Gemini Bitcoin Trade Price Index

Gemini bitcoin trade price index

Marketplace

Last updated: November 13, 2019

The Gemini marketplace features central limit order books that follow a price-time priority model. The following trading pairs and order books are available:

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.

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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.

Gemini supports the following order types and execution options:

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.

  • 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.

  • Non-Circumvention – Gemini does not have an OTC desk.

    This is a fully electronic platform.

Bilateral Trade Workflow:

The initiator enters a clearing order for any supported symbol via Gemini’s website interface, REST API, or FIX API.

The Gemini Bitcoin Trade Price Historical Data

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.

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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.

Gemini Bitcoin Trade Price Index

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.

Gemini bitcoin trade price index

This 20% price collar can be modified if both counterparties agree. To request an override, please contact [email protected]

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.

Fees:

0 bps (0.00%)

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

Registration:

All institutional accounts are already enabled for Gemini Clearing™ Retail customers please email [email protected] for more information.

Order Placement:

Website interface, REST API, or FIX API.

Website interface, REST API, or FIX API.

Gemini Block Trading® is a fully-electronic block trading facility.

The Gemini Bitcoin Trade Price (GXBT)

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.

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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.

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The price limit for a buy block order must be above the midpoint of the related continuous order book.

Minimum Quantity:

5 BTC / 100 ETH / 200 ZEC / 500 LTC / 100 BCH

Fill Allocation:

Price-time priority.

Minimum Required Fill:

5 BTC / 100 ETH / 200 ZEC / 500 LTC / 100 BCH

Trade Information:

Published ten minutes following execution of block trade.

Fees:

50 bps (0.50%)

0 bps (0.00%)

We will be waiving all Block Trading fees commencing September 21, 2018 at 9am ET and ending on January 31, 2020 at 4pm ET.

Order Cancellation:

No.

No.

Order Placement:

Website interface, REST API, or FIX API.

FIX API only.

For information regarding cross-connectivity to our data center, please email [email protected]

The Gemini marketplace conducts auctions5 for certain trading pairs every day (including weekends and holidays), which foster moments of elevated liquidity and price discovery.

Gemini bitcoin trade price index

Below is the schedule for auctions:

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.

Gemini bitcoin trade price index

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.

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.

PriceTotal Buy InterestTotal Sell InterestAuction QuantityImbalance
$98100101090
$9960303030
$1003030300
$10110601050
$10201000100

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

All limit orders at the same specified price are treated equally and executed in the order in which they were received.

Marketplace

Partially filled resting limit orders retain their priority until canceled.

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

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.10,11

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

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.

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,12 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;

  • 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’).

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’).

We undergo scheduled general maintenance every Thursday from the hours of 7pm ET until 11pm ET or earlier.

We also undergo scheduled FIX maintenance every Thursday 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 @gemini.

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For information on how orders are handled during downtime, please see the Order Handling section of our User Agreement.

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).

Gemini Exchange Overview

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.

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,13 please contact our Customer Support Team using one of the following methods:

1.

Complete this form;

2.

Gemini bitcoin trade price index

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).

Continuous Order BookAuction Order Book1
BTC/USDYesYes
ETH/USDYesYes
LTC/USDYesYes
BCH/USDYesYes
ZEC/USDYesYes
ETH/BTCYesNo
LTC/BTCYesNo
BCH/BTCYesNo
ZEC/BTCYesNo
LTC/ETHYesNo
BCH/ETHYesNo
ZEC/ETHYesNo
LTC/BCHYesNo
ZEC/BCHYesNo
ZEC/LTCYesNo
DescriptionSpecifies PriceCan Trade Against Resting OrdersCan Rest on Continuous Order BookCan Trade in Auction
MarketFilled immediately against resting orders at the current best available price.NoYesNoNo
LimitFilled 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.

YesYesYesYes
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.YesYesNoNo
Limit:
Fill-Or-Kill (FOK)
Filled immediately at or better than a specified price.

Analysis and Opinions about GXBT-N

If the order cannot be filled in full immediately, the entire quantity is canceled. The order does not rest on the continuous order book.

YesYesNoNo
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.

YesNoYesYes
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.

YesNo2NoYes
Limit:
Indication of Interest (IOI)
Initiates Gemini’s block trading workflow to source liquidity for large block quantities.YesNoNoNo
Stop-LimitPlaces a Limit order when a Last Trade Price crosses the Stop Price of the order.YesYesYes3Yes4
EventActionQuantityPrice LimitBidOfferFinal Price
11:59:59amTaker places Limit IOI buy order1,000 BTC$10,100
11:59:59amMidpoint of the continuous order book is $10,000, resulting in a collar for the block trade of $9,500 USD and $10,500.
12:00:00pmIOI and collar broadcast to market makers via FIX protocol.
12:00:50pmMarket Maker A responds1,000 BTC$9,950$10,050
12:00:52pmMarket Maker B responds1,000 BTC$9,900$10,100
12:00:58pmMarket Maker C responds500 BTC$9,950$10,050
12:01:00pmMarket Maker A sells to Taker1,000 BTC$10,050
12:11:00pmGemini publishes block trade.
New York8am3:50pm3:51 – 3:59pm3:59pm3:59:15 – 3:59:45pm4pm
UTC (EDT)12:0019:5019:51 – 19:5919:5919:59:15 – 19:59:4520:00
UTC (EST)13:0020:5020:51 – 20:5920:5920:51:15 – 20:59:4521:00
SGT/HKT11am6:50pm6:51 – 6:59pm6:59pm6:59:15 – 6:59:45pm7pm
JST12:0019:5019:50 – 19:5919:5919:50:15 – 19:59:4520:00
UTC03:0010:5010:51 – 10:5910:5910:59:15 – 10:59:4511:00
Begin accepting orders for auction.6First auction simulation runs.

First indicative price is published via API and website UI.7

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 interface.8

New York8am3:50pm3:51 – 3:59pm3:59pm3:59:15 – 3:59:45pm4pm
UTC (EDT)12:0019:5019:51 – 19:5919:5919:59:15 – 19:59:4520:00
UTC (EST)13:0020:5020:51 – 20:5920:5920:51:15 – 20:59:4521:00
Begin accepting orders for auction.First auction simulation runs.

First indicative price is published via API and website interface.

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 interface.

New York8am3:50pm3:51 – 3:59pm3:59pm3:59:15 – 3:59:45pm4pm
UTC (EDT)12:0019:5019:51 – 19:5919:5919:59:15 – 19:59:4520:00
UTC (EST)13:0020:5020:51 – 20:5920:5920:51:15 – 20:59:4521:00
Begin accepting orders for auction.First auction simulation runs.

First indicative price is published via API and website interface.

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 interface.

New York8am3:50pm3:51 – 3:59pm3:59pm3:59:15 – 3:59:45pm4pm
UTC (EDT)12:0019:5019:51 – 19:5919:5919:59:15 – 19:59:4520:00
UTC (EST)13:0020:5020:51 – 20:5920:5920:51:15 – 20:59:4521:00
Begin accepting orders for auction.First auction simulation runs.

First indicative price is published via API and website interface.

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 interface.

New York8am3:50pm3:51 – 3:59pm3:59pm3:59:15 – 3:59:45pm4pm
UTC (EDT)12:0019:5019:51 – 19:5919:5919:59:15 – 19:59:4520:00
UTC (EST)13:0020:5020:51 – 20:5920:5920:51:15 – 20:59:4521:00
Begin accepting orders for auction.First auction simulation runs.

First indicative price is published via API and website interface.

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 interface.