Maker-Taker Fees and Their Effect on Quoting
Venues charge takers and often reward makers. How fee schedules shape spreads, displayed depth, and the true cost of trading.
Most crypto venues use tiered maker-taker fee schedules. An order that rests in the book and is later filled pays the maker rate; an order that executes immediately against resting liquidity pays the taker rate. Maker rates are lower, and at high volume tiers some venues pay makers a rebate.
Effects on the book
- Rebates encourage passive quoting, which can tighten quoted spreads.
- Liquidity providers may quote inside the economic spread, knowing the rebate covers part of the cost.
- Taker fees add directly to the cost of any aggressive order and can exceed the quoted spread on liquid pairs.
Fee schedules change and are tiered by volume, so liquidity comparisons that ignore fees can rank venues incorrectly for a given participant. Our venue metadata stores fee schedules with effective dates so that cost estimates can be computed for a specified tier.
This publication is provided for informational purposes only and does not constitute investment, legal, or tax advice, or an offer or solicitation to buy or sell any asset. Live figures are computed from third-party public market data and may be delayed, incomplete, or inaccurate.
