# Crypto exchanges with no maker fee in 2026

Updated: 24 September 2026. Rate pages read 18 September 2026. Books timed 21 September 2026. The Cost Per Trade pricing desk

## Crypto exchanges with no maker fee, and what their takers pay

Ordered by the published taker cost of a $10,000 round trip. The maker column is the point of the page.
What no column here shows is the size of the position behind the fee: push the leverage up and a small
move against the trade takes the margin with it.

| Line | Venue | Maker | Taker | Fees on $10,000 | Book adds | All-in on $10,000 | Score of 50 | Perp markets |
|---|---|---|---|---|---|---|---|---|
| 1= | Lighter | 0% | 0% | $0.00 | $0.86 | $0.86 | 42.8 | 214 |
| 1= | Paradex | 0% | 0% | $0.00 | $191.52 | $191.52 | 31.9 | 63 |
| 3 | Extended | 0% | 0.025% | $5.00 | $0.12 | $5.12 | 38.4 | 325 |
| 4 | Aster | 0% | 0.040% | $8.00 | $0.16 | $8.16 | 36.3 | 578 |
| 5= | Hyperliquid | 0.015% | 0.045% | $9.00 | $0.12 | $9.12 | 33.1 | 324 |
| 5= | EVEDEX | 0.015% | 0.045% | $9.00 | $4.12 | $13.12 | 32.5 | 52 |

Weights: Published rate 40 · Execution cost 30 · Where the money sits 12 · Security record 8 · What the rate buys 6 · Who may pay it 4, on a scale of zero to 50, fixed 22 September 2026 before any venue was priced. Method in full: https://thundermessage.com/how-we-price

Rates are the entry tier, read 18 September 2026. The fee column is twice the taker rate on a $10,000 position; the book column is what the order-book readings show that order paying past the mid price, in and out; all-in is the two added. Every venue here restricts access by jurisdiction; the list is in each one's own terms.

## The verdict

Four of the six venues here charge makers nothing. Crypto exchanges with no maker fee earn from takers,
from latency or from volume tiers instead, so the saving depends on how an account trades. On
24 September 2026 Lighter and Paradex charged nothing on either side, and Aster nothing to makers at every
tier.

## Notes on this sheet

1. Aster, Extended, Lighter and Paradex charge makers nothing; Aster has done so at every tier since 2 February 2026.
2. The two venues that do charge makers both ask 0.015%, a dollar and a half on a $10,000 resting order.
3. A maker rate of zero is worth nothing to an account that only trades at market.
4. Two of the four zero-maker venues charge takers as well, and two charge nobody anything.

## Line 1. [Lighter](https://lighter.xyz) — $0.86 all-in on $10,000, for neither side charged at all

The Standard account pays 0% maker and 0% taker on every perpetual market
([Lighter fee documentation](https://docs.lighter.xyz/trading/trading-fees), checked 18 September 2026). Maker orders are delayed 200
milliseconds and cancels 300, which is the real cost of posting for free here.

- Buys: Nothing charged to either side of the trade; $16.2 million resting within 10 basis points of the BTC mid price.
- Not covered: Maker orders are delayed 200 milliseconds and cancels 300; No public bug bounty, by its own disclosure policy.
- Not for: market makers who need to cancel quickly.

## Line 1. [Paradex](https://www.paradex.trade) — $191.52 all-in on $10,000, for posting and crossing both free on the web

Retail orders through the web interface pay nothing on either side, in force since 15 June 2026, with
a 300-millisecond speed bump ([Paradex fee documentation](https://api.prod.paradex.trade/v1/system/volume-tiers), checked 18 September 2026).
Programmatic orders on the Pro 0 tier pay 0.003% to makers and 0.045% to takers.

- Buys: No maker fee and no taker fee on web orders; Audited bridge contracts and a Sherlock bounty of up to 500,000 USDC.
- Not covered: Retail orders are capped at three a second, thirty a minute; Its book held only $870.00 within 10 basis points in the readings.
- Not for: anyone posting size.

## Line 3. [Extended](https://extended.exchange/) — $5.12 all-in on $10,000, for a zero maker rate that needs no conditions

Makers pay nothing and takers 0.025% under one flat schedule that applies to every
account ([Extended fee documentation](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026). Makers with at least 0.5% of
30-day maker volume also receive rebates.

- Buys: Zero maker rate with no latency penalty attached; Rebates on top for makers above 0.5% of 30-day maker volume.
- Not covered: 278 of its 325 active markets are request-for-quote, where posting works differently; $7.8 million within 10 basis points, thinner than most venues here.
- Not for: traders who cross the spread more than they post.

## Line 4. [Aster](https://www.asterdex.com) — $8.16 all-in on $10,000, for zero to makers at every tier, not only the top

Maker fees at all VIP tiers were set to zero on 2 February 2026 and VIP 1 takers pay
0.040% ([Aster fee documentation](https://docs.asterdex.com/trading/perpetuals/fees-and-specs/fees), checked 18 September 2026). Its perpetuals
overview page still shows 0.01% and 0.035%, so the VIP page is the one to read.

- Buys: No maker fee at any tier, including the entry tier; 0.01 bps median spread and 578 perpetual markets.
- Not covered: Takers pay 0.040%, more than three other venues here; Two of its own pages quote different fee schedules.
- Not for: takers.

## Line 5. [Hyperliquid](https://hyperliquid.xyz) — $9.12 all-in on $10,000, for makers who will earn a rebate through volume

The base tier charges makers 0.015% and takers 0.045%, falling
with 14-day weighted volume and staked HYPE
([Hyperliquid fee documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees), checked 18 September 2026). One tier covers perpetuals,
builder-deployed markets and spot.

- Buys: Maker rates fall with volume and with staking; Every order and cancel is recorded on its own chain.
- Not covered: Makers pay 0.015% until the volume arrives; Its community vault lost money in March and November 2025.
- Not for: small accounts posting occasionally.

## Line 5. EVEDEX — $13.12 all-in on $10,000, for a small maker rate that cashback reduces

Makers pay 0.015% and takers 0.045%, fixed, with cashback returning up to
35% of a trader's own fees after they are charged (EVEDEX documentation, noted 18 September 2026). On a $10,000
posted order the maker fee is $1.50 before any cashback.

- Buys: Cashback applies to maker fees as well as taker fees; $18.3 million resting within 10 basis points of the BTC mid price.
- Not covered: Makers pay something, where four venues here charge them nothing; 52 perpetual markets, so there are fewer books to post into; No bug bounty listed on its CertiK Skynet page, checked 18 September 2026.
- Not for: makers comparing against a zero rate.

## What a venue gives up, and what it takes back

A maker rate of zero is a recruitment offer for resting orders, and it is paid for somewhere. Aster
set maker fees to zero across all VIP tiers on 2 February 2026 and still charges takers
0.040% ([Aster fee documentation](https://docs.asterdex.com/trading/perpetuals/fees-and-specs/fees), checked 18 September 2026). Extended charges
nobody a maker fee and takers 0.025% under a single flat schedule
([Extended fee documentation](https://docs.extended.exchange/extended-resources/trading/trading-fees-and-rebates), checked 18 September 2026). Lighter and Paradex charge neither
side and take latency instead: 300 milliseconds on a taker order at both.

The venues that do charge makers are not necessarily dearer once the book is counted. Hyperliquid asks
makers 0.015%, which on a $10,000 posted order is a dollar and a half, while its
takers pay 0.045%. Paradex charges neither side, and on the readings its book turned
the same $10,000 round trip at market into $191.52 against $9.12
on Hyperliquid.

## Quoted from the rate pages

> "Effective February 2, 2026, Maker fees for all VIP tiers were set to 0 bps." — Aster documentation, VIP programme, 18 September 2026. https://docs.asterdex.com/program-and-rewards/vip-program
> "For both perpetual futures and spot markets, Lighter currently charges no maker or taker fees for Standard Accounts, allowing all participants to trade across all markets free of charge." — Lighter documentation, Trading fees, 18 September 2026. https://docs.lighter.xyz/trading/trading-fees
> "Retail Takers and Makers have 0% fees on all products" — Paradex documentation, Trading fees, 18 September 2026. https://docs.paradex.trade/trading/trading-fees
## FAQ

### What is a zero maker fee?

It means an order that waits in the book costs nothing to place. The venue earns from the trader who
crosses the spread instead. Four venues here do it: Aster and Extended charge takers
0.040% and 0.025%, while Lighter and Paradex charge takers nothing.

### Why do exchanges pay makers?

Because resting orders are the product. A book with nothing in it cannot fill anyone, so venues waive
or rebate maker fees to attract quotes. Extended goes further and pays rebates to makers above 0.5% of
its 30-day maker volume, on top of the zero rate.

### Is a limit order always cheaper than a market order?

In fees, never dearer, and cheaper on the four venues here that charge the two sides differently. In
total cost, not always: a limit order that never fills leaves a
leveraged position uncovered while the price moves. The saving is real, though — on Aster it is the
whole 0.040% taker rate.

### Which exchange has no trading fees at all?

Lighter's Standard account and Paradex's retail web orders charge neither makers nor takers. Both buy
that with latency: 300 milliseconds on taker orders. Once the order book is counted, the same $10,000
round trip cost $0.86 on Lighter and $191.52 on Paradex.

### Do maker fees apply to perpetual futures?

Yes, on any venue with an order book, and they are charged separately from funding. On this page maker
rates run from nothing to 0.015%. Pool-priced venues have no maker side at all,
because there is no book to post into.

### How much can a maker save in a year?

Take an account posting $1 million of notional a month. At 0.015% that is $150 a
month, or $1,800 over a year, and on the four zero-maker venues on this page it is nothing at all,
whatever the volume posted and whatever the account has traded in the thirty days before it.

### is posting orders free on perp dexes now?

On four of the six venues priced here, yes. Aster, Extended, Lighter and Paradex all charge makers
nothing, though Lighter and Paradex delay the orders. The other two both charge
0.015%. Free is not unconditional: Lighter's zero belongs to the Standard account
and Paradex's to web orders capped at three a second.

### What is the difference between a rebate and a zero fee?

A zero fee costs nothing; a rebate pays the maker. Extended publishes both, charging no maker fee and
adding rebates above 0.5% of 30-day maker volume. A rebate turns a resting order into income rather
than a free service. Only volume earns one, and the threshold is published rather than negotiated.

### Do zero maker fees mean worse spreads?

Not on the evidence here. Aster and Lighter both charge makers nothing and shared the tightest median
spread on this sheet, 0.01 bps each. Paradex also charges makers nothing and had the
widest, 7.45 bps.
The maker rate is one input among several. What a venue charges makers and what makers do with it are
separate questions.

### Should I use limit orders on a leveraged position?

They cost less and fill less reliably. On a leveraged position the risk is that the order rests while
the price moves against the margin, so many traders post to enter and cross to exit, paying the taker
rate only once.

## How this sheet was priced

Quoted off each venue's own pages, 18 September 2026: rates, market counts, sign-in rules, audits.
Read off the public book here: every BTC perpetual, 00:00 to 23:54 UTC on 21 September 2026, at ten-minute stops. The weights came
first, 22 September 2026, before any of the 6 venues was priced
([how we rate](/how-we-price)). No order was sent.

The price here leaves out volume tiers, staking, rebates and cashback. Funding is billed on its own
clock. One contract was timed: BTC. What a chain is told, and what the past 24 months hold, come from
the venue's telling, not from anything tested here.

One published formula, fixed before anything was priced. Every figure carries the day it was taken. Corrections: desk@thundermessage.com.

The Cost Per Trade pricing desk, 24 September 2026

This price desk is paid to publish, and a venue on the sheet may be the party that paid; the order of every column is the published formula.