Maker vs taker: what is the difference?
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A maker places an order that waits in the order book and is filled later by someone else. A taker places an order that fills straight away against an order already in the book. Each pair has its own maker and taker fee.
Examples
- BTC/USDT: the lowest ask is 100 and the highest bid is 99. You place a buy limit at 98. It waits in the book. When someone sells to you, you are the maker.
- You place a buy limit at 100 or higher. It fills against the ask at once, so you are the taker.
- You place a market order. It always fills against orders in the book, so you are the taker.
Can one order be both?
Yes. If a limit order fills partly as soon as you place it and the rest waits in the book, the part that filled at once is a taker trade and the part that filled later is a maker trade.
Why do maker and taker fees differ?
Makers add orders to the book and make it easier for others to trade, so exchanges often set the maker fee differently from the taker fee. On Xoibit both fees are set per pair and shown on the trading page.
How can I trade as a maker?
- Use a limit order.
- For a buy, set a price below the lowest ask. For a sell, set a price above the highest bid.
- Your order may take longer to fill, or may not fill if the market moves away.
Where can I check what I paid?
Your trade history shows each fill and its fee.
There is no post-only option on spot orders. If your limit price crosses the book, the order fills at once as a taker.
FAQ
Is a stop-limit order maker or taker?
It depends on the limit order that is placed when it triggers: if it fills at once it is a taker, if it waits in the book it is a maker.
Do futures have maker and taker fees too?
Yes, futures pairs also have their own maker and taker fees, shown on the futures trading page.