To enhance liquidity and improve access to markets, Gemini is combining all USD and GUSD order books into unified markets beginning April 2025. This means you can now trade using either USD or GUSD on the same order book and benefit from deeper liquidity, tighter spreads, and a simplified trading experience.
Below are answers to common questions about how this update works, what it means for your trading activity, and what to expect during the rollout.
1. What does it mean that USD and GUSD order books are being combined?
Gemini has built the ability to merge liquidity from USD and GUSD markets. This means that trading pairs like BTC/USD and BTC/GUSD will share the same underlying liquidity 1. Orders placed using either USD or GUSD will match on the same order book, giving all customers access to deeper liquidity and tighter spreads—regardless of which currency they use.
2. How will this affect how I trade or settle in ActiveTrader?
You can continue placing orders using either USD or GUSD 1. If you place a buy order using GUSD (e.g., BTC/GUSD), your GUSD will be held and you’ll receive BTC upon execution. The same goes for USD. Similarly, if you place a sell order in BTC/USD you will receive USD, even if this order matches against a customer buying with GUSD. You’ll always be settled in the currency you used for the order—there’s no need to manually convert between USD and GUSD.
3. Will I still see both USD and GUSD trading pairs?
Yes. Both USD and GUSD pairs will be visible in the trading UI 1. However, both pairs route to the same underlying liquidity, so you’ll see consistent pricing and execution across both. You can also filter the pair view if you prefer to see only one type of pair.
4. Why are my existing GUSD limit orders being cancelled?
To support the rollout of this new combined order book structure, existing limit orders on BTC/GUSD, ETH/GUSD, and USDT/GUSD will be cancelled. This ensures all open orders align with the new system. You'll receive a notification when your orders are canceled, and you can re-enter them shortly afterward.
5. Are there any fees or trading impacts I should know about?
There are no additional fees or changes to pricing with this update. All trades will continue to count toward your fee tier, and fees will be charged in the quote currency (USD or GUSD) used in your order. Settlement is handled internally, so there’s no extra cost or delay when using either currency.
6. Will this apply to all trading pairs on Gemini?
Not immediately. We’re rolling this out in phases over the first two weeks of April 2025.
You will know a trading pair has been combined when you search for an asset (e.g. SOL) in ActiveTrader and see both a USD and GUSD pair available (e.g., SOL/USD and SOL/GUSD) 1. This means the order books have been combined and now share the same liquidity and pricing.
Note: BTC, ETH, and USDT already have both USD and GUSD books, but these won’t be combined until the final phases of the rollout.
You can also compare the order books and depth charts of the USD and GUSD pairs — if they look identical, that confirms the books have been combined.
1 DAI, GUSD, PAXG and USDT are not available for trading for customers in the EU & EEA. Please see Non-MiCA Compliant Stablecoins for more information.