Maker and taker describe how an order interacts with the order book—not whether it is a buy or sell. Maker liquidity rests on the book before execution. Taker liquidity executes immediately against an existing order. Because taker flow consumes liquidity, its fee is commonly higher.
Maker waits; taker trades now
A maker order sits in the order book and waits for someone to trade against it. A taker order fills immediately against an order already there. Immediate execution usually costs more, which is why taker fees are commonly higher.
- A market order is normally taker because it tries to fill immediately.
- A limit order is not automatically maker; it can still fill immediately as taker.
- Post-only tells the exchange not to let the order execute as taker.
- Order book
- The live list of waiting buy and sell orders on an exchange.
- Spread
- The gap between the best waiting buy price and best waiting sell price.
- Post-only
- An instruction that allows an order to add liquidity, not take it immediately.
What makes an order maker or taker?
A limit order becomes maker only when it does not execute immediately and instead adds liquidity to the book. A market order is normally taker because it matches available liquidity immediately.
A limit order can still be taker. If its price crosses the spread and fills at once, the exchange applies taker treatment. A post-only instruction prevents that outcome by cancelling or repricing an order that would execute immediately, depending on exchange rules.
| Order behavior | Liquidity effect | Typical fee class |
|---|---|---|
| Rests on the book | Adds liquidity | Maker |
| Executes immediately | Removes liquidity | Taker |
| Market order | Removes available liquidity | Taker |
| Post-only limit | Must add liquidity or not execute | Maker if filled |
How futures trading fees are calculated
For a linear perpetual, the trading fee is generally the filled notional multiplied by the applicable fee rate. Opening and closing are separate executions, so a round trip has at least two fee calculations.
The exit notional can differ from the entry notional because price changed. Partial fills may also contain a mixture of maker and taker executions.
Entry filled notional × entry fee rateExit filled notional × exit fee rateSum of every opening and closing execution feeMaker versus taker on a $10,000 round trip
Use illustrative rates of 0.02% maker and 0.05% taker, with the same $10,000 notional at entry and exit. Actual rates depend on exchange, region, product, VIP tier, rebates, and promotions.
$10,000 open + $10,000 close
Maker/maker costs $4.00, while taker/taker costs $10.00. The $6.00 difference is small relative to notional but material when the planned price edge is narrow or the strategy trades frequently.
Fees change the break-even price
A trade does not break even when price merely returns to the entry. The favorable move must also cover entry fees, exit fees, funding paid, and slippage. The smaller the target move, the larger these costs become as a percentage of expected profit.
For a fixed notional, leverage does not reduce the dollar trading fee. It reduces the margin supporting that notional, which makes the same fee a larger percentage of margin and ROE.
- Scalping strategies should model fees before setting a target.
- Use different rates for entry and exit when order types differ.
- Include partial fills and mixed maker/taker executions when reviewing actual results.
- Do not treat funding as a maker/taker fee; it is a separate periodic transfer.
Use your actual account fee rate
Published base rates are only a starting point. Exchanges may set rates by VIP level, trailing trading volume, market-maker status, region, contract category, or fee-token discount. Some maker tiers can include rebates.
Before relying on a calculation, open the exchange fee page while signed in and copy the rates that apply to the exact contract. Calcoring presets are editable for this reason.
Crypto PnL Calculator
Set maker or taker independently for entry and exit, edit both rates, and see how costs change net PnL and break-even.
Frequently asked questions
Is every limit order a maker order?
No. A marketable limit order that crosses the spread and fills immediately is taker. Post-only can prevent immediate taker execution.
Are maker fees always lower?
Often, but not universally. Rates vary by exchange, product, region, VIP tier, and incentive program. Check the account-specific fee schedule.
Does leverage reduce my trading fee?
Not for a fixed position notional. Fees are generally based on filled value, while leverage changes how much margin is required.
Are funding fees included in taker fees?
No. Trading fees apply when orders fill. Funding is a separate periodic payment between long and short positions.
Exchange mechanics and rates can change. These primary references were used to verify the concepts on this page.
Educational information only. Contract rules and account calculations vary by exchange; verify them before trading.