A maker order adds liquidity to the order book, and a taker order removes liquidity from it. The exchange charges a maker fee or a taker fee for each fill, and the maker fee is usually lower. A maker order waits in the book until another order fills it. A taker order fills at once against an order that is already in the book.
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This guide explains the two order types and shows how to calculate the fee on a trade. It also lists the base-tier maker and taker rates of each venue that has a fee page on PerpFinder.
Key takeaways
- A maker order adds liquidity to the book. A taker order removes liquidity.
- The fee is a percentage of the position notional. The exchange charges it on each fill.
- A limit order that fills at once pays the taker fee.
- A higher 30-day volume can move an account to a lower fee tier.
How maker and taker orders work
An order book holds the open buy and sell limit orders of a market. The best bid is the highest buy order in the book. The best ask is the lowest sell order in the book.
A buy limit order below the best ask does not fill at once. The order stays in the book and adds liquidity. When a later order fills it, the exchange charges the maker fee.
A market order fills at once against the orders in the book. The order removes liquidity, so the exchange charges the taker fee. A buy limit order at or above the best ask also fills at once, and it also pays the taker fee.
A larger order reaches more price levels
The best ask is $100.10. It cannot fill all 25 units by itself.
Some venues have a post-only option. The venue cancels a post-only order when the order can fill at once. A post-only order can therefore pay only the maker fee.
Why the two fees are different
Orders that wait in the book give the market depth. With more depth, a large order fills nearer to the best price. Exchanges charge makers less to get more orders into the book.
Some venues pay a rebate to makers. A rebate is a negative maker fee: the venue pays the maker a part of the notional when the order fills. On many ladders, the rebate starts only at a high volume tier.
Calculate the fee on a trade
A small fee is only part of the cost
Half-spread + book impact = price cost from the midpoint. Adding the full spread again would count part of the cost twice.
The fee is the notional multiplied by the fee rate. The notional is the contract quantity multiplied by the price. Leverage does not change the fee rate, but the same margin can then open a larger notional.
| Hypothetical order | Notional | Assumed rate | Calculation | Fee |
|---|---|---|---|---|
| Maker open | $10,000 | 0.02% | $10,000 × 0.0002 | $2 |
| Taker open | $10,000 | 0.05% | $10,000 × 0.0005 | $5 |
These rates are arithmetic examples, not the schedule of one venue. A round trip has two fills: one to open and one to close. With taker orders on both fills, the fee in the example is $10. With maker orders on both fills, the fee is $4.
At 10x leverage, $1,000 of margin opens the $10,000 position. The $10 round-trip taker fee is then 1% of that margin.
Base-tier maker and taker fees by exchange
The fee table shows the base-tier rates from the PerpFinder fee registry, lowest taker fee first. Each venue links to its fee page. The fee page gives the source, the date of the check and the volume ladder.
| Venue | Type | Maker | Taker | Tier | Checked |
|---|---|---|---|---|---|
| Lighter | DEX | 0% | 0% | Base | 2026-09-23 |
| Paradex | DEX | 0% | 0% | Base | 2026-09-23 |
| MEXC | CEX | 0% | 0.02% | Standard | 2026-09-23 |
| Extended | DEX | 0% | 0.025% | Base | 2026-09-23 |
| Aster | DEX | 0% | 0.04% | Base | 2026-09-23 |
| Coinbase | CEX | 0.02% | 0.04% | Public Tier 10 | 2026-09-03 |
| GRVT | DEX | -0.0001% | 0.045% | Level 1 | 2026-09-23 |
| Hyperliquid | DEX | 0.015% | 0.045% | Tier 0 | 2026-09-23 |
| edgeX | DEX | 0.04% | 0.045% | Base | 2026-09-23 |
| dYdX | DEX | 0.01% | 0.05% | Tier 1 | 2026-09-23 |
| Binance | CEX | 0.02% | 0.05% | VIP 0 | 2026-09-23 |
| BingX | CEX | 0.02% | 0.05% | VIP 0 | 2026-09-23 |
| Gate.io | CEX | 0.02% | 0.05% | VIP 0 | 2026-09-23 |
| Kraken | CEX | 0.02% | 0.05% | Tier 1 | 2026-09-23 |
| OKX | CEX | 0.02% | 0.05% | VIP 0 | 2026-09-14 |
| Bybit | CEX | 0.02% | 0.055% | VIP 0 | 2026-09-23 |
| Bitget | CEX | 0.02% | 0.06% | VIP 0 | 2026-09-23 |
| HTX | CEX | 0.02% | 0.06% | Prime 0 | 2026-09-23 |
| KuCoin | CEX | 0.02% | 0.06% | LV 0 | 2026-09-23 |
| GMX | DEX | Position fee | Position fee | 0.04% or 0.06% on open, close, increase and partial decrease | 2026-09-23 |
20 venues from the PerpFinder fee registry, lowest base taker fee first. Each venue links to its fee page with the source. PerpFinder bundled data.
A low trading fee does not always give the lowest trade cost. The spread and the price impact of the order also add to the cost. The measured cost ranking adds those parts for BTC and ETH orders.
How volume tiers change the rate
Many exchanges use a VIP ladder. The 30-day trading volume of the account sets the tier. Some tiers also need a token balance or a minimum amount of assets on the account.
The venue calculators apply the ladder to your volume and maker share. Use the Binance, Bybit, OKX, Bitget, MEXC or KuCoin calculator. The VIP fee calculator compares the ladders of several exchanges.
Choose between a maker order and a taker order
A maker order can wait and not fill. If the price moves away from the order, you can miss the trade. A taker order fills at once, but it pays the higher fee and it crosses the spread.
A stop order that triggers a market order pays the taker fee. Include that fee when you calculate the cost of an exit.
What is the difference between maker and taker fees?
A maker fee applies to an order that adds liquidity to the order book.
A taker fee applies to an order that fills at once against the book. The maker fee is usually lower.
Is a limit order always a maker order?
No.
A limit order that can fill at once against the book pays the taker fee. Only a limit order that waits in the book pays the maker fee.
Is a market order always a taker order?
Yes.
A market order fills at once against the orders in the book, so it removes liquidity and pays the taker fee.
What is a negative maker fee?
A negative maker fee is a rebate.
The venue pays the maker a part of the notional when the order fills.
Does leverage change the trading fee?
Leverage does not change the fee rate.
The fee applies to the full notional, so a position with higher leverage pays a larger fee for the same margin.
Which exchange has the lowest taker fee?
The base-tier fee table in this guide sorts the venues by taker fee, lowest first.
Rates change, so check the linked fee page before you trade.