What Are Maker and Taker Fees? How They Work, With a Five-Exchange Fee Comparison

Every time you place an order, your trading fee falls into one of two buckets: the maker fee for orders that add liquidity, and the taker fee for orders that remove it. The two rates differ, and over time that gap has an outsized impact on day traders and high-frequency traders. This guide explains what maker and taker fees are, how they're calculated (with worked examples), how they hit active traders, and how to use rebates to push your taker cost as low as possible.

What Are Maker and Taker Fees?

On an exchange's order book, a stack of unfilled buy and sell orders sits waiting to be matched. Your order is classified as either a maker or a taker depending on whether it fills immediately against orders already on the book.

Maker (adds liquidity)

When you post a limit order that does not fill right away, it rests on the order book waiting for someone else to trade against it, which adds liquidity to the market. Because you're making the book deeper, maker fees are usually lower, and some exchanges even offer a maker rebate (a negative fee).

Taker (removes liquidity)

When you use a market order, or a limit order that matches instantly against resting orders, you remove liquidity and are charged as a taker. Because you're consuming book depth, taker fees are usually higher.

In one line: an order that rests and waits is a maker (cheaper); an order that fills instantly is a taker (pricier).

How Fees Are Calculated: Notional x Rate, With Examples

For both spot and derivatives, the core formula is the same:

• Fee = notional value (fill price x quantity) x fee rate
• At the moment of the fill, the system decides whether you were a maker or a taker and applies the matching rate.

Spot example

Say you use a market order (taker) to buy 10,000 USDT of BTC, and the venue's spot taker rate is 0.1% (0.001). Your fee = 10,000 x 0.001 = 10 USDT. Use a limit order that fills as a maker at 0.08% (0.0008) instead, and the fee = 10,000 x 0.0008 = 8 USDT, saving 2 USDT on that single trade.

Futures example (the key point: it's on notional, not margin)

Perpetual and futures fees are charged on notional value, not on the margin you put up. Many beginners assume that opening a position with 10x leverage and only 2,000 USDT of margin means the fee is based on 2,000 — but the notional is actually 20,000 USDT. At a taker rate of 0.05% (0.0005), the fee per side = 20,000 x 0.0005 = 10 USDT, so a full round trip (open + close) = 20 USDT. If both sides fill as maker at 0.02%, that's 4 USDT per side, or just 8 USDT round trip.

Maker/Taker Rates Across Five Major Exchanges (Spot and Futures)

Listed rates vary by trading pair, VIP tier, and whether you hold the platform token. The table below is Quant Nova's aggregated maker/taker comparison for spot and futures across five major exchanges — a data set unique to this site, shown live on the platform:

Two things to keep in mind when reading rates: first, maker is almost always cheaper than taker; second, the listed rate is only the "sticker cost" — what really drives your long-term cost is your net rate after rebates, which is what the next two sections are about.

How Maker/Taker Fees Hit Day Traders and High-Frequency Traders

For long-term holders, fees are a small, occasional number. For day traders and high-frequency traders, taker costs compound and quietly eat into profit.

Here's the math: suppose you make 30 round trips a day, each with 20,000 USDT of notional, all as taker (0.05%). Daily fees = 30 x (20,000 x 0.0005 x 2) = 600 USDT, which is 18,000 USDT over a 30-day month. That figure isn't your trading P&L — it's pure friction cost.

There are three ways to cut it: fill as a maker whenever you can, choose exchanges with lower maker/taker rates, and claw back part of the fees you pay through rebates. The first two are capped by your strategy and the order book; the most reliable and scalable lever is the third.

How to Use Rebates to Cut Taker Costs

The logic of a rebate is simple: you still pay the listed fee, but the exchange returns part of it through the referral relationship you've bound. A rebate does not change the listed maker/taker rate itself — it refunds a percentage of the fees you've already paid, effectively lowering your net rate.

On the one-stop fee-rebate data platform (Quant Nova), once you bind your exchange account you can see every individual rebate, your current balance, your rebate tier and XP, and withdraw directly from the member dashboard — a transparency layer unique to this site. Most KOL invite codes give you only a flat 20% discount with no line-item detail; we pay higher by tier and every rebate is auditable. Our team also runs its own live capital on each exchange to back the numbers with real money.

See the fee-and-rebate comparison for each exchange below (shown live on the platform):

The top rebate for each exchange when you bind with a Quant Nova invite code is below; see each rebind guide for the steps:

• Binance: invite code NOVA888, up to 40% (20% automatic from the exchange + up to 20% extra by tier). Binance rebind guide
• OKX: invite code NOVA888, 20% rebate; contact support for a higher rate. OKX rebind guide
• Bitget: invite code NOVA888, up to 50% (20% + up to 30% by tier). Bitget rebind guide
• Bybit: invite code NOVA888, up to 40% as a single combined total (Bybit uses one total rate, not a 20% + X% stack). Bybit rebind guide
• Gate: invite code QUANTXXX, up to 70% (20% + up to 50% by tier). Gate rebind guide

For the full cross-exchange comparison and how to choose, read the pillar guide Crypto Exchange Fee Rebate: The Complete Guide and the five-exchange rebate comparison.

Rebate Tiers and XP: How the Rolling 30-Day Window Works

Your rebate percentage rises with your rebate tier. Your tier is set by experience points (XP), and XP has a simple definition: the trading fees (in USDT) you've accumulated over the past 30 days.

The key detail is that it's recalculated daily on a rolling basis, and a new tier's rebate rate takes effect the same day you hit the threshold — not at month-end, and not next month. By the same token, if your fees over the last 30 days fall, your XP drops with them and your tier can step back down.

Tier thresholds (XP = trailing 30-day fees in USDT): Lv.2 = 100, Lv.3 = 500, Lv.4 = 1,000, Lv.5 = 2,500, SVIP = 5,000. The Supernova tier is granted by an administrator and cannot be reached by XP alone. The actual rebate % for each tier is shown live in the table below:

Worked example: if you paid 600 USDT in fees over the past 30 days, your XP is 600, which clears the Lv.3 threshold (500), so your rebates are calculated at the Lv.3 rate from that day. If you trade less afterward and your trailing-30-day fees drop to 400, your XP falls back into the Lv.2 range.

Frequently Asked Questions

Is the maker fee always cheaper than the taker fee?

Almost always. Makers provide liquidity, so exchanges charge them a lower rate, and some venues even pay a maker rebate (a negative fee). The exact numbers still follow each exchange's listed rates — see the comparison table above.

Are futures fees based on margin or notional value?

On notional value (fill price x quantity), regardless of how much margin you post or how much leverage you use. Leverage only scales your margin efficiency; it doesn't change the fee on a given notional.

Is a market order always a taker?

Yes. A market order matches instantly against resting orders and removes liquidity, so it's always charged at the taker rate. A limit order depends on whether it fills immediately: an instant fill is also a taker, while an order that rests on the book is a maker.

Do rebates change my maker/taker rate?

No. The listed rate you pay stays the same. A rebate refunds a percentage of the fees you've already paid, which lowers your net rate rather than altering the listed rate itself.

Does my rebate tier reset every month after I bind an invite code?

No. Your tier is set by XP, where XP equals your trailing 30-day fees, recalculated daily and effective the same day you qualify — there's no monthly reset or next-month delay.

Can I see every individual rebate?

Yes. After you bind your account on Quant Nova, the member dashboard shows every rebate, your current balance, your rebate tier and XP, and lets you withdraw directly — fully transparent and auditable.

Last updated: 19 July 2026. Rules follow each exchange's official and platform announcements.