Glossary
What are maker and taker fees?
Also called: maker fee, taker fee, maker-taker fee model, trading fees
Updated Ninja Terminal team
Definition
Maker and taker fees are the trading fees an exchange charges depending on whether your order adds or removes liquidity. A maker places a resting limit order that fills later. A taker fills an order already on the book. Taker fees are usually higher, and some venues pay rebates to makers.
The split rewards traders who add liquidity to the order book and charges those who remove it.
Which orders are makers or takers?
| Order | Usually |
|---|---|
| Market order | Taker |
| Limit order that fills on arrival | Taker |
| Limit order that rests, then fills | Maker |
| Post-only order | Maker, or rejected |
Example (illustrative rates, not a quote): a 10,000 USD trade at a 0.02% maker fee costs 2 USD. At a 0.05% taker fee it costs 5 USD. Round-trip entry and exit cost double that, and on leveraged positions the fee applies to the full notional, not to the margin.
How do venues set the rates?
Most exchanges use tiers based on trading volume, and some give discounts for holding the exchange token. Rates differ by product, so spot and futures can have different schedules.
Hyperliquid documents that takers pay a higher fee than makers, and that makers can earn rebates. Tiers use rolling 14-day volume, with perpetual and spot volume combined (spot counts double). Staking HYPE gives an extra discount. Rates change, so read the live schedule on each venue.
Why do fees matter?
Fees add to slippage and the bid-ask spread in your cost per trade. High-frequency strategies feel this most. Fees are also part of your net realized PnL.
Ninja Terminal’s analytics page reports the fees you paid across your accounts.
Frequently asked questions
Is a maker fee always lower than a taker fee?
Usually, and some venues give maker rebates at higher tiers. Schedules differ by venue, product, and tier.
Do I pay fees on the leveraged amount?
Yes. Trading fees are charged on the notional value of the trade, not only on your margin.