Marketplace

Last Modified: November 25, 2017

Introduction

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

Continuous Order Book Auction Order Book1
BTC/USD Yes Yes
ETH/USD Yes Yes
ETH/BTC Yes No

Our marketplace operates 24 hours a day, 7 days a week, except for brief maintenance periods, which we announce ahead of time on our status page and at @geminidotcom.

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

For information on our trading fee schedule, please see our Trading Fees page.

Order Types

Gemini supports the following order types and execution options:

Description Specifies Price Can Trade Against Resting Orders Can Rest on Continuous Order Book Can Trade in Auction
Market Filled immediately against resting orders at the current best available price. No Yes No No
Limit Filled at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or canceled. Yes Yes Yes Yes
Limit:

Immediate-or-Cancel (IOC)

Filled immediately at or better than a specified price. Any quantity that is not filled immediately is canceled and does not rest on the continuous order book. Yes Yes No No
Limit:

Maker-or-Cancel (MOC)

Rests on the continuous order book at a specified price. If any quantity can be filled immediately, the entire order is canceled. Yes No Yes Yes
Limit:

Auction-Only (AO) Limit

Rests on the auction order book and is filled at or better than a specified price at the conclusion of an auction. Any quantity that is not filled is canceled. Yes No2 No Yes
Auctions

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

BTC/USD Auction Schedule
New York 8:00 AM 3:50 PM 3:51 – 3:59 PM 3:59 PM 3:59:15 – 3:59:45 4:00 PM
UTC (EDT) 12:00 19:50 19:51 – 19:59 19:59 19:59:15 – 19:59:45 20:00
UTC (EST) 13:00 20:50 20:51 – 20:59 20:59 20:51:15 – 20:59:45 21:00
SGT/HKT 11:00 AM 6:50 PM 6:51 – 6:59 PM 6:59 PM 6:59:15 – 6:59:45 7:00 PM
JST 12:00 19:50 19:50 – 19:59 19:59 19:50:15 – 19:59:45 20:00
UTC 03:00 10:50 10:51 – 10:59 10:59 10:59:15 – 10:59:45 11:00
Begin accepting orders for auction. First auction simulation runs.
First indicative price is published via API and website UI.3
The auction simulation is repeated and the indicative price is published every minute. Auction-Only (AO) Limit orders are locked in.
Auction-Only (AO) Limit orders may be placed but no Auction-Only (AO) Limit orders may be canceled.
The auction simulation is repeated and the indicative price is published every 15 seconds. Auction runs.
Auction-Only (AO) Limit orders are filled or cancelled.
If successful, auction results are published as a bulk trade via API and website UI.4

 

ETH/USD Auction Schedule
New York 8:00 AM 3:50 PM 3:51 – 3:59 PM 3:59 PM 3:59:15 – 3:59:45 4:00 PM
UTC (EDT) 12:00 19:50 19:51 – 19:59 19:59 19:59:15 – 19:59:45 20:00
UTC (EST) 13:00 20:50 20:51 – 20:59 20:59 20:51:15 – 20:59:45 21:00
Begin accepting orders for auction. First auction simulation runs.
First indicative price is published via API and website UI.
The auction simulation is repeated and the indicative price is published every minute. Auction-Only (AO) Limit orders are locked in.
Auction-Only (AO) Limit may be placed but no Auction-Only (AO) Limit orders may be canceled.
The auction simulation is repeated and the indicative price is published every 15 seconds. Auction runs.
Auction-Only (AO) Limit orders are filled or cancelled.
If successful, auction results are published as a bulk trade via API and website UI.

The final auction price for every auction is established as the price that executes the greatest aggregate quantity across both the auction and continuous order book.5 A desirable property of this auction design is that it approximates the results of the Walrasian tâtonnement process used in standard economics textbooks to describe how the forces of supply and demand determine prices and market clearing quantities. Within this auction design, the market is open to accepting bids and offers until the time the auction algorithm runs. This auction mechanism is similar to the auction mechanisms used by NYSE Arca, Nasdaq, Bats, and other large stock exchanges throughout Europe and Asia.

 

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

Priority of Limit Orders

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

Market Data

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

Market Data Committee

We maintain an internal Market Data Committee that is accountable for the overall operation of our marketplace, matching engine, and market data.

Periodic Review

We review our codebase, documentation, trading activity, and the order matching and auction process of our matching engine as part of our periodic review, which is performed in accordance with Principle 10 of the IOSCO Benchmark Principles.6,7

Marketplace Conduct Rules

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

Marketplace Controls

In an effort to foster an orderly market and prevent market disruptions, we have the following marketplace controls in place:

  • Orders: Automatic cancellation of any order,8 or the remaining portion of any order, on a continuous order book that would move the market price by more than 20% in either direction, as compared to the prior prevailing market price;
  • Auctions: Automatic cancellation of an auction if the final auction price deviates from the midpoint of the related continuous order book by more than 5% in either direction at the time the auction runs; and
  • Self-trade prevention: we prohibit you from crossing with yourself on a continuous order book or with yourself on an auction order book.
Marketplace Disruptions

Errors or disruptions may occur on our exchange during the order entry, order matching, or trading process. If any such errors or disruptions occur, our Market Data Committee will review any orders and trades from such period. We reserve the right to cancel any order and/or reverse any trade, in whole or in part, in the event of an error or disruption and pursuant to our User Agreement (seeErroneous Orders’ and ‘Erroneous Trades’). Absent extraordinary circumstances, any such action taken by the Market Data Committee pursuant to our User Agreement will be taken as soon as practicable and within three (3) business days of the detection of any erroneous order, erroneous trade, disruption, or malfunction. If you are involved in any such event, we will notify you as soon as practicable.

Downtime and Maintenance

We undergo scheduled maintenance every Friday from the hours of 7:00 p.m. ET until 10:00 p.m. ET or earlier. In the event that we experience downtime or perform maintenance outside of our weekly scheduled window, we will always do our best to pre-communicate details on our status page and at @geminidotcom. For information on how orders are handled during downtime please see the Order Handling section of our User Agreement.

Financial Indices: Compliance Statement

In connection with our auction process, we may publish price indices that reference or incorporate data from auction results. We are the administrator of the resulting indices, and we undertake this responsibility pursuant to and in compliance with the Principles for Financial Benchmarks published by the Board of the International Organization of Securities Commissions (the IOSCO Benchmark Principles). We have implemented the IOSCO Benchmark Principles in a manner proportionate to the size of, and risks posed by, each index that we administer. Specifically, we have implemented and maintain a Market Data Integrity Policy and accompanying procedures that provide an internal control framework governing the creation and administration of financial indices, addressing conflicts of interest, and ensuring data integrity, among other items.

Questions, Feedback, and Complaints

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

If you would like to report a trading error or lodge a complaint,9 please contact our Customer Support Team using one of the following methods:

  1. Complete this form;
  2. Write to our Customer Support Team at:

Gemini Trust Company, LLC, 600 Third Avenue, 2nd Floor, New York, NY 10016; or

Call our Customer Support Team at +1 (866) 240-5113 (toll-free in the USA).

 

1 The auction order book is blind; however, public auction events contain information that allows market participants to understand when there is an imbalance of buy or sell interest.
2 Auction-Only (AO) Limit orders can trade against resting limit orders on the continuous order book at the time the auction runs.
3 Gemini makes no guarantee that indicative prices and the final auction price will converge or that the related continuous order book prices will converge. Indicative auction prices, the final auction price, and continuous order book prices are solely a product of the interactions between market participants who have no affiliation with Gemini Trust Company, LLC., and which are bound by our marketplace policies, procedures, and rules of conduct.
4 An auction will be automatically cancelled if the final auction price deviates from the midpoint of the related continuous order book by more than 5% at the time that the auction runs. If an auction automatically cancels, all Auction-Only (AO) Limit orders will be canceled and all orders on the continuous order book will be unaffected.
5 In the event of a tie between multiple prices, the midrange is be used.
6 See https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf
7 Gemini is not a member of IOSCO.
8 In addition, we provide a confirmation dialogue box via our website UI that warns you before placing any order on a continuous order book that could potentially move the market price by more than 20% in either direction, as compared to the prior prevailing market price.
9 All trading error reports or complaints must contain sufficient information to facilitate review.