Market Maker KPI Structure for Crypto Issuers
There are four KPIs that show up in every serious MM mandate. The numbers attached to them are where the real negotiation happens.
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- KPI 1
- Time-weighted spread under target band
- KPI 2
- Depth at ±50bps and ±200bps
- KPI 3
- Two-sided uptime, by venue
- KPI 4
- Share of venue maker volume on pair
Setting the band
The target spread should be tight enough to be defensible to listings teams and loose enough that the MM hits it 95%+ of the time. Setting it tighter sounds impressive on a term sheet and produces serial breaches that nobody benefits from.
Frequently asked
What is a fair penalty for KPI miss?
A staged fee reduction, not a termination. Termination triggers should be reserved for repeated, multi-week breaches.
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.