Maker
A trader who places a resting limit order on the book, adding liquidity and earning a rebate when matched by a taker.
Definition
A maker is a market participant who submits a limit order that does not immediately match, so it rests on the order book and adds liquidity. When a taker later matches against that resting order, the maker pays zero fee and typically earns a small rebate. Maker orders are usually submitted as GTC instructions.
In practice
Poly5m-v3 implements a two-phase maker strategy: it first posts GTC bids and asks near the mid-price to earn rebates, then switches to directional taker mode when a strong Binance signal appears. The maker phase benefits from the spread and rebate on each round trip. The key risk for makers in prediction markets is adverse selection: a taker crossing the spread often has a stronger signal than the resting maker, so the maker can be picked off if it does not cancel stale quotes promptly.