What is Taker Fee?
Taker fee is the commission an exchange charges when your order removes liquidity from the order book — that is, when a market or aggressive limit order fills instantly against a resting order. It is typically higher than the maker fee and is quoted in basis points of notional.
A taker fee is what a perpetual-futures exchange charges every time your order "takes" liquidity — it matches immediately against an existing resting order instead of sitting on the book. Any market order, or a limit order priced to cross the spread, is a taker order. Fees are quoted in basis points (bps) of position notional; typical perp taker fees run 2–7 bps (0.02%–0.07%) at base tier, versus lower or even negative maker fees for orders that add liquidity.
The fee is charged on notional value, not margin, so leverage multiplies its dollar impact relative to the capital you post. Open a $10,000 position at 5 bps and you pay $5 to enter; close it the same way and you pay another $5, for $10 round-trip. Because it fills on demand, a taker order guarantees execution but never earns the maker rebate — you trade priority for a certain, immediate fill.
For funding-rate arbitrage this fee is decisive. A delta-neutral trade opens two legs (long on one venue, short on another) and later closes both, so a market-order-in / market-order-out execution pays the taker fee four times total — twice per leg. That round-trip cost is a fixed drag subtracted up front, before a single funding payment lands, and it sets the break-even holding period for the whole position.
This is exactly why a realistic screener nets taker fees (and orderbook slippage) out of the headline APR rather than showing gross funding. A 12% annualized funding spread looks attractive until you subtract, say, 20 bps of combined round-trip taker fees plus slippage — on a position held only a few days, that fixed cost can erase most or all of the carry. Checking the taker fee of each leg before entering, and preferring maker execution where the venue allows it, is a core discipline of profitable funding arbitrage.
Round-trip taker cost (delta-neutral, two legs)
Per-leg round trip = taker_bps × 2 (enter + exit) Total = (long_taker_bps + short_taker_bps) × 2 Cost $ = Total_bps / 10000 × notional_per_leg
Each leg is opened and closed as a taker, so a two-leg funding-arb trade pays the taker fee four times in total. Fees apply to notional, not margin.
BTC funding-arb round-trip taker cost on $10,000 per leg
- •Long leg exchange taker fee: 5 bps (0.05%)
- •Short leg exchange taker fee: 4.5 bps (0.045%)
- •Enter: $10,000 × 0.05% + $10,000 × 0.045% = $5.00 + $4.50 = $9.50
- •Exit (same taker execution): another $9.50
- •Total round-trip taker cost = $19.00 on $10,000 notional ≈ 19 bps
- •Break-even: at a 12% APR funding spread ($10k earns ~$3.29/day), the position must be held ~5.8 days just to recover taker fees — before slippage.
Taker fee vs maker fee
| Taker fee | Maker fee | |
|---|---|---|
| Order type | Market / crossing limit (removes liquidity) | Resting limit (adds liquidity) |
| Fill | Immediate, guaranteed | Only if the market comes to your price |
| Typical perp rate | ~2–7 bps (0.02–0.07%) | ~0–2 bps, sometimes a rebate |
| Best for funding arb | Fast entry/exit, certain execution | Cheapest cost if you can wait for a fill |
FAQ
What is a taker fee?
A taker fee is the commission an exchange charges when your order fills instantly against a resting order, removing liquidity from the book. Market orders and crossing limit orders are always taker orders. It is quoted in basis points of position notional and is usually higher than the maker fee.
How much do taker fees cost in a funding-arbitrage trade?
A delta-neutral funding trade has two legs, each opened and closed as a taker, so you pay the taker fee four times. At roughly 5 bps per side that is about 20 bps round-trip on notional — a fixed drag subtracted before any funding is earned, which sets your break-even holding period.
How is a taker fee different from a maker fee?
Taker fees apply to orders that remove liquidity (market or crossing orders) and are charged for immediate execution. Maker fees apply to resting limit orders that add liquidity, are lower or even negative (a rebate), but only trigger if another trader fills you.
Why does a screener subtract taker fees from funding APR?
Gross funding APR overstates real returns because entering and exiting a position costs taker fees plus slippage. Netting these out shows the true carry after execution cost, which is what determines whether a funding spread is actually profitable for the holding period you intend.
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