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Maker and Taker Order Classes
Maker and Taker Order Classes

Learn if your order will make or take liquidity on the order book

Daniel H avatar
Written by Daniel H
Updated over a week ago

The phrases “maker” and “taker” refer to how a trade interacts with the order book.

A "Maker" order will make liquidity on the order book and will be visible to other market participants who view the order book. An order that “posts” itself to the order book is a maker order type.

Examples include:

  • Limit

  • Smart Routing (if not immediately filled as a taker order)

  • Hare

  • Gorilla

A "Taker" order will take liquidity from the order book and will not be visible to other market participants who view the order book.

Examples include:

  • Market

  • Smart Routing (initially, before converting to a maker order)

  • Sniper

  • Polar Bear

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