Maker vs taker fees, explained with examples
A maker order adds liquidity by resting on the order book. A taker order removes liquidity by filling at once against orders already there. Venues often charge makers less than takers. Either way, the fee is a percentage of the trade’s notional value, not of the margin.
Examples use illustrative prices and illustrative fee rates: 0.02% maker and 0.05% taker. Real rates vary by venue, product and account tier. Check your venue’s fee schedule.
What a maker is
A maker is an order that rests on the order book until someone trades against it.
A limit buy below the best ask, or a limit sell above the best bid, usually rests. While it waits, it adds to the book’s depth. That makes it easier for others to trade, which is why venues often reward it with a lower fee.
What a taker is
A taker is an order that fills immediately against orders already on the book.
Market orders are always takers. So is any limit order priced to cross the spread, such as a limit buy at or above the best ask. Takers remove depth from the book. The order book guide shows where bids, asks and the spread sit.
How fees are calculated
The formula is the same for both sides:
Fee = notional value × fee rate
Notional value is quantity multiplied by fill price. For a leveraged position it is the full position value, not the margin.
Example 1: one trade, maker vs taker
- Buy 0.1 BTC at $60,000.00
- Notional value: 0.1 × $60,000.00 = $6,000.00
| Rate | Calculation | Fee | |
|---|---|---|---|
| Taker | 0.05% | $6,000.00 × 0.0005 | $3.00 |
| Maker | 0.02% | $6,000.00 × 0.0002 | $1.20 |
The difference is $3.00 − $1.20 = $1.80 on this trade.
Example 2: a round trip
A position is opened at $60,000.00 and closed at $61,000.00, both for 0.1 BTC.
- Opening notional: $6,000.00
- Closing notional: 0.1 × $61,000.00 = $6,100.00
| Opening fee | Closing fee | Total | |
|---|---|---|---|
| Taker both ways | $6,000.00 × 0.0005 = $3.00 | $6,100.00 × 0.0005 = $3.05 | $6.05 |
| Maker both ways | $6,000.00 × 0.0002 = $1.20 | $6,100.00 × 0.0002 = $1.22 | $2.42 |
The gross profit is 0.1 × ($61,000.00 − $60,000.00) = $100.00.
- After taker fees: $100.00 − $6.05 = $93.95
- After maker fees: $100.00 − $2.42 = $97.58
Example 3: fees and leverage
Say the same $6,000.00 position uses 10x leverage, so the margin is $600.00.
- Taker round trip: $6.05 ÷ $600.00 = 1.01% of margin
- At 2x, margin is $3,000.00: $6.05 ÷ $3,000.00 = 0.20% of margin
The fee in dollars is identical. Leverage only changes how large it looks against the margin. Leverage, margin and liquidation explained covers why notional value drives everything.
Example 4: a limit order that is partly a taker
The book shows a best ask of $60,000.00 for 0.05 BTC. The next ask is $60,020.00.
A trader places a limit buy for 0.1 BTC at $60,010.00.
- 0.05 BTC fills at once against the $60,000.00 ask. That part is a taker. Fee: 0.05 × $60,000.00 × 0.0005 = $3,000.00 × 0.0005 = $1.50
- The other 0.05 BTC rests on the book at $60,010.00, since no asks remain at or below that price. If a seller later fills it, that part is a maker. Fee: 0.05 × $60,010.00 × 0.0002 = $3,000.50 × 0.0002 = $0.60 (rounded from $0.6001)
Total fees: $1.50 + $0.60 = $2.10. A single limit order can pay both rates.
Post-only orders
A post-only order is a limit order that is only allowed to rest on the book as a maker.
If it would fill immediately, the venue does not let it take. Depending on venue rules, the order is cancelled or moved to a price that rests. In Example 4, a post-only buy at $60,010.00 would not have filled against the $60,000.00 ask.
Traders often use post-only when the fee rate matters to the plan. The trade-off is fill certainty. A post-only order can sit unfilled while the market moves away. Market, limit, stop and stop-limit orders explained covers that trade-off, and time in force: GTC, IOC and FOK covers how long resting orders stay live.
Fees compared with other trading costs
Fees are one cost among several:
- Spread. Crossing from mid price to the best ask or bid costs half the spread.
- Slippage. Large market orders can fill at worse prices deeper in the book. See slippage explained.
- Funding. Perp positions pay or receive funding at set intervals. See funding rates explained.
A maker order avoids the spread and slippage of taking, but risks no fill. A taker order fills now, but pays the higher rate plus any spread and slippage.
Maker rebates and fee tiers
Some venues pay makers a rebate at certain volume tiers. A rebate is a negative fee. At an illustrative −0.01% rebate, a $6,000.00 maker fill would credit $6,000.00 × 0.0001 = $0.60 to the account.
Many venues also lower rates as 30-day trading volume rises, or for holders of a venue token. Tier rules vary by venue and change over time.
Common mistakes
- Calculating fees on margin. Fees run on notional value.
- Assuming every limit order is a maker. A crossing limit order takes first.
- Forgetting the closing fee. A round trip pays twice.
- Comparing rates without the tier. A schedule’s headline rate may not be the account’s rate.
Related
For the contract most of these examples use, see what are perpetual futures. More guides sit under trading concepts.
Frequently asked questions
Is a limit order always a maker order?
No. A limit order priced to cross the spread fills immediately against resting orders, and that part is charged the taker fee. Only the part that rests on the book and is later filled counts as maker.
Are trading fees charged on margin or on notional value?
On notional value. A $6,000.00 position pays the same fee whether it uses $600.00 of margin at 10x or $3,000.00 at 2x. As a share of margin, the fee is larger at higher leverage.
What is a post-only order?
A post-only order is a limit order that is only allowed to rest on the book. If it would fill immediately as a taker, the venue cancels or reprices it instead, depending on venue rules. It ensures the order is charged as a maker.
What is a maker rebate?
Some venues pay a small rebate to makers instead of charging them, usually at higher volume tiers. The rebate is a negative fee: it is calculated on notional value like a normal fee, but credited to the account.
Hippo provides information, not investment advice.
Part of our guide: Perpetual futures funding rates, explained
