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Updated May 2026 — NYXANCE Glossary
Maker and taker fees are the two types of trading commissions charged by centralized exchanges on every transaction. The distinction is based on whether your order adds liquidity to the order book (maker) or removes it (taker). Understanding this difference can significantly reduce your trading costs, especially at high volume.
A maker places a limit order that does not immediately execute against an existing order. The order rests on the order book, waiting for a counterparty. By doing so, you are making liquidity available to the market.
Examples of maker orders:
A taker places an order that immediately executes against an existing order on the book, taking liquidity away.
Examples of taker orders:
Exchanges incentivize market making because liquidity depth is a competitive advantage. Deep order books attract more traders, reduce slippage, and improve overall market quality. To encourage traders to post limit orders, exchanges charge makers a lower fee — and in many cases, pay makers a rebate (a negative fee, meaning you earn money for placing liquidity).
| Exchange | BTC Perp Maker Fee | BTC Perp Taker Fee |
|---|---|---|
| NYXANCE | -0.01% (rebate) | 0.05% |
| Binance | -0.02% | 0.05% |
| OKX | -0.02% | 0.05% |
| Bybit | -0.025% | 0.06% |
| CME Micro BTC | $1.25/contract | $2.50/contract |
Note: Fee tiers vary by volume. High-volume VIP tiers typically offer better rates.
Fee differential matters enormously. A trader executing $10M/day in notional:
This is why institutional algorithmic traders obsessively optimize order placement to maximize maker fills.
For less active traders, the distinction is smaller but still meaningful:
At 10 round trips per month, that is $1,200/month saved just by using limit orders instead of market orders — assuming similar fill quality.
Funding rate arbitrage involves opening two offsetting positions (e.g., perp short + spot long). Both entry and exit require four fills. High taker fees can erode the arbitrage spread entirely. Makers who earn rebates can execute this strategy profitably at much lower funding rate thresholds.
Most exchanges offer a post-only order flag that guarantees your order is placed as a maker. If market conditions would cause the order to execute immediately as a taker (e.g., a limit buy that would cross into the ask), the exchange either cancels the order or adjusts the price to just below the best ask, ensuring maker status.
Use post-only when:
Nearly all major exchanges operate a tiered fee structure where your 30-day trading volume determines your rate:
| VIP Tier | 30d Volume | Maker Fee | Taker Fee |
|---|---|---|---|
| Standard | < $1M | 0.02% | 0.06% |
| VIP 1 | $1M – $5M | 0.01% | 0.05% |
| VIP 2 | $5M – $20M | 0.00% | 0.04% |
| VIP 3 | $20M+ | -0.01% | 0.03% |
Holding the exchange's native token often provides an additional fee discount (typically 25% off base rates when paid in exchange token).
Maker rebates create a theoretical incentive to spam low-value limit orders purely to collect rebates. Exchanges counter this with:
NYXANCE offers maker rebates starting from -0.01% on BTC/ETH perpetuals. High-volume traders receive custom fee schedules. View fee structure | Trade now.
Read more: nyxance.com/learn | Trade now: nyxance.com
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