Introduction
Most crypto exchanges advertise "0.02% maker fees" or "0.05% taker fees". Sounds cheap — but it is not the whole story. Your true costs are determined by four components combined. This article explains them and shows how to estimate the true cost of any exchange yourself.
The four components of true cost
- Trading fees — what you explicitly pay per trade
- Spread — hidden costs in the bid/ask difference
- Yield on collateral — what you earn on your stablecoins (income!)
- Lending yield on perpetuals — extra income from lent-out collateral
Formula: Effective cost = trading fees + spread − yield on collateral − lending yield
Positive = it costs you money. Negative = you net earn money just by parking your balance.
1. Trading fees (maker and taker)
- Maker fee — paid when you add liquidity (a limit order that doesn't fill immediately)
- Taker fee — paid when you remove liquidity (market orders)
| Fee type | Typical exchange range |
|---|---|
| Maker (spot) | 0% to 0.10% |
| Taker (spot) | 0.02% to 0.20% |
| Maker (perpetuals) | −0.02% to 0.05% |
| Taker (perpetuals) | 0.02% to 0.06% |
Most exchanges use VIP tiers — more volume, lower fees. For a fair comparison, always compare at the same tier.
2. Spread — the invisible cost
Spread is the gap between the highest bid and lowest ask, and one of the most underestimated trading costs.
| Exchange | BTC perpetuals spread |
|---|---|
| Backpack EU | ~$0.10 |
| OKX EU | ~$0.10 |
| Hyperliquid | ~$1.00 |
| Kraken | ~$1.00 |
At a $60,000 BTC price, $1 seems trivial — but a trader doing five round trips a day pays $600/month at a $1 spread versus $60 at $0.10. On spot EUR pairs the spreads are often larger still: liquid EU platforms ~0.01-0.05%, retail-focused Dutch platforms 0.10-0.15% (about €66 per conversion on 1 BTC).
3. Yield on collateral (income)
The positive side of the ledger. Some exchanges pay interest on your USDC/USD balance even while it collateralises open trades — see Yield on collateral explained.
| Exchange type | APY on stablecoins |
|---|---|
| Yield-optimised exchange | 3% to 5% |
| DEX with lending pool | 1% to 2% |
| Traditional crypto exchange | 0% |
| Traditional broker | 0% to 0.5% |
On €50,000 of idle balance that is a €0 to €2,500 per year difference — before your first trade.
4. Lending yield on perpetuals
With perpetuals there is an extra income layer: your collateral can be lent to other users (e.g. short-sellers) for interest, adding 1-4% APY even during open trades.
A worked example: €50,000 and €5M monthly volume
€50,000 balance, €5M monthly BTC-perp volume (50/50 maker/taker), €20,000 in trades, €30,000 idle.
Exchange A (efficient): fees €1,750 − spread €10 − yield €100 − lending €33 = €1,617/month net.
Exchange B (traditional): fees €3,750 + spread €100 − nothing back = €3,850/month net.
Difference: €2,233 per month = €26,796 per year on identical volume.
Why exchanges do not show this
Trading fees make an easy selling point; spreads, yield and lending yields are harder to explain and can work against the venue. Independent comparison sites surface them anyway.
Frequently asked questions
Which matters more: low fees or high yield?
Both. Active traders weigh fees more heavily; positional traders with idle balance weigh yield.
Is yield on collateral taxed in the Netherlands?
Yes — as part of your box 3 assets. Ask a tax adviser.
Do I lose yield when a trade is open?
On good platforms: no. On traditional exchanges you receive no yield at all.