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In crypto order-book trading, a maker execution comes from an order that rested on the book before it filled; a taker execution matches against orders already resting there. A market order is usually a taker, but a limit order can be either. The distinction describes how a trade interacts with available liquidity—not whether it is a buy or a sell.
What are maker and taker fees?
Exchanges use “maker” and “taker” to classify executions, then apply the fee schedule for the relevant product, market, and account. The category depends on what happened when the order was matched, not simply on the order label.
Maker: an order rests and supplies liquidity
A maker order joins the order book and waits. By adding an available bid or ask, it supplies liquidity to traders who may want to trade against it. If it later fills, that execution is a maker fill. Binance.US describes the distinction this way: “A taker order removes liquidity: it fills immediately against an existing order, so you pay the taker fee.” (Binance.US Help Center, June 3, 2026.)
Taker: an order matches resting liquidity
A taker order matches against orders already on the book, removing some of that available liquidity. Market orders typically take liquidity because they seek an immediate match. A limit order can also be a taker if its price makes it immediately executable.
Can a limit order be maker or taker?
Yes. A limit order specifies a price, but that alone does not determine its fee category. If it matches an available order as soon as it reaches the book, it takes liquidity. If it instead rests and is filled later, it makes liquidity.
For example, an order priced so it can trade immediately against the opposite side of the book may execute as a marketable order. Kraken’s post-limit option is intended to ensure that an order rests on the book or is canceled rather than immediately taking liquidity. Check the venue’s description and order preview: names and behavior can vary by platform.
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Can one order have both maker and taker fills?
Yes. If an order matches some available liquidity immediately and the remaining quantity then rests on the book, the immediate portion is a taker fill and the later resting portion is a maker fill. Binance.US and Coinbase Advanced describe this treatment. The order’s total fee can therefore reflect both execution categories.
Maker vs. taker at a glance
| Execution feature | Maker | Taker |
|---|---|---|
| Timing | The order rests before it fills. | The order matches available resting liquidity, usually immediately. |
| Effect on the book | Adds liquidity by making an order available to others. | Removes liquidity by matching against resting orders. |
| Typical order behavior | A limit order that waits on the book. | A market order, or a limit order that executes immediately. |
| Execution certainty | May remain unfilled while it rests. | Matches against available book liquidity; the amount filled depends on what is available. |
| Fee treatment | Set by the exchange’s current schedule for the product, market, and account. | Set by the exchange’s current schedule for the product, market, and account. |
Are maker fees always lower?
No. Fee schedules are specific to the exchange and can vary by product, market, trading volume, and other account-tier criteria. Coinbase says maker and taker rates may be the same or different; its fee information also notes that a negative maker rate can indicate a rebate. Do not assume a maker discount applies to every venue or account.
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Look up the current fee schedule for the exact market and product, and review the order preview before submitting. A listed fee rate is only one part of the outcome: a resting order may not fill when you want it to, while an immediately matching order trades against the liquidity currently available. Being a maker does not guarantee a lower overall trading cost or a better result.
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