Definition
Maker describes a role in execution, not a permanent type of trader. An order acts as maker when it first rests in the book and is subsequently matched by incoming demand. This is distinct from being a professional market maker, which may involve continuous quoting and broader obligations.
How It Works
If the best ask is 101 USDT, a buy limit at 100 can wait in the book. A later seller who accepts 100 matches that resting order, making the buyer the maker for that fill. A limit order priced to execute immediately may instead be a taker; the label alone does not decide the role.
Key Considerations
Waiting provides no guarantee of execution. Makers can be filled just before the market moves against them. Reduced fees or rebates, where offered, do not remove this risk. Post-only settings can enforce resting behavior but may cancel an order that would immediately trade.