Maker and Taker Definitions

In theory, a Maker is an order that adds liquidity to the order book and a Taker is an order that removes liquidity.

In practice, there are some edge cases on EMX that one should be aware of.

1. A market order is a taker unless:
   • It remains unfilled (due to price protection) and sits on the orderbook for longer than one auction
2. A limit order is a maker unless:
   • It crosses in the current auction AND it crosses at a price that is through the previous auction price 
     • Through the previous auction price means a buy that is higher than the previous auction or a sell that is lower than the previous auction price
   • It crosses in the current auction AND it crosses at a price that is equal to the previous auction price AND it is on the side (buy or sell) without any unfilled orders