What the book is telling you
- Top of book — best bid/ask; thin tops lie about depth
- Depth a few ticks away — where your size actually fills
- Spread — the tax you pay for urgency
- Stale books — disconnects and lag look like free money until they do not
Maker vs taker
When taker Θ rises, limit designs matter more. That does not mean “always make.” It means your model must price the cost of taking at mid — see US fee guide.
| Style | Pays for | Risk |
|---|---|---|
| Taker | Speed / certainty of fill | Fee drag + adverse selection |
| Maker / limit | Better fee economics (when schedule favors it) | Queue, non-fill, adverse selection |
Bot design implications
- Never size from top-of-book alone — walk the book in the model
- Kill on stale data — a frozen book is not an opportunity
- Paper with realistic fills — risk controls
- Confirm path before you trust any book tutorial — US vs International
This page is part of the Polymarket trading bots handbook.
Join the Bot for Polymarket waitlist if you want a hosted path with risk limits.
Fee references and product status updated October 7, 2026: Polymarket US fee schedule.