The short answer
On perpetuals, the cost of a trade is a maker or taker fee, a small percentage of the value you trade. Crypto is 0.015% maker and 0.045% taker. Shares, indices, commodities and forex are 0.003% maker and 0.009% taker, with a few exceptions listed below.
Every market has a $10 minimum order value.
Maker and taker, explained
A maker order adds liquidity. It is a limit order that rests in the book until someone trades against it, and it pays the lower fee.
A taker order removes liquidity. It is any order that fills at once against what is already in the book, which includes every market order and any limit order priced to fill immediately. It pays the higher fee.
If you are coming from a Markets account, this takes the place of the spread and any commission. It is one line, charged on the value you trade, and the order ticket shows it before you confirm.
Fees by market
Market | Maker | Taker |
Crypto | 0.015% | 0.045% |
Shares and ETFs, indices, commodities and forex | 0.003% | 0.009% |
MSTR and PURRDAT | 0.03% | 0.09% |
GOLD | 0.015% | 0.03% |
The per-market fee is also listed in The perpetuals market list.
What that costs in practice
On a $10,000 BTC position, a taker fill costs 0.045% of $10,000, which is $4.50. The same position entered with a resting limit order costs 0.015%, which is $1.50. The fee applies again when you close.
On a $10,000 NVDA position, a taker fill is 0.009%, or $0.90.
Fees are taken from your balance, so, like funding, they move your equity and count towards your drawdown limits.
Market orders and limit orders
A market order fills immediately at the best prices available. It always pays the taker fee, and on a thin book a large one can fill across several price levels.
A limit order fills only at your price or better. Placed away from the current price, it rests in the book and pays the maker fee.
Slippage
A small order fills at the top of the book. A larger one can work through several price levels and receive an average price that is worse than the price you saw when you clicked. That gap reflects real market depth, not a charge, and it widens when the book is thin: for crypto in the quiet overnight hours, and for share and commodity perps over the weekend. See Markets that never close: trading perpetuals 24/7.
Trading size in quiet hours? A limit order protects you from the taker fee and from slippage at once.
The $10 minimum
Every market has a minimum order value of $10. It applies to the value of the position, not to the margin it uses.
Funding is not a fee
Funding passes between traders, and it can be a cost or an income. Keep it separate from your fee sums. See Funding rates, explained.
Where to go next
Read The perpetuals market list for every market, and Leverage and margin on perpetuals for how much margin an order uses.
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