Gemini Derivatives account”
3. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Create a new Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Read and accept the derivatives-specific Terms and Conditions   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and acknowledge the Risk Disclosure
4. Transfer GUSD into your Gemini Derivatives account
5. Start trading!

Stay tuned as we continue to introduce more developments to improve the trading experience for all our derivatives customers.

Onward and Upward,  
The Gemini Foundation Team

<details>sign up</details>

Announcing REST APIs for Automated Derivatives Trading on Gemini Foundation — a Non-US Derivatives Platform

Today, we’re thrilled to release a brand new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) video, as we continue our series covering how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Pair Details

This instructional video will explain the Pair Details metrics and provide specific examples to aid in your understanding of the concept.

<iframe width="560" height="315" src="https://www.youtube.com/embed/3tES4l4JLkw" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

<br>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,  
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*


Gemini Foundation Academy: Understanding Pair Details

Undoubtedly, you’ve heard the terms “trading on margin” or “100x leverage,” but what do they mean exactly and how do they relate to each other?

In this blog, we discuss these terms and how they apply to perpetual derivatives (perps) trading. As we continue to expand our perps offerings through Gemini Foundation, we aim to provide you with the knowledge and tools to trade with confidence. 

### What is Leverage?

Leverage allows you to take larger positions with less committed capital. For example, with 10x leverage, you can buy $1,000 of an asset with $100 of collateral, effectively increasing your buying power by a factor of 10.

This collateral is your margin balance. You must have sufficient funds in your margin account to place a perps order and to maintain the position going forward. If the market moves against you, you may need more collateral in your margin account to cover your losses, otherwise you risk your position being closed, or liquidated, by the exchange.

As the market moves, your margin balance changes based on unrealized gains and losses, the adjusted balance is represented by a metric known as Margin Asset Value. The formula for Margin Asset Value is:

Margin Asset Value = Margin Balance + Unrealized Gains - Unrealized Losses

### Initial vs. Maintenance Margin

There are two different margin requirements that you need to be aware of when trading perps: Initial Margin and Maintenance Margin. 

__Initial margin__ is the balance you are required to hold in your margin account in order to place a perps order. The first order placed for a perps instrument is called “opening a position, where your position is the total number of perps contracts you are long (buy) or short (sell). 

If you buy 10 BTCUSD PERPs contracts, you are now long 10 BTCUSD PERPs. If you subsequently sell 15 contracts, you have effectively closed your long position and opened a 5 BTCUSD PERPs short position.

__Maintenance margin__ is the minimum Margin Asset Value required to keep your position open. It is typically half of the initial margin requirement. The maintenance margin changes slightly as the price of the perps instrument changes, but more importantly, your margin asset value shifts as a result of your gains and losses. 

If you are long and the price goes down, you may need to add more funds to your margin account to maintain your position. If you do not maintain sufficient funds in your margin account, your position could be partially or completely liquidated.  

### Isolated vs. Cross Margin

When trading on margin, it is also important to understand the distinction between isolated and cross margin. 

With __isolated margin__, each open position has a separate margin balance and requirement. This means that your BTCUSD perp position is not affected by what happens with your ETHUSD perp position, and vice versa. If the margin balance falls below the maintenance margin for a given position, only that position faces liquidation.

__Cross margin__ is the more prevalent margin system used in the crypto derivatives market. With cross margin, all open positions pull from the same pooled margin account. This makes it easier to maintain as you only have a single margin account to manage and a gain on one position is automatically allocated to offset any losses on your other positions. The downside is that if your margin asset value falls below your maintenance margin, all of your positions are at risk of liquidation.

Now that we’ve covered the basics of leverage and margin, let’s walk through some examples to see how these concepts work in practice. 

### Example 1 — One Position

Let’s say you want to open a 10 BTCUSD PERP position on an exchange offering max leverage of 100x. The current price is $30,000 and your margin account balance is $10,000 USD (or equivalent in stablecoins). Although each exchange may have slightly different ways of calculating required margins, the basic equation is:

Notional Position Value = Leverage x Margin Asset Value

Plugging in the example above, we get:

(10 x 30,000) = Leverage x 10,000

Solving for Leverage:

Leverage = 30x

In this example, you end up with 10 BTCUSD PERP contracts at 30x leverage.

### Example 2 - Market Movement

Building on our example above, let’s further assume that the price of BTCUSD has increased by 2% to $30,600. Your position now has $6,000 [(30,600 - 30,000) x 10] in unrealized gains. This increases your Margin Asset Value to $16,000.  Using the same equation:

Notional Position Value = Leverage x Margin Asset Value

And plugging in the new figures:

(10 x 30,600) = Leverage x 16,000

We can compute a new leverage:

Leverage = 19.125x

You still hold 10 BTCUSD PERP contracts, but your leverage has decreased to 19.125x.

### Example 3 - Two Positions

Let’s say you now want to open a short 100 ETHUSD PERP position. The current price for ETHUSD is $2000.  Since you are using cross margin, you will be using the same margin balance to cover both positions. Let’s see the impact on your leverage after you open the new short position:

Notional Position Value(Total) = Leverage x Margin Asset Value

Adding the notional value for both positions, we get:

(10 x 30,600) + (100 x 2000) = Leverage x 16,000

Solving for leverage:

Leverage = 506,000 / 16,000 = 31.625x

Adding the new position has increased your leverage from 19.125x to 31.625x.

You can also adjust your leverage by adding or removing funds from your margin account. This won’t affect the total profit or loss on your positions, but allocating some additional capital could prevent them from being liquidated if the market moves significantly against you. Just because you can use up to 100x leverage doesn’t mean you have to or should.

Leverage can allow you to take larger positions with lower capital requirements, however it’s always a good idea to keep an eye on your margin position to prevent an unexpected liquidation.

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience.

We have plenty more resources planned just for you so stay tuned to our blog!

Onward and Upward,
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

<details>signup link</details>

Gemini Foundation Academy: Understanding Margin and Leverage

Today, we’re thrilled to release a brand new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) video, as we continue our series covering how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Executing an Order

This instructional video will show you how to execute a perps trade on ActiveTrader. In this example we buy a perps contract worth 5 BTC using a limit order. 

<iframe width="560" height="315" src="https://www.youtube.com/embed/imFyyj4Cn0M" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

<br>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*


Gemini Foundation Academy: Executing a Trade

We are excited to announce the listing of the PEPE/GUSD perpetual contract on Gemini Foundation. Starting today, you can now trade the PEPE perpetual contract denominated in [Gemini dollars (GUSD](https://www.gemini.com/dollar)) with up to __100x leverage__.

Gemini Foundation is a non-US derivatives platform [launched in early May](https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-is-now-live) that now hosts three perpetual contracts available for trading, including the BTC/GUSD perpetual contract and the [ETH/GUSD](https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-lists-eth-gusd-perpetual) perpetual contract.

Derivatives trading is available via the ActiveTrader interface. To enable ActiveTrader, simply log in to your Gemini account on your desktop or mobile browser, click on "Account" in the top right corner, and select "ActiveTrader”. 

Gemini Foundation’s derivatives product is available in select jurisdictions globally. It is not available to customers in the United States of America, United Kingdom, or the European Union.

### Opening a Derivatives Account

To open a Gemini Derivatives account, customers must reside in a supported jurisdiction, and have a Gemini account. Once you have ActiveTrader set up, creating a derivatives account is quick and simple. If you prefer a video walkthrough, you can watch our [comprehensive tutorial](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

Alternatively, follow these steps to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Open a Gemini Derivatives account”
3. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Create a new Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Read and accept the derivatives-specific Terms and Conditions   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and acknowledge the Risk Disclosure
4. Transfer GUSD into your Gemini Derivatives account
5. Start trading!

Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. In the coming months, we will be introducing additional perpetual contracts, dated futures, and options trading.

For additional details, please visit [www.gemini.com/derivatives](http://www.gemini.com/derivatives).

Onward and Upward!

The Gemini Foundation Team

<details>sign up</details>

Introducing the PEPE/GUSD Perpetual Contract on Gemini Foundation – a Non-US Derivatives Platform

Today, we’re thrilled to release a brand new Gemini Foundation Academy video, as we continue our series covering how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our first video on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

<details>signup link</details>

### Order Book and Activity Panel

This instructional video will help you understand the difference between bids and asks, and how they come together in the order book section of ActiveTrader. Additionally, we will take you through the activity panel and provide an overview on how to digest the information shown.

<iframe width="560" height="315" src="https://www.youtube.com/embed/y3GXZ65tzAo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

<br>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you so stay tuned to our blog! 

Onward and Upward,  
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: Exploring the Order Book and Activity Panel

Today, we’re thrilled to release two new [Gemini Foundation Academy](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading) videos! These videos cover how to trade derivatives on our ActiveTrader platform. 

If you don’t yet have a Gemini account, check out our article on [setting up an account](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading).

### Account & Instrument Selection

This instructional video will take you through how to switch between accounts, such as from your primary to your derivatives account. Next, we will show you how to choose an instrument to trade, such as BTC-GUSD-PERP.

<iframe width="560" height="315" src="https://www.youtube.com/embed/2skGESI6qvY" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

### Price Metrics Panel

Curious what all of those additional metrics are when trading perps? In this video, we dive into the price metrics panel of ActiveTrader, and explain what each field means, and why it’s important. 

<iframe width="560" height="315" src="https://www.youtube.com/embed/TAwDMgInqp4" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. 

We have plenty more resources planned just for you, so stay tuned to our blog.

And as always, we would love your feedback on additional topics you would like to see addressed.

Onward and Upward,  
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: Exploring the Basics of Trading Derivatives on ActiveTrader

Welcome to another installment of our Gemini Foundation Academy series. Today, we dig into what perpetual futures are, also known as “perps”. We’ll explore why they’re a popular tool for sophisticated traders, the risks involved, and how traders implement them as part of their trading strategies. 

### What are Perps, anyway?

Perps, also known as perpetual swaps or perpetual futures contracts, have become quite popular in crypto. To understand why this is the case, we must first understand what a futures contract, or “future”, is.

A future is a derivative instrument whose value is tied to another underlying asset. In crypto, the underlying asset is a cryptocurrency, like bitcoin (BTC). BTC and other cryptos that are bought and sold directly are known as spot. As the value of BTC spot goes up, so does the value of the BTC future. If you buy a BTC future, you profit when BTC goes up. By the same token, if you short sell a BTC future, you profit when BTC goes down.

There are two types of futures contracts: dated and perpetual. Dated futures have an expiration date that, when reached, profits and losses are realized and settled. Perpetual futures contracts, or perps, however, never expire and therefore profits and losses are only realized after closing the position.

### Why are Perps so popular?

If the value of a perp is tied to the value of the underlying asset, why not just trade the asset itself? There are several answers to that question, including: 

1. __The ability to short__ — In the spot market, your choices are generally to hold the asset or not hold the asset. There isn’t a readily available mechanism to directly bet against an asset. With perps, you can take a short position, effectively betting against an asset, profiting when the price falls.

2. __Leverage__ — With spot, if the price of the asset goes up 10%, the value of your position also goes up 10%. With perps, you can apply leverage, which has a multiplier effect on your gains and losses, sometimes as high as 100x. Leverage allows you to take larger positions with the same amount of capital invested. This capital outlay is known as margin.

3. __Lower Cost__ — Perpetuals tend to be more liquid on exchanges than their spot counterparts, leading to tighter spreads at larger quantities. On many exchanges, trading fees are lower on derivative transactions than on spot as well.

### So what are the risks?

While there are advantages to trading perps, it is important to understand the associated risks as well. Here are a couple to be aware of:

1. __Leverage__ — Although leverage magnifies your gains, it also magnifies your losses. When trading perps, it’s important to be cognizant of the amount of leverage you are taking and what the impact of a 5%, 10% or 20% move could mean to your position. You can always adjust your leverage down if you need to be more conservative.

2. __Liquidation__ — Liquidation is the risk that your position will be automatically closed by the exchange due to insufficient margin. This can happen if the market moves against you, causing your position to incur unrealized losses. If your margin account does not have enough capital to satisfy the maintenance margin requirements, your position could be partially, or in some cases, fully liquidated. To avoid this, always keep sufficient capital in your margin account.

### How are Perps typically used?

There are multiple reasons why people trade perps. Here, we’ll briefly touch upon a few:

1. __Speculation__ — The most obvious use of perps is to make a directional bet on the price of an asset. Perps allow an investor to specify the direction and size of the position, and with lower capital commitment than with spot.

2. __Hedging__ — If a trader is holding an asset but wants to insulate herself from the risk of the price going down, they can offset their holding by taking a short position in the perp without having to sell the asset outright, which may be undesirable for tax reasons.

3. __Trading Strategies__ — The flexibility and structure of perps makes them ideal for a variety of trading strategies, like basis trading, where the trader can effectively arbitrage price differences between spot, perps, dated futures, or even similar instruments on different exchanges.

Stay tuned for future [Gemini Foundation Academy blog posts](https://www.gemini.com/blog/gemini-foundation-academy-discover-the-world-of-crypto-derivatives-trading "Gemini Foundation Academy: Discover the World of Crypto Derivatives Trading") where we will dive deeper into different aspects of this derivative instrument like margin/leverage, profit/loss, liquidation, and basic trading strategies.

Onward and Upward,

The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: An Introduction to Perpetual Futures

Welcome to the world of crypto derivatives trading! 

Today, we’re launching an educational series designed to equip you with the knowledge and tools to confidently navigate this fascinating domain on __[Gemini Foundation](https://www.gemini.com/derivatives)__. In our first installment, we explore how to open your derivatives account with Gemini.

Whether you're a seasoned trader or a novice to the world of crypto, this series will offer valuable insights for all skill levels, including in depth guides on how to navigate the Gemini derivatives interface to help you fully enjoy the various features our platform has to offer. We'll start from the basics and gradually delve into more advanced concepts, ensuring a robust understanding regardless of your current level of knowledge. 

In the coming weeks, we will demystify concepts such as __futures__, __options__, __swaps__, __leverage__, and __risk management__ in the crypto landscape. Stay tuned!

### Setting Up Your Derivatives Account
In this first piece, we want to make sure that your derivatives account is all set up and ready for you to explore the world of crypto derivatives. The video below takes you through our platform and guides you on how to sign up for a Gemini account, create a derivatives trading account, and transfer funds.

Let’s get started! 

<iframe width="560" height="315" src="https://www.youtube.com/embed/z_02_GAhLbU" title="YouTube video player" frameborder="0" allow="accelerometer; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

As we journey together through this series, we will explore the theoretical underpinnings of crypto derivatives trading, but also highlight practical strategies for you to apply in real-time. We'll discuss best practices and essential safety measures to mitigate potential risks and maximize returns.

This series is more than just a learning resource — it's an invitation to join Gemini’s thriving community of traders and crypto enthusiasts. We encourage active participation, open dialogue, and knowledge exchange to further enhance your learning experience. And as always, we would love your feedback on the usefulness of the videos as well as additional topics you would like to see addressed. 

Onward and Upward,  
The Gemini Foundation Team

__Disclaimer__

*Cryptocurrency derivatives are complex products that are not suitable for all investors. You should participate in trading crypto derivatives at your own risk and only after doing your own research and understanding the function, terms, and conditions of these products. With leveraged derivatives, you may lose part or all of your investment even if there is only a small fluctuation to the index price.*

Gemini Foundation Academy: Discover the World of Crypto Derivatives Trading 

Ready to get your hands on more [Pepe ($pepe)](https://www.gemini.com/prices/pepe)? 

[Gemini Foundation](https://www.gemini.com/derivatives) is giving away a total of 6 billion $pepe to 100 lucky derivatives customers. Gemini Foundation is a non-US crypto derivatives platform that offers perpetual contracts, with dated futures and options trading coming soon.

# How to Enter

__Step 1__: To be eligible, you must reside in one of our derivatives-supported jurisdictions and be a retail (non-institutional) customer who is at least eighteen (18) years of age.

__Step 2__: All you need to do now is to create a derivatives account before __00:00 UTC on 27 May 2023__ and have a minimum account balance of at least __$100 GUSD__ in your derivatives account by the end of the giveaway period. Existing Gemini Foundation customers with an account balance of at least $100 GUSD at the end of the stated period will also be eligible. 

That’s it! Once you have fulfilled the requirements - congratulations! You are now in the running to walk away with 60 million $pepe.

# Setting Up Your Derivatives Account

If you don’t already have a Gemini derivatives account, this is how you can get started. You will need an existing Gemini account in order to create a derivatives account.

__New Gemini Customers__ — Welcome to the Gemini community! It’s a simple process to sign up with Gemini. Visit [https://exchange.gemini.com/register](https://exchange.gemini.com/register) to get started. Once you’ve created your account, follow the instructions below to set up your derivatives account.

__Existing Gemini Customers__ — [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web and select “Open A Gemini Derivatives account.” If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).

Gemini Foundation’s derivatives product is available in select jurisdictions globally. It __is not__ available to customers in the United States of America, United Kingdom, or the European Union.

__100 Gemini Foundation customers who meet the giveaway requirements will be randomly selected to receive 60 million $pepe each. Winners will be notified via email, see [official rules](https://www.gemini.com/artemis/legal/6billion-pepe-giveaway-promotion-official-rules#section-1-sponsor) for details.__

Start trading derivatives on Gemini Foundation today and stand a chance to win your own bag of $pepe — good luck!

Onward and Upward,

The Gemini Foundation Team

6 Billion Pepe ($pepe) Giveaway with Gemini Foundation — a Non-US Derivatives Platform

We are excited to announce the listing of the __ETH/GUSD perpetual contract__, Gemini Foundation’s second derivatives contract. Start trading the ETH perpetual contract denominated in Gemini dollars (GUSD) with up to __100x leverage__ today.

Gemini Foundation — a non-US derivatives platform — [launched in early May](https://www.gemini.com/blog/gemini-foundation-a-non-us-derivatives-platform-is-now-live) with a BTC/GUSD perpetual contract.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. It __is not__ available to customers in the United States of America, United Kingdom, or the European Union.

## Opening a Derivatives Account

To open a Gemini Derivatives account, customers must reside in a supported jurisdiction, and have a Gemini account.

Follow the steps below to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Open a Gemini Derivatives account”
3. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Create a new Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Read and accept the derivatives-specific Terms and Conditions   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and acknowledge the Risk Disclosure
4. Transfer GUSD into your Gemini Derivatives account
5. Start trading!

Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. In the coming months, we will be introducing additional perpetual contracts, dated futures, and options trading.

For additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward!

The Gemini Foundation Team


Gemini Foundation — a Non-US Derivatives Platform — Lists ETH/GUSD Perpetual Contract 

It’s official! Gemini Foundation — a non-US derivatives platform — is now live and open for trading to customers in all available jurisdictions. Start trading the BTC perpetual contract denominated in [Gemini dollars](https://www.gemini.com/dollar) (GUSD) with up to __100x__ leverage today. 

Gemini Foundation’s derivatives product is available in select jurisdictions globally. It __is not__ available to customers in the United States of America, United Kingdom, or the European Union.

We will also be launching an __ETH/GUSD perpetual contract__ in the coming weeks.

Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. Purpose-built for both individuals and institutions, Gemini Foundation combines powerful trading tools with an elegant user experience. Whether you're a professional trader or just getting started, Gemini Foundation is designed to help you succeed.

### Getting Started

To open a Gemini Derivatives account, customers must reside in a supported jurisdiction, and have a Gemini account.

Follow the steps below to start trading derivatives today:

1. [Log on](https://exchange.gemini.com/signin) to ActiveTrader via the web  
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you don’t have ActiveTrader enabled yet, [you can follow these steps](https://support.gemini.com/hc/en-us/articles/360055204691-How-do-I-enable-Gemini-ActiveTrader-).
2. Select “Open a Gemini Derivatives account”
3. In a single step:   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Create a new Gemini Derivatives account   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Read and accept the derivatives-specific Terms and Conditions   
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Read and acknowledge the Risk Disclosure
4. Transfer GUSD into your Gemini Derivatives account
5. Start trading!

### What's Next

We're not done yet.

We're committed to providing our users a sublime trading experience. To that end, we will be expanding our derivatives offering with additional perpetual contracts, dated futures, and options in the weeks and months ahead. So please stay tuned!

For a full list of available jurisdictions and additional details, please visit [www.gemini.com/derivatives](https://www.gemini.com/derivatives).

Onward and Upward!

The Gemini Foundation Team

Gemini Foundation — a Non-US Derivatives Platform — Is Now Live!

We are thrilled to announce the upcoming launch of __Gemini Foundation__ — a non-US crypto derivatives platform. Our first derivatives contract will be a BTC perpetual contract denominated in [Gemini dollars](https://www.gemini.com/dollar) (GUSD). An ETH/GUSD perpetual contract will launch soon thereafter. 

Gemini Foundation will allow eligible customers to leverage their crypto assets to achieve long or short crypto exposure in order to manage risk, generate returns, and gain directional exposure. Eligible customers will be able to trade both spot and derivatives products and execute all of their trading strategies within a secure and trusted platform.

<a href="https://www.gemini.com" style="color:#1EB0C7;font-weight:900">Sign up here</a> for priority access and to be notified when Gemini Foundation is available for you.

Gemini Foundation’s derivatives product is available in select jurisdictions globally. It __will not__ be available to customers in the United States of America. 

### Account Funding, Funding Payments, Fees, and P&L

__Account Funding.__ Eligible customers will be able to convert USD and USDC into GUSD on a 1:1 basis, and vice versa, in order to fund their Gemini Foundation account __at no additional cost__.

__Funding Payments.__ All perpetual funding payments will be in GUSD. 

__P&L.__ All unrealized and realized P&L will be in GUSD. 

__Fees.__ All fees will be charged in GUSD.

### Leverage

Default leverage is set to 20x. Maximum possible leverage is 100x. 

### A Sublime Derivatives Experience

Gemini Foundation will offer customers a capital-efficient, highly available, and trusted venue to trade derivatives. Purpose-built for both individuals and institutions, Gemini Foundation combines powerful trading tools with an elegant user experience. Whether you're a professional trader or just getting started, Gemini Foundation is designed to help you succeed.

Gemini Foundation will continue to expand its derivatives offering in the coming months. We’re just getting started, so stay tuned!

### What’s in a Name?

More on that later…

Onward and Upward,

The Gemini Foundation Team

The Gemini Foundation Team