Maker (Limit Order Execution)
A Maker refers to a trader who places an order with a specified price that does not immediately match any existing orders in the order book. The order is added to the order book and waits to be matched with a counterparty order later, thereby providing liquidity to the market.
Taker (Market/Immediate Order Execution)
A Taker refers to a trader who places an order at a price that can be immediately matched with existing orders in the order book. Once the order is submitted, it is instantly matched and executed, consuming liquidity from the market.