Maker and taker fees

How it works

An order book is filled by two kinds of orders. A maker order is a limit order that does not fill when it is placed. It rests in the book and waits, which adds depth for others to trade against. A taker order fills immediately against an order that is already resting. A market order is always a taker; a limit order priced through the best bid or ask is a taker too, because it crosses the book and fills at once.

The maker and taker fee split prices that difference. Takers pay more, makers pay less. On many crypto exchanges the base taker fee sits somewhere around 0.04% to 0.10% for spot and perpetuals, and the maker fee is lower, often about half or less. High-volume tiers reduce both, and some venues pay makers a small rebate (a negative fee) at the top tiers. Exact numbers change with your tier, the product and any token discounts, so the fee page of your own exchange is the only reliable source.

The gap exists because a resting order takes risk. It can sit unfilled while price moves away, or it can be filled just before price moves against it. Without a reason to accept that risk, more traders would take liquidity than provide it, books would thin and spreads would widen. The lower maker fee is the exchange paying for depth.

Whether a limit order ends up as maker or taker depends on its price, not its type. A buy limit above the best ask fills at once and pays the taker fee. A post-only flag prevents this: the order is cancelled instead of crossing the book, so it can only ever pay the maker fee.

A worked example

The calculator above uses illustrative rates of 0.02% maker and 0.05% taker, not any specific exchange's schedule. A trader does $100,000 of volume a month, 70% of it with market orders.

• Taker part: $70,000 × 0.05% = $35
• Maker part: $30,000 × 0.02% = $6
• Fees per month: $41, per year: $492
• If every order were maker: $100,000 × 0.02% = $20 a month, so the saving is $21 a month, or $252 a year

At $2,000,000 a month with the same mix, the same arithmetic gives $820 a month, $9,840 a year, and $5,040 a year that would have been saved as maker.

Fees also look different per trade than per month. Opening and closing a $50,000 position:

Fees are charged on the notional position, not on the margin, so leverage multiplies them against your capital in the same way it does with the funding rate. A taker-only round trip at 0.10% means price has to move 0.10% in your favour before the trade breaks even, before slippage and spread.

What it means in practice

Your default order type sets your cost. A trader who always uses market orders always pays for immediacy. Sometimes immediacy is worth it, but as a habit it is the largest controllable cost after slippage for anyone who trades often.

Maker is not free. A resting order can miss the move entirely, or be filled only when price runs through it, which is often the moment you least want the fill. The fee saving is the payment for taking that risk, and for strategies that need to get in or out now, the taker fee is cheaper than missing the trade.

Depth is partly paid for. Market makers quote both sides in size because low maker fees or rebates make thin spreads profitable across large volume. That depth is real in calm conditions, but nothing obliges it to stay. When volatility rises, makers widen their quotes or pull them, and the book thins at the moment takers arrive in a hurry.

Fee schedules shape behaviour. Volume tiers reward concentrating activity on one venue, and maker rebates attract firms whose business is quoting. When comparing exchanges, the headline taker fee says little without the spread and depth you trade against.

When it matters most

Fees matter most for high-frequency and short-term strategies, where the expected edge per trade is small. A strategy that aims for 0.3% per trade gives up a third of it to a 0.10% taker round trip.

They also matter during fast markets. A trader closing a leveraged position during a sharp move uses a market order, pays the taker fee and crosses a thinned book at the same time. In a liquidation cascade, liquidations are executed as taker orders too, and many exchanges charge an additional liquidation fee on top.

For carry trades such as basis trading, fees on four legs (buy spot, short future, and both exits) can absorb a meaningful share of the yield, so the maker share of the execution decides whether the trade is worth doing.

Common misconceptions

"A limit order always pays the maker fee." Only if it rests in the book first. A limit order priced through the market fills immediately and is charged as a taker. Use post-only if you need the maker rate.

"The fee difference is too small to matter." Per trade it is a few hundredths of a percent. Charged on notional, with leverage and many trades a month, it adds up to amounts like the $252 to $5,040 a year in the example.

"The exchange with the lowest taker fee is the cheapest." Total cost is fee plus spread plus slippage. A slightly higher fee on a much deeper book is often cheaper for any order of real size.

"Deep books will be there when I need them." Much of the visible depth comes from market makers who are paid to quote in normal conditions and can withdraw within seconds when volatility jumps.