Maker and taker
A maker places a limit order that sits in the order book and adds liquidity. A taker's order fills right away against existing orders and removes liquidity. Their fees are often different.
How it works
When you place a limit buy below the current price, or a limit sell above it, the order waits in the order book. You are "making" the market, so you are the maker. When someone buys or sells at market and fills against your order, they are "taking" liquidity, so they are the taker.
Exchanges need liquidity, so makers usually pay a lower fee and sometimes even earn a rebate (a negative fee). Takers pay more because they get instant execution. Typical spot fees are around 0.1% for both, or 0.08% maker and 0.1% taker; futures fees are lower.
The role depends on how the order filled, not the order type. A limit order priced into the other side of the book fills immediately and counts as taker. To be sure you are the maker, use the post-only option.
Futures fees: 0.02% maker, 0.05% taker. You open and close a $10,000 position. Market orders only: $5 + $5 = $10. Limit orders that fill as maker: $2 + $2 = $4. Over 20 trades a month that is a $120 difference.
The mistake is assuming a limit order always pays the maker fee. A limit buy placed above the best ask fills instantly as a taker. To pay less, place limits inside the spread or on your own side of the book, and turn on post-only if the exchange offers it.
Questions and answers
What are maker and taker in simple terms?
A maker posts an order and waits, adding liquidity. A taker fills immediately against other people's orders, removing liquidity.
Why is the maker fee lower?
Makers fill up the order book, which makes the market better for everyone. Exchanges reward that with a lower or even negative fee.
Is a market order always a taker?
Yes. A market order fills immediately against existing orders, so it is always a taker order.
Related terms
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Updated: 2026-10-19