Marketplace

Last Modified: September 20, 2018

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
ZEC/USD Yes Yes
ETH/BTC Yes No
ZEC/BTC Yes No
ZEC/ETH Yes No

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

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

Order Types

Gemini supports the following order types and execution options:

Description Specifies Price Can Trade Against Resting Orders Can Rest on Continuous Order Book Can Trade in Auction
Market Filled immediately against resting orders at the current best available price. No Yes No No
Limit Filled at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or canceled. Yes Yes Yes Yes
Limit:
Immediate-or-Cancel (IOC)
Filled immediately at or better than a specified price. Any quantity that is not filled immediately is canceled and does not rest on the continuous order book. Yes Yes No No
Limit:
Fill-Or-Kill (FOK)
Filled immediately at or better than a specified price. If the order cannot be filled in full immediately, the entire quantity is canceled. The order does not rest on the continuous order book. Yes Yes No No
Limit:
Maker-or-Cancel (MOC)
Rests on the continuous order book at a specified price. If any quantity can be filled immediately, the entire order is canceled. Yes No Yes Yes
Limit:
Auction-Only (AO) Limit
Rests on the auction order book and is filled at or better than a specified price at the conclusion of an auction. Any quantity that is not filled is canceled. Yes No2 No Yes
Limit:
Indication of Interest (IOI)
Initiates Gemini’s block trading workflow to source liquidity for large block quantities. Yes No No No
Gemini Block Trading

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

Indication of Interest (IOI): Taker specifies: (i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit. Market makers only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order. The IOI has an expiry time of 60 seconds, during which market makers may submit but not cancel block orders.
Price Collar: A block order’s price limit must be within 5% of the midpoint of the related continuous order book at the time of order submission.
Price Requirement: The price limit for a sell block order must be below the midpoint of the related continuous order book. The price limit for a buy block order must be above the midpoint of the related continuous order book.
Minimum Quantity: 10 BTC / 100 ETH / 200 ZEC
Fill Allocation: Price-time priority.
Minimum Required Fill: 10 BTC / 100 ETH / 200 ZEC
Trade Information: Published ten minutes following execution of block trade.
Order Restriction: Block Trading is not permitted within 25 minutes of a daily Gemini Auction™.
Taker Market Maker
Fees: 50 bps (0.50%)

0.00%

We will be waiving all Block Trading fees commencing September 21, 2018 at 9am ET and ending on October 31, 2018 at 4pm ET.
0 bps (0.00%)
Registration: No Yes.
To become a market maker, please email bizdev@gemini.com.
Order Cancellation: No No
Order Placement: User Interface, REST, or FIX. FIX protocol only.
For information regarding cross-connectivity to our data center, please email connectivity@gemini.com
Gemini Block Trading Example
Event Action Quantity Price Limit Bid Offer Final Price
11:59:59am Taker places Limit IOI buy order 1,000 BTC $10,100
11:59:59am Midpoint of the continuous order book is $10,000, resulting in a collar for the block trade of $9,500 USD and $10,500.
12:00:00pm IOI and collar broadcast to market makers via FIX protocol
12:00:50pm Market Maker A responds 1,000 BTC $9,950 $10,050
12:00:52pm Market Maker B responds 1,000 BTC $9,900 $10,100
12:00:58pm Market Maker C responds 500 BTC $9,950 $10,050
12:01:00pm Market Maker A sells to Taker 1000 BTC $10,050
12:11:00pm Gemini publishes block trade.
Gemini Auction

The Gemini marketplace conducts auctions3 for certain trading pairs every day (including weekends and holidays), which foster moments of elevated liquidity and price discovery. Below is the schedule for auctions:

BTC/USD Auction Schedule
New York 8am 3:50pm 3:51 – 3:59pm 3:59pm 3:59:15 – 3:59:45pm 4pm
UTC (EDT) 12:00 19:50 19:51 – 19:59 19:59 19:59:15 – 19:59:45 20:00
UTC (EST) 13:00 20:50 20:51 – 20:59 20:59 20:51:15 – 20:59:45 21:00
SGT/HKT 11am 6:50pm 6:51 – 6:59pm 6:59pm 6:59:15 – 6:59:45pm 7pm
JST 12:00 19:50 19:50 – 19:59 19:59 19:50:15 – 19:59:45 20:00
UTC 03:00 10:50 10:51 – 10:59 10:59 10:59:15 – 10:59:45 11:00
Begin accepting orders for auction.3 First auction simulation runs.

First indicative price is published via API and website UI.4

The auction simulation is repeated and the indicative price is published every minute. Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. The auction simulation is repeated and the
indicative price is published every 15 seconds.
Auction runs.

Auction-Only (AO) Limit orders are filled or canceled.

If successful, auction results are published as a bulk trade via API and website UI.5

ETH/USD Auction Schedule
New York 8am 3:50pm 3:51 – 3:59pm 3:59pm 3:59:15 – 3:59:45pm 4pm
UTC (EDT) 12:00 19:50 19:51 – 19:59 19:59 19:59:15 – 19:59:45 20:00
UTC (EST) 13:00 20:50 20:51 – 20:59 20:59 20:51:15 – 20:59:45 21:00
Begin accepting orders for auction. First auction simulation runs.

First indicative price is published via API and website UI.

The auction simulation is repeated and the indicative price is published every minute. Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. The auction simulation is repeated and the indicative price is published every 15 seconds. Auction runs.

Auction-Only (AO) Limit orders are filled or canceled.

If successful, auction results are published as a bulk trade via API and website UI.

ZEC/USD Auction Schedule
New York 8am 3:50pm 3:51 – 3:59pm 3:59pm 3:59:15 – 3:59:45pm 4pm
UTC (EDT) 12:00 19:50 19:51 – 19:59 19:59 19:59:15 – 19:59:45 20:00
UTC (EST) 13:00 20:50 20:51 – 20:59 20:59 20:51:15 – 20:59:45 21:00
Begin accepting orders for auction. First auction simulation runs.

First indicative price is published via API and website UI.

The auction simulation is repeated and the indicative price is published every minute. Auction-Only (AO) Limit orders may no longer be canceled but may still be placed. The auction simulation is repeated and the indicative price is published every 15 seconds. Auction runs.

Auction-Only (AO) Limit orders are filled or canceled.

If successful, auction results are published as a bulk trade via API and website UI.

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

 

Gemini Auction Example

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

Price Total Buy Interest Total Sell Interest Auction Quantity Imbalance
$98 100 10 10 90
$99 60 30 30 30
$100 30 30 30 0
$101 10 60 10 50
$102 0 100 0 100

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

Priority of Limit Orders

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

Market Data

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

Periodic Review

We review our codebase, documentation, trading activity, and the order matching and auction process of our matching engine as part of our periodic review, which is performed in accordance with Principle 10 of the IOSCO Benchmark Principles.7,8

Trading Fee Schedule

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

Marketplace Conduct Rules

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

Marketplace Controls

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

  • Orders : Automatic cancellation of any order,9 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 collar price by more than five percent in either direction at the time the auction runs; and
  • Self-trade prevention: we prohibit you from crossing with yourself on a continuous order book or with yourself on an auction order book.

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

Clearly Erroneous Transaction Policy

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

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 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 7pm ET until 11pm ET or earlier. We also undergo scheduled FIX maintenance every Friday from the hours of 5:15pm ET until 8pm ET or until our scheduled general maintenance is completed. In the event that we experience downtime or perform maintenance outside of our weekly scheduled window, we will always do our best to pre-communicate details on our status page and at @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,10 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 The Gemini AuctionTM may be covered by one or more patents and/or patent applications, including U.S. Patent No. 10,002,389.
4 Orders entered prior to eight hours before auction opening will be rejected.
5 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 are bound by our Marketplace Rules of Conduct.
6 An auction will be canceled if (i) there is insufficient interest or (ii) the final auction price deviates from the collar price by more than five percent at the time that the auction runs. For all BTC/USD auctions, the collar price is the Winklevoss Blended Bitcoin Index (WBBI). The WBBI may be covered by one or more patents and/or patent applications, including U.S. Patent No. 10,002,389. For all ETH/USD and ZEC/USD auctions, the collar price is the midpoint of the continuous order book. If an auction is canceled, all Auction-Only (AO) Limit orders will be canceled and all orders on the continuous order book will be unaffected.
7 In the event of a tie between multiple prices, the price closest to the collar price will be used. In the event that both prices are an equal distance from the collar price, the midpoint of both prices will be used.
8 See https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf
9 Gemini is not a member of IOSCO.
10 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.
11 All trading error reports or complaints must contain sufficient information to facilitate review.