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‘s funded accounts grew 50% versus 2024, reaching 5.7 million by year-end and roughly 10x Gemini’s monthly transacting user count.
• Gemini‘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 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, 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.

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.

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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.

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.

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 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.

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 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.

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.

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 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.

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.

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 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. 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.

Sources: The Hacker News, Bleeping Computer citing CSO Nick Percoco, GN Crypto Gemini review

For the wider picture, CoinLaw’s crypto security data 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.

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, 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 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.

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 1.4K 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.

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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 trajectory and Gemini’s perpetuals rollout under the new DCO license, for the next round of divergence in this matchup.