Auctions (also called “crosses”) should not be confused with winner-take-all auctions. There is not a single “winner” in Gemini's daily Auctions. Auction provides all Gemini customers an exact time and place to meet at a price (“cross-price”) where the most amount of bitcoins can be traded.
Because auctions are held 7 days a week at 4:00 p.m. ET, they present an opportunity for OTC (over-the-counter) customers to purchase or sell large quantities of bitcoin without having to search for a counterparty. Auctions are also valuable to non-OTC traders because they present an opportunity to buy or sell bitcoins at a bargain.
To participate in Auction, you can enter an Auction-Only Market or Auction-Only Limit Order any time from 5:00 p.m. ET the prior day until 4:00 p.m ET for that day’s Auction (E.g., for Wednesday’s Auction, you can place orders between Tuesday at 5:00 p.m. ET and Wednesday at 4:00 p.m. ET).
For more detailed information on our different order types, please consult our Marketplace page.