Trading Fee Schedule

Last Modified: May 18, 2018

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.

Dynamic Fee Schedule

Your fee rate for each trading pair is determined by your gross trading volume for that trading pair over a 30 calendar day trailing window. Your fee rate for each trading pair will be recalculated every day at midnight UTC (7:00 p.m. EST/8:00 p.m. EDT) and applied to all your trades going forward from that 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 at the time an order is placed. For partially filled orders, only the executed portion is subject to trading fees.

Maker vs. Taker

Every trade on a continuous order book 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 and trade against an existing order; instead it must rest on the order book until another order matches and trades against 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 and trades against an existing order on an 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, they receive greater incentives.

Trading Fee Schedule

Your fee rate for each trading pair is determined by your gross trading volume on (i) the continuous order book, (ii) auction order book (iii) and block trading for that trading pair over a 30 calendar day trailing window.

30-Day Trading
Volume (BTC)
30-Day Trading
Volume (ETH)
30-Day Trading
Volume (ZEC)
Taker Fee Maker Fee Auction Fee
0 0 0 100 bps (1.00%) 100 bps (1.00%) 100 bps (1.00%)
≥ 5 ≥ 50 ≥ 100 75 bps (0.75%) 75 bps (0.75%) 75 bps (0.75%)
≥ 10 ≥ 100 ≥ 200 50 bps (0.50%) 25 bps (0.25%) 25 bps (0.25%)
≥ 100 ≥ 1,000 ≥ 1,000 25 bps (0.25%) 15 bps (0.15%) 15 bps (0.15%)
≥ 1,000 ≥ 10,000 ≥ 5,000 15 bps (0.15%) 10 bps (0.10%) 10 bps (0.10%)
≥ 2,000 ≥ 20,000 ≥ 10,000 10 bps (0.10%) 0 bps (0.0%) 0 bps (0.0%)
Block Trading

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

Taker Fee Maker Fee
50 bps (0.50%) 0 bps (0.0%)
Fee Denominations

Prices and fees are denominated as follows:

Order Book Price Denomination Fee Denomination
BTC/USD USD USD
ETH/USD USD USD
ZEC/USD USD USD
ETH/BTC BTC BTC
ZEC/BTC BTC BTC
ZEC/ETH ETH ETH
Fee Discount Examples

1) Alice trades 7,250 BTC gross volume over four calendar days during a 30 calendar day window at various times on the BTC/USD 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 1,500 BTC @ $1,000 Taker 1.00% 1.00% $15,000 1,500 BTC
Day 1 @ 7PM Fee re-calc 0.15% 0.10%
Day 2 @ 4PM Auction-Only (AO) Limit Buy
750 BTC @ $1,000
Maker 0.15% 0.10% $750 2,250 BTC
Day 2 @ 7PM Fee re-calc 0.10% 0.00%
Day 3 @ 4PM Limit Sell 3,000 BTC @ $1,000 Maker 0.10% 0.00% $0 5,250 BTC
Day 3 @ 7PM Fee re-calc 0.10% 0.00%
Day 4 @ 5PM Limit Buy 2,000 BTC @ $1000 Maker 0.10% 0.00% $0 7,250 BTC

2) Bob trades 120,000 ETH gross volume over four calendar days during a 30 calendar day window at various times on the ETH/USD continuous and auction order books, and then trades 10,000 ETH gross volume on the 31st calendar day. His fees paid are as follows:

Event Action Side Taker Fee Maker/
Auction Fee
Fee Paid 30-Day Total
Day 1 @ 4PM Limit Buy 10,000 ETH @ $100 Taker 1.00% 1.00% $10,000 10,000 ETH
Day 1 @ 6PM Limit Buy 10,000 ETH @ $100 Maker 1.00% 1.00% $10,000 20,000 ETH
Day 1 @ 7PM Fee re-calc 0.10% 0.00%
Day 2 @ 3PM Limit Sell 20,000 ETH @ $100 Maker 0.10% 0.00% $0 40,000 ETH
Day 2 @ 7PM Fee re-calc 0.10% 0.00%
Day 3 @ 2PM Limit Sell 30,000 ETH @ $100 Taker 0.10% 0.00% $3,000 70,000 ETH
Day 3 @ 4PM Auction-Only (AO) Limit Buy
30,000 ETH @ $100
Maker 0.10% 0.00% $0 100,000 ETH
Day 3 @ 7PM Fee re-calc 0.10% 0.00%
Day 4 @ 6PM Limit Buy 20,000 ETH @ $100 Maker 0.10% 0.00% $0.00 120,000 ETH
Day 34 @ 7PM Fee re-calc 1.0o% 1.00%
Day 35 @ 8AM Limit Buy 10,000 ETH @ $100 Taker 1.00% 1.00% $10,000 10,000 ETH

3) Charlie trades 60,000 ETH gross volume over three calendar days during a 30 calendar day window at various times on the ETH/BTC continuous and auction order books. His fees paid are as follows:

Event Action Side Taker Fee Maker/
Auction Fee
Fee Paid 30 Day Total
Day 1 @ 9AM Limit Buy 10,000 ETH @ .1 BTC Taker 1.00% 1.00% 10.0 BTC 10,000 ETH
Day 1 @ 7PM Fee re-calc 0.15% 0.10%
Day 15 @ 2PM Limit Sell 10,000 ETH @ .2 BTC Maker 0.15% 0.10% 2 BTC 20,000 ETH
Day 15 @ 3PM Limit Buy 20,000 ETH @ .25 BTC Taker 0.15% 0.10% 7.5 BTC 40,000 ETH
Day 15 @ 7PM Fee re-calc 0.10% 0.00%
Day 21 @ 4PM Auction-Only (AO) Limit Sell
20,000 ETH @ .3 BTC
Maker 0.10% 0.00% 0 BTC 60,000 ETH
Fee Calculation Examples

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

1) Faythe enters a limit sell order of 10 BTC with a limit price of $100 that fills at an average price of $101 per BTC. She also enters a market sell order of 10 BTC that fills at an average price of $100 per BTC. Her 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) Frank 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) Grace, a taker, enters a block trade order to buy 1000 BTC with a limit price of $100. Maker maker Olivia receives an IOI with a quantity of 1000 and a midpoint of $99; she responds by quoting a spread to sell at $99.80 and to buy at $98.20, both for the full quantity of Grace’s order. The block trading engine then matches them for the full quantity at $99.80. Their fees paid are as follows:

Market Participant Grace Olivia
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 (3) calendar days before changes are to take effect and no changes will be in effect for fewer than thirty (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