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Marketplace

Last updated: June 24, 2022

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

1INCH/USD

Yes

ALCX/USD

Yes

ANKR/USD

Yes

AXS/USD

Yes

BAT/BTC

Yes

BAT/ETH

Yes

BAT/USD

Yes

BAL/USD

Yes

BCH/BTC

Yes

BCH/ETH

Yes

BCH/USD

Yes

BNT/USD

Yes

BOND/USD

Yes

BTC/GUSD

Yes

BTC/USD

Yes

CUBE/USD

Yes

CRV/USD

Yes

CTX/USD

Yes

DAI/BTC

Yes

DAI/ETH

Yes

DAI/USD

Yes

DOGE/USD

Yes

ENJ/USD

Yes

ETH/BTC

Yes

ETH/GUSD

Yes

ETH/USD

Yes

FIL/USD

Yes

FTM/USD

Yes

GRT/USD

Yes

INJ/USD

Yes

KNC/USD

Yes

LINK/BTC

Yes

LINK/ETH

Yes

LINK/USD

Yes

LTC/BCH

Yes

LTC/BTC

Yes

LTC/ETH

Yes

LTC/USD

Yes

LPT/USD

Yes

LRC/USD

Yes

LUNA/USD

Yes

MANA/USD

Yes

MATIC/USD

Yes

MCO2/USD

Yes

MIR/USD

Yes

MKR/USD

Yes

OXT/BTC

Yes

OXT/ETH

Yes

OXT/USD

Yes

REN/USD

Yes

SAND/USD

Yes

SKL/USD

Yes

SLP/USD

Yes

SNX/USD

Yes

STORJ/USD

Yes

SUSHI/USD

Yes

UMA/USD

Yes

UNI/USD

Yes

UST/USD

Yes

XTZ/USD

Yes

YFI/USD

Yes

ZEC/BCH

Yes

ZEC/BTC

Yes

ZEC/ETH

Yes

ZEC/LTC

Yes

ZEC/USD

Yes

ZRX/USD

Yes

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 @gemini.

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:

DescriptionSpecifies PriceCan Trade Against Resting Orders Can Rest on Continuous Order Book

Market

Filled immediately against resting orders at the current best available price.

No

Yes

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

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

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

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

Stop-Limit

Places a Limit order when a Last Trade Price crosses the Stop Price of the order.

Yes

Yes

Yes¹

Gemini Clearing™

Gemini Clearing™ allows trades that are negotiated off-exchange or over-the-counter (OTC) to settle between Gemini accounts. Such trades can either be arranged bilaterally between two parties or brokered via a third party. Gemini Clearing™ provides regulated clearing and settlement services for such pre-arranged trades, which helps to ensure timely settlement and mitigate counterparty risk.

Product Highlights

  • Clearing & Settlement - a trade settles immediately or inside an agreed upon settlement window.

  • No Counterparty Risk – no funds are transferred between Gemini accounts until both parties of the trade are fully funded.

  • Regulatory/Compliance – each party is subject to Gemini’s robust KYC and BSA/AML program.

  • Privacy – trade details are known only to the parties involved and are not published via Gemini’s market data feed.

Bilateral Trade Workflow

The initiator enters a clearing order for any supported symbol via Gemini’s website interface, REST API, or FIX API. Upon submission of a clearing order, a unique Clearing ID is generated.

If a counterparty Clearing ID has been submitted by the initiator, only that specified counterparty can confirm the trade. If a counterparty Clearing ID has not been submitted, then any counterparty that has been provided with the unique Clearing ID can receive the clearing order and confirm the trade.

Once the clearing order has been confirmed by the receiving counterparty, it will enter in to a confirmed status and we will attempt to settle the trade. Settlement will only occur when both parties have the requisite funds in their respective accounts to fulfill the trade. If either party does not deposit the funds required to settle the trade within the settlement window, the clearing order will expire and no funds will be moved.

Broker Trade Workflow

A broker facilitates a trade between two Gemini customers. The broker enters a clearing order for any supported symbol via Gemini’s website interface, REST API, or FIX API. The clearing order will contain the buyer’s Clearing ID, the seller’s Clearing ID, the trade details, and the agreed upon settlement window.

Once the broker has submitted the clearing order, both the buyer and the seller receive the clearing order for review and confirmation. When both parties confirm the clearing order, we will attempt to settle the trade. Settlement will only occur when both parties have the requisite funds in their respective accounts to fulfill the trade. If either party does not deposit the funds required to settle the trade within the settlement window, the clearing order will expire and no funds will be moved.

Price Collar

A clearing order’s price limit must be within 20% of the midpoint of the related continuous order book at the time of order submission. This 20% price collar can be modified if both counterparties agree. To request an override, please contact trading@gemini.com.

Minimum Quantity

None.

Settlement Options

Immediate (if pre-funded), 1 Day, 2 Days, or 5 Days.

Trade Information

Clearing orders and trade details are not published to any market data feeds.


Bilateral TradeBroker

Fees

0 bps (0.00%)

We will be waiving all Gemini Clearing™ fees until March 31, 2020.

0 bps (0.00%)

Registration

All institutional accounts are already enabled for Gemini Clearing™ Retail customers please email sales@gemini.com for more information.

Yes.  To become a broker, please email sales@gemini.com

Order Placement

Website interface, REST API, or FIX API.

Website interface, REST API, or FIX API.

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, and trading activity of our matching engine as part of our periodic review, which is performed in accordance with Principle 10 of the IOSCO Benchmark Principles.² ³

Trading Fee Schedules

For information on our trading fee schedules, please see the following:

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,⁴ or the remaining portion of any order, on a continuous order book that would move the market price by more than 5% in either direction, as compared to the prior prevailing market price;

  • Self-trade prevention – We prohibit you from crossing with yourself on a continuous 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 (see ’Clearly Erroneous Transaction Policy’).

Downtime and Maintenance

In the event that we experience downtime or perform scheduled maintenance, we will always do our best to pre-communicate details on our status page. For information on how orders are handled during downtime, please see the Order Handling section of our User Agreement.

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,⁵ 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).

¹Stop-Limit orders do not fill or rest on the continuous order book until the Last Trade Price crosses the Stop Price. ²See https://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf ³Gemini is not a member of IOSCO. ⁴In addition, we provide a confirmation dialogue box via our website interface that warns you before placing any order on a continuous order book that could potentially move the market price by more than 5% in either direction, as compared to the prior prevailing market price. ⁵All trading error reports or complaints must contain sufficient information to facilitate review.

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