BTC-GUSD Perpetual Contract Specification
About BTC-GUSD Perpetual Contract Specifications
This Contract Specification sets out the specific terms and conditions of the Contract which you may enter into with another Exchange User via the Trading Platform. Upon the execution of a Trade in respect of this Contract, this Contract Specification, read together with the Gemini Derivatives User Agreement (linked here) (“User Agreement”), shall form a legally binding contract between you and the relevant Exchange User counterparty. Gemini Artemis Pte. Ltd. (the "Company") reserves the right, in its sole and absolute discretion, and at any time, to supplement, amend or replace any term in this Contract Specification, and to make all such decisions, determinations and calculations as it may deem fit for purposes of this Contract Specification. You and the relevant Exchange User counterparty hereby agree among yourselves, and with the Company, that any and all such supplementation, amendment or replacement of terms in this Contract Specification, and any and all such decisions, determinations and calculations, shall be final, binding and conclusive on you and the relevant Exchange User counterparty who are the parties to the relevant Trade or Contract.
Unless otherwise defined herein or where the context requires otherwise, capitalized terms used in this Contract Specification shall have the same meaning given to them in the User Agreement. In the event of inconsistency or conflict between the terms and conditions set out in this Contract Specification and the User Agreement, the terms and conditions in this Contract Specification shall prevail to the extent of such inconsistency or conflict.
Information, articles, materials or documents that are linked or referred to in this Contract Specification that are marked “for illustration purposes only” are provided solely for your convenience and shall not form a part of this Contract Specification and shall not have legally binding effect on the Company or any Exchange User.
Any Trade entered into in respect of this Contract Specification shall be governed by the laws of Singapore. The Dispute Resolution provisions in Clause 44 of the User Agreement shall apply in respect of any controversy, claim or dispute arising out of or relating to such Trade or the breach thereof.
General Description (BTCGUSDPERP)
Gemini BTC-GUSD Linear Perpetual is a GUSD-margined derivative contract without a maturity date. The contract is quoted in GUSD and settled in GUSD. Each contract has an underlying of 1 BTC.
The Funding Payment is a counterparty payment and not a fee paid to the Trading Platform. Trade positions that are closed before the scheduled times for Funding Payments will not pay nor receive any Funding Payments. For illustration purposes only, learn more about Funding Payment calculations here. Contract Specifications (BTCGUSDPERP)
| On the page | | Definition |
|---|
Symbol | BTCGUSDPERP | The ticker for the trading contract. |
Contract Type | Linear Perpetual, [subject to Early Settlement] | The derivative contract structure. |
Underlying Asset | 1 BTC | The asset based on which the value of the contract is derived from. |
Expiry Date | Perpetual | The maturity date of the contract. |
Mark Price | Median (Best Bid, Best Ask, Last Trade) bound by the Adjusted Exchange Index +/- 0.1% | The derivative contract reference price that is used to measure unrealized profits and losses, defined in the User Agreement as “an estimated fair value of a Perpetual Contract, as determined by the Company in its sole and absolute discretion.” |
Adjusted Exchange Index | The Gemini BTC Exchange Index + the most recent Funding Payment | Adjusted BTC Spot index calculated from other venues that is used to bound the Mark Price. |
Funding Timestamps | Every hour on the hour. | The time of each Funding Payment. |
Funding Payment | Number of Contracts Held * Funding Amount | The amount of funding an account will pay or receive based on the number of contracts it holds. |
Trading Fee | ActiveTrader <a href= | The cost attributed to the transaction, defined in the User Agreement as “a fee chargeable by the Company in relation to any Trade executed on the Trading Platform.” |
Minimum Tradable Contract Size | 0.0001 BTC | The minimum incremental value of the contract. |
Minimum Price Movement | 0.50 GUSD | The minimum change in value for the contract. |
Margin Assets Value | | The value of the eligible assets in the Sub Account that can be used as margin for trading derivatives, defined in the User Agreement as “the margin value of assets, including Unrealised Profit and Loss and based on the Position or Mark Price, which is available to meet any applicable Initial Margin Requirement and/or any applicable Maintenance Margin Requirement, as determined by the Company.” |
Initial Margin Requirement | Margin Schedules | The minimum Margin Assets Value required, as determined by the Company, for an Exchange User to initiate an Order in respect of the relevant Contract (including any applicable Fees) at the relevant leverage level. |
Maintenance Margin Requirement | Margin Schedules | The minimum Margin Assets Value required to prevent a Liquidation, as determined by the Company. |
Maximum Leverage | x100, Subject to Position Size | The highest possible leverage available when opening a position. |
Liquidation Fee | 0.5% of Notional liquidated. Paid in GUSD. | The fee charged if a Sub Account’s positions are required to be liquidated. |
ETH-GUSD Perpetual Contract Specification
About ETH-GUSD Perpetual Contract Specifications
This Contract Specification sets out the specific terms and conditions of the Contract which you may enter into with another Exchange User via the Trading Platform. Upon the execution of a Trade in respect of this Contract, this Contract Specification, read together with the Gemini Derivatives User Agreement (linked here) (“User Agreement”), shall form a legally binding contract between you and the relevant Exchange User counterparty. Gemini Artemis Pte. Ltd. (the "Company") reserves the right, in its sole and absolute discretion, and at any time, to supplement, amend or replace any term in this Contract Specification, and to make all such decisions, determinations and calculations as it may deem fit for purposes of this Contract Specification. You and the relevant Exchange User counterparty hereby agree among yourselves, and with the Company, that any and all such supplementation, amendment or replacement of terms in this Contract Specification, and any and all such decisions, determinations and calculations, shall be final, binding and conclusive on you and the relevant Exchange User counterparty who are the parties to the relevant Trade or Contract.
Unless otherwise defined herein or where the context requires otherwise, capitalized terms used in this Contract Specification shall have the same meaning given to them in the User Agreement. In the event of inconsistency or conflict between the terms and conditions set out in this Contract Specification and the User Agreement, the terms and conditions in this Contract Specification shall prevail to the extent of such inconsistency or conflict.
Information, articles, materials or documents that are linked or referred to in this Contract Specification that are marked “for illustration purposes only” are provided solely for your convenience and shall not form a part of this Contract Specification and shall not have legally binding effect on the Company or any Exchange User.
Any Trade entered into in respect of this Contract Specification shall be governed by the laws of Singapore. The Dispute Resolution provisions in Clause 44 of the User Agreement shall apply in respect of any controversy, claim or dispute arising out of or relating to such Trade or the breach thereof.
General Description (ETHGUSDPERP)
Gemini ETH-GUSD Linear Perpetual is a GUSD-margined derivative contract without a maturity date. The contract is quoted in GUSD and settled in GUSD. Each contract has an underlying of 1 ETH.
The Funding Payment is a counterparty payment and not a fee paid to the Trading Platform. Trade positions that are closed before the scheduled times for Funding Payments will not pay nor receive any Funding Payments. For illustration purposes only, learn more about Funding Payment calculations here. Contract Specifications (ETHGUSDPERP)
| On the page | | Definition |
|---|
Symbol | ETHGUSDPERP | The ticker for the trading contract. |
Contract Type | Linear Perpetual, [subject to Early Settlement] | The derivative contract structure. |
Underlying Asset | 1 ETH | The asset based on which the value of the contract is derived from. |
Expiry Date | Perpetual | The maturity date of the contract. |
Mark Price | Median (Best Bid, Best Ask, Last Trade) bound by the Adjusted Exchange Index +/- 0.1% | The derivative contract reference price that is used to measure unrealized profits and losses, defined in the User Agreement as “an estimated fair value of a Perpetual Contract, as determined by the Company in its sole and absolute discretion.” |
Adjusted Exchange Index | The Gemini ETH Exchange Index + the most recent Funding Payment | Adjusted ETH Spot index calculated from other venues that is used to bound the Mark Price. |
Funding Timestamps | Every hour on the hour. | The time of each Funding Payment. |
Funding Payment | Number of Contracts Held * Funding Amount | The amount of funding an account will pay or receive based on the number of contracts it holds. |
Trading Fee | ActiveTrader <a href= | The cost attributed to the transaction, defined in the User Agreement as “a fee chargeable by the Company in relation to any Trade executed on the Trading Platform.” |
Minimum Tradable Contract Size | 0.001 ETH | The minimum incremental value of the contract. |
Minimum Price Movement | 0.05 GUSD | The minimum change in value for the contract. |
Margin Assets Value | | The value of the eligible assets in the Sub Account that can be used as margin for trading derivatives, defined in the User Agreement as “the margin value of assets, including Unrealised Profit and Loss and based on the Position or Mark Price, which is available to meet any applicable Initial Margin Requirement and/or any applicable Maintenance Margin Requirement, as determined by the Company.” |
Initial Margin Requirement | Margin Schedules | The minimum Margin Assets Value required, as determined by the Company, for an Exchange User to initiate an Order in respect of the relevant Contract (including any applicable Fees) at the relevant leverage level. |
Maintenance Margin Requirement | Margin Schedules | The minimum Margin Assets Value required to prevent a Liquidation, as determined by the Company. |
Maximum Leverage | x100, Subject to Position Size | The highest possible leverage available when opening a position. |
Liquidation Fee | 0.5% of Notional liquidated. Paid in GUSD. | The fee charged if a Sub Account’s positions are required to be liquidated. |
PEPE-GUSD Perpetual Contract Specification
About PEPE-GUSD Perpetual Contract Specifications
This Contract Specification sets out the specific terms and conditions of the Contract which you may enter into with another Exchange User via the Trading Platform. Upon the execution of a Trade in respect of this Contract, this Contract Specification, read together with the Gemini Derivatives User Agreement (linked here) (“User Agreement”), shall form a legally binding contract between you and the relevant Exchange User counterparty. Gemini Artemis Pte. Ltd. (the "Company") reserves the right, in its sole and absolute discretion, and at any time, to supplement, amend or replace any term in this Contract Specification, and to make all such decisions, determinations and calculations as it may deem fit for purposes of this Contract Specification. You and the relevant Exchange User counterparty hereby agree among yourselves, and with the Company, that any and all such supplementation, amendment or replacement of terms in this Contract Specification, and any and all such decisions, determinations and calculations, shall be final, binding and conclusive on you and the relevant Exchange User counterparty who are the parties to the relevant Trade or Contract.
Unless otherwise defined herein or where the context requires otherwise, capitalized terms used in this Contract Specification shall have the same meaning given to them in the User Agreement. In the event of inconsistency or conflict between the terms and conditions set out in this Contract Specification and the User Agreement, the terms and conditions in this Contract Specification shall prevail to the extent of such inconsistency or conflict.
Information, articles, materials or documents that are linked or referred to in this Contract Specification that are marked “for illustration purposes only” are provided solely for your convenience and shall not form a part of this Contract Specification and shall not have legally binding effect on the Company or any Exchange User.
Any Trade entered into in respect of this Contract Specification shall be governed by the laws of Singapore. The Dispute Resolution provisions in Clause 44 of the User Agreement shall apply in respect of any controversy, claim or dispute arising out of or relating to such Trade or the breach thereof.
General Description (PEPEGUSDPERP)
Gemini PEPE-GUSD Linear Perpetual is a GUSD-margined derivative contract without a maturity date. The contract is quoted in GUSD and settled in GUSD. Each contract has an underlying of 1 PEPE.
The Funding Payment is a counterparty payment and not a fee paid to the Trading Platform. Trade positions that are closed before the scheduled times for Funding Payments will not pay nor receive any Funding Payments. For illustration purposes only, learn more about Funding Payment calculations here. Contract Specifications (PEPEGUSDPERP)
| On the page | | Definition |
|---|
Symbol | PEPEGUSDPERP | The ticker for the trading contract. |
Contract Type | Linear Perpetual, [subject to Early Settlement] | The derivative contract structure. |
Underlying Asset | 1 PEPE | The asset based on which the value of the contract is derived from. |
Expiry Date | Perpetual | The maturity date of the contract. |
Mark Price | Median (Best Bid, Best Ask, Last Trade) bound by the Adjusted Exchange Index +/- 0.1% | The derivative contract reference price that is used to measure unrealized profits and losses, defined in the User Agreement as “an estimated fair value of a Perpetual Contract, as determined by the Company in its sole and absolute discretion.” |
Adjusted Exchange Index | The Gemini PEPE Exchange Index + the most recent Funding Payment | Adjusted PEPE Spot index calculated from other venues that is used to bound the Mark Price. |
Funding Timestamps | Every hour on the hour. | The time of each Funding Payment. |
Funding Payment | Number of Contracts Held * Funding Amount | The amount of funding an account will pay or receive based on the number of contracts it holds. |
Trading Fee | ActiveTrader <a href= | The cost attributed to the transaction, defined in the User Agreement as “a fee chargeable by the Company in relation to any Trade executed on the Trading Platform.” |
Minimum Tradable Contract Size | 1 PEPE | The minimum incremental value of the contract. |
Minimum Price Movement | 0.000000001 GUSD | The minimum change in value for the contract. |
Margin Assets Value | | The value of the eligible assets in the Sub Account that can be used as margin for trading derivatives, defined in the User Agreement as “the margin value of assets, including Unrealised Profit and Loss and based on the Position or Mark Price, which is available to meet any applicable Initial Margin Requirement and/or any applicable Maintenance Margin Requirement, as determined by the Company.” |
Initial Margin Requirement | Margin Schedules | The minimum Margin Assets Value required, as determined by the Company, for an Exchange User to initiate an Order in respect of the relevant Contract (including any applicable Fees) at the relevant leverage level. |
Maintenance Margin Requirement | Margin Schedules | The minimum Margin Assets Value required to prevent a Liquidation, as determined by the Company. |
Maximum Leverage | x100, Subject to Position Size | The highest possible leverage available when opening a position. |
Liquidation Fee | 0.5% of Notional liquidated. Paid in GUSD. | The fee charged if a Sub Account’s positions are required to be liquidated. |
Gemini Weighted Price Index
Gemini Exchange Index uses the Reference Rate powered by Kaiko, a third party crypto data provider.
The index price is updated every second using the 15-seconds volume weighted average price from a basket of exchanges based on the methodology employed by Kaiko. The exchanges are vetted using governance, legal and compliance frameworks that ensure quality of data. More details of the calculation can be found here. Perpetual Contract
A perpetual is a GUSD-margined derivative contract. The contract is linear in the sense that the Initial Margin Requirement and Maintenance Margin Requirement, Funding Payments, profits and losses are all calculated and settled in the quote currency, GUSD.
1 BTCGUSDPERP has 1 BTC as its underlying. Therefore buying 1 BTCGUSDPERP will give exposure to 1 BTC. The minimum tradable amount is 0.0001, making it possible to buy small or large amounts of price exposure to the underlying crypto asset in a capital efficient manner. It has no expiry or settlement date.
BTCGUSDPERP is quoted in GUSD and settled in GUSD. GUSD is the currency used for calculating the Initial Margin Requirement, Maintenance Margin Requirement, Funding Payments, and profits and losses.
Features of Margin Requirements
Margin Requirements
Initial Margin Requirements and Maintenance Margin Requirements (collectively, “Margin Requirements”) specify the minimum level of Margin Assets Value required to open or maintain a position. Margin Requirements will automatically increase and decrease based on position notional value. The higher the position notional value, the higher the Margin Requirements. Conversely, the lower the position notional value, the lower the Margin Requirements.
These Margin Requirements are based on the product Margin Schedule found here. Margin Assets Value and Leverage
Margin Assets Value is the total value of margin-eligible assets in the Sub Account. This is effectively the capital being used to trade derivatives and is subsequently the assets at risk should the Sub Account be auto-liquidated.
Leverage = Total Notional Position / Margin Assets Value
Initial Margin Requirement
Initial Margin Requirement refers to the margin that is required to open a position, determined by the position notional value and leverage. The amount of leverage that will be allowed will be restricted according to the position’s notional value.
The Initial Margin Requirement also needs to be satisfied in order to submit and maintain resting Limit Orders. Initial Margin Requirement includes the margin required for both open orders and open positions, however the margin specific to open orders is called Reserved Margin. It is not possible to submit orders if they would cause the Initial Margin Requirement to be greater than the Margin Assets Value. Note that risk-reducing orders do not incur additional margin requirements.
The formula for Initial Margin Requirement is based on the schedule provided here and is calculated by applying the Margin Rate for the maximum amount in each notional bucket.
Maintenance Margin Requirement
Maintenance Margin Requirement is the minimum Margin Assets Value that is required to prevent auto-liquidation of the position(s). The larger the notional position, the higher the Maintenance Margin Requirement required to prevent liquidation.
The Maintenance Margin Requirement follows the full Risk Tier schedule found here. Isolated Margin
On the Trading Platform, the maximum leverage is set at the Sub Account level and not per position. All positions in the Sub Account are subject to the same leverage limitations. In the event of liquidation, all positions and assets contributing to the Margin Assets Value are at risk.
Sub Account leverage limits can be increased or decreased at any time, subject to having sufficient Margin Assets Value in the Sub Account to support the relevant leverage limits.
In order to effect an isolated margin trade for a single position then the single position and the assets used to fund it can be placed in a separate Sub Account with the appropriate margin setting.
Funding
Overview
The Funding Payment is a counterparty payment between long and short perpetual position holders. It is not a Trading Fee payable to the Trading Platform. The Funding Payment helps to ensure that the price of the perpetual contract does not diverge too far from the underlying crypto asset's spot price.
The Funding Payment is deducted from the Sub Account balance in GUSD. In the event that the Funding Payment would result in the Margin Assets Value dropping below the Maintenance Margin Requirement, the related position(s) are at risk of being liquidated in order to fulfill the Funding Payment requirement.
Funding Timestamps
Funding Timestamps are when long and short position holders settle their funding payments with each other.
The time interval between each Funding Timestamp is one (1) hour. The Funding Timestamps are on the hour, every hour.
Funding Payment Calculation
The size of the Funding Payment depends on the relative price performance of the perpetual market on the Trading Platform and the underlying Gemini spot market during each hour. If the Funding Rate is positive, long position holders will pay short position holders. Conversely, if the Funding Rate is negative, short position holders will pay long position holders.
Funding Payment = Position Size (contracts) * [TWAP(Perpetual - Spot) / 24]
Mark Price and Exchange Index
Mark Price
Mark Price is the calculated fair market value of the perpetual contract at any given point in time. This is the reference price that is used to determine whether a liquidation is triggered and to calculate unrealized profits and losses.
The Mark Price is the median of the perpetual market Best Bid, Best Ask and Last Trade prices. This value is then bound by a floor and cap based on the Adjusted Exchange Index. This cap and floor is currently set at 0.1%. This means the Mark Price cannot deviate above or below the Adjusted Exchange Index by more than this factor.
The “Adjusted Exchange Index” is the Gemini Exchange Index price plus the most recent Funding Payment.
The methodology used to determine the Mark Price is designed to help prevent unfair liquidations that might be triggered due to market volatility.
Gemini Exchange Index Price
A primary component of Mark Price calculation is the Gemini Exchange Index.
The Exchange Index values are calculated and provided by Kaiko, an independent index calculation agent. The methodology and implementation is also independently managed by Kaiko and can be found here. The role of the Exchange Index is to determine a current market value, based on a number of trading venues, for each asset that is reflective of the current asset price. Liquidation
Overview of Liquidation
Liquidation is triggered when the Margin Assets Value in the relevant Sub Account falls below the Maintenance Margin Requirement.
Liquidation Process
In the event of a liquidation the Company will attempt to reduce risk in order to get the Margin Assets Value back above the Maintenance Margin Requirement as efficiently as possible.
The first step in the liquidation process will involve the cancellation of all pending and open orders associated with the relevant Sub Account. Open orders attract margin. If this step is adequate to ensure the Margin Assets Value of the Sub Account is greater than the Maintenance Margin Requirement then the liquidation process will cease.
If this step is insufficient, then the Company will submit orders to reduce the position size on behalf of the Sub Account being liquidated until the Margin Assets Value in the relevant Sub Account is more than the Maintenance Margin Requirement. The Company will first submit a Limit: Immediate-or-Cancel (“IOC”) order at the Zero Price for 50% of the relevant position size.
The "Zero Price" is the price at which an execution of the order would leave the Sub Account with a zero balance, adjusting for the Liquidation Fee.
An “IOC” order is an order that is filled immediately at or better than a specified price. Any quantity that is not filled immediately is canceled and does not rest on the continuous order book.
If the execution of this IOC order is better than the Zero Price any additional proceeds are kept by the Sub Account, less the Liquidation Fee for the size of the position closed.
The liquidation process will continue to liquidate 50% of the remaining position until either the Margin Assets Value is back above the Maintenance Margin Requirement or until the position notionally reaches an absolute value of $10,000, in which case 100% of the position size is sent as an IOC order.
If, at any point, the liquidation IOC order is unable to execute at the Zero Price then the position is transferred to the Gemini Insurance Fund at the Zero Price and the Liquidation Fee is charged. There are no transaction fees charged on liquidation orders.
Insurance Fund
In the event of liquidation, some positions may not be able to be liquidated at or better than the Zero Price. If the position is liquidated at a price that is below the Zero Price this would result in a negative balance in the Sub Account. The Insurance Fund prevents this negative balance occurring without the need for Auto-Deleveraging. The main ongoing source of funds for the Insurance Fund are the Liquidation Fees. During liquidation, liquidated positions are charged a 0.5% Liquidation Fee on the position's notional value.
ADL Mechanism
Auto-Deleveraging (“ADL”) occurs when the Insurance Fund no longer has sufficient capital to accept positions at the Zero Price. This is a last resort to mitigate the losses from being greater than the Margin Assets Value.
The activated ADL mechanism will de-leverage the highest ADL ranking position first. The ADL ranking is a function of leverage and profit and losses.
ADL Ranking Calculation
The higher the ADL ranking of a particular position, the more likely it is to be closed against a position being liquidated by the ADL mechanism. The ADL rank is calculated based on two primary components: a position’s leverage and profitability.
The formula for ranking is as follows:
Ranking for Buy/Long positions = Profits and Losses Percentage * Leverage
Ranking for Sell /Short positions = Profits and Losses Percentage / Leverage
Trading Fees
The Trading Platform charges a Trading Fee when an order is executed. Depending on the nature of the trade, you may be charged a maker fee, taker fee or both.
If the order is filled immediately, a taker fee is charged. If the order is not filled immediately and instead rests on the order book, a maker fee will be charged. However, if an order is placed and only a portion of it is filled immediately, a taker fee will be charged on the filled portion. The unfilled portion of the order will be charged a maker fee when it is fulfilled.
All Trading Fees are incurred upon execution of an order and deducted from the Account Balance.
For more information on the full trading fees and calculations, please refer to the Fee Schedule. Market Disruption Events
Early Settlement
In the event of an unforeseen market disruption event, all open positions will be closed at the sole and absolute discretion of the Company and/or the Trading Platform. Exchange Users will be alerted through an announcement on their current positions, together with the timing and reason(s) for Early Settlement.
The Funding Payment used for the settlement of positions will continue to be the same Funding Payment from the prior Funding Timestamp. All open positions will be settled at the time-weighted average price of the last 30 minutes interval. No Trading Fee will be incurred for positions closed due to Early Settlement.
Risk Limits
The larger the position's notional value, the greater the risk exposure. Hence, a larger notional value would require higher Margin Requirements and will be permitted lower leverage limits. The Margin Requirements and leverage limits are available here. 
