Trading Fee Schedule

Last Modified: November 12, 2018

Overview

Gemini utilizes a maker-taker fee model for determining trading fees for all orders placed via our website and API. Liquidity-making orders are charged different fees than liquidity-taking orders.

If you place an order that is filled immediately, this order takes liquidity from the marketplace and, therefore, you are considered a taker and will be charged a taker fee. If you place an order that is not filled immediately, but instead rests on the order book, your order adds liquidity to the marketplace and, therefore, you are considered a maker and will be charged a maker fee.

Your order could be subject to both maker and taker fees. If you place an order that is partially filled immediately, you will be charged a taker fee on the filled portion. The remainder of your order will rest on the order book and will be charged a maker fee when it is filled.

Trading Fee Schedule

Your fee rate for every trading pair is determined by your gross trading volume in notional USD across all of Gemini’s (i) continuous order books, (ii) auction order books (iii), and block trading over a 30-calendar-day trailing window. Your fee rate will be recalculated every day at midnight UTC (7pm EST / 8pm EDT) and applied to all orders going forward from that time.

30-Day Trading
Volume in (USD Notional)
Taker Fee Maker Fee Auction Fee
0 1.00% 1.00% 1.00%
≥ $25,000 0.75% 0.75% 0.75%
≥ $50,000 0.50% 0.25% 0.25%
≥ $500,000 0.25% 0.15% 0.15%
≥ $5,000,000 0.15% 0.10% 0.10%
≥ $15,000,000 0.10% 0.00% 0.00%
Block Trading Fee Schedule

The fee rates for all block trades are fixed at the below rates for all trading pairs.

Taker Fee Maker Fee
0.50%

0.00%

We will be waiving all Block Trading fees commencing September 21, 2018 0:00 UTC ending December 31st, 2018 @ 0:00 UTC.
0.0%
Fee Calculation

We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). Depending on the order type, fees will be 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 at the time an order is placed. For partially filled orders, only the executed portion is subject to trading fees.

Fee Denominations

Prices and fees are denominated as follows:

Order Book Fee Denomination
BTC/USD USD
ETH/USD USD
LTC/USD USD
BCH/USD USD
ZEC/USD USD
ETH/BTC BTC
LTC/BTC BTC
BCH/BTC BTC
ZEC/BTC BTC
LTC/ETH ETH
BCH/ETH ETH
ZEC/ETH ETH
LTC/BCH BCH
ZEC/BCH BCH
ZEC/LTC LTC
Fee Discount Examples

Alice trades $45,000,000 gross volume over four calendar days during a 30 calendar day window at various times on Gemini continuous and auction order books. Her fees paid are as follows:

Event Action Side Taker Fee Maker / Auction Fee Fee Paid 30-Day Total
Day 1 @ 4PM Limit Buy 500 BTC @ $10,000 Taker 1.00% 1.00% $50,000 $5,000,000
Day 1 @ 7PM Fee re-calc 0.15% 0.10%
Day 2 @ 4PM Auction-Only (AO) Limit Buy 1,000 BTC @ $10,000 Auction 0.15% 0.10% $10,000 $15,000,000
Day 2 @ 7PM Fee re-calc 0.10% 0.00%
Day 3 @ 4PM Limit Sell 2,000 ETH @ 0.05 BTC Maker 0.10% 0.00% $0 $16,000,000
Day 3 @ 7PM Fee re-calc 0.10% 0.00%
Day 4 @ 5PM Limit Buy 1,000 BTC @ $10,000 Maker 0.10% 0.00% $0 $26,000,000
Fee Calculation Examples

Sell Orders – Fees for limit and market sell orders are deducted from the proceeds of the resulting trade

1) Bob enters a limit sell order of 10 BTC with a limit price of $100 that fills at an average price of $101 per BTC. He also enters a market sell order of 10 BTC that fills at an average price of $100 per BTC. His fees paid are as follows:

Action Sell Sell
Order Type Limit Market
Amount 10 BTC 10 BTC
Fill Price $101 $100
Fee 1.00% 1.00%
Fee Paid $10.10 $10.00
Gross Sale Proceeds $1,010 $1,000
Net Sale Proceeds $999.91 $990

Buy Orders – Fees for limit buy orders are added to the purchase price as the order fills; fees for market buy orders are deducted from the purchase price of the resulting trade.

2) Charlie enters a limit buy order for $1,000 of BTC with a limit price of $101 that fills at an average price of $100 per BTC. He also enters a market buy order for $1,000 of BTC that fills at an average price of $100 per BTC. His fees paid are as follows:

Action Buy Buy
Order Type Limit Market
Amount $1,000 $1,000
Fill Price $100 / BTC $100 / BTC
Fee 1.00% 1.00%
Gross Purchase price $1,010 $1,000
Fee Paid $10.00 $9.9009900990099012,3
Net Purchase Price $1,000 $990.09900990
Total BTC Purchase 10 BTC 9.900990099009901 BTC4

Block trades – Fees for the taker side of a block trade order, the IOI, are are added to the purchase price as the order fills; fees for the maker side of a block trade order are deducted from the proceeds of the resulting trade.

3) David, a taker, enters a block trade order to buy 1000 BTC with a limit price of $100. Maker maker Frank receives an IOI with a quantity of 1000 and a midpoint of $99; he responds by quoting a spread to sell at $99.80 and to buy at $98.20, both for the full quantity of David’s order. The block trading engine then matches them for the full quantity at $99.80. Their fees paid are as follows:

Market Participant David Frank
Liquidity Type Taker Maker
Action Buy Sell
Order Type Block Limit Block Limit
Amount 1000 BTC 1000 BTC
Fill Price $99.80 $99.80
Fee 0.50% 0.00%
Fee Paid $499 $0.00
Gross purchase price / proceeds $100,299 $99,800
Net purchase price / proceeds $99,800 $99,800

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).

Notice of Changes

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 calendar days before changes are to take effect and no changes will be in effect for fewer than 30 calendar days.

 

1 Displayed as $999.90
2 Fee Paid = $1,000 × (0.01 / 1.01)
3 Displayed as $9.90
4 Rounded to 9.900990101 BTC