Definition
Maker and taker fees are trading charges based on whether an executed order added resting liquidity to an order book or matched liquidity already there.
The role is decided when the trade executes
A maker order rests on the book before another order matches it, adding quoted liquidity. A taker order matches an existing order and removes that liquidity. The same trader can be a maker on one fill and a taker on another.
Submitting a limit order does not guarantee maker treatment. A marketable limit order can execute immediately as a taker. A post-only instruction is designed to cancel or reject an order that would match immediately, subject to the venue rules.
Schedules can depend on more than order type
Venues can vary fees by product, rolling volume, staking level, quote asset or deployment. Some schedules include maker rebates. Check the current account rate and the final fill rather than relying on a generic headline fee.
What it does not mean
Maker and taker fees are venue charges for execution behavior. They are separate from funding payments, spreads, slippage and any builder fee charged through an integration.
Where this term fits
Questions about maker and taker fees
- Is every limit order a maker order?
- No. A limit order that matches existing liquidity immediately is a taker for that fill.
- Can a maker receive a rebate?
- Some venue schedules provide maker rebates at specified tiers. The current account and product schedule determines the actual rate.
- Are maker and taker fees the whole trading cost?
- No. Spreads, slippage, funding and builder fees can also affect the total cost of a trade.
See these concepts in context
Review the Fensory MCP connection, tools and account controls.