Maker vs Taker Fees: How They Are Calculated

A maker order waits on the order book and adds liquidity; a taker order fills immediately and removes it, so maker rates are usually lower and some exchanges set them at zero or below. The fee is notional position × rate: buying 10,000 USDT of BTC at a 0.1% taker rate costs 10 USDT, a maker fill at 0.08% costs 8 USDT, and over time that gap weighs heavily on day traders and high-frequency traders (rates checked September 2026).

What are maker and taker fees?

On an exchange's order book, a stack of unfilled buy and sell orders sits waiting to be matched. Your order is classified as either a maker or a taker depending on whether it fills immediately against orders already on the book.

Maker (adds liquidity)

When you post a limit order that does not fill right away, it rests on the order book waiting for someone else to trade against it, which adds liquidity to the market. Because you're making the book deeper, maker fees are usually lower, and some exchanges even offer a maker rebate (a negative fee).

Taker (removes liquidity)

When you use a market order, or a limit order that matches instantly against resting orders, you remove liquidity and are charged as a taker. Because you're consuming book depth, taker fees are usually higher.

An order that rests and waits is a maker (cheaper); an order that fills instantly is a taker (pricier).

How fees are calculated: notional x rate, with examples

For both spot and derivatives, the core formula is the same:

• Fee = notional value (fill price x quantity) x fee rate
• At the moment of the fill, the system decides whether you were a maker or a taker and applies the matching rate.

Spot example

Say you use a market order (taker) to buy 10,000 USDT of BTC, and the venue's spot taker rate is 0.1% (0.001). Your fee = 10,000 x 0.001 = 10 USDT. Use a limit order that fills as a maker at 0.08% (0.0008) instead, and the fee = 10,000 x 0.0008 = 8 USDT, saving 2 USDT on that single trade.

Futures example: charged on notional, not margin

Perpetual and futures fees are charged on notional value, not on the margin you put up. Many beginners assume that opening a position with 10x leverage and only 2,000 USDT of margin means the fee is based on 2,000, but the notional is actually 20,000 USDT. At a taker rate of 0.05% (0.0005), the fee per side = 20,000 x 0.0005 = 10 USDT, so a full round trip (open + close) = 20 USDT. If both sides fill as maker at 0.02%, that's 4 USDT per side, or just 8 USDT round trip.

Maker/taker rates across exchanges (spot and futures)

Listed rates vary by trading pair, VIP tier, and whether you hold the platform token. The table below is Fee Otter's maker/taker comparison for spot and futures across the exchanges we support, shown live on the platform:

Fees verified on 2026-09-24 (each exchange's official fee schedule). · Methodology

Two things to keep in mind when reading rates: first, maker is almost always cheaper than taker; second, the listed rate is only the "sticker cost"; what really drives your long-term cost is your net rate after rebates, which is what the next two sections are about.

How maker/taker fees hit day traders and high-frequency traders

For long-term holders, fees are a small, occasional number. For day traders and high-frequency traders, taker costs compound and eat into profit.

Here's the math: suppose you make 30 round trips a day, each with 20,000 USDT of notional, all as taker (0.05%). Daily fees = 30 x (20,000 x 0.0005 x 2) = 600 USDT, which is 18,000 USDT over a 30-day month. That figure isn't your trading P&L; it's pure friction cost.

There are three ways to cut it: fill as a maker whenever you can, choose exchanges with lower maker/taker rates, and claw back part of the fees you pay through rebates. The first two are capped by your strategy and the order book; the most reliable and scalable lever is the third.

How to get maker fills on purpose

Whether you pay maker or taker is decided by how your order meets the book, not by the order type's name. These rules hold on every exchange we track:

• Market orders are always taker. They fill against resting orders immediately, by definition.
• A limit order is maker only if it rests. A buy limit priced at or above the best ask (or a sell at or below the best bid) fills immediately and pays taker.
• Use Post-Only when you want a guaranteed maker fee. A post-only order that would fill immediately is cancelled or rejected instead of being charged taker, so every fill it does get is maker.
• Partial fills can be both. A limit order that crosses the spread takes what is available at taker, and the unfilled remainder rests on the book; if it fills later, that part pays maker.
• Stop-market and liquidation orders are taker. Stop-limit and take-profit limit orders pay maker only if they rest on the book after triggering.

What your maker/taker mix does to a year of fees

Take a trader with 1,000,000 USDT of futures notional a month at the common 0.02% maker / 0.05% taker list rate. Monthly fees = maker share × 0.02% + taker share × 0.05%, and the net cost after a rebate = fees × (1 − rebate rate):

Moving from all-taker to all-maker cuts the bill by 60%; a 70% rebate on top of an all-taker habit cuts it by 70% without changing how you trade. The two stack: an all-maker trader with a 70% rebate pays 720 USDT a year instead of 6,000. Plug in your own volume and mix with the fee rebate calculator, or check your real blended rate with the effective fee rate calculator.

Costs that are not maker/taker fees

Maker/taker fees are only one line of what trading costs you. The others are not trading fees, so no rebate applies to them:

• Funding fees on perpetual futures are paid between longs and shorts at each funding interval, not to the exchange. Holding a leveraged position for weeks can cost more in funding than in trading fees; compare live rates in the funding rate comparison.
• Spread and slippage: a market order fills at the prices on the book, so a thin book costs you more than the fee itself. Limit orders avoid slippage but may not fill.
• Liquidation costs: if a position is liquidated, the remaining margin is typically lost, and exchanges may charge a liquidation or insurance-fund fee under their own rules.
• Withdrawal fees: moving coins off an exchange costs a network fee that depends on the coin and the chain.

Definitions for maker and taker, funding rate and net fee are in the glossary; this month's list and net rates for every exchange we support are in the Fee Rebate Index.

How to use rebates to cut taker costs

The logic of a rebate is simple: you still pay the listed fee, but the exchange returns part of it through the referral relationship you've bound. A rebate does not change the listed maker/taker rate itself; it refunds a percentage of the fees you've already paid, effectively lowering your net rate.

On Fee Otter, once you bind your exchange account you can see every individual rebate and your available balance, and request withdrawals directly from the member dashboard. Most KOL invite codes give you a flat 20% with no line-item detail; binding through Fee Otter pays a higher rate, and every rebate is auditable. Our team also runs its own live capital on each exchange to back the numbers with real money.

See the fee-and-rebate comparison for each exchange below (shown live on the platform):

The rebate rate for each exchange when you bind through Fee Otter is below; see each rebind guide for the steps:

• Binance: 40% (20% automatic from the exchange + 20% extra from Fee Otter). Binance rebind guide
• OKX: referral code FEEOTTER, 20% auto-rebate + exclusive rewards; ask support about our exclusive OKX rewards and promotions. OKX rebind guide
• Bitget: referral code FEEOTTER, 50% (20% + 30% extra from Fee Otter). Bitget rebind guide
• Bybit: referral code FEEOTTER, 40% as a single combined total (Bybit uses one total rate, not a 20% + X% stack). Bybit rebind guide
• Gate: referral code FEEOTTER, 70% (20% + 50% extra from Fee Otter). Gate rebind guide
• MEXC: referral code mexc-FEEOTTER, 60% (20% + 40% extra from Fee Otter). MEXC rebind guide
• Pionex: referral code FEEOTTER, 50% (15% exchange auto-rebate + 35% Fee Otter extra rebate), the same on futures and spot. Pionex fee rebate guide | Pionex rebind guide
• WEEX: referral code otter123, 70% (60% automatic from the exchange + 10% extra from Fee Otter); see the WEEX rebind guide
• XT.COM: referral code FEEOTTER, 70% (60% automatic from the exchange + 10% extra from Fee Otter). XT.COM rebind guide
• HTX: referral code FEEOTTER, 50% (30% automatic from the exchange + 20% extra from Fee Otter). HTX fee rebate guide | HTX rebind guide
• Ourbit: referral code FEEOTTER, 70% (50% automatic from the exchange + 20% extra from Fee Otter). Ourbit rebind guide

For the full cross-exchange comparison and how to choose, read the pillar guide Crypto Exchange Fee Rebate: The Complete Guide and the crypto exchange fee rebate comparison.

To see two exchanges' maker/taker list fees and post-rebate net rates side by side, read MEXC vs Gate fee rebate comparison, MEXC vs XT.COM fee rebate comparison, WEEX vs XT.COM fee rebate comparison, Binance vs Bybit fee rebate comparison and OKX vs Bybit fee rebate comparison.

Rebate rates by exchange, with a worked example

When you bind through Fee Otter, each exchange has one rebate rate. Current rates are shown live in the table below:

Worked example: if you pay 600 USDT in fees in a month, Gate at 70% returns 420 USDT and Binance at 40% returns 240 USDT. If you're already a VIP on an exchange and want to rebind or sign up on another one, contact support: we can help you apply for special trading perks or a higher rebate rate.

FAQ

Is the maker fee always cheaper than the taker fee?

Almost always. Makers provide liquidity, so exchanges charge them a lower rate, and some venues even pay a maker rebate (a negative fee). The exact numbers still follow each exchange's listed rates; see the comparison table above, or check the Binance official fee schedule, the Bybit official fee page and the MEXC official fee page.

Are futures fees based on margin or notional value?

On notional value (fill price x quantity), regardless of how much margin you post or how much leverage you use. Leverage only scales your margin efficiency; it doesn't change the fee on a given notional.

Is a market order always a taker?

Yes. A market order matches instantly against resting orders and removes liquidity, so it's always charged at the taker rate. A limit order depends on whether it fills immediately: an instant fill is also a taker, while an order that rests on the book is a maker.

Do rebates change my maker/taker rate?

No. The listed rate you pay stays the same. A rebate refunds a percentage of the fees you've already paid, which lowers your net rate rather than altering the listed rate itself.

Where can I see each exchange's rebate rate?

In the rate list and the table above, which show live figures from the platform. High-volume traders and existing exchange VIPs can contact support to unlock a higher rate.

Can I see every individual rebate?

Yes. After you bind your account on Fee Otter, the member dashboard shows every rebate and your available balance, and lets you request a withdrawal directly, so every rebate is auditable.

For how tokenized stock fees and funding compare, see tokenized stock perp fees: listings, liquidity and funding measured.

For the rate you actually pay once a rebate applies, see perp fees and the effective rate after rebate.

Rules follow each exchange's official and platform announcements.

ⓘ Rebate rates in this article are for futures; spot: Gate 65%, Bitget 45%, HTX 45%, WEEX 45%, XT.COM 45%.