Understanding Maker and Taker Orders
In order book-based trading, maker orders (also called "providing liquidity") and taker orders ("removing liquidity") represent two fundamental actions that impact market dynamics differently:
- Maker Orders: Limit orders that add liquidity to the market by waiting in the order book until matched (e.g., placing a buy order below current price or sell order above it).
- Taker Orders: Market orders that remove liquidity by immediately filling existing orders (e.g., buying at ask price or selling at bid price).
Most exchanges implement fee tier structures favoring makers (typically lower fees) to incentivize liquidity provision. Takers generally pay higher fees for instant execution.
👉 Compare fee tiers across trading pairs
Spot Trading (Coin-to-Coin)
Spot trading involves direct exchange between digital assets. Major trading pairs include:
- Stablecoin Markets: USDT/USDC
- Crypto Markets: BTC, ETH, OKB
- Fiat-Pegged Markets: USD(S)
Key Trading Concepts
1. Pricing Mechanisms
| Term | Definition |
|---|---|
| Index Price | Reference price derived from major spot markets |
| Mark Price | Used for PNL calculations: Index Price + Moving Average Basis |
| Order Price | User-specified limit price for makers |
2. Derivatives
Options Contracts: Rights (not obligations) to buy/sell at predetermined prices. Types:
- Call Options: Bet on price increase
- Put Options: Bet on price decrease
- Futures: Leveraged contracts settled at future dates
3. Thematic Assets
- Dogecoin (DOGE): Originally a meme coin, now used for microtransactions and tipping
- MXC Protocol: Decentralized IoT data solution using Polkadot's DataHighway
Grayscale Trust Assets: Institutional-grade crypto investments like:
- BTC
- ETH
- LTC
- BCH
FAQ: Maker/Taker Orders
Q: Why do makers pay lower fees?
A: Exchanges reward liquidity providers because they improve market depth and reduce slippage.
Q: How can I become a maker?
A: Place limit orders that don't immediately match with existing orders (e.g., buy below current price).
Q: Does OKX offer maker/taker fee discounts?**
A: Yes, fee tiers depend on 30-day trading volume and OKB holdings.
Q: What's the difference between spot and futures makers?
A: Spot makers add order book liquidity, while futures makers also impact funding rate calculations.
Q: Are taker orders always more expensive?
A: Generally yes, but some exchanges offer rebates for high-volume takers.
Q: How does mark price prevent unnecessary liquidations?
A: By smoothing short-term volatility, it reduces false triggers during price spikes/dips.
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