Glossary › Maker and taker
Checked September 25, 2026 · 4 sources · plain-English definition, not financial advice
Maker and taker: The maker posts an order that waits in the book; the taker trades against it. Kalshi charges takers its trading fee, makers only on listed series.
Kalshi's help center describes every trade as a deal between a maker and a taker. The maker is first to the table, naming a side, a price and a quantity; the taker sees the available offers and matches the most generous one. Either way you are trading against another member, not against Kalshi.
Which role you play depends on the order, not the person. A limit order that does not match right away rests and makes you the maker when someone fills it; a Quick Order, or a limit order priced at or through the best opposite price, matches immediately and makes you the taker. Kalshi's fees follow the roles: trading fees apply to orders matched immediately, and resting orders pay only in markets listed with maker fees.
Example: you bid 40¢ for 100 Yes and wait; an hour later a seller accepts your bid. You were the maker and the seller was the taker. What to check: the fee on the order ticket, and whether the market belongs to a series with maker fees.
Kalshi fee calculator · Kalshi fees explained
Checked September 25, 2026. Kalshi changes fees, rules, funding options and limits; the market's rules, the order ticket and Kalshi's help center are the final word.
Previous: Liquidity · Next: Maker fee · All 40 terms