Crypto market making — the working reference for token issuers and exchange operators.
Venue-by-venue MM programmes, head-to-head comparisons of the firms you'll actually shortlist, and the playbooks that decide whether a listing produces a real book or a wide quote. No fee tables copied off a website — written by the partners who structure these panels.
Exchange
Venue-by-venue breakdowns of MM programmes, rebate tiers and what each listings desk actually wants to see before they sign.
What Binance actually expects from a market maker: VIP volume thresholds, MM+ programme criteria, spread and uptime KPIs, and how issuers structure a panel that qualifies.
Bybit's LP and MM programmes: derivatives-first rebate structure, spot maker tiers, and what new listings should expect from the venue's house book.
How OKX's VIP, MM and institutional tiers stack — and what a new listing should negotiate before signing a market-making term sheet for the venue.
Coinbase Advanced (formerly Pro) MM programme economics: rebate eligibility, the institutional desk, and how US-regulated venue dynamics change MM structure.
Kraken's MM tiers, qualifying volume, and how the venue's US/EU regulatory footprint shapes a market-making mandate for issuers targeting Western liquidity.
KuCoin MM tiers, rebate schedule, and the role the venue plays for newly listed long-tail tokens chasing depth in retail-heavy order flow.
Bitget's MM tiers and listings economics — derivatives-skewed venue with aggressive rebates for firms that can warehouse perp risk.
Comparison
Side-by-side reads on the named market makers, their model preferences, and what an issuer should actually look at before signing.
How the three most-named crypto market makers differ on token scope, model preference, venue coverage, and the issuer profile each is structurally best for.
Who actually takes sub-USD 25M cap mandates, on what terms, and how to run an RFP that returns proposals you can compare like for like.
What sits inside a typical crypto MM agreement: loan vs working capital, KPI matrix, option strike mechanics, kill switches, and renewal economics.
Token Type
Playbooks for the token profile you're launching — newly listed, DeFi-native, long-tail, or post-TGE.
What a credible MM panel looks like in the first 90 days after listing: warm-up KPIs, panel sizing, and avoiding the common single-MM trap.
AMM vs CLOB market making for DeFi tokens, concentrated liquidity strategies, and bridging on-chain depth with centralized listings.
Spread-control playbook for small-cap tokens: realistic KPI bands, single-venue strategies, and avoiding the wash-trading trap that ends a listing.
What a TGE liquidity playbook actually looks like: launch pool sizing, unlock sequencing, CEX panel handoff, and 30/60/90-day KPI structure.
Guide
Problem-first walkthroughs on spread, KPI design, rebate negotiation, and what an MM relationship actually costs.
Practical steps issuers can take in the first 30 days to tighten spread on a CEX listing — panel structure, KPI cap, venue selection and rebate stack.
What tier-1 and tier-2 venues actually require from an issuer's liquidity setup before approving a listing — and how to evidence it without overcommitting.
The four KPIs that matter on every credible MM term sheet — and how to set thresholds that the MM will actually hit without the issuer overpaying for performance.
How to negotiate maker rebates and MM tier upgrades with a venue at listing — what is actually flexible, what is not, and what to ask for in exchange.
What an issuer should expect to pay for a credible MM panel — fee bands, inventory loan economics, and the hidden costs that don't appear on the term sheet.
Side-by-side comparison of the two dominant MM models in crypto — cash cost, embedded optionality, alignment, and the issuer profile each one structurally fits.
Running an RFP, reviewing a term sheet, or fixing a wide book?
We sit on the issuer's side of the table. Panel design, KPI matrix, rebate negotiation with the venue, and renewal economics — direct, confidential, no pitch deck.