Taker

A taker is a trader whose order executes immediately against orders already resting on the book, thereby removing (taking) liquidity from the market. Market orders are always taker orders, and so is any limit order priced aggressively enough to match instantly.

For example, if the best ask for ETH is $3,000 and you submit a market buy, you trade against that resting sell order: the seller who posted it is the maker, and you are the taker. Exchanges typically charge takers a higher fee than makers, because takers consume the depth that makes the market usable.

Taking liquidity is what you pay for immediacy: you get a guaranteed, instant fill instead of waiting and hoping the market comes to your price. Active strategies that need fast entries and exits — momentum trades, stop-loss executions, arbitrage legs — are usually heavy on taker orders, and their profitability must clear the higher fee plus the spread. A common beginner surprise is placing a "limit" order slightly through the current price and being charged the taker fee; the fee tier depends on whether the order rested on the book, not on the order type selected.