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Taker-maker pricing

The reversed fee model in which the venue pays the aggressor and charges the liquidity provider, used to attract aggressive flow to a venue's book.

Inverted venues exist to pull takers in. For a passive trader the calculation flips: you pay to post, but the queue is usually much shorter, so you may fill sooner and avoid waiting behind thousands of shares elsewhere.

Smart routers use inverted venues deliberately — to reduce net cost on aggressive child orders, and to gain queue-position cheaply on the passive side.

Example: an inverted venue pays takers $0.0014 and charges makers $0.0018. Taking 500,000 shares there earns $700 instead of costing $1,500 on a standard venue — a $2,200 difference, provided the liquidity you want is actually available on that book.

Related: maker-taker, rebate, smart-order-router, queue-position

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