# 掛單與食單費率

> 掛單費（maker）同食單費（taker）係交易所根據訂單係提供定係消耗流動性而收取嘅兩檔手續費。掛單會停留喺訂單簿上等成交，費率更低——有時甚至係回佣。食單會主動跨越買賣差價、消耗盤口已有嘅流動性，所以費率更高。喺永續合約上，食單費率通常喺單邊 0.04%–0.06% 左右。

Canonical HTML page: https://qanterion.com/zh-HK/glossary/maker-taker-fees
更新於: 2026-08-18
又稱: 交易手續費, 交易所費率

## 計算方式

```
Maker: order rests on the book, adds liquidity → lower fee (sometimes a rebate)
Taker: order crosses the spread, removes liquidity → higher fee

Round-trip cost = Notional × Fee rate × 2
On leverage, fees are charged on notional — so leverage multiplies them.
```

## 實算例子

10,000 美元名義價值、單邊 0.05% → 一個來回 10 美元，相當於 10 倍槓桿下 1,000 美元保證金嘅 1%。

## 槓桿放大嘅唔止係風險敞口，仲有手續費

手續費按名義價值收取，而唔係按背後嘅保證金收取。1,000 美元保證金開 10 倍槓桿嘅倉位，係按 10,000 美元名義價值交費嘅，所以單邊 0.05% 嘅一個來回，喺市場仲未郁之前就花咗保證金嘅 1%。一個月做二十個來回，單係手續費一年就係帳戶嘅 20%。

## 假設自己永遠掛得到單，係回測講大話嘅方式

一個按掛單費率建模、實際卻靠跨價成交執行嘅策略，付出嘅費用大約係測試假設嘅兩倍，仲要加埋測試裡面根本冇計嘅滑點。而且掛單並唔係次次都成交到——真正成交嗰啲，往往正正係市場直接穿過去嗰啲，呢個係任何費率表都唔會顯示嘅逆向選擇成本。

## 常見誤讀

費率級距經常被當作一項次要優化。但對任何單筆優勢好薄嘅策略——網格、造市、高頻——費率唔係一項成本，而係一道可行性門檻：低於某個間距或者持倉時長，無論邊一檔費率都冇辦法令呢個策略賺錢。

## 親手計一計

- 合約盈虧計算機: https://qanterion.com/zh-HK/tools/crypto-pnl-calculator
- 網格交易利潤計算機: https://qanterion.com/zh-HK/tools/grid-trading-profit-calculator

## 相關詞條

- 滑點: https://qanterion.com/zh-HK/glossary/slippage
- 期望值: https://qanterion.com/zh-HK/glossary/expectancy
- 網格交易: https://qanterion.com/zh-HK/glossary/grid-trading

## 參考資料

- [Questions and Answers On MiFID II and MiFIR market structure topics (ESMA70-872942901-38)](https://www.esma.europa.eu/sites/default/files/library/esma70-872942901-38_qas_markets_structures_issues.pdf) — European Securities and Markets Authority
- [Article 3 Fair and non-discriminatory fees, Commission Delegated Regulation (EU) 2017/573](https://handbook.fca.org.uk/technical-standards/provision/s103c870sn0p1302) — Financial Conduct Authority (FCA Handbook, Technical Standards)
- [Bybit Trading Fee Structure](https://www.bybit.com/en/help-center/article/Trading-Fee-Structure) — Bybit

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## Risk notice

本術語表用於教學。此處內容不構成投資建議，頁面所述任何指標都無法預測未來結果。