Best Crypto Market Makers for Small-Cap Tokens
The tier-1 names rarely run economics for small-cap issuers. The MMs who do take these mandates are not always loud — but they are bookable, professional, and structurally better aligned with the issuer's actual constraint.
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- Typical desks
- Kairon · Auros · Acheron · Enflux · GSR (selective)
- Model
- Working capital + capped spread
- Retainer band
- USD 10k–35k/month per venue
- Process
- RFP, not direct outreach
Why an RFP matters
Without a structured RFP, issuers receive bespoke proposals on inconsistent terms and pick on charisma. With one, the comparison is mechanical: same KPI matrix, same model question, same renewal terms.
Frequently asked
Do we need an introducer to reach these desks?
Helpful but not required. A well-structured RFP from a credible issuer gets responses; an undifferentiated cold inbox often does not.
Talk to a partner
Live decision on the table?
Panel design, term-sheet review, KPI matrix, or a venue rebate negotiation — direct partner time, no pitch deck.