Maker-taker

Maker-taker is a fee model used by many trading venues that distinguishes between orders that add liquidity and those that remove it. A “maker” posts a resting order—typically a limit order—that sits in the order book waiting to be filled, thereby adding liquidity. A “taker” submits an order that immediately matches an existing one, such as a market order, removing liquidity.

Venues often charge takers a higher fee and may give makers a lower fee or a rebate, to encourage order-book depth. A common misconception is that the labels describe the trader; they describe each order, so the same participant can be a maker on one order and a taker on another.