1.20 The Web Interface will display a warning to Traders who attempt to place an Order which would completely or partially fill at a price which is more than 2% away from the last trade price (slippage warning).
Posting of Orders to the Order Book
1.21 (Taker Order) If an Order is posted to the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
1.22 (Maker Order) To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
- It is canceled by the Trader;
- It expires due to a Time in Force Instruction; or
- It is completely Filled by one or more Taker Orders placed by another Trader at the same price.
Matching Engine and Order Priority
1.23 GDAX matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority.
1.24 Price-Time Priority means that each time a Taker Order is posted:
- The Taker Order is matched with the earliest in time Maker Order at the best price on the Order Book; and
- To the extent that the Taker Order is not completely Filled by that Maker Order, it is matched with any subsequent Maker Orders at that price, in the sequence those Maker Orders were posted; and
- To the extent that the Taker Order is not completely Filled by one or more Maker Orders described above, it is matched with one or more Maker Orders at the next best price, in the sequence those Maker Orders were posted, and this process is repeated until the Taker Order is completely Filled.
1.25 All Traders on GDAX are subject to the same Price-Time Priority.
1.26 Subject to Time in Force Instructions, an Order may be matched with a number of corresponding Orders at the same price.
Fills and Settlement
1.27 When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
1.28 GDAX settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Traders’ Accounts.
1.29 Subject to daily withdrawal limits a Trader may immediately withdraw all Assets in their Account.
Taker Price Improvement
1.30 Taker Orders are matched with the best available existing Maker Orders. This means that a Limit Order placed outside the market (i.e. a sell Order below the highest existing buy Order, or a buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.
1.31 GDAX charges a fee for each Taker Order that is posted to the Order Book. The fee is charged in the Quote Asset and is calculated as a percentage of the Order quantity.
1.32 The fee is charged by debiting the Trader’s Available Balance for the amount of the fee at the time that the Taker Order is posted.
1.33 There is no fee for Maker Orders.
1.34 If an Order is posted to the Order Book partially as a Maker Order and partially as a Taker Order, a fee applies to the extent it is posted as a Taker order.
1.35 Fees may vary between Order Books. The current fee rates can be found at gdax.com/fees
1.36 All Traders pay the same trading fees. GDAX does not provide preferential or discounted fees.
1.37 All Traders are eligible for fee rebates based on the total volume of their Fills on each Order Book.
1.38 The rebate is calculated at the end of each day (UTC 00:00), and is calculated separately for each Order Book. The rebate is based on the percentage of the total volume traded on the Order Book over the preceding 30 days that is represented by the Trader’s Fills (User 30 Day Volume).
1.39 A Trader is assigned a discounted fee rate if their User 30 Day Volume meets or exceeds the relevant thresholds. The Trader’s fees for Taker Orders during that period are recalculated based on the discounted fee rate and the difference is issued as a credit to the Trader in the Quote Asset. The current thresholds and discounted fee rates can be found at gdax.com/fees.
1.40 All Traders are eligible for the same Fee Rebates and have the same thresholds and discounted fee rates.
1.41 Order Minimums:
All Orders placed on GDAX are subject to the following minimum order sizes:
- BTC: 0.001
- BCH: 0.01
- ETH: 0.01
- LTC: 0.1
- USD: 10
- EUR: 10
- GBP: 10
1.42 Limit Order Minimums:
Order minimums for Limit Orders are enforced on the base currency. For example, the ETH-BTC book has a minimum order size of 0.001 ETH, and the BTC-USD book has a minimum order size of 0.001 BTC.
1.43 Market Order Minimums:
Order minimums for Market Orders are enforced as follows:
Buy Orders – order minimums are enforced on the quote currency. For example, the ETH-USD book has a minimum size of 10 USD.
Sell Orders – order minimums are enforced in the base currency. For example, the BTC-USD book has a minimum size of 0.001 BTC.
1.44 Order Maximums:
All Orders placed on GDAX are subject to the following maximum order sizes:
For example: on the ETH-BTC Order Book, orders denominated in ETH will be subject to a 600 ETH maximum, orders denominated in BTC will be subject to a 50 BTC maximum.
1.45 – Updating Order Minimums and Maximums
GDAX will periodically update these Order Minimums and Order Maximums to reflect the current state of our marketplace and the notional value of the assets. We will provide Traders with 7 days notice via status.gdax.com prior to altering these values.