Trading Fees

Last Modified: November 14, 2017

Overview

Gemini’s real-time, dynamic maker-taker fee schedule provides an institutional-grade trading experience that allows market participants to be charged as low as a 0 bps (0.00%) fee on all liquidity-making trades and be charged as low as a 10 bps (0.10%) fee on all liquidity-taking trades on each of Gemini’s three order matching engines: BTC/USD, ETH/USD, and ETH/BTC. These rates are based on activity on the relevant order matching engine only and apply to trades executed on both the continuous order book and the auction order book.

Dynamic Fee Schedule

Fees are based on your trading volume over the trailing thirty (30) calendar day window. Your fee rate will be recalculated every day at midnight UTC (7:00p.m. EST/8:00p.m. EDT) and applied to all your trades going forward from that time.

Real-Time Fee Calculation

We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). We use units of basis points (“bps”), which represent 1/100th of a percent of notional value. For example, a fee of 25 bps means that 0.25% of the denominated value of the trade will be kept by our exchange, either deducted from the gross proceeds of a trade or charged to the account at the time a trade is executed. Any fees will be applied in real-time at the time a trade is executed.

Maker vs. Taker

Every trade involves two orders: one that provides liquidity to the order book and another that removes liquidity from the order book. For a buy or sell order to provide liquidity, it must first be posted to the order book. This means that it doesn’t fill immediately since it doesn’t match with an existing order; instead it must rest on the order book until another order matches it. This kind of buy or sell order adds liquidity to the marketplace and is called liquidity-making — the customer who places it is referred to as a maker. On the other hand, a buy or sell order that immediately matches with an existing order on the order book removes liquidity from the marketplace and is called liquidity-taking — the customer who places it is referred to as a taker. Because liquidity-making orders do not fill immediately and, therefore, bear more market risk, we believe in offering greater incentives to makers.

Fee Schedule

The base fee for all liquidity-making and liquidity-taking trades for each of our three order matching engines is 25 bps (0.25%); however, fees are reduced based on your trading volume on each respective order matching engine over a trailing thirty (30) calendar day window.

Note: All trades executed in Gemini’s daily Auction receive the liquidity-making fee rate. Furthermore, they are included in your gross trading volume on the respective order matching engine and may therefore serve to reduce your liquidity-making fees.

30-Day Trading
Volume (BTC)
30-Day Trading
Volume (ETH)
Taker Fee Maker Fee
0 0 25 bps (0.25%) 25 bps (0.25%)
≥ 1,000 ≥ 20,000 23 bps (0.23%) 20 bps (0.20%)
≥ 2,000 ≥ 40,000 20 bps (0.20%) 15 bps (0.15%)
≥ 3,000 ≥ 60,000 15 bps (0.15%) 10 bps (0.10%)
≥ 5,000 ≥ 100,000 10 bps (0.10%) 0 bps (0.0%)
Fee Discount Examples

1) Alice trades 8,000 BTC of gross volume over thirty (30) calendar days on the BTC/USD order matching engine. Of those trades, 3,000 BTC are from liquidity-making orders and 5,000 BTC are from liquidity-taking orders. As a result of her 30-day trading volume, she will be charged 0 bps on the maker side and 10 bps (0.10%) on the taker side.

Taker Fee Maker Fee
Trading Volume Discount 10 bps (0.10%) 0 bps (0.0%)
Amount BTC 5,000 3,000
Notional Volume (BTC @ $100.00) $500,000.00 $300,000.00
Net Fee $500.00 $0.00

 

2) Bob buys 50,000 ETH over thirty (30) calendar days on the ETH/BTC order matching engine. None of his trades were liquidity-making. As a result of his 30-day trading volume, he will be charged 15 bps (0.15%) on the maker side and 20 bps (0.20%) on the taker side.

Taker Fee Maker Fee
Trading Volume Discount 20 bps (0.20%) 15 bps (0.15%)
Amount ETH 50,000 0
Notional Volume (ETH @ 0.01 BTC) 500 BTC 0 BTC
Net Fee 1 BTC 0 BTC

 

3) Charlie trades 60,000 ETH of gross volume over thirty (30) calendar days on the ETH/USD order matching engine. Of those trades, 40,000 ETH are from liquidity-making orders. As a result of his 30-day trading volume, he will be charged 10 bps (0.10%) on the maker side and 15 bps (0.15%) on the taker side.

Taker Fee Maker Fee
Trading Volume Discount 15 bps (0.15%) 10 bps (0.10%)
Amount ETH 20,000 40,000
Notional Volume (ETH @ $100.00) $2,000,000.00 $4,000,000.00
Net Fee $3,000.00 $4,000.00
Fee Calculations

Fees for all Gemini order types are calculated based on the fee schedule as defined above. Fees are only calculated on the notional value (i.e., price × amount) of traded volume. For partially filled orders, only the executed portion is subject to trading fees. Price and fees are denominated as follows:

Order Book Price Denomination Fee Denomination
BTC/USD USD USD
ETH/USD USD USD
ETH/BTC BTC BTC

Sell Orders – For limit and market sell orders, the appropriate fee is deducted from the proceeds of the resulting trade.

Buy Orders – For limit buy orders, the appropriate fee is added to the purchase price as the order fills; for market buy orders, the appropriate fee is deducted from the purchase price of the resulting trade.

NOTE: Fees and account balances are not rounded, even though they may be displayed to you as rounded up or down to the smallest denomination for a given fiat currency or digital asset (e.g., one penny, one satoshi, which is 0.00000001 BTC, or one wei, which is 10^-18 ETH).

Fee Calculation Examples

1) Sell Order (Limit): You enter a limit sell order of 10 BTC at a limit price of $100 that fills at an average price of $101 per BTC. Under the base maker or taker fee rate, Gemini will deduct 25 bps (0.25%) from the gross sale proceeds and transfer the net sales proceeds into your account. Note: Your fee may be different if you qualify for any of the discounts discussed above.

Gross Sale Proceeds = 10 × $101 = $1,010 USD
Total Fee = $1,010 × 0.0025 = $2.525 USD, displayed as $2.53 USD
Net Sale Proceeds = $1,010 – $2.525 = $1,007.475 USD, displayed as $1,007.47 USD

 

2) Sell Order (Market): You enter a market sell order of 10 BTC that fills at an average price of $100 per BTC. Under the base maker or taker fee rate, Gemini will deduct 25 bps (0.25%) from the gross sale proceeds and transfer the net sale proceeds into your account. Note: Your fee may be different if you qualify for any of the discounts discussed above.

Gross Sale Proceeds = 10 × $100 = $1,000 USD
Total Fee = $1,000 × 0.0025 = $2.50 USD
Net Sale Proceeds = $1,000 – $2.50 = $997.50 USD

 

3) Buy Order (Limit): You enter a limit buy order for $1,000 of BTC at a limit price of $101 that fills at an average price of $100 per BTC. Under the base maker or taker fee rate, Gemini will add 25 bps (0.25%) to the purchase price and transfer the total BTC purchased to your account. Note: Your fee may be different if you qualify for any of the discounts discussed above.

Purchase Price = $1,000 USD
Total Fee = $1,000 × 0.0025 = $2.50 USD
Gross Purchase Price = $1,002.50 USD
Total BTC Purchased = $1,000 / $100 = 10 BTC

 

4) Buy Order (Market): You enter a market buy order for $10,000 of BTC that fills at an average price of $100 per BTC. Under the base maker or taker fee rate, Gemini will deduct 25 bps (0.25%) from the gross purchase price and transfer the net purchase price of BTC to your account. Note: Your fee may be different if you qualify for any of the discounts discussed above.

Gross Purchase Price = $10,000 USD
Total Fee = $10,000 × (0.0025 / 1.0025) = $24.93765586 USD, displayed as $24.94 USD
Net Purchase Price = $10,000 – $24.93765586 = $9,975.06234414 USD
Total BTC Purchased = $9,975.06234414 / $100 = 99.7506234414 BTC, rounded to 99.75062344 BTC
To Confirm: $9,975.06234414 × 0.0025 = $24.93765586 USD

Notice of Changes

Please note: any change to our fee schedule, including adjustments to any of the tiers or rates, will be emailed and/or posted no fewer than three (3) calendar days before changes are to take effect and no changes will be in effect for fewer than thirty (30) calendar days.