Taker Maker

What is taker and maker fees?

Taker and maker fees are a pricing model used by crypto exchanges where the fee you pay depends on whether your trade takes existing liquidity from the order book or makes new liquidity by posting an order that others can trade against. In practice, a taker trade usually happens when you want an immediate fill, while a maker trade happens when you’re willing to wait for your price. This distinction is especially important when trading derivatives like perpetual futures, where frequent entries, exits, and position adjustments can make fees a meaningful part of overall performance. Exchanges use this model to encourage deeper order books and tighter spreads by rewarding traders who provide liquidity.

Maker taker fees

In a maker-taker fee schedule, “makers” are traders whose orders rest on the order book and increase available liquidity. The most common example is a limit order that does not execute immediately—such as placing a buy below the current best ask or a sell above the current best bid. When another trader later matches against that resting order, the maker is typically charged a lower fee, and on some venues may even receive a small rebate. “Takers” are traders whose orders execute right away by matching with existing orders; this often happens with a market order, or with a limit order that is priced aggressively enough to fill instantly. Exchanges prefer this structure because it incentivises participants to post quotes, improving market depth and execution quality for everyone.

Maker fee vs taker fee

The maker fee is usually lower than the taker fee because makers help build the order book, while takers consume it. If you submit a market order, you are almost always a taker because you’re demanding immediate execution at the best available prices. If you submit a limit order, you can be either: if it posts to the book and waits, you’re a maker; if it crosses the spread and fills immediately, you’re a taker. Many platforms also split fees on partially filled orders: the portion that executes instantly is charged at the taker rate, while any remaining quantity that rests on the book is treated as maker if it later fills. Understanding this difference helps traders choose between speed and cost, especially in fast-moving markets where execution certainty can be worth paying for.

Why taker and maker fees matters

Taker and maker fees matter because they shape trading behaviour and the quality of crypto markets. By charging more to remove liquidity and less to add it, exchanges encourage traders to place resting orders, which can tighten spreads, increase depth, and reduce slippage for the broader market. For active traders—particularly those trading perpetual futures—small differences in fee rates can compound across many trades, affecting net returns and risk management decisions (like whether to scale in with multiple limit orders or exit quickly with a market order). Knowing when you’ll be classified as maker or taker also prevents surprises at checkout: the same “limit order” can produce different fees depending on whether it executes immediately or rests on the book. In short, maker-taker pricing is a core piece of how modern crypto venues organise liquidity and how traders control costs when participating in markets covered in what are crypto perpetual futures.