{"slug":"maker-taker","term":"Maker vs Taker","category":"Market Structure","definition":"Maker and taker describe the two sides of every fill: a maker places a limit order that rests on the book and adds liquidity; a taker sends an order that fills immediately and removes it. Exchanges charge takers more — often 2–5x the maker fee — and some pay makers rebates, because resting orders keep markets deep.","street":"Rest your order and the exchange thanks you, smash market buy and it bills you — same trade, different fee.","depth":["On a typical perp exchange, taker fees run around 4–5 bps and maker fees 1–2 bps, with high-volume tiers earning maker rebates. Sounds small until you do the math: a strategy churning 100x your account in monthly notional pays 4–5% of the account in taker fees alone. A post-only flag makes sure you never accidentally take — the order gets rejected instead of crossing the spread.","The trap runs both ways. Paying taker for a genuinely time-sensitive entry is fine — that's what the fee buys. But makers face adverse selection: your resting bid fills most reliably when price is smashing straight through it, meaning you get filled exactly when you're wrong. High-frequency scalping on taker fees is a fee-donation program; check whether your last 50 trades netted more than the exchange made off you."],"live":{"label":"Scan for setups worth paying taker for →","href":"/tools/scanner"},"related":["order-book","bid-ask-spread","slippage"],"snippet":"A maker's limit order rests on the book and adds liquidity; a taker's order fills at once and removes it — and usually pays the higher fee."}