Gemini, the cryptocurrency exchange founded by Cameron Winklevoss, has transitioned from a flat fee structure to a dynamic "maker-taker" pricing model. This real-time fee schedule aims to foster a more stable, efficient, and active marketplace by incentivizing liquidity providers.
Key Features of the New Fee Structure
Introductory Promotional Period
All customers will receive the most favorable rates during these windows:
- Existing markets: March 1–31, 2016 (9:30 AM ET)
- New markets: First 30 days after launch
During this phase:
- Liquidity makers earn a 0.15% rebate
- Liquidity takers pay a 0.15% fee
Post-Promotion Dynamic Pricing
Post-introductory period, fees and rebates adjust daily based on:
- 30-day gross trading volume
- Buy/sell ratio of liquidity-making orders (measured in BTC)
👉 Discover how dynamic fees can optimize your trading strategy
How the Fee System Works
Real-Time Calculation
- Fees/rebates are calculated as a percentage of trade notional value (price × size).
- Expressed in basis points (bps); 1 bps = 0.01%.
- Applied instantly at trade execution.
Maker vs. Taker Roles
| Role | Action | Incentive |
|------|--------|-----------|
| Maker | Adds liquidity to the order book (non-immediate execution) | Rebates (reduced fees) |
| Taker | Removes liquidity (immediate execution) | Standard fees |
Fee Schedules and Discounts
Liquidity-Making (Maker) Trades
- Base fee: 25 bps
Discounts:
- Trading volume: Sliding scale based on 30-day volume.
- Buy/sell ratio: Discounts for balanced BTC buy/sell activity.
Liquidity-Taking (Taker) Trades
- Base fee: 25 bps
- Volume-based discounts only.
Practical Examples
Trader Alice
- 8,000 BTC volume (5,000 BTC taker, 3,000 BTC maker).
- Buy/sell ratio: 58/42.
Result:
- Maker fee: 0 bps (15 bps volume discount + 10 bps ratio discount).
- Taker fee: 25 bps (no ratio discount).
Trader Bob
- 15,000 BTC volume (all taker trades).
Result:
- Maker fee: 0 bps (25 bps volume discount).
- Taker fee: 15 bps (10 bps discount).
👉 Learn more about advanced trading strategies
Policy Transparency
- Fee changes announced ≥3 days in advance.
- No adjustments take effect for <30 days.
FAQ
Q: How often are fee rates updated?
A: Rates reassessed every 24 hours based on trailing 30-day metrics.
Q: Where can I view my current fee rate?
A: Check the activity feed on your Gemini dashboard.
Q: Do makers always pay lower fees than takers?
A: Yes—makers receive rebates or reduced fees to compensate for market risk.
Q: Are fees calculated per trade or aggregated?
A: Per trade, in real time.
Q: How does the buy/sell ratio discount work?
A: Balanced BTC buying/selling (e.g., 50/50) maximizes discounts.