Definition
Taker describes the side that accepts existing liquidity for a particular fill. The role can belong to either a buyer or a seller. It is not limited to market orders: an immediately executable limit order can also take liquidity.
How It Works
Suppose the best sell offer is 100 USDT. A buy order that accepts that offer is the taker, while the resting seller is the maker. If an incoming limit order fills partly and leaves the remainder in the book, its first fills can be taker fills and later fills of the resting remainder can be maker fills.
Key Considerations
Takers favor immediacy, but execution depends on available quantity and price-protection rules. Large orders may cross several price levels and incur slippage. Taker fees are often higher than maker fees, but schedules differ and should be checked. Being a taker says nothing about whether a trade is profitable.