A maker places an order that rests on the book — a limit order that doesn’t fill immediately. A taker places an order that fills against a resting one — a market order, or a limit that crosses the spread. Exchanges charge takers more, and sometimes pay makers.
Why the difference exists
Resting orders are liquidity. They’re what lets the next trader fill instantly. Exchanges want a deep book, so they reward the participants who build it and charge the ones who consume it.
Taker fees typically run two to four times maker fees. At the highest volume tiers, maker fees often go negative — the exchange pays you to post.
What it means for order placement
Every order is a choice between certainty and cost. A market order fills now and pays the taker fee. A limit order at a better price pays less or earns a rebate and might not fill.
For a single trade the difference is a few basis points. For a strategy that trades constantly, maker versus taker is often the difference between profitable and not.
Post-only orders
A modifier that rejects any order that would fill immediately as a taker. It guarantees the maker rate at the cost of the order sometimes not being placed. Market makers and execution algorithms use it constantly.
The hidden cost of being a taker
Beyond the fee: crossing the spread. A taker buys at the ask and sells at the bid, paying the spread on every round trip. In a thin market that cost exceeds the fee difference many times over — which is why execution algorithms exist.