// GLOSSARY

Maker / taker

A maker adds liquidity by resting an order in the book; a taker removes it by crossing the spread. Fee schedules usually charge takers and reward (or don't charge) makers — on Kalshi, resting orders generally pay no trading fee.

When your order rests in the book waiting to be filled, you are making liquidity. When your order executes immediately against a resting order, you are taking it.

Why it matters

The distinction usually decides what you pay. Kalshi's standard schedule charges a formula-based taker fee — 0.07 × contracts × price × (1 − price), rounded up to the cent — while resting maker orders on most markets pay nothing. On Polymarket there is no exchange trading fee on most markets, so the maker/taker distinction shows up as who pays the spread instead.

Working an order passively rather than sweeping the book is often the single biggest execution improvement available in thin prediction markets — the mechanics are covered in smart order routing.