Maker vs taker fees

A maker fee applies when your order adds liquidity to the order book, and a taker fee applies when your order removes liquidity by filling against orders already there. Takers usually pay a little more, because exchanges want to reward traders who keep the book full.

Who is a maker and who is a taker?

• Maker: you place a limit order that does not fill immediately. It rests in the book, "making" a market that others can trade against.
• Taker: you place a market order, or a limit order priced to fill straight away. You "take" liquidity that a maker provided.

The same person can be a maker on one trade and a taker on the next. What matters is how each individual order fills. Post-only limit orders guarantee maker status by cancelling instead of filling instantly.

A worked example

Fees are usually charged as a percentage of the trade's value. Suppose, for illustration only, an exchange charges 0.1% for takers and 0.08% for makers.

Why it matters

Fees look tiny on a single trade, but they apply to the full value traded, not your profit. Active traders can pay a meaningful share of their account in fees over a year. Remember the spread and any slippage too; a taker also crosses the spread, which is an extra hidden cost.

Some exchanges deduct the fee from the asset you receive, while others take it from a separate balance. Check the trade history to see exactly what you paid.

Key takeaways

• Makers add resting orders to the book; takers fill against existing orders.
• Taker fees are typically higher than maker fees.
• At an illustrative 0.1% taker rate, a $10,000 trade costs $10 in fees.
• Fees apply to trade value, so frequent trading adds up quickly.