> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/bitnet/clearing-and-settlement/lifecycle/maker-taker.md).

# Maker-Taker

**Makers** (liquidity providers who place resting limit orders) earn a rebate per share

**Takers** (liquidity consumers who execute against resting orders) pay a fee per share

**Maker-Taker Fee Flow:**

```
MAKER posts limit order
    └→ Order rests in book (adds liquidity)
        └→ TAKER executes market order against it
            ├→ Maker EARNS rebate:  $0.0020/share
            ├→ Taker PAYS fee:      $0.0030/share
            └→ ECN KEEPS spread:    $0.0010/share
```

*The rebate incentivizes tighter spreads → more volume → more rebate opportunities → tighter spreads. A self-reinforcing flywheel.*