In BiKi Perpetual Contract Trading, the transaction fees for the Maker (make orders) and Taker (take orders) are different.
|User Level||Maker Fees||Taker Fees|
Maker (make orders):
A Maker is one who places an order in the market (usually a limit order with a specified price) and waits for other users to match their orders with it. If no order matches with it in the market, the Maker’s order will remain in the Exchange's order book, providing liquidity to the market ( This is known as “make the market” and therefore termed as Maker).
Suppose the current price is 10,000 USDT and User A places a limit order to buy at 9980 USDT. User A's order will not be matched immediately with the other orders in the Exchange's order book but will remain in the Exchange's order book to wait for other users to match their orders with it. In this case, User A will need to pay the Maker fees for the order placed.
Taker (take orders):
A Taker is one who places an order at a certain price based on the existing orders in the Exchange's order book so that it is traded immediately with existing orders.
Suppose the current price is 10,000 USDT and the selling price in the Exchange's order book is 11,000USDT so User A select the selling price of 11,000 USDT to place the order so that it gets matched immediately. In this case, User A will pay the Taker fees.
Important Note: Contract Trading adopts the "deduct first, refund later" policy where the corresponding fees will be collected first and refunded when the settlement is made at 20:00 UTC daily.
Editor: BiKi Trading Academy
Update: Open Trading Contract Group