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How maker vs taker fees futures impact turnover costs across venues
The finding
Crossing the order book with market orders costs between 0.0100% and 0.0350% more per execution leg than resting limit orders on standard perpetual futures accounts.
On 1,000,000 USD in traded volume, taker execution adds between 200 USD and 700 USD in direct exchange fees compared to maker execution.
When market order slippage exceeds 3.5 basis points, taker fills cost more than holding a resting order near the bid-ask spread.
How maker vs taker fees futures change execution costs by exchange
A trader turning over positions pays different rates depending on how maker vs taker fees futures mechanics process each trade order. Limit orders that rest on the order book receive maker rates. Market orders or marketable limit orders that take liquidity from the book incur taker rates.
Default fee structures vary significantly between active derivatives venues. MEXC sets its base futures maker fee to 0.0000% and taker fee to 0.0200%. Bitget charges 0.0200% for maker fills and 0.0300% for taker fills. OKX charges 0.0200% for maker fills and 0.0500% for taker fills. Bybit applies a 0.0200% maker fee and a 0.0550% taker fee.
| Venue | Futures Maker Fee | Futures Taker Fee | Per Leg Gap | 100k USD Round-Trip Maker | 100k USD Round-Trip Taker |
|---|---|---|---|---|---|
| MEXC | 0.0000% | 0.0200% | 0.0200% | 0 USD | 40 USD |
| Bitget | 0.0200% | 0.0300% | 0.0100% | 40 USD | 60 USD |
| OKX | 0.0200% | 0.0500% | 0.0300% | 40 USD | 100 USD |
| Bybit | 0.0200% | 0.0550% | 0.0350% | 40 USD | 110 USD |
On Bybit, entering and exiting a 100,000 USD position using taker orders incurs 110 USD in trading fees. Executing the identical round-trip with maker limit orders incurs 40 USD in fees. The execution difference totals 70 USD per 100,000 USD of filled position volume.
Turnover arithmetic on a one million dollar volume account
High turnover strategies compound execution costs quickly. Consider an account generating 1,000,000 USD of gross volume per month across ten completed trades of 50,000 USD position size (50,000 USD entry plus 50,000 USD exit per trade cycle).
On Bitget, 1,000,000 USD of volume executed entirely as maker orders costs 200 USD. The same volume executed entirely as taker orders costs 300 USD. The taker penalty is 100 USD per 1,000,000 USD traded.
On OKX, 1,000,000 USD of maker volume costs 200 USD. Taker volume of 1,000,000 USD costs 500 USD. The taker penalty rises to 300 USD per 1,000,000 USD traded.
On Bybit, 1,000,000 USD of maker volume costs 200 USD. Taker volume of 1,000,000 USD costs 550 USD. The taker penalty reaches 350 USD per 1,000,000 USD traded.
Worth knowing
Passive limit orders eliminate taker fee surcharges but introduce non-fill risk when price moves away from resting order levels.
On MEXC, 1,000,000 USD of maker volume incurs 0 USD in base fee charges. Taker volume of 1,000,000 USD costs 200 USD. The execution gap equals 200 USD per 1,000,000 USD of matched volume.
The slippage threshold where limit orders beat market orders
The financial rationale for using taker orders is instant execution. If price moves faster than a limit order can fill, missing the move costs more than the fee differential.
To calculate whether a market order makes economic sense, compare expected slippage directly to the venue fee gap. On Bybit, the taker fee exceeds the maker fee by 0.0350% (3.5 basis points) per leg. If market order slippage is under 3.5 basis points, paying the taker fee costs more than placing a passive limit order at the current bid or ask.
On Bitget, the fee gap is 0.0100% (1 basis point). If expected order book slippage exceeds 1 basis point, using a market order to guarantee entry costs less than losing execution quality through delayed limit order fills.
Where this goes wrong
Using taker market orders during low liquidity windows subjects positions to both peak exchange fee tiers and wide order book slippage simultaneously.
On OKX, the execution fee gap is 0.0300% (3 basis points). A trader placing a 100,000 USD market order who suffers 4 basis points of order book slippage loses 40 USD to market impact plus 50 USD to taker fees, totaling 90 USD for a single entry leg.
Execution choices when funding rates offset order costs
Holding costs alter the net financial impact of maker versus taker choices. Over multi-day holding periods, funding rate spreads across venues frequently exceed single-leg fee differentials.
For example, holding a long position in SOXL yields an 8-hour funding rate of +0.0254% on Bybit compared to +0.0614% on Bitget. Over 24 hours (three funding intervals), holding SOXL on Bitget costs +0.1842% in funding payments, while holding SOXL on Bybit costs +0.0762%. The 24-hour funding difference is 0.1080% (10.8 basis points).
| Asset | Bybit 8h Funding | OKX 8h Funding | MEXC 8h Funding | Bitget 8h Funding | 8h Spread |
|---|---|---|---|---|---|
| ETH | +0.0100% | +0.0100% | +0.0100% | +0.0100% | 0.0000% |
| BTC | +0.0100% | +0.0100% | +0.0100% | +0.0100% | 0.0000% |
| ZEC | +0.0100% | +0.0100% | +0.0100% | +0.0100% | 0.0000% |
| SOL | +0.0100% | +0.0090% | +0.0100% | +0.0071% | 0.0029% |
| SNDK | +0.0150% | +0.0169% | N/A | +0.0147% | 0.0022% |
| SOXL | +0.0254% | +0.0278% | +0.0459% | +0.0614% | 0.0360% |
On high-funding assets like SOXL, paying a 0.0550% taker fee to enter on Bybit saves 0.1080% per day in holding costs compared to executing with a 0.0200% maker fee on Bitget. For short-term scalps closed within minutes, fee differentials dominate total execution cost. For positions held across multiple funding ticks, venue funding rate differences outweigh entry execution fees.
What to do instead
Calculate combined turnover fees and venue funding rates over your target holding period before choosing order types.
What is the difference between maker and taker fees in perpetual futures?
Maker fees apply to limit orders that add liquidity to the order book without executing immediately. Taker fees apply to market orders or marketable limit orders that take existing liquidity off the order book instantly.
How much more do taker fees cost compared to maker fees on futures exchanges?
Default fee schedules show taker fees costing between 0.0100% and 0.0350% more per leg than maker fees across major exchanges. On a 100,000 USD trade, this gap adds between 10 USD and 35 USD in execution cost per leg.
At what point does slippage make limit orders better than market orders?
Limit orders are more cost-effective whenever expected market slippage is lower than the exchange fee gap between maker and taker rates. On venues with a 3.5 basis point fee gap, market orders cost more than limit orders unless immediate execution prevents price movement exceeding 3.5 basis points.
Does funding rate cost more than maker vs taker fees?
Funding rates cost more than order execution fees on positions held across multiple 8-hour settlement periods when venue funding spreads are wide. On assets like SOXL, the 24-hour funding rate spread between venues reaches 0.1080%, which exceeds the highest single-leg taker fee.