Maker vs Taker
Glossary · Market Structure
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.
"Rest your order and the exchange thanks you, smash market buy and it bills you — same trade, different fee."
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.
Scan for setups worth paying taker for →
Related jargon
Questions
- What is Maker vs Taker in crypto trading?
- 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.
- How would a trader say it?
- Rest your order and the exchange thanks you, smash market buy and it bills you — same trade, different fee.
Part of the Crypto Jargon glossary — every term, decoded the way a trader would say it.
Crypto Jargon
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