A maker order rests on the book, like a limit order below the current price, and waits to be matched. A taker order matches immediately, like a market order. Futures fees are charged on the notional value of each fill, at entry and again at exit. Base-tier rates on large crypto exchanges are commonly around 0.02% for makers and 0.05% for takers, with discounts for volume or for holding the exchange's token.
Example
A $20,000 position opened and closed with market orders at 0.05% pays $10 + $10 = $20. The same trade with limit orders at 0.02% pays $8. At 10× leverage on $2,000 of margin, the taker round trip costs 1% of the margin on every trade. Over 200 trades a month, the difference between $20 and $8 adds up to $2,400.
Why it matters
Fees compound against active traders. A scalper who risks $50 per trade and pays $20 in fees gives up 0.4R per trade before the market even moves. Your mix of maker and taker fills explains a large part of the gap between gross and net results.
Common mistake
Calculating fees on margin instead of notional value. Fees apply to the full position size, so more leverage on the same margin means proportionally higher fees as a share of your capital.
Put it into practice
- Free toolCrypto futures fee calculatorMaker and taker fees at the base tier for popular exchanges, the round-trip cost of a trade, a funding estimate for the time you hold, and the move you need to cover it.
- Free toolPnL & R-multiple calculatorWork out gross and net PnL of a long or short after maker and taker fees, the ROE on your margin at any leverage and the trade's R-multiple.
FAQ
- Am I a maker or a taker?
- If your order fills immediately against existing orders, you are a taker. If it waits on the book and someone else fills it, you are a maker.
- Are fees charged on margin or on notional value?
- On notional value. A $10,000 position pays the same fee whether you back it with $1,000 or $500 of margin.
- Do stop losses pay taker fees?
- Stop-market orders do, because they execute as market orders. Stop-limit orders can be maker or taker depending on how they fill.