What is the "maker" vs. "taker" fee in futures trading?

Maker and Taker Fee Definitions

1. A maker is a trader who places a limit order that does not execute immediately, thereby adding liquidity to the order book.

2. A taker is a trader who places a market order or a limit order that matches instantly with an existing order, thereby removing liquidity from the order book.

3. Exchanges assign different fee rates to makers and takers to incentivize limit-order placement and deepen market depth.

4. Maker fees are typically lower than taker fees—sometimes even negative (i.e., rebates)—to reward users who provide liquidity.

5. Taker fees are consistently positive and often range from 0.02% to 0.075%, depending on the platform and user’s trading volume tier.

Futures-Specific Fee Mechanics

1. In perpetual futures contracts, maker-taker pricing applies to both opening and closing positions, regardless of direction (long or short).

2. Some platforms apply asymmetric fee structures—for example, charging higher taker fees for aggressive long entries during extreme bullish momentum.

3. Funding rate calculations remain independent of maker/taker status, but fee accruals directly impact net PnL when positions are liquidated or closed.

4. Order types like stop-market, trailing-stop, and take-profit market orders always trigger taker fees upon execution.

5. Iceberg and hidden orders retain maker status only if their visible portion does not match immediately; partial fills may result in mixed fee application across executions.

Impact on Arbitrage and Market-Making Strategies

1. High-frequency arbitrageurs rely on tight maker-taker spreads to profit from inter-exchange price discrepancies without incurring excessive taker costs.

2. Professional market makers maintain bid-ask inventories across multiple derivatives venues, optimizing routing logic to maximize rebate eligibility.

3. Fee-tiered accounts often unlock deeper maker discounts at higher 30-day volume thresholds, encouraging sustained participation in quoting activity.

4. Certain exchanges offer “zero-fee maker” programs for select token pairs, effectively subsidizing liquidity provision during low-volatility regimes.

5. Backtesting of delta-neutral strategies must incorporate realistic fee assumptions—especially taker surcharges during flash crashes where slippage compounds cost exposure.

Fee Calculation Examples

1. A user places a limit buy order for 1 BTC at $61,200 when the best ask is $61,250—this order sits on the book and qualifies as a maker trade.

2. Another user submits a market buy for 0.5 BTC—the order sweeps the top three asks and incurs taker fees on each matched segment.

3. On Binance Futures, a VIP 0 user pays 0.02% as maker fee and 0.04% as taker fee for USDT-margined contracts.

4. By contrast, Bybit charges -0.005% (a rebate) for makers and 0.06% for takers on inverse perpetuals, creating structural incentives for quote persistence.

5. Fee deductions occur in real time upon execution and are reflected in the wallet’s unrealized PnL calculation before position settlement.

Frequently Asked Questions

Q: Do stop-limit orders incur maker or taker fees?A: The initial placement of a stop-limit order is free; fees apply only upon activation and execution. If the activated limit portion rests on the book without immediate match, it qualifies as maker. If it matches instantly, it is treated as taker.

Q: Can I be charged taker fees even when using a limit order?A: Yes—if your limit order price crosses the opposing best price (e.g., placing a buy limit above the current best ask), it executes immediately and incurs taker fees.

Q: Are maker-taker fees applied to funding payments?A: No. Funding transfers occur separately from trade execution and carry no associated maker or taker fee.

Q: Does leverage level affect maker or taker fee rates?A: Leverage itself does not alter fee percentages. However, higher leverage increases position size, which scales absolute fee amounts proportionally—even with identical percentage rates.