Definition
Maker and taker fees are trading fees charged as a percentage of trade value. A maker adds an order to the order book that waits to be filled; a taker fills an order that is already there and usually pays a higher rate.
How it works
An exchange's order book is the list of buy and sell orders waiting to be filled. A limit order that does not match right away rests in the book and adds liquidity, so its owner is the maker. A market order, or a limit order priced to match an existing order immediately, removes liquidity, so its owner is the taker. Many exchanges charge makers less than takers to reward orders that keep the book full, and some charge makers nothing or pay them a small rebate.
The fee is calculated on each side of a trade: fee = trade value × fee rate. Buying and later selling means paying twice. Rates usually fall in tiers as a user's trading volume over a set period rises, and some exchanges offer discounts for paying fees in their own token. Because rates and tiers differ between exchanges and change over time, it helps to check the current fee schedule rather than assume a number.
With leverage, the fee is charged on the full position value, not on the margin put up. A 10x position pays 10 times the fee of an unleveraged position using the same margin, so frequent trading with leverage can use up a noticeable share of an account through fees alone.
Example (hypothetical numbers)
Suppose an exchange charges a maker fee of 0.02% and a taker fee of 0.06% (hypothetical rates).
Buying $10,000 of Token X with a resting limit order costs $10,000 × 0.02% = $2; selling it later at the same value with a market order costs $10,000 × 0.06% = $6, so $8 in total.
A trader with $1,000 of margin opens a 10x position worth $10,000 and opens and closes it with market orders: $6 + $6 = $12.
That $12 is 1.2% of the trader's $1,000 margin, even though it is only 0.12% of the position value.
The order type and the leverage, not just the fee rate, decide how much of the account goes to fees.
Common mistakes
- Assuming every limit order gets the maker rate, even when it is priced to fill immediately against the book.
- Counting only the opening fee and forgetting that closing the trade is charged again.
- Forgetting that leveraged positions pay fees on the full position value, not on the margin.
Related calculators
This glossary is for education only and is not investment advice. Examples use hypothetical numbers.