Maker-Taker Fees
A fee structure that rewards adding liquidity (maker) and charges removing it (taker) — shaping how pros place orders.
Under maker-taker pricing, exchanges charge different fees depending on whether your order adds or removes liquidity. A “maker” order (a resting limit order that waits in the book) is charged less, sometimes even paid a rebate; a “taker” order (a market order that fills instantly against the book) pays more.
The design incentivizes participants to post liquidity rather than just consume it, deepening the order book. For traders, it’s a concrete reason to prefer limit orders when timing allows: patience literally lowers your fee tier. For high-frequency firms, maker rebates are a core part of the business model.