Taker
A taker removes liquidity by executing immediately against resting orders, usually crossing the spread.
Definition
A taker removes liquidity by executing immediately against resting orders in the order book. Takers typically use market orders or aggressive limit orders.
Why it matters
Takers often pay higher costs because they cross the bid ask spread and may face higher fees under maker taker. In thin markets, taker trades can create large price impact.
Common pitfalls
Unexpected slippage: Taker execution can be worse than expected when depth is low.
Ignoring net costs: Include trading fee and execution friction.