Glossary
Maker vs taker
Makers rest limit orders on the book; takers hit those quotes and trade immediately. The taker pays the spread for certainty of fill.
Polymarket’s cash markets run on a central limit order book, not an AMM curve. A maker posts a resting limit — “I will sell YES at 41¢” — and waits. A taker hits that quote with a marketable order and trades immediately.
The economic difference is who provides the spread and who pays it. Makers earn the bid-ask if they get filled at their price; they also take inventory risk if news moves before anyone arrives. Takers pay the spread (and whatever taker fee the venue currently charges) to get certainty of fill. Polydata does not route orders, so this page does not quote a live fee table — read the schedule on Polymarket before you size a take.
On our tape, large aggressive prints are usually takers walking the book. Resting size that disappears without a trade is a maker cancel. When you read the whale feed or movers, ask which side crossed: that is the difference between “someone lifted offers” and “the quote changed.” Research-only — we never place either kind of order.