Maker vs taker
A maker posts a resting order that adds liquidity; a taker crosses the spread to fill immediately, removing liquidity. The two are often charged different fees.
Posting a limit order and waiting makes you a maker, often with a lower fee; hitting the current price makes you a taker, paying for immediacy. In thin Kalshi books the choice also affects your fill price, not just your fee.
Maker and taker describe the two sides of how an order interacts with the order book. A maker posts a limit order that rests in the book and adds liquidity, waiting for someone to trade against it. A taker sends an order that immediately matches an existing resting order, removing liquidity. The distinction usually carries a fee difference.
On many exchanges, makers pay lower fees, or even earn a rebate, because they provide the liquidity that makes the market work, while takers pay more for the convenience of an instant fill. On Kalshi the fee structure rewards patience: posting a limit order and letting it get hit is generally cheaper than crossing the spread to take the other side now.
The trade-off is certainty versus cost. Taking guarantees you are filled right now at a known price, which matters when you need to act on time-sensitive information. Making is cheaper and can earn a better price, but your order might not fill at all if the market moves away. Knowing which mode you are in is central to controlling trading costs.
You want YES at 60 cents. If the best offer is already 60, you can take it and be filled instantly but pay the taker cost. Or you can post a 59-cent bid as a maker, paying less and possibly getting a better price, at the risk that the market trades away and never fills you.
Frequently asked questions
What is the difference between a maker and a taker?
A maker posts a resting limit order that adds liquidity; a taker sends an order that immediately matches existing liquidity and removes it. Makers typically pay lower fees than takers.
Is it cheaper to be a maker on Kalshi?
Generally yes. Posting a limit order and letting it get hit usually costs less than crossing the spread to take an existing order, so patient orders reduce trading costs.
When should I take instead of make?
Take when certainty of a fill matters more than cost, such as acting on time-sensitive news. Make when you can be patient and want to reduce fees or get a better price.