---
title: "Kraken vs Gemini Statistics 2026: Volume, Fees & Users"
date: 2026-05-05
author: "Barry Elad"
featured_image: "https://coinlaw.io/wp-content/uploads/2026/05/kraken-vs-gemini-statistics.jpg"
categories:
  - name: "Cryptocurrency"
    url: "/crypto.md"
tags:
  - name: "Statistics"
    url: "/tag/statistics.md"
---

# Kraken vs Gemini Statistics 2026: Volume, Fees & Users

Kraken processed $576.8 billion in total platform transaction volume during Q3 2025, increasing 26% quarter-over-quarter, while Gemini’s lifetime trading volume reached over $285 billion across its entire history through mid-2025. The gulf between the two US-founded exchanges has widened sharply in the past 18 months, even as both have cleared major regulatory milestones on opposite sides of the Atlantic. The data below compares trading activity, user counts, fees, regulatory licenses, security incidents, staking yields, and country reach for the two platforms through early this year.

Kraken’s parent Payward closed 2025 with adjusted revenue of $2.2 billion, up 33% year-over-year, roughly 16x Gemini’s full-year disclosed revenue. The numbers track a deliberate split in strategy: Kraken built outward and added Europe, the EEA, and a Federal Reserve master account; Gemini built upward inside the US derivatives stack with a freshly approved CFTC clearing license. Across our coverage of 200+ exchange statistics articles, the gap between mass-retail global exchanges and US-only compliance-first platforms keeps widening on every metric except per-user revenue.

## Key Takeaways

- [Kraken](https://coinlaw.io/kraken-statistics/)‘s funded accounts grew **50%** versus 2024, reaching **5.7 million** by year-end and roughly 10x Gemini’s monthly transacting user count.
- [Gemini](https://coinlaw.io/gemini-crypto-exchange-statistics/)‘s institutional clients reached approximately **10,000** in over 60 countries by June 30, 2025, anchoring its US institutional thesis.
- Kraken Pro fees start at **0.25% maker and 0.40% taker**, while Gemini ActiveTrader base spot tier starts at **0.600% maker and 1.200% taker**. Kraken Pro is roughly half the entry-level cost.
- Kraken became the first major global crypto exchange to secure a full [MiCA license](https://coinlaw.io/mica-regulations-compliance-requirements-statistics/) through the Central Bank of Ireland, live across all 30 EEA countries.
- Gemini received Derivatives Clearing Organization (DCO) license approval from the CFTC on April 30, 2026 for its Gemini Olympus affiliate, completing the company’s US derivatives stack.
- Kraken supports staking on 17 [cryptocurrencies](https://coinlaw.io/cryptocurrency-statistics/), including Ethereum, Solana, Polkadot, and Cardano, with rewards advertised up to 21% on select assets.
- Gemini’s institutional trading volume surged **60%** to **$21.5 billion**, representing **87%** of total volume in the first half of last year, showing the platform’s heavy institutional tilt.

## Editor’s Choice

- Kraken Q3 2025 revenue: **$648 million**, marking a 114% increase versus the prior period.
- Kraken assets on platform: **$59.3 billion** as of Q3 2025, up 34% quarter-over-quarter.
- Gemini lifetime transfers processed: Over **$800 billion**.
- Gemini Q3 2025 revenue: **$50.6 million**; net loss of **$159.5 million**.
- Gemini IPO: Raised **$425 million** by selling **15.2 million** shares priced at **$28** each, listing on Nasdaq under ticker GEMI on September 12, 2025.
- Kraken country footprint: Over **190 countries**, available in **48 US states**.
- Gemini supported cryptocurrencies: Around **70**+ coins versus Kraken’s **500**+ catalog.

## Recent Developments

- **April 30, 2026:** Gemini Space Station’s affiliate Gemini Olympus, LLC received a Derivatives Clearing Organization license from the CFTC, completing the company’s “full CFTC stack” alongside the December 2025 DCM designation for Gemini Titan.
- **April 2026:** Kraken disclosed an insider-access incident involving two instances of improper employee access in which support staff viewed roughly 2,000 client accounts, representing 0.02% of the exchange’s total user base, according to CSO Nick Percoco.
- **March 2026:** Kraken’s parent Payward reported 2025 adjusted EBITDA of $531 million, up 26% versus the prior period, on the back of platform expansion.
- **March 13, 2026:** The ActiveTrader fee schedule was updated, with the top tier reaching 0.000% maker and 0.020% taker at $250 million in trailing 30-day volume.
- **Late 2025:** Kraken’s MiCA license through the Central Bank of Ireland went fully live across all 30 European Economic Area countries, unifying European operations under a single framework.
- **November 10, 2025:** Gemini reported Q3 2025 total revenue of $50.6 million and a net loss of $159.5 million, its first full quarter as a public company.

## Trading Volume Comparison

- Kraken’s Q3 2025 platform transaction volume reached **$576.8 billion**, increasing **26%** quarter-over-quarter, a single-quarter figure that exceeds Gemini’s entire reported lifetime trading volume of over **$285 billion** through June 30, 2025. Kraken’s Q3 2025 revenue alone, at **$648 million**, also outpaces Gemini’s full nine-month 2025 revenue of **$119.2 million**.
- Volume composition diverges as sharply as headline scale. Gemini’s mix tilts heavily institutional in the first half of last year: institutional trading volume surged **60%** to **$21.5 billion**, representing **87%** of total volume. Kraken does not split its volume by client type publicly at the same granularity, but the **50%** growth in funded accounts versus 2024 suggests retail composition remains substantial, with year-end totals reaching **5.7 million**.

Volume metricKrakenGeminiQ3 2025 platform volume**$576.8 billion**n/a (lifetime **$285 billion** disclosed)Lifetime trading volume disclosedn/aover **$285 billion**H1 2025 institutional volumen/a**$21.5 billion** (**87%** of total)Q3 **2025** assets on platform**$59.3 billion**n/a publiclyLifetime transfers processedn/aover **$800 billion***Sources: Kraken financial highlights, Gemini Form S-1/A*

> **By the numbers:** According to Kraken’s Q3 2025 financial highlights, the exchange handled $576.8 billion in platform transaction volume in a single quarter, up 26% versus Q2. Gemini’s S-1/A filed with the SEC reports over $285 billion in lifetime trading volume across the platform’s full history, illustrating the order-of-magnitude difference in throughput.

## User Base and Funded Accounts

- Kraken closed last year with funded accounts at **5.7 million**, a **50%** increase versus 2024, building on **5.2 million** funded accounts as of Q3 2025 quarter-end. Gemini, by contrast, reported approximately **549,000** monthly transacting users as of July 31 last year, up from approximately **523,000** monthly transacting users as of June 30 last year.
- The two count user activity differently. Kraken reports cumulative funded accounts; Gemini reports monthly transacting users (MTUs), a stricter active-user metric. Even after adjusting for that methodological gap, the order-of-magnitude difference holds. Gemini’s approximately **10,000** institutions in over **60** countries adds to the picture but does not close the retail gap.

User metricKrakenGeminiFunded accounts (year-end 2025)**5.7 million**n/aFunded accounts (Q3 2025)**5.2 million**n/aMonthly transacting users (July 31, 2025)n/aapproximately **549,000**Institutional clientsn/a publiclyapproximately **10,000**Institutional client country reachn/a publiclyover **60** countries*Sources: Kraken Q3 and full-year financial highlights, Gemini Form S-1/A*

## Revenue and Financial Performance

- Kraken’s parent Payward reported 2025 adjusted revenue of **$2.2 billion**, increasing **33%** for the full year, with adjusted EBITDA of **$531 million**, up **26%**. Gemini’s 9-month 2025 revenue stood at **$119.2 million** with a net loss of **$442.0 million** across the same period. Kraken’s Q3 2025 alone, at **$648 million** in revenue, generated more topline in 90 days than Gemini’s first three quarters combined.
- Profitability tracks the same gap. Kraken posted adjusted EBITDA of **$178.6 million** for Q3, with profit margins expanding nine percentage points to **27.6%**. Gemini’s Q3 2025 net loss of **$159.5 million** on revenue of **$50.6 million** reflects ongoing investment in the predictions marketplace and US derivatives buildout.

![Kraken vs Gemini Financial Performance Breakdown](https://coinlaw.io/wp-content/uploads/2026/05/kraken-vs-gemini-financial-performance-breakdown.jpg "Kraken vs Gemini Financial Performance Breakdown")

> **Key finding:** Per Kraken’s 2025 full-year financial highlights blog post, parent Payward grew adjusted revenue by 33% to $2.2 billion and adjusted EBITDA by 26% to $531 million. Gemini’s nine-month revenue totaled $119.2 million against a $442.0 million net loss, an inverse profile that highlights the cost of building out the CFTC-regulated derivatives stack.

For broader context on how these two compare with the rest of the field, see the [crypto exchange market share data](https://coinlaw.io/crypto-exchange-market-share-statistics/) tracker.

## Supported Cryptocurrencies and Trading Pairs

- Kraken’s catalog is roughly seven times Gemini’s. Kraken offers access to over **500** cryptocurrencies, while Gemini lists around **70+** coins. The breadth differential cascades into trading pair counts, fiat support, and listing pace.
- Kraken’s staking footprint reflects its broader catalog: Kraken offers staking on over **20** assets, and the platform enables staking of **17** named cryptocurrencies, including major proof-of-stake networks. Gemini’s listing process is more conservative, gated by NYDFS asset listing rules that require pre-clearance per token under the trust charter.

Catalog metricKrakenGeminiCryptocurrencies supportedover **500**around **70+**Stakeable assets**17** cryptocurrenciesETH, SOL, plus a small listFiat currencies (publicly noted)7+USD, GBP, EUR, AUD, CAD, SGD, HKD*Sources: Bitdegree Kraken vs Gemini comparison, Kraken staking features page, Gemini staking page*

For the bigger-picture asset coverage, see CoinLaw’s [crypto exchange statistics](https://coinlaw.io/crypto-exchange-statistics/) hub.

## Trading Fees: Pro vs ActiveTrader

- Kraken Pro is roughly half the cost of Gemini ActiveTrader at the entry-level tier. Kraken Pro base spot fees start at **0.25%** maker and **0.40%** taker, then fall based on 30-day rolling volume, reaching **0.00%** maker and **0.05%** taker at the highest published public tier. Gemini ActiveTrader’s base spot tier starts at **0.600%** maker and **1.200%** taker, with the top end at **0.000%** maker and **0.020%** taker at **$250 million** in trailing 30-day volume.
- For active traders working through the volume tiers, Gemini’s top-tier taker rate is technically lower than Kraken’s, but the threshold to reach it is also higher. The two structures cross over only for very high-volume professional desks; for most active retail traders, Kraken Pro stays cheaper. Some Gemini stablecoin pairs run free: RLUSD/USD, USDC/GUSD, and GUSD/USD trade at **0.00%** maker and **0.00%** taker.

![Kraken Pro vs Gemini ActiveTrader Fee Breakdown](https://coinlaw.io/wp-content/uploads/2026/05/kraken-pro-vs-gemini-activetrader-fee-breakdown.jpg "Kraken Pro vs Gemini ActiveTrader Fee Breakdown")

## Standard Interface Fees

- Both platforms charge a premium on their simplified buy/sell interfaces, but the pricing models differ. Kraken charges a **1%** trading fee on instant and recurring trades and a **1.5%** fee on custom orders, with the fee waived for Kraken+ members on trading volume up to **$10,000** per month.
- Gemini’s standard web interface stacks two fees. All orders placed via the basic web exchange incur both a convenience fee of **0.50%** and a transaction fee. The transaction fee scales with order size: **$0.99** for orders under **$10,** and **1.49%** for orders over **$200**. Mobile orders carry a **0.5%** convenience fee plus a transaction fee that ranges from **$0.99** for orders under **$10** to **1.49%** for orders between **$10** and **$200,** with an additional **0.5%** for orders over **$200**.

Order typeKraken StandardGemini Standard / MobileConvenience feen/a**0.50%** (web), **0.5%** (mobile)Instant buy fee**1%**n/a separatelyCustom order fee**1.5%**n/a separatelyTransaction fee (small order)bundled in **1.5%****$0.99** for orders under **$10**Transaction fee (large order)bundled in **1.5%****1.49%** for orders over **$200**Volume waiverKraken+ up to **$10,000**/monthn/a*Sources: Kraken fee schedule page, Gemini fee schedule*

> **Why it matters:** Per Gemini’s published fee schedule, a basic-web order incurs a 0.50% convenience fee plus a transaction fee that varies by order size, stacking the two charges per trade. Kraken’s standard interface charges a flat 1.5% on custom orders, which Kraken+ members can have waived on up to $10,000 of monthly volume. The result: Gemini’s basic mobile/web interface is consistently the more expensive on-ramp for retail buyers.

## Geographic Availability and Country Reach

- Kraken serves over **190** countries while restricting [sanctioned nations](https://coinlaw.io/financial-sanctions-statistics/) like Iran, North Korea, and Syria. The exchange is available in 48 US states, with the exception of Washington and New York. Gemini, by comparison, is available across the United States and in about **50** additional countries.
- The European footprint diverges most sharply. Kraken activated its MiCA license through the Central Bank of Ireland, with all **30** EEA countries served by Kraken’s MiCA-regulated entity. Gemini exited the UK, EU, and Australia by April this year, narrowing its retail footprint to a US-centric base, while building US derivatives capacity.

Geographic metricKrakenGeminiTotal country reachover **190** countriesabout **50** countries plus the USUS state coverage**48** states (excluding Washington and New York)most US states (NY home jurisdiction)EEA coverageall **30** EEA countries (under MiCA)exited EU by April 2026UK coveragelive (with FCA-aligned entity)exited by April 2026Sanctioned country exclusionsIran, North Korea, SyriaIran, North Korea, Syria, plus broader US OFAC list*Sources: Kraken support, Bitdegree Kraken vs Gemini comparison, Kraken MiCA blog post*

## Regulatory Licenses and Compliance Footprint

- Gemini’s compliance posture is built on a New York foundation. The New York State Department of Financial Services granted Gemini a limited purpose trust company charter under the New York Banking Law in October 2015, with the company opting for the more rigorous trust company route over a standard BitLicense. The CFTC stack came next: Gemini’s affiliate Gemini Olympus, LLC received a Derivatives Clearing Organization license from the CFTC on April 30, 2026, following the December 2025 designation of Gemini Titan, LLC as a Designated Contract Market.
- Kraken’s compliance map is wider but less concentrated in any one jurisdiction. The MiCA license via the Central Bank of Ireland authorizes all seven regulated crypto activities, including custody, trading, portfolio management, and payments. Kraken’s MiFID license enables it to offer regulated derivatives across EU markets, while its EMI license supports fiat-related services and payments across the region. The pattern we have documented across 18 regulatory events on CoinLaw holds here: enforcement and licensing follow strategic positioning, and the two exchanges have positioned for different jurisdictions.

Regulatory anchorKrakenGeminiPrimary US licenseFederal Reserve master account (Kraken Financial)NYDFS limited purpose trust company charter (Oct 2015)US derivativesBitnomial acquisition closed (CFTC DCM)Gemini Titan DCM (Dec 2025), Gemini Olympus DCO (Apr 30, 2026)EU frameworkMiCA via Central Bank of Irelandexited EU April 2026EU derivativesMiFID licensen/aEU paymentsEMI licensen/a*Sources: Kraken MiCA blog post, NYDFS press release, Gemini GlobeNewswire CFTC DCO release*

For the regulatory coverage across both agencies, see CoinLaw’s [CFTC crypto regulation statistics](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/) tracker.

## Security Track Record and Incidents

- Both exchanges have absorbed security incidents in the past 24 months. Kraken disclosed two events: in 2024, an unnamed security researcher exploited an extremely critical zero-day flaw to steal **$3 million** in digital assets and refused to return them, with CertiK stepping forward as the entity behind the breach. The second event in 2026 was an insider-access incident: rogue support employees potentially viewed roughly **2,000** client accounts, representing **0.02%** of the exchange’s total user base, according to CSO Nick Percoco.
- Gemini’s most recent major customer-facing event was the Earn program wind-down following Genesis Global Capital’s insolvency, settled with both the [SEC and CFTC](https://coinlaw.io/sec-and-cftc-regulations-on-cryptocurrencies-statistics/). The platform’s day-to-day security posture rests on cold storage and insurance: Gemini uses **100%** cold storage for client digital assets, supported by segregated hot wallets.

Security event / postureKrakenGeminiMost recent incidentApril 2026 insider-access (about **2,000** accounts viewed; no funds at risk per CSO)2022-2024 Earn program wind-down (Genesis insolvency-related)2024 zero-day loss**$3 million** (CertiK-disclosed white-hat-style exploit)n/a publicly disclosedCold storage policyqualified custody (SOC 2 Type 2 attested)**100%** cold storage for client digital assetsInsider threat disclosurepublicly disclosed via CSO Nick Percocon/a publicly disclosedPublic incident response posturerefused to pay extortionists in 2026 incidentn/a (no comparable extortion event publicly disclosed)*Sources: The Hacker News, Bleeping Computer citing CSO Nick Percoco, GN Crypto Gemini review*

For the wider picture, CoinLaw’s [crypto security data](https://coinlaw.io/cryptocurrency-security-fraud-statistics/) hub tracks fraud and breach trends across exchanges.

## Staking Rewards and Yields

- Kraken’s staking menu is markedly broader. The platform enables staking of **17** cryptocurrencies, including Ethereum, Solana, Polkadot, and Cardano, with Ethereum stakers earning up to **2.6%** APY and rewards advertised up to **21%** on select assets. Kraken’s commission structure runs 15-**30%** on Bonded Staking or a flat **30%** on Flexible Staking.
- Gemini’s staking is narrower in asset count but explicit on liquidity. Gemini offers rewards with an APY of up to **3%** on Ethereum and up to **4.27%** on Solana, with no lockup period. Users can withdraw funds at any time. Network unbonding still applies: the unbonding period on ETH is variable and can be anywhere between 6 days and 60 days, while the unbonding period on SOL is usually around **3** to 4 days.

![Kraken vs Gemini Staking Rewards (APY Comparison)](https://coinlaw.io/wp-content/uploads/2026/05/kraken-vs-gemini-staking-rewards-apy-comparison.jpg "Kraken vs Gemini Staking Rewards (APY Comparison)")

## Insurance, Custody, and Proof of Reserves

- Kraken’s transparency posture leans on auditable reserves. Kraken was the first exchange to undergo a publicly verifiable [Proof of Reserves audit](https://coinlaw.io/stablecoin-reserves-transparency-statistics/), with the latest PoR audit, finalized as of June 30, 2025, verifying that client assets held on the platform are backed 1:1 and beyond. On the institutional side, Kraken’s institutional-grade qualified custody offering has successfully completed the SOC 2 Type 2 compliance examination, and specific business units maintain SOC 1 Type 2 and SOC 2 Type 2 attestations and the information security program aligns to the current ISO 27001 standard.
- Gemini’s custody architecture leans on full cold storage plus insurance overlays. Gemini reported **$25 million** in [commercial crime insurance](https://coinlaw.io/commercial-insurance-industry-statistics/) for hot wallet assets as of March 2024, with total insurance coverage reaching up to **$200 million**, combining captive and commercial policies. The exchange combines **100%** cold storage for client digital assets, supported by segregated hot wallets, a posture aligned to its NYDFS trust charter requirements.

Custody / insurance metricKrakenGeminiProof of Reservespublished, latest June 30, 2025 (1:1)published, third-party PoR auditedISO 27001 alignmentyesyes (per public disclosures)SOC 2 Type 2yes (qualified custody)yes (per public disclosures)Cold storage policyqualified custody**100%** cold storage for client digital assetsHot wallet insurancen/a (no SAFU-style fund)**$25 million** commercial crime insurance (Mar 2024)Total insurance coverage citedn/aup to **$200 million** combined captive and commercial*Sources: Kraken Proof of Reserves blog post, GN Crypto Gemini review citing Gemini transparency disclosures*

## App Ratings and Customer Sentiment

- Mobile app ratings between the two platforms run close, with Trustpilot diverging sharply. Kraken’s iOS listing for both the Kraken and Kraken Pro apps shows a rating of **4.7/5** on the App Store, while the Google Play Store rates Kraken at **4.1/5** and Kraken Pro at **4.2/5** as of January 2026.
- Gemini’s mobile app is rated **4.8/5** in the App Store and **4.4/5** in the Google Play Store, slightly ahead of Kraken on both stores. Trustpilot tells a sharper story: Gemini’s Trustpilot profile shows a **1.3/5** TrustScore with about **1.4**K total reviews, with most negative themes around accounts being restricted during withdrawals or verification and slow customer support. Kraken’s Trustpilot rating is volatile across sources but generally stronger than Gemini’s.

![Kraken vs Gemini App Ratings (iOS and Android)](https://coinlaw.io/wp-content/uploads/2026/05/kraken-vs-gemini-app-ratings-ios-and-android.jpg "Kraken vs Gemini App Ratings (iOS and Android)")

## Frequently Asked Questions (FAQs)

**Which is bigger by trading volume, Kraken or Gemini?**Kraken is roughly two orders of magnitude larger by reported volume. Kraken processed $576.8 billion in platform transaction volume in Q3 2025 alone. Gemini’s S-1/A discloses over $285 billion in lifetime trading volume across the platform’s entire history through June 30, 2025.

 

**Which exchange is cheaper for active traders, Kraken or Gemini?**Kraken Pro is cheaper at the base tier. Kraken Pro starts at 0.25% maker and 0.40% taker, while Gemini ActiveTrader starts at 0.600% maker and 1.200% taker. Both fall as 30-day volume rises, but Kraken Pro stays lower for most retail volume bands.

 

**Is Gemini available outside the United States today?**Gemini’s reach narrowed in early this year. The exchange exited the UK, EU, and Australia, leaving service across the United States and about 50 additional countries. Kraken, by comparison, serves over 190 countries and has activated its MiCA license across all 30 EEA countries.

 

**How many cryptocurrencies do Kraken and Gemini support?**Kraken offers access to over 500 cryptocurrencies, while Gemini supports around 70+ coins. Kraken’s broader catalog reflects a faster listing pace; Gemini’s narrower list reflects NYDFS pre-clearance requirements under its limited purpose trust company charter.

 

**Which exchange has had bigger security incidents recently?**Both exchanges have absorbed disclosed events. Kraken faced a 2024 zero-day exploit that lost $3 million to a researcher who refused to return funds, plus a recent insider-access incident in which support employees viewed roughly 2,000 client accounts, representing 0.02% of the exchange’s total user base. Gemini’s most recent customer-impact event was the Earn program wind-down following Genesis insolvency.

 

**Can I stake more cryptocurrencies on Kraken or Gemini?**Kraken offers a broader staking menu. Kraken supports staking on 17 cryptocurrencies, with rewards advertised up to 21% on select assets. Gemini supports a shorter list led by Ethereum (up to 3% APY) and Solana (up to 4.27% APY), with no platform-imposed lockup.

 

 

## Conclusion

Kraken’s $2.2 billion in 2025 adjusted revenue and 5.7 million funded accounts anchor a global retail-led model, with the MiCA license active across all 30 EEA countries giving Kraken a unified European footprint Gemini does not match. Gemini’s CFTC Derivatives Clearing Organization license received April 30, 2026 and NYDFS limited purpose trust company charter from October 2015 anchor a US-first compliance stack, while institutional clients of approximately 10,000 in over 60 countries tilt the platform toward the institutional segment.

The two exchanges are not really competing for the same trader anymore. Kraken builds outward, more countries, more assets, more retail accounts. Gemini builds upward inside the US derivatives stack, with the CFTC’s full clearing-and-contract-market scaffolding now in place. Readers comparing the two should pick on jurisdiction match and product depth first, fees second. Watch upcoming quarterly results from both, plus Kraken’s reported [IPO](https://coinlaw.io/ipo-statistics/) trajectory and Gemini’s perpetuals rollout under the new DCO license, for the next round of divergence in this matchup.

Definition of Staking. Link to full glossary entry follows the description.**Staking**Staking is the process of locking cryptocurrency in a proof-of-stake network to help validate transactions and earn rewards, replacing energy-intensive mining.

[Read more](https://coinlaw.io/glossary/staking/)

Definition of Cold Wallet. Link to full glossary entry follows the description.**Cold Wallet**A cold wallet is an offline crypto storage method that keeps private keys disconnected from the internet, reducing the risk of hacking and unauthorized access.

[Read more](https://coinlaw.io/glossary/cold-wallet/)

Definition of Hot Wallet. Link to full glossary entry follows the description.**Hot Wallet**A hot wallet is an internet-connected crypto wallet for fast transactions and [DeFi](https://coinlaw.io/glossary/defi/) access, but it carries higher security risks than offline storage.

[Read more](https://coinlaw.io/glossary/hot-wallet/)