Gemini’s real-time dynamic maker-taker fee schedule provides a trading experience that allows market participants to be charged as low as a 0% fee on all liquidity-making trades and be charged as low as a 0.10% fee on all liquidity-taking trades.
Dynamic Fee Schedule
Your fee rate for every trading pair is determined by your gross trading volume on Gemini over a 30 calendar day trailing window. Your fee rate will be recalculated every day at midnight UTC (7:00 p.m. EST/8:00 p.m. EDT) and applied to all orders going forward from that time.
We calculate fees as a fraction of the notional value of each trade (i.e., price × amount). For example, a fee of 0.25% means that this percentage 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 every trading pair is determined by your total 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.
Volume in (USD Notional)
|Taker Fee||Maker Fee||Auction Fee|
The fee rates for all block trades are fixed at the below rates for all trading pairs.
|Taker Fee||Maker Fee|
We will be waiving all Block Trading fees commencing September 21, 2018 at 9am ET and ending on October 31, 2018 at 4pm ET.
Prices and fees are denominated as follows:
|Order Book||Price Denomination||Fee Denomination|
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:
|Amount||10 BTC||10 BTC|
|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:
|Fill Price||$100 / BTC||$100 / BTC|
|Gross Purchase price||$1,010||$1,000|
|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:
|Order Type||Block Limit||Block Limit|
|Amount||1000 BTC||1000 BTC|
|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.
2 Fee Paid = $1,000 × (0.01 / 1.01)
3 Displayed as $9.90
4 Rounded to 9.900990101 BTC