The Decapolis town of Gerasa became a sizeable urban centre in the province of Arabia in the 2nd century CE. The study of its monumental fountain, the so-called Nymphaeum, has been neglected despite its excellent state of preservation. This small but imposing late 2nd-century monument functioned as an aesthetic display and public water supply, although public access was restricted to the frontal spouts. This article comprehensively reappraises the evidence, identifying new material and providing a diachronic analysis of the monument’s function and hydraulic operation. It is proposed that the original monument was also designed to supply secondary fountain installations. The later extension of this role to supply the expanded Cardo fountain network, marked a change to a wholly utilitarian function. Later changes included the removal of a previously added wall to the parapet and spout modifications. Subsequent earthquakes severely damaged the monument, and it remained in a ruinous state until cleared in the mid-1920s.