Market Structure Design for a New Crypto Exchange
Five decisions decide what your venue actually is. Matching logic. Tick size. Fee schedule. MM panel structure. Listings policy. Make them in that order, and document the reasoning — the team that joins in year two will need it.
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- Decision 1
- Matching priority
- Decision 2
- Tick size economics
- Decision 3
- Fee schedule
- Decision 4
- MM panel
Document the reasoning
Every market-structure decision will be revisited within 18 months. The team that revisits them needs the reasoning, not the conclusion. Treat the design doc as the most important artefact of pre-launch.
Frequently asked
Can market structure change after launch?
Yes, but at a cost. Every change resets MM expectations and retail trust. Get the first six months right and the cadence drops to annual.
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Live decision on the table?
Licensing, market structure, MM panel design, listings framework, or institutional onboarding — direct partner time, no pitch deck.