Maker vs Taker

Maker vs Taker

On every exchange, trades are classified as either “maker” or “taker” transactions. This classification determines what fees you pay and plays an important role in the economics of grid trading.

Who is a Maker?

A maker is a trader who adds liquidity to the livro de ordens by placing a ordem limite that does not immediately match with an existing order. A ordem sits on the book, “making” o mercado, until another trader comes along and fills it.

You are a maker when:

• You place a limit ordem de compra below the current market price.
• You place a limit ordem de venda above the current market price.
• Your order rests on the livro de ordens waiting to be filled.

Makers are valued by exchanges porque oy provide liquidity, which makes o mercado function smoothly. Without makers, there would be no orders for other traders to execute against.

Who is a Taker?

A taker is a trader who removes liquidity from the livro de ordens by placing an order that immediately matches with an existing order. Market orders are always taker orders. Limit orders can also be taker orders if sao priced to execute immediately.

You are a taker when:

• You place a ordem de mercado (buy or sell).
• You place a limit ordem de compra at or above the current ask price.
• You place a limit ordem de venda at or below the current bid price.
• Your order is filled immediately against existing orders on the book.

Takers consume the liquidity that makers provide. While essential for price discovery and market activity, they reduce the depth of the livro de ordens.

Fee Differences

Most exchanges charge different fees for makers and takers, with makers receiving a discount. Here is a typical fee structure:

Some exchanges even offer negative maker fees, meaning they pay you to place ordem limites. This rebate model incentivizes liquidity provision.

A taxa difference might seem small on a single trade, but it compounds significantly when you execute hundreds or thousands of trades, as a grid bot does.

Exemplo calculation:

A grid bot executes 50 round-trip trades per day, each worth $100:

• As a taker at 0.05% fee: 50 x 2 x $100 x 0.05% = $5.00 per day in fees.
• As a maker at 0.02% fee: 50 x 2 x $100 x 0.02% = $2.00 per day in fees.
• Savings: $3.00 per day, or $90 per month.

With negative maker fees (-0.01%), you would earn $1.00 per day em vez de paying.

Why Grid Bots Are Natural Makers

Grid bots are inherently maker-friendly because of how they operate:

1. Buy orders are placed as ordem limites at prices below the current market. These orders sit on the bid side of the livro de ordens until o preco cai to their level. This is pure maker behavior.

2. Take-profit orders are placed as limit ordem de vendas above the preco de entrada. They sit on the ask side until o preco sobe to their level. Again, pure maker behavior.

3. O bot waits for o preco to come to it, rather than chasing the preco atual. This patience is the essence of market making.

Because virtually all grid bot orders are ordem limites that rest on the book, grid bots almost exclusively pay maker fees. This structural advantage means lower trading costs and higher net profitability comparado com strategies that rely on ordem de mercados.

How to Ensure Maker Status

To make sure sua ordems are always classified as maker orders:

• Use ordem limites em vez de ordem de mercados.
• Place ordem de compras below the current market price.
• Place ordem de vendas above the current market price.
• Use post-only order type if available, which rejects orders that would cross the spread and execute as taker.

Grid bots handle this automatically. Every ordem de compra is placed at a nivel de grid below the preco atual, and every take-profe placed at o proximo nivel de grid up.

Resumo

• Makers add liquidity by placing orders that rest on the livro de ordens, while takers remove liquidity by matching against existing orders.
• Maker fees are significantly lower than taker fees, and some exchanges even pay rebates for maker orders, making fee structure a major factor in profitability.
• Grid bots are natural market makers because all their orders are ordem limites placed away from the preco atual, ensuring they consistently pay the lowest possible fees.

Proximo Passo

Let us learn about one of o mais important gestao de risco tools: What is Stop Loss?