[{"data":1,"prerenderedAt":2074},["ShallowReactive",2],{"blog-market-maker-onboarding-mistakes-token-projects":3,"related-market-maker-onboarding-mistakes-token-projects":529},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":8,"description":9,"date":10,"author":11,"category":12,"tags":13,"keywords":19,"image":25,"readTime":26,"body":27,"_type":523,"_id":524,"_source":525,"_file":526,"_stem":527,"_extension":528},"/blog/market-maker-onboarding-mistakes-token-projects","blog",false,"","Market Maker Onboarding: 8 Mistakes Token Projects Make in the First 30 Days","Market maker onboarding mistakes token projects make in the first 30 days, from wallets and API keys to KPIs and reporting, with the fix for each one.","2026-10-20","Fibonacci Capital","Market Making",[14,15,16,17,18],"market making","onboarding","market maker","token launch","kpis",[20,21,22,23,24],"market maker onboarding","onboarding a crypto market maker","market making mistakes","market maker kpis","market maker api keys setup","/assets/images/blog/market-maker-onboarding-mistakes-token-projects.jpg","8 min read",{"type":28,"children":29,"toc":508},"root",[30,38,60,67,72,90,96,101,118,124,129,146,152,157,174,180,185,194,200,205,230,236,241,257,263,268,277,283,288,293,299,392,398,490,496],{"type":31,"tag":32,"props":33,"children":34},"element","p",{},[35],{"type":36,"value":37},"text","The first 30 days with a market maker decide whether the relationship runs smoothly or turns into a dispute. The most common market maker onboarding mistakes are not about choosing the wrong firm; they are operational: sending tokens before the terms are final, mishandling API keys and wallets, leaving KPIs vague, and failing to agree a reporting routine. Each one is cheap to fix before launch and expensive to fix after. This article lists eight mistakes and the fix for each, so your team enters the engagement with a clear setup.",{"type":31,"tag":32,"props":39,"children":40},{},[41,43,50,52,58],{"type":36,"value":42},"It assumes you have already selected a provider. If not, start with ",{"type":31,"tag":44,"props":45,"children":47},"a",{"href":46},"/blog/how-to-choose-crypto-liquidity-provider",[48],{"type":36,"value":49},"how to choose a crypto liquidity provider",{"type":36,"value":51}," and the ",{"type":31,"tag":44,"props":53,"children":55},{"href":54},"/blog/market-maker-agreement-checklist",[56],{"type":36,"value":57},"market maker agreement checklist",{"type":36,"value":59},".",{"type":31,"tag":61,"props":62,"children":64},"h2",{"id":63},"mistake-1-sending-tokens-before-the-agreement-is-final",[65],{"type":36,"value":66},"Mistake 1: Sending Tokens Before the Agreement Is Final",{"type":31,"tag":32,"props":68,"children":69},{},[70],{"type":36,"value":71},"Teams under launch pressure sometimes transfer inventory while the contract is still being negotiated. Once tokens sit in the provider's wallet, your negotiating leverage on the open terms drops sharply.",{"type":31,"tag":32,"props":73,"children":74},{},[75,81,83,89],{"type":31,"tag":76,"props":77,"children":78},"strong",{},[79],{"type":36,"value":80},"Fix:",{"type":36,"value":82}," treat the signed agreement, including loan terms, return conditions and option strikes if used, as the gate for any transfer. Agree the wallet addresses in writing, and send a small test transaction first. The models themselves are explained in ",{"type":31,"tag":44,"props":84,"children":86},{"href":85},"/blog/crypto-market-making-fees-models",[87],{"type":36,"value":88},"market making fee models",{"type":36,"value":59},{"type":31,"tag":61,"props":91,"children":93},{"id":92},"mistake-2-unclear-ownership-of-wallets-and-accounts",[94],{"type":36,"value":95},"Mistake 2: Unclear Ownership of Wallets and Accounts",{"type":31,"tag":32,"props":97,"children":98},{},[99],{"type":36,"value":100},"Who controls which wallet, which exchange account and which API key? Projects often discover during a dispute that nobody wrote this down. Some teams also lend tokens to an address they cannot later prove belongs to the provider.",{"type":31,"tag":32,"props":102,"children":103},{},[104,108,110,116],{"type":31,"tag":76,"props":105,"children":106},{},[107],{"type":36,"value":80},{"type":36,"value":109}," keep a one-page register listing every wallet, exchange sub-account and API key: owner, purpose, permissions and rotation date. Hold your treasury in a multisig and keep it separate from the lending wallets. ",{"type":31,"tag":44,"props":111,"children":113},{"href":112},"/blog/crypto-custody-solutions-for-token-teams",[114],{"type":36,"value":115},"Custody options for token teams",{"type":36,"value":117}," covers the setup.",{"type":31,"tag":61,"props":119,"children":121},{"id":120},"mistake-3-over-permissioned-api-keys",[122],{"type":36,"value":123},"Mistake 3: Over-Permissioned API Keys",{"type":31,"tag":32,"props":125,"children":126},{},[127],{"type":36,"value":128},"An API key with withdrawal rights is a liability. Market making needs trading access, not the ability to move funds off the exchange.",{"type":31,"tag":32,"props":130,"children":131},{},[132,136,138,144],{"type":31,"tag":76,"props":133,"children":134},{},[135],{"type":36,"value":80},{"type":36,"value":137}," whichever side creates the keys, make sure they are trade-only, with withdrawal disabled and IP whitelisting enabled where the exchange supports it. If your exchange accounts are yours and the provider trades through them, confirm who can change permissions. ",{"type":31,"tag":44,"props":139,"children":141},{"href":140},"/blog/exchange-api-integration-market-making",[142],{"type":36,"value":143},"Exchange API integration for market making",{"type":36,"value":145}," explains what the integration requires.",{"type":31,"tag":61,"props":147,"children":149},{"id":148},"mistake-4-vague-kpis",[150],{"type":36,"value":151},"Mistake 4: Vague KPIs",{"type":31,"tag":32,"props":153,"children":154},{},[155],{"type":36,"value":156},"\"Provide healthy liquidity\" is not a measurable obligation. Without numbers, you cannot tell whether the provider is meeting expectations, and neither side can argue from the same facts.",{"type":31,"tag":32,"props":158,"children":159},{},[160,164,166,172],{"type":31,"tag":76,"props":161,"children":162},{},[163],{"type":36,"value":80},{"type":36,"value":165}," define obligations in measurable terms: maximum spread, minimum depth within a stated price band, minimum uptime, and per-venue requirements. Specify how each is measured, over what window and what counts as an exception such as exchange downtime or extreme volatility. ",{"type":31,"tag":44,"props":167,"children":169},{"href":168},"/blog/how-to-evaluate-market-maker-performance",[170],{"type":36,"value":171},"How to evaluate market maker performance",{"type":36,"value":173}," shows what to track and how to read it.",{"type":31,"tag":61,"props":175,"children":177},{"id":176},"mistake-5-no-agreed-reporting-routine",[178],{"type":36,"value":179},"Mistake 5: No Agreed Reporting Routine",{"type":31,"tag":32,"props":181,"children":182},{},[183],{"type":36,"value":184},"Some projects get a dashboard login and nothing else. Others get a weekly PDF nobody opens. Both leave problems undiscovered until the quarter ends.",{"type":31,"tag":32,"props":186,"children":187},{},[188,192],{"type":31,"tag":76,"props":189,"children":190},{},[191],{"type":36,"value":80},{"type":36,"value":193}," set a fixed cadence: daily access to live metrics, a weekly summary covering spread, depth, volume and inventory, and a monthly review call. Agree the data source in advance, preferably something you can verify against exchange data and not only the provider's own numbers.",{"type":31,"tag":61,"props":195,"children":197},{"id":196},"mistake-6-treating-volume-as-the-goal",[198],{"type":36,"value":199},"Mistake 6: Treating Volume as the Goal",{"type":31,"tag":32,"props":201,"children":202},{},[203],{"type":36,"value":204},"Founders often ask for volume targets because volume is visible and easy to quote. But volume is a weak measure of liquidity, and chasing it can push providers toward activity that looks like wash trading. Venues and data aggregators are alert to it, and the reputational damage is yours.",{"type":31,"tag":32,"props":206,"children":207},{},[208,212,214,220,222,228],{"type":31,"tag":76,"props":209,"children":210},{},[211],{"type":36,"value":80},{"type":36,"value":213}," anchor to spread and depth, not turnover. If you do set a volume expectation, tie it to organic activity and make clear that manufactured volume is out of bounds. Read ",{"type":31,"tag":44,"props":215,"children":217},{"href":216},"/blog/trading-volume-vs-liquidity",[218],{"type":36,"value":219},"trading volume versus liquidity",{"type":36,"value":221}," and ",{"type":31,"tag":44,"props":223,"children":225},{"href":224},"/blog/what-is-wash-trading-crypto",[226],{"type":36,"value":227},"what wash trading is",{"type":36,"value":229}," before you set targets.",{"type":31,"tag":61,"props":231,"children":233},{"id":232},"mistake-7-ignoring-inventory-and-unlock-interaction",[234],{"type":36,"value":235},"Mistake 7: Ignoring Inventory and Unlock Interaction",{"type":31,"tag":32,"props":237,"children":238},{},[239],{"type":36,"value":240},"Your provider holds a mix of tokens and stable assets. If a large investor unlock lands in the same week as a thin order book, the provider's risk changes and quoting behaviour may change with it. Teams that never share their unlock calendar are surprised when spreads widen.",{"type":31,"tag":32,"props":242,"children":243},{},[244,248,250,256],{"type":31,"tag":76,"props":245,"children":246},{},[247],{"type":36,"value":80},{"type":36,"value":249}," share the vesting and unlock calendar, planned announcements and listings with the provider in advance, under confidentiality. Agree how inventory is topped up or reduced, and who approves changes. Allocation of launch liquidity should already be part of your supply plan, as discussed in our ",{"type":31,"tag":44,"props":251,"children":253},{"href":252},"/blog/token-allocation-breakdown-team-investors-community",[254],{"type":36,"value":255},"token allocation breakdown",{"type":36,"value":59},{"type":31,"tag":61,"props":258,"children":260},{"id":259},"mistake-8-no-plan-for-exit",[261],{"type":36,"value":262},"Mistake 8: No Plan for Exit",{"type":31,"tag":32,"props":264,"children":265},{},[266],{"type":36,"value":267},"Contracts end, relationships change, and exchanges delist. Few teams think through how the engagement unwinds until they need to.",{"type":31,"tag":32,"props":269,"children":270},{},[271,275],{"type":31,"tag":76,"props":272,"children":273},{},[274],{"type":36,"value":80},{"type":36,"value":276}," agree termination notice, a wind-down period for orders, return of loaned inventory by a stated date, treatment of any options and a clear process for handing over data. Settling this on day one costs a few lines in the contract. Settling it during a disagreement costs far more.",{"type":31,"tag":61,"props":278,"children":280},{"id":279},"who-should-own-onboarding-internally",[281],{"type":36,"value":282},"Who Should Own Onboarding Internally",{"type":31,"tag":32,"props":284,"children":285},{},[286],{"type":36,"value":287},"Many onboarding problems trace back to a gap in ownership: the founder signs the contract, the engineer sets up keys, and finance tracks the inventory, yet nobody owns the whole picture. Name one person as the day-to-day contact for the provider, with a deputy for escalations. That person keeps the register from Mistake 2, reviews the weekly report, and logs every parameter change with the date and reason. When a question comes up three months later, such as why spreads widened in a particular week, the log gives you facts to work from, not recollections.",{"type":31,"tag":32,"props":289,"children":290},{},[291],{"type":36,"value":292},"It also helps to agree how changes are requested. A message in a chat group that says \"tighten the spread\" is not a change process. Decide whether parameter changes need written confirmation, who on your side can approve them, and how quickly the provider should acknowledge them. Small habits like this keep the relationship professional and make any later review of performance straightforward for both sides.",{"type":31,"tag":61,"props":294,"children":296},{"id":295},"the-30-day-onboarding-timeline",[297],{"type":36,"value":298},"The 30-Day Onboarding Timeline",{"type":31,"tag":300,"props":301,"children":302},"table",{},[303,322],{"type":31,"tag":304,"props":305,"children":306},"thead",{},[307],{"type":31,"tag":308,"props":309,"children":310},"tr",{},[311,317],{"type":31,"tag":312,"props":313,"children":314},"th",{},[315],{"type":36,"value":316},"Period",{"type":31,"tag":312,"props":318,"children":319},{},[320],{"type":36,"value":321},"What should happen",{"type":31,"tag":323,"props":324,"children":325},"tbody",{},[326,340,353,366,379],{"type":31,"tag":308,"props":327,"children":328},{},[329,335],{"type":31,"tag":330,"props":331,"children":332},"td",{},[333],{"type":36,"value":334},"Before day 1",{"type":31,"tag":330,"props":336,"children":337},{},[338],{"type":36,"value":339},"Agreement signed; wallet and account register complete; test transfer done",{"type":31,"tag":308,"props":341,"children":342},{},[343,348],{"type":31,"tag":330,"props":344,"children":345},{},[346],{"type":36,"value":347},"Week 1",{"type":31,"tag":330,"props":349,"children":350},{},[351],{"type":36,"value":352},"API keys created trade-only; connectivity tested; KPI definitions confirmed; reporting access live",{"type":31,"tag":308,"props":354,"children":355},{},[356,361],{"type":31,"tag":330,"props":357,"children":358},{},[359],{"type":36,"value":360},"Week 2",{"type":31,"tag":330,"props":362,"children":363},{},[364],{"type":36,"value":365},"Inventory transferred in agreed tranches; quoting begins on the first venue; spread and depth checked against targets",{"type":31,"tag":308,"props":367,"children":368},{},[369,374],{"type":31,"tag":330,"props":370,"children":371},{},[372],{"type":36,"value":373},"Week 3",{"type":31,"tag":330,"props":375,"children":376},{},[377],{"type":36,"value":378},"Additional venues added; first weekly report reviewed; unlock calendar shared",{"type":31,"tag":308,"props":380,"children":381},{},[382,387],{"type":31,"tag":330,"props":383,"children":384},{},[385],{"type":36,"value":386},"Week 4",{"type":31,"tag":330,"props":388,"children":389},{},[390],{"type":36,"value":391},"Month-one review: KPI results, exceptions, adjustments to parameters; decide on scaling or changes",{"type":31,"tag":61,"props":393,"children":395},{"id":394},"onboarding-checklist",[396],{"type":36,"value":397},"Onboarding Checklist",{"type":31,"tag":399,"props":400,"children":403},"ul",{"className":401},[402],"contains-task-list",[404,418,427,436,445,454,463,472,481],{"type":31,"tag":405,"props":406,"children":409},"li",{"className":407},[408],"task-list-item",[410,416],{"type":31,"tag":411,"props":412,"children":415},"input",{"disabled":413,"type":414},true,"checkbox",[],{"type":36,"value":417}," Signed agreement before any token transfer",{"type":31,"tag":405,"props":419,"children":421},{"className":420},[408],[422,425],{"type":31,"tag":411,"props":423,"children":424},{"disabled":413,"type":414},[],{"type":36,"value":426}," Wallet, account and API key register written and shared internally",{"type":31,"tag":405,"props":428,"children":430},{"className":429},[408],[431,434],{"type":31,"tag":411,"props":432,"children":433},{"disabled":413,"type":414},[],{"type":36,"value":435}," Treasury in multisig; lending wallets separated",{"type":31,"tag":405,"props":437,"children":439},{"className":438},[408],[440,443],{"type":31,"tag":411,"props":441,"children":442},{"disabled":413,"type":414},[],{"type":36,"value":444}," API keys trade-only, withdrawals off, IP whitelist on",{"type":31,"tag":405,"props":446,"children":448},{"className":447},[408],[449,452],{"type":31,"tag":411,"props":450,"children":451},{"disabled":413,"type":414},[],{"type":36,"value":453}," KPIs defined with measurement method and exceptions",{"type":31,"tag":405,"props":455,"children":457},{"className":456},[408],[458,461],{"type":31,"tag":411,"props":459,"children":460},{"disabled":413,"type":414},[],{"type":36,"value":462}," Reporting cadence and data source agreed",{"type":31,"tag":405,"props":464,"children":466},{"className":465},[408],[467,470],{"type":31,"tag":411,"props":468,"children":469},{"disabled":413,"type":414},[],{"type":36,"value":471}," Unlock calendar and announcement schedule shared in confidence",{"type":31,"tag":405,"props":473,"children":475},{"className":474},[408],[476,479],{"type":31,"tag":411,"props":477,"children":478},{"disabled":413,"type":414},[],{"type":36,"value":480}," Inventory top-up and reduction process agreed",{"type":31,"tag":405,"props":482,"children":484},{"className":483},[408],[485,488],{"type":31,"tag":411,"props":486,"children":487},{"disabled":413,"type":414},[],{"type":36,"value":489}," Exit, return and data handover terms written down",{"type":31,"tag":61,"props":491,"children":493},{"id":492},"good-onboarding-is-quiet",[494],{"type":36,"value":495},"Good Onboarding Is Quiet",{"type":31,"tag":32,"props":497,"children":498},{},[499,501,507],{"type":36,"value":500},"When onboarding is done well, nothing dramatic happens: quotes appear, spreads tighten, reports arrive on time, and both sides know what to expect. The goal is a working routine that survives a volatile week, not a perfect launch day. At Fibonacci Capital we run structured onboarding for every engagement so teams know the setup, the metrics and the escalation path from the start. If you are about to bring on a market maker or want to audit your current setup, ",{"type":31,"tag":44,"props":502,"children":504},{"href":503},"/",[505],{"type":36,"value":506},"get in touch with our team",{"type":36,"value":59},{"title":7,"searchDepth":509,"depth":509,"links":510},2,[511,512,513,514,515,516,517,518,519,520,521,522],{"id":63,"depth":509,"text":66},{"id":92,"depth":509,"text":95},{"id":120,"depth":509,"text":123},{"id":148,"depth":509,"text":151},{"id":176,"depth":509,"text":179},{"id":196,"depth":509,"text":199},{"id":232,"depth":509,"text":235},{"id":259,"depth":509,"text":262},{"id":279,"depth":509,"text":282},{"id":295,"depth":509,"text":298},{"id":394,"depth":509,"text":397},{"id":492,"depth":509,"text":495},"markdown","content:blog:market-maker-onboarding-mistakes-token-projects.md","content","blog/market-maker-onboarding-mistakes-token-projects.md","blog/market-maker-onboarding-mistakes-token-projects","md",[530,1107,1671],{"_path":54,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":531,"description":532,"date":533,"author":11,"category":12,"tags":534,"keywords":538,"image":542,"readTime":26,"body":543,"_type":523,"_id":1104,"_source":525,"_file":1105,"_stem":1106,"_extension":528},"Market Maker Agreement Checklist: 12 Terms to Check Before You Sign","Market maker agreement checklist for token teams: the 12 clauses to review before signing, from quoting obligations and loan terms to exit rights and red flags.","2026-10-11",[535,536,17,537],"market maker agreement","market making contract","due diligence",[535,539,57,540,541],"market making contract terms","token loan market maker","market maker contract red flags","/assets/images/blog/market-maker-agreement-checklist.jpg",{"type":28,"children":544,"toc":1081},[545,550,555,561,572,578,585,590,596,601,624,643,649,660,666,671,694,699,705,710,728,733,739,750,756,766,772,777,783,788,794,799,805,817,823,828,834,969,975,1005,1011,1016,1022,1065,1071],{"type":31,"tag":32,"props":546,"children":547},{},[548],{"type":36,"value":549},"A market maker agreement should define five things clearly: what the market maker must quote (spread, depth, uptime), what assets it receives from you and on what terms, how it is paid, how performance is measured, and how either side can leave. If any of those is vague, you are signing a relationship rather than a contract, and the vagueness usually favours the party with more leverage, which at launch is rarely the token team. This checklist walks through the twelve clauses worth reading line by line, what a reasonable version looks like, and the warning signs that should slow you down.",{"type":31,"tag":32,"props":551,"children":552},{},[553],{"type":36,"value":554},"This is a practical guide for founders, not legal advice. Have counsel in your jurisdiction review the final document.",{"type":31,"tag":61,"props":556,"children":558},{"id":557},"why-the-agreement-matters-more-than-the-pitch",[559],{"type":36,"value":560},"Why the Agreement Matters More Than the Pitch",{"type":31,"tag":32,"props":562,"children":563},{},[564,566,570],{"type":36,"value":565},"Most teams choose a market maker on reputation and a sales call, then skim the contract. But the agreement is where incentives are set. It decides whether the firm is paid for tight, deep books or merely for being present, and whether your tokens can be returned, sold or lent onward. Our guide to ",{"type":31,"tag":44,"props":567,"children":568},{"href":85},[569],{"type":36,"value":88},{"type":36,"value":571}," explains the economics; this article covers the contract language that enforces them.",{"type":31,"tag":61,"props":573,"children":575},{"id":574},"the-12-clause-checklist",[576],{"type":36,"value":577},"The 12-Clause Checklist",{"type":31,"tag":579,"props":580,"children":582},"h3",{"id":581},"_1-scope-which-venues-and-pairs",[583],{"type":36,"value":584},"1. Scope: which venues and pairs",{"type":31,"tag":32,"props":586,"children":587},{},[588],{"type":36,"value":589},"List every exchange and trading pair covered. \"Major exchanges\" is not a scope. Specify whether DEX liquidity is included, and whether adding a venue later needs an amendment or is at your discretion.",{"type":31,"tag":579,"props":591,"children":593},{"id":592},"_2-quoting-obligations",[594],{"type":36,"value":595},"2. Quoting obligations",{"type":31,"tag":32,"props":597,"children":598},{},[599],{"type":36,"value":600},"This is the core service. Look for measurable commitments:",{"type":31,"tag":399,"props":602,"children":603},{},[604,609,614,619],{"type":31,"tag":405,"props":605,"children":606},{},[607],{"type":36,"value":608},"Maximum bid-ask spread, expressed as a percentage of mid price",{"type":31,"tag":405,"props":610,"children":611},{},[612],{"type":36,"value":613},"Minimum depth within a defined distance from mid (for example, a stated amount within a set percentage on each side)",{"type":31,"tag":405,"props":615,"children":616},{},[617],{"type":36,"value":618},"Minimum uptime, as a share of the trading day",{"type":31,"tag":405,"props":620,"children":621},{},[622],{"type":36,"value":623},"Behaviour during volatility: are obligations relaxed, and under what exact conditions?",{"type":31,"tag":32,"props":625,"children":626},{},[627,629,635,636,642],{"type":36,"value":628},"If the contract says \"commercially reasonable efforts\" and nothing else, you cannot enforce anything. For how to read the underlying metrics, see ",{"type":31,"tag":44,"props":630,"children":632},{"href":631},"/blog/what-is-a-bid-ask-spread",[633],{"type":36,"value":634},"what a bid-ask spread is",{"type":36,"value":221},{"type":31,"tag":44,"props":637,"children":639},{"href":638},"/blog/importance-of-order-book-depth",[640],{"type":36,"value":641},"why order book depth matters",{"type":36,"value":59},{"type":31,"tag":579,"props":644,"children":646},{"id":645},"_3-compensation-model",[647],{"type":36,"value":648},"3. Compensation model",{"type":31,"tag":32,"props":650,"children":651},{},[652,654,659],{"type":36,"value":653},"State clearly whether you pay a monthly retainer, give a token loan with an option, share trading performance, or some blend. Each has different incentives, and none is automatically better. Check for any fee that triggers on events you do not control. The full comparison is in ",{"type":31,"tag":44,"props":655,"children":656},{"href":85},[657],{"type":36,"value":658},"market making fees and models",{"type":36,"value":59},{"type":31,"tag":579,"props":661,"children":663},{"id":662},"_4-token-loan-terms-if-applicable",[664],{"type":36,"value":665},"4. Token loan terms (if applicable)",{"type":31,"tag":32,"props":667,"children":668},{},[669],{"type":36,"value":670},"If you lend tokens, the agreement should specify:",{"type":31,"tag":399,"props":672,"children":673},{},[674,679,684,689],{"type":31,"tag":405,"props":675,"children":676},{},[677],{"type":36,"value":678},"Exact quantity and the date of delivery",{"type":31,"tag":405,"props":680,"children":681},{},[682],{"type":36,"value":683},"Whether the loan is for a fixed term and when it must be returned",{"type":31,"tag":405,"props":685,"children":686},{},[687],{"type":36,"value":688},"Whether the market maker holds a call option, and the strike price and expiry",{"type":31,"tag":405,"props":690,"children":691},{},[692],{"type":36,"value":693},"What happens to unreturned tokens if the market maker defaults",{"type":31,"tag":32,"props":695,"children":696},{},[697],{"type":36,"value":698},"A loan with an option attached is not inherently bad, but you must understand the cost of the option in a rising market. Model the scenario in which the token performs well and the option is exercised in size.",{"type":31,"tag":579,"props":700,"children":702},{"id":701},"_5-restrictions-on-use-of-your-tokens",[703],{"type":36,"value":704},"5. Restrictions on use of your tokens",{"type":31,"tag":32,"props":706,"children":707},{},[708],{"type":36,"value":709},"This is the clause teams most often skip. The contract should say your loaned tokens may only be used for market making on the agreed venues, and must not be:",{"type":31,"tag":399,"props":711,"children":712},{},[713,718,723],{"type":31,"tag":405,"props":714,"children":715},{},[716],{"type":36,"value":717},"Sold into the open market outside normal quoting activity",{"type":31,"tag":405,"props":719,"children":720},{},[721],{"type":36,"value":722},"Rehypothecated, lent onward or pledged as collateral",{"type":31,"tag":405,"props":724,"children":725},{},[726],{"type":36,"value":727},"Moved to wallets or venues not listed in the agreement",{"type":31,"tag":32,"props":729,"children":730},{},[731],{"type":36,"value":732},"Ask for the right to see wallet addresses and balances. If transparency on inventory is refused, treat that as a major warning.",{"type":31,"tag":579,"props":734,"children":736},{"id":735},"_6-reporting-and-data-access",[737],{"type":36,"value":738},"6. Reporting and data access",{"type":31,"tag":32,"props":740,"children":741},{},[742,744,749],{"type":36,"value":743},"You need regular, verifiable reporting: spreads, depth, volume, uptime and inventory by venue. Better still, ask for read-only API access or a dashboard you can check yourself. The metrics to demand are covered in ",{"type":31,"tag":44,"props":745,"children":746},{"href":168},[747],{"type":36,"value":748},"how to evaluate market maker performance",{"type":36,"value":59},{"type":31,"tag":579,"props":751,"children":753},{"id":752},"_7-prohibited-conduct",[754],{"type":36,"value":755},"7. Prohibited conduct",{"type":31,"tag":32,"props":757,"children":758},{},[759,761,765],{"type":36,"value":760},"The agreement should expressly bar wash trading, spoofing, layering and trading on non-public information, and make the market maker responsible for complying with exchange rules. Exchanges can delist or penalise projects associated with manipulative volume, so this protects you directly. Background in ",{"type":31,"tag":44,"props":762,"children":763},{"href":224},[764],{"type":36,"value":227},{"type":36,"value":59},{"type":31,"tag":579,"props":767,"children":769},{"id":768},"_8-term-and-renewal",[770],{"type":36,"value":771},"8. Term and renewal",{"type":31,"tag":32,"props":773,"children":774},{},[775],{"type":36,"value":776},"Check the initial term, auto-renewal mechanics and notice periods. A long lock-in with a short notice window for renewal is a common trap: miss the date and you are bound for another cycle.",{"type":31,"tag":579,"props":778,"children":780},{"id":779},"_9-termination-rights",[781],{"type":36,"value":782},"9. Termination rights",{"type":31,"tag":32,"props":784,"children":785},{},[786],{"type":36,"value":787},"You should be able to terminate for cause quickly, for example if quoting obligations are missed repeatedly, if reporting stops or if the firm breaches the usage restrictions. Also check for termination without cause, and what it costs. Whatever the reason, the contract should require return of loaned tokens within a short, fixed period.",{"type":31,"tag":579,"props":789,"children":791},{"id":790},"_10-performance-remedies",[792],{"type":36,"value":793},"10. Performance remedies",{"type":31,"tag":32,"props":795,"children":796},{},[797],{"type":36,"value":798},"What happens when obligations are missed? Reasonable options include fee reductions, cure periods, extended terms without extra cost or termination rights. Without a remedy, the quoting obligations in clause 2 are decorative.",{"type":31,"tag":579,"props":800,"children":802},{"id":801},"_11-confidentiality-and-non-disclosure-of-your-plans",[803],{"type":36,"value":804},"11. Confidentiality and non-disclosure of your plans",{"type":31,"tag":32,"props":806,"children":807},{},[808,810,816],{"type":36,"value":809},"The market maker will see your launch plans, unlock schedule and inventory. Confirm confidentiality covers that, and that the firm cannot trade your token for its own account on information received from you beyond what the agreement allows. Relatedly, review your own disclosure duties around unlock calendars; see ",{"type":31,"tag":44,"props":811,"children":813},{"href":812},"/blog/token-unlocks-managing-sell-pressure",[814],{"type":36,"value":815},"token unlocks and sell pressure",{"type":36,"value":59},{"type":31,"tag":579,"props":818,"children":820},{"id":819},"_12-governing-law-regulatory-status-and-liability",[821],{"type":36,"value":822},"12. Governing law, regulatory status and liability",{"type":31,"tag":32,"props":824,"children":825},{},[826],{"type":36,"value":827},"Check which law governs, where disputes are resolved, and whether the firm represents that it holds any licences it needs in its jurisdiction. Look at liability caps and indemnities: a cap far below the value of the tokens you lend is worth negotiating. Regulatory expectations vary and change; treat anything here as a prompt for questions to your lawyer, not conclusions.",{"type":31,"tag":61,"props":829,"children":831},{"id":830},"quick-reference-table",[832],{"type":36,"value":833},"Quick Reference Table",{"type":31,"tag":300,"props":835,"children":836},{},[837,858],{"type":31,"tag":304,"props":838,"children":839},{},[840],{"type":31,"tag":308,"props":841,"children":842},{},[843,848,853],{"type":31,"tag":312,"props":844,"children":845},{},[846],{"type":36,"value":847},"Clause",{"type":31,"tag":312,"props":849,"children":850},{},[851],{"type":36,"value":852},"Strong version",{"type":31,"tag":312,"props":854,"children":855},{},[856],{"type":36,"value":857},"Red flag",{"type":31,"tag":323,"props":859,"children":860},{},[861,879,897,915,933,951],{"type":31,"tag":308,"props":862,"children":863},{},[864,869,874],{"type":31,"tag":330,"props":865,"children":866},{},[867],{"type":36,"value":868},"Quoting",{"type":31,"tag":330,"props":870,"children":871},{},[872],{"type":36,"value":873},"Numeric spread, depth and uptime",{"type":31,"tag":330,"props":875,"children":876},{},[877],{"type":36,"value":878},"\"Best efforts\" only",{"type":31,"tag":308,"props":880,"children":881},{},[882,887,892],{"type":31,"tag":330,"props":883,"children":884},{},[885],{"type":36,"value":886},"Token use",{"type":31,"tag":330,"props":888,"children":889},{},[890],{"type":36,"value":891},"Restricted to listed venues and wallets",{"type":31,"tag":330,"props":893,"children":894},{},[895],{"type":36,"value":896},"No limits on use",{"type":31,"tag":308,"props":898,"children":899},{},[900,905,910],{"type":31,"tag":330,"props":901,"children":902},{},[903],{"type":36,"value":904},"Reporting",{"type":31,"tag":330,"props":906,"children":907},{},[908],{"type":36,"value":909},"Independent data access",{"type":31,"tag":330,"props":911,"children":912},{},[913],{"type":36,"value":914},"Monthly summary PDF only",{"type":31,"tag":308,"props":916,"children":917},{},[918,923,928],{"type":31,"tag":330,"props":919,"children":920},{},[921],{"type":36,"value":922},"Termination",{"type":31,"tag":330,"props":924,"children":925},{},[926],{"type":36,"value":927},"For-cause exit, fast token return",{"type":31,"tag":330,"props":929,"children":930},{},[931],{"type":36,"value":932},"Long lock-in, slow or unspecified return",{"type":31,"tag":308,"props":934,"children":935},{},[936,941,946],{"type":31,"tag":330,"props":937,"children":938},{},[939],{"type":36,"value":940},"Remedies",{"type":31,"tag":330,"props":942,"children":943},{},[944],{"type":36,"value":945},"Fee reduction or exit on breach",{"type":31,"tag":330,"props":947,"children":948},{},[949],{"type":36,"value":950},"No consequence for missing targets",{"type":31,"tag":308,"props":952,"children":953},{},[954,959,964],{"type":31,"tag":330,"props":955,"children":956},{},[957],{"type":36,"value":958},"Conduct",{"type":31,"tag":330,"props":960,"children":961},{},[962],{"type":36,"value":963},"Explicit ban on manipulation",{"type":31,"tag":330,"props":965,"children":966},{},[967],{"type":36,"value":968},"Silence on wash trading",{"type":31,"tag":61,"props":970,"children":972},{"id":971},"red-flags-beyond-the-contract",[973],{"type":36,"value":974},"Red Flags Beyond the Contract",{"type":31,"tag":399,"props":976,"children":977},{},[978,983,988,1000],{"type":31,"tag":405,"props":979,"children":980},{},[981],{"type":36,"value":982},"Guaranteed price levels or guaranteed volume. No market maker can promise price, and \"guaranteed volume\" often means artificial volume.",{"type":31,"tag":405,"props":984,"children":985},{},[986],{"type":36,"value":987},"Reluctance to name the venues, wallets or team behind the account.",{"type":31,"tag":405,"props":989,"children":990},{},[991,993,999],{"type":36,"value":992},"Pressure to sign quickly or to loan a larger inventory than the books need. Sizing guidance is in ",{"type":31,"tag":44,"props":994,"children":996},{"href":995},"/blog/how-much-liquidity-does-a-token-need-at-launch",[997],{"type":36,"value":998},"how much liquidity a token needs at launch",{"type":36,"value":59},{"type":31,"tag":405,"props":1001,"children":1002},{},[1003],{"type":36,"value":1004},"No sample report or reference you can speak to.",{"type":31,"tag":61,"props":1006,"children":1008},{"id":1007},"negotiation-priorities-for-a-small-team",[1009],{"type":36,"value":1010},"Negotiation Priorities for a Small Team",{"type":31,"tag":32,"props":1012,"children":1013},{},[1014],{"type":36,"value":1015},"You will not win every point, so rank them. A sensible order: restrictions on token use, return mechanics, measurable quoting obligations, reporting access, then fees. Money can be adjusted later; tokens that were sold or lent onward cannot be recalled.",{"type":31,"tag":61,"props":1017,"children":1019},{"id":1018},"pre-signing-checklist",[1020],{"type":36,"value":1021},"Pre-Signing Checklist",{"type":31,"tag":399,"props":1023,"children":1024},{},[1025,1030,1035,1040,1045,1050,1055,1060],{"type":31,"tag":405,"props":1026,"children":1027},{},[1028],{"type":36,"value":1029},"Scope lists every venue and pair",{"type":31,"tag":405,"props":1031,"children":1032},{},[1033],{"type":36,"value":1034},"Spread, depth and uptime are numeric",{"type":31,"tag":405,"props":1036,"children":1037},{},[1038],{"type":36,"value":1039},"Token usage limits and wallet visibility are written in",{"type":31,"tag":405,"props":1041,"children":1042},{},[1043],{"type":36,"value":1044},"Loan, option and return terms are modelled for a bull case",{"type":31,"tag":405,"props":1046,"children":1047},{},[1048],{"type":36,"value":1049},"Reporting and data access are specified",{"type":31,"tag":405,"props":1051,"children":1052},{},[1053],{"type":36,"value":1054},"Manipulation is explicitly prohibited",{"type":31,"tag":405,"props":1056,"children":1057},{},[1058],{"type":36,"value":1059},"Termination for cause is quick, and token return is time-bound",{"type":31,"tag":405,"props":1061,"children":1062},{},[1063],{"type":36,"value":1064},"Counsel has reviewed the final version",{"type":31,"tag":61,"props":1066,"children":1068},{"id":1067},"where-fibonacci-fits",[1069],{"type":36,"value":1070},"Where Fibonacci Fits",{"type":31,"tag":32,"props":1072,"children":1073},{},[1074,1076,1080],{"type":36,"value":1075},"Fibonacci Capital works with token teams on market making and launch liquidity, and we believe clear, measurable agreements are good for both sides. If you want a second pair of eyes on a term sheet or help scoping liquidity for your listing, ",{"type":31,"tag":44,"props":1077,"children":1078},{"href":503},[1079],{"type":36,"value":506},{"type":36,"value":59},{"title":7,"searchDepth":509,"depth":509,"links":1082},[1083,1084,1099,1100,1101,1102,1103],{"id":557,"depth":509,"text":560},{"id":574,"depth":509,"text":577,"children":1085},[1086,1088,1089,1090,1091,1092,1093,1094,1095,1096,1097,1098],{"id":581,"depth":1087,"text":584},3,{"id":592,"depth":1087,"text":595},{"id":645,"depth":1087,"text":648},{"id":662,"depth":1087,"text":665},{"id":701,"depth":1087,"text":704},{"id":735,"depth":1087,"text":738},{"id":752,"depth":1087,"text":755},{"id":768,"depth":1087,"text":771},{"id":779,"depth":1087,"text":782},{"id":790,"depth":1087,"text":793},{"id":801,"depth":1087,"text":804},{"id":819,"depth":1087,"text":822},{"id":830,"depth":509,"text":833},{"id":971,"depth":509,"text":974},{"id":1007,"depth":509,"text":1010},{"id":1018,"depth":509,"text":1021},{"id":1067,"depth":509,"text":1070},"content:blog:market-maker-agreement-checklist.md","blog/market-maker-agreement-checklist.md","blog/market-maker-agreement-checklist",{"_path":168,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1108,"description":1109,"date":1110,"category":12,"readTime":1111,"author":11,"tags":1112,"keywords":1118,"image":1119,"body":1120,"_type":523,"_id":1668,"_source":525,"_file":1669,"_stem":1670,"_extension":528},"How to Evaluate Market Maker Performance: KPIs Every Token Team Should Track","A practical framework for measuring crypto market maker performance: the KPIs that matter, what a good monthly report contains, and the red flags that signal a bad engagement.","2026-08-23","9 min read",[1113,1114,1115,1116,1117],"market maker performance","market making KPIs","liquidity","vendor management","order book","how to evaluate market maker performance, market maker KPIs, crypto market making report, measuring liquidity provider performance, market maker red flags, Fibonacci Capital","/assets/images/blog/how-to-evaluate-market-maker-performance.jpg",{"type":28,"children":1121,"toc":1653},[1122,1128,1133,1138,1143,1149,1154,1160,1165,1176,1182,1187,1200,1206,1211,1216,1222,1227,1232,1238,1243,1253,1259,1264,1375,1380,1399,1405,1410,1448,1466,1471,1477,1482,1555,1560,1566,1571,1614,1626,1632,1637,1642],{"type":31,"tag":61,"props":1123,"children":1125},{"id":1124},"the-question-almost-no-token-team-can-answer",[1126],{"type":36,"value":1127},"The Question Almost No Token Team Can Answer",{"type":31,"tag":32,"props":1129,"children":1130},{},[1131],{"type":36,"value":1132},"Ask a founder six months into a market making engagement whether their market maker is doing a good job, and you will usually get an answer about price. That is the wrong instrument. Price is driven by demand, news, unlocks, the wider market and a dozen things no market maker controls. Judging a market maker on price is like judging a road maintenance crew on how many cars use the road.",{"type":31,"tag":32,"props":1134,"children":1135},{},[1136],{"type":36,"value":1137},"Evaluating market maker performance means measuring the things a market maker actually controls: how tight the spread is, how much size sits in the book, how often quotes are actually there, and how the book behaves when volatility arrives. Those are all observable, and most of them you can verify yourself from public exchange data rather than taking a report on trust.",{"type":31,"tag":32,"props":1139,"children":1140},{},[1141],{"type":36,"value":1142},"This guide sets out the KPIs worth tracking, how to define them in a contract so both sides mean the same thing, what a credible monthly report contains, and the warning signs that an engagement is going wrong.",{"type":31,"tag":61,"props":1144,"children":1146},{"id":1145},"the-five-kpis-that-actually-matter",[1147],{"type":36,"value":1148},"The Five KPIs That Actually Matter",{"type":31,"tag":32,"props":1150,"children":1151},{},[1152],{"type":36,"value":1153},"Nearly every meaningful obligation in a market making agreement reduces to five measurements. Everything else is commentary.",{"type":31,"tag":579,"props":1155,"children":1157},{"id":1156},"_1-bid-ask-spread",[1158],{"type":36,"value":1159},"1. Bid-ask spread",{"type":31,"tag":32,"props":1161,"children":1162},{},[1163],{"type":36,"value":1164},"The gap between the best buy and best sell price, usually expressed in basis points relative to mid price. This is the most direct measure of what a trade costs your holders, and the number an exchange listings team will look at first.",{"type":31,"tag":32,"props":1166,"children":1167},{},[1168,1170,1174],{"type":36,"value":1169},"Define it carefully. A spread commitment must specify the venue, the trading pair, and — critically — whether it is measured as an average, a median, or a percentage of time inside a threshold. \"Average spread under 50 bps\" can be satisfied by long stretches at 5 bps punctuated by gaps at 500 bps. \"Spread under 50 bps for 95% of measured intervals\" cannot. Always contract on the second form. Our explainer on ",{"type":31,"tag":44,"props":1171,"children":1172},{"href":631},[1173],{"type":36,"value":634},{"type":36,"value":1175}," covers the mechanics in more detail.",{"type":31,"tag":579,"props":1177,"children":1179},{"id":1178},"_2-order-book-depth",[1180],{"type":36,"value":1181},"2. Order book depth",{"type":31,"tag":32,"props":1183,"children":1184},{},[1185],{"type":36,"value":1186},"How much size rests within a given distance of mid price — for example, the total value of bids within 1% and 2% below mid, and the same on the ask side. Depth is what determines whether a real buyer can get filled without moving your chart.",{"type":31,"tag":32,"props":1188,"children":1189},{},[1190,1192,1198],{"type":36,"value":1191},"Ask for depth to be quoted at multiple bands, not one. A book with plenty of size at 2% but nothing at 0.5% will still produce painful ",{"type":31,"tag":44,"props":1193,"children":1195},{"href":1194},"/blog/what-is-slippage-in-crypto-trading",[1196],{"type":36,"value":1197},"slippage",{"type":36,"value":1199}," for ordinary trades. Also insist on two-sided depth commitments. A market maker that quotes generously on the ask and thinly on the bid is not stabilising anything.",{"type":31,"tag":579,"props":1201,"children":1203},{"id":1202},"_3-uptime",[1204],{"type":36,"value":1205},"3. Uptime",{"type":31,"tag":32,"props":1207,"children":1208},{},[1209],{"type":36,"value":1210},"The percentage of measured time during which quotes meeting the agreed spread and depth were actually live. This is the KPI that separates a real obligation from a decorative one, and the one most often left vague.",{"type":31,"tag":32,"props":1212,"children":1213},{},[1214],{"type":36,"value":1215},"Uptime should be measured continuously across the contract period, not sampled at convenient moments, and the agreement should state what happens during exchange outages, API failures and extreme volatility. Some carve-outs are legitimate — no market maker can quote through a venue that has halted trading. But a contract where the carve-outs swallow the obligation is worth nothing.",{"type":31,"tag":579,"props":1217,"children":1219},{"id":1218},"_4-behaviour-under-stress",[1220],{"type":36,"value":1221},"4. Behaviour under stress",{"type":31,"tag":32,"props":1223,"children":1224},{},[1225],{"type":36,"value":1226},"Liquidity is easy to provide on a quiet day. What you are really buying is a book that still functions during a sharp move, a large sell, an unlock, or a market-wide drawdown.",{"type":31,"tag":32,"props":1228,"children":1229},{},[1230],{"type":36,"value":1231},"This is harder to reduce to a single number, but it is measurable. Look at how spread and depth behaved during the three or four most volatile hours of the month, how long the book took to return to normal afterwards, and whether the market maker widened quotes or withdrew entirely. Ask for those episodes to be identified and explained in every report. A market maker that never mentions them is not looking at them.",{"type":31,"tag":579,"props":1233,"children":1235},{"id":1234},"_5-inventory-and-capital-usage",[1236],{"type":36,"value":1237},"5. Inventory and capital usage",{"type":31,"tag":32,"props":1239,"children":1240},{},[1241],{"type":36,"value":1242},"If you have supplied tokens or capital under a retainer or loan arrangement, you need to know where it is: how much is deployed on which venues, how the token and stablecoin balance has shifted over the period, and what the market maker's net position looks like.",{"type":31,"tag":32,"props":1244,"children":1245},{},[1246,1248,1252],{"type":36,"value":1247},"This matters most under a loan-and-option structure, where the market maker holds your tokens and has an economic interest in price. Position transparency is what turns that from a hidden risk into a managed one. The trade-offs between the different commercial structures are covered in our guide to ",{"type":31,"tag":44,"props":1249,"children":1250},{"href":85},[1251],{"type":36,"value":88},{"type":36,"value":59},{"type":31,"tag":61,"props":1254,"children":1256},{"id":1255},"turning-kpis-into-contract-language",[1257],{"type":36,"value":1258},"Turning KPIs Into Contract Language",{"type":31,"tag":32,"props":1260,"children":1261},{},[1262],{"type":36,"value":1263},"A KPI you cannot enforce is a hope. Before you sign, each of the five should be written with four elements attached.",{"type":31,"tag":300,"props":1265,"children":1266},{},[1267,1288],{"type":31,"tag":304,"props":1268,"children":1269},{},[1270],{"type":31,"tag":308,"props":1271,"children":1272},{},[1273,1278,1283],{"type":31,"tag":312,"props":1274,"children":1275},{},[1276],{"type":36,"value":1277},"Element",{"type":31,"tag":312,"props":1279,"children":1280},{},[1281],{"type":36,"value":1282},"What it means",{"type":31,"tag":312,"props":1284,"children":1285},{},[1286],{"type":36,"value":1287},"Example",{"type":31,"tag":323,"props":1289,"children":1290},{},[1291,1312,1333,1354],{"type":31,"tag":308,"props":1292,"children":1293},{},[1294,1302,1307],{"type":31,"tag":330,"props":1295,"children":1296},{},[1297],{"type":31,"tag":76,"props":1298,"children":1299},{},[1300],{"type":36,"value":1301},"Definition",{"type":31,"tag":330,"props":1303,"children":1304},{},[1305],{"type":36,"value":1306},"Exactly how the number is calculated",{"type":31,"tag":330,"props":1308,"children":1309},{},[1310],{"type":36,"value":1311},"Spread measured as (ask − bid) / mid, sampled every minute",{"type":31,"tag":308,"props":1313,"children":1314},{},[1315,1323,1328],{"type":31,"tag":330,"props":1316,"children":1317},{},[1318],{"type":31,"tag":76,"props":1319,"children":1320},{},[1321],{"type":36,"value":1322},"Threshold",{"type":31,"tag":330,"props":1324,"children":1325},{},[1326],{"type":36,"value":1327},"The level to be met",{"type":31,"tag":330,"props":1329,"children":1330},{},[1331],{"type":36,"value":1332},"Under 40 bps",{"type":31,"tag":308,"props":1334,"children":1335},{},[1336,1344,1349],{"type":31,"tag":330,"props":1337,"children":1338},{},[1339],{"type":31,"tag":76,"props":1340,"children":1341},{},[1342],{"type":36,"value":1343},"Coverage",{"type":31,"tag":330,"props":1345,"children":1346},{},[1347],{"type":36,"value":1348},"How often it must hold, and where",{"type":31,"tag":330,"props":1350,"children":1351},{},[1352],{"type":36,"value":1353},"95% of minutes, on the two primary CEX pairs",{"type":31,"tag":308,"props":1355,"children":1356},{},[1357,1365,1370],{"type":31,"tag":330,"props":1358,"children":1359},{},[1360],{"type":31,"tag":76,"props":1361,"children":1362},{},[1363],{"type":36,"value":1364},"Consequence",{"type":31,"tag":330,"props":1366,"children":1367},{},[1368],{"type":36,"value":1369},"What happens if it is missed",{"type":31,"tag":330,"props":1371,"children":1372},{},[1373],{"type":36,"value":1374},"Fee rebate, cure period, then termination right",{"type":31,"tag":32,"props":1376,"children":1377},{},[1378],{"type":36,"value":1379},"The consequence column is the one teams skip, and it is what converts a target into an obligation. It does not need to be punitive. A sensible structure is: a defined cure period after a missed month, a fee adjustment if the miss repeats, and a clean termination right with a short notice period if performance does not recover. What matters is that missing the target has a cost.",{"type":31,"tag":32,"props":1381,"children":1382},{},[1383,1385,1390,1392,1397],{"type":36,"value":1384},"Two more clauses worth insisting on. First, a ",{"type":31,"tag":76,"props":1386,"children":1387},{},[1388],{"type":36,"value":1389},"data access clause",{"type":36,"value":1391},": the right to receive raw quote and fill data, or at minimum to independently verify metrics from public exchange data. Second, an ",{"type":31,"tag":76,"props":1393,"children":1394},{},[1395],{"type":36,"value":1396},"exclusivity and venue clause",{"type":36,"value":1398},": which pairs and venues are covered, so that a market maker cannot report excellent performance on a minor pair while your main listing runs dry.",{"type":31,"tag":61,"props":1400,"children":1402},{"id":1401},"what-a-good-monthly-report-contains",[1403],{"type":36,"value":1404},"What a Good Monthly Report Contains",{"type":31,"tag":32,"props":1406,"children":1407},{},[1408],{"type":36,"value":1409},"A credible market making report is short, quantitative, and consistent month to month. It should contain:",{"type":31,"tag":399,"props":1411,"children":1412},{},[1413,1418,1423,1428,1433,1438,1443],{"type":31,"tag":405,"props":1414,"children":1415},{},[1416],{"type":36,"value":1417},"Spread, depth and uptime against contracted thresholds, per venue and pair",{"type":31,"tag":405,"props":1419,"children":1420},{},[1421],{"type":36,"value":1422},"Distribution rather than averages alone — percentiles, or time-in-threshold",{"type":31,"tag":405,"props":1424,"children":1425},{},[1426],{"type":36,"value":1427},"Volume traded, split by venue, and a note on how much was passive versus aggressive",{"type":31,"tag":405,"props":1429,"children":1430},{},[1431],{"type":36,"value":1432},"Inventory position at period start and end, with material changes explained",{"type":31,"tag":405,"props":1434,"children":1435},{},[1436],{"type":36,"value":1437},"Identification of the most volatile periods and how the book behaved in them",{"type":31,"tag":405,"props":1439,"children":1440},{},[1441],{"type":36,"value":1442},"Any missed thresholds, with cause and remedy",{"type":31,"tag":405,"props":1444,"children":1445},{},[1446],{"type":36,"value":1447},"Changes in venue conditions: fee tier changes, API issues, competing liquidity arriving or leaving",{"type":31,"tag":32,"props":1449,"children":1450},{},[1451,1453,1458,1460,1465],{"type":36,"value":1452},"Equally important is what a report should not contain. Be sceptical of reports built around total volume traded, of screenshots without underlying data, and of narrative explanations of price movement. Volume in particular is a weak and easily inflated metric — the relationship between volume and genuine market quality is covered in ",{"type":31,"tag":44,"props":1454,"children":1455},{"href":216},[1456],{"type":36,"value":1457},"trading volume vs liquidity",{"type":36,"value":1459},", and the ways it gets manufactured in our piece on ",{"type":31,"tag":44,"props":1461,"children":1462},{"href":224},[1463],{"type":36,"value":1464},"wash trading",{"type":36,"value":59},{"type":31,"tag":32,"props":1467,"children":1468},{},[1469],{"type":36,"value":1470},"You should also do your own verification. Pull the public order book for your pair at random intervals across a month and record spread and depth yourself. It takes a modest script and it changes the conversation entirely. A market maker that knows you are measuring independently behaves differently from one that does not.",{"type":31,"tag":61,"props":1472,"children":1474},{"id":1473},"red-flags",[1475],{"type":36,"value":1476},"Red Flags",{"type":31,"tag":32,"props":1478,"children":1479},{},[1480],{"type":36,"value":1481},"Patterns that should prompt a serious review:",{"type":31,"tag":399,"props":1483,"children":1484},{},[1485,1495,1505,1515,1525,1535,1545],{"type":31,"tag":405,"props":1486,"children":1487},{},[1488,1493],{"type":31,"tag":76,"props":1489,"children":1490},{},[1491],{"type":36,"value":1492},"Reports centred on volume and price rather than spread, depth and uptime.",{"type":36,"value":1494}," The metric selection tells you what they want you to look at.",{"type":31,"tag":405,"props":1496,"children":1497},{},[1498,1503],{"type":31,"tag":76,"props":1499,"children":1500},{},[1501],{"type":36,"value":1502},"Refusal to provide raw or granular data.",{"type":36,"value":1504}," Legitimate confidentiality covers strategy, not your own pair's quoting record.",{"type":31,"tag":405,"props":1506,"children":1507},{},[1508,1513],{"type":31,"tag":76,"props":1509,"children":1510},{},[1511],{"type":36,"value":1512},"Averages with no distribution.",{"type":36,"value":1514}," Almost always hiding gaps.",{"type":31,"tag":405,"props":1516,"children":1517},{},[1518,1523],{"type":31,"tag":76,"props":1519,"children":1520},{},[1521],{"type":36,"value":1522},"Deteriorating depth on the bid side over time.",{"type":36,"value":1524}," Often the first visible sign of a market maker reducing its own risk at your expense.",{"type":31,"tag":405,"props":1526,"children":1527},{},[1528,1533],{"type":31,"tag":76,"props":1529,"children":1530},{},[1531],{"type":36,"value":1532},"Absence from your book during high volatility, repeatedly.",{"type":36,"value":1534}," Occasional widening is normal and correct. Systematic disappearance when liquidity is most needed is a failure of the core service.",{"type":31,"tag":405,"props":1536,"children":1537},{},[1538,1543],{"type":31,"tag":76,"props":1539,"children":1540},{},[1541],{"type":36,"value":1542},"Vague answers about inventory.",{"type":36,"value":1544}," Under a loan structure, this is the risk that matters most.",{"type":31,"tag":405,"props":1546,"children":1547},{},[1548,1553],{"type":31,"tag":76,"props":1549,"children":1550},{},[1551],{"type":36,"value":1552},"No named point of contact or slow response during market events.",{"type":36,"value":1554}," When something goes wrong on a venue at 3am, response time is a real KPI.",{"type":31,"tag":32,"props":1556,"children":1557},{},[1558],{"type":36,"value":1559},"None of these is automatically proof of bad faith. Market conditions genuinely change, and a good counterparty will explain why a metric moved. The signal is the response to a direct question: a competent market maker answers with data.",{"type":31,"tag":61,"props":1561,"children":1563},{"id":1562},"a-practical-review-checklist",[1564],{"type":36,"value":1565},"A Practical Review Checklist",{"type":31,"tag":32,"props":1567,"children":1568},{},[1569],{"type":36,"value":1570},"Run this quarterly:",{"type":31,"tag":399,"props":1572,"children":1573},{},[1574,1579,1584,1589,1594,1599,1604,1609],{"type":31,"tag":405,"props":1575,"children":1576},{},[1577],{"type":36,"value":1578},"Contracted spread, depth and uptime thresholds pulled up and compared against reported figures",{"type":31,"tag":405,"props":1580,"children":1581},{},[1582],{"type":36,"value":1583},"At least one metric independently verified from public exchange data",{"type":31,"tag":405,"props":1585,"children":1586},{},[1587],{"type":36,"value":1588},"Depth checked at multiple bands and on both sides of the book",{"type":31,"tag":405,"props":1590,"children":1591},{},[1592],{"type":36,"value":1593},"The month's three most volatile episodes reviewed",{"type":31,"tag":405,"props":1595,"children":1596},{},[1597],{"type":36,"value":1598},"Inventory and capital position reconciled against your own records",{"type":31,"tag":405,"props":1600,"children":1601},{},[1602],{"type":36,"value":1603},"Venue coverage confirmed against where your volume actually is",{"type":31,"tag":405,"props":1605,"children":1606},{},[1607],{"type":36,"value":1608},"Any missed thresholds tracked against the cure and consequence terms",{"type":31,"tag":405,"props":1610,"children":1611},{},[1612],{"type":36,"value":1613},"Report format compared to previous quarters for consistency and for quietly dropped metrics",{"type":31,"tag":32,"props":1615,"children":1616},{},[1617,1619,1624],{"type":36,"value":1618},"If you are still selecting a counterparty rather than reviewing one, our guide to ",{"type":31,"tag":44,"props":1620,"children":1621},{"href":46},[1622],{"type":36,"value":1623},"choosing a crypto liquidity provider",{"type":36,"value":1625}," covers the diligence questions to ask before signing.",{"type":31,"tag":61,"props":1627,"children":1629},{"id":1628},"measurement-is-the-relationship",[1630],{"type":36,"value":1631},"Measurement Is the Relationship",{"type":31,"tag":32,"props":1633,"children":1634},{},[1635],{"type":36,"value":1636},"The best market making engagements are not the ones with the most aggressive headline commitments. They are the ones where both sides agree on what is being measured, the numbers arrive on time in a consistent format, and difficult months are explained rather than dressed up. Clear KPIs protect the market maker as well as the project, because they replace an unanswerable argument about price with a factual conversation about spread, depth and uptime.",{"type":31,"tag":32,"props":1638,"children":1639},{},[1640],{"type":36,"value":1641},"Fibonacci Capital works with token teams on precisely these terms — defined thresholds, transparent reporting, and liquidity built to hold up when the market is not calm.",{"type":31,"tag":32,"props":1643,"children":1644},{},[1645,1647,1652],{"type":36,"value":1646},"If you want a second opinion on your current market making arrangement, or help setting KPIs that are worth signing, ",{"type":31,"tag":44,"props":1648,"children":1649},{"href":503},[1650],{"type":36,"value":1651},"get in touch",{"type":36,"value":59},{"title":7,"searchDepth":509,"depth":509,"links":1654},[1655,1656,1663,1664,1665,1666,1667],{"id":1124,"depth":509,"text":1127},{"id":1145,"depth":509,"text":1148,"children":1657},[1658,1659,1660,1661,1662],{"id":1156,"depth":1087,"text":1159},{"id":1178,"depth":1087,"text":1181},{"id":1202,"depth":1087,"text":1205},{"id":1218,"depth":1087,"text":1221},{"id":1234,"depth":1087,"text":1237},{"id":1255,"depth":509,"text":1258},{"id":1401,"depth":509,"text":1404},{"id":1473,"depth":509,"text":1476},{"id":1562,"depth":509,"text":1565},{"id":1628,"depth":509,"text":1631},"content:blog:how-to-evaluate-market-maker-performance.md","blog/how-to-evaluate-market-maker-performance.md","blog/how-to-evaluate-market-maker-performance",{"_path":1672,"_dir":5,"_draft":6,"_partial":6,"_locale":7,"title":1673,"description":1674,"date":1675,"author":11,"category":12,"tags":1676,"keywords":1679,"image":7,"readTime":1111,"body":1685,"_type":523,"_id":2071,"_source":525,"_file":2072,"_stem":2073,"_extension":528},"/blog/top-crypto-market-making-firms","Top Crypto Market Makers in 2026: The Leading Firms Compared","A practical comparison of the top crypto market makers and market maker companies in 2026, what each specializes in, and how token projects should choose one.","2026-07-03",[14,1677,1115,1678],"crypto","trading firms",[1680,1681,1682,1683,1684],"top crypto market makers","biggest crypto market makers","crypto market maker companies","list of crypto market makers","best market makers in crypto",{"type":28,"children":1686,"toc":2057},[1687,1693,1698,1703,1709,1714,1747,1752,1758,1763,1786,1791,1797,1802,1807,1870,1879,1885,1897,1902,1908,1913,1919,1938,1944,1949,1955,1960,1966,1971,1977,1982,2036,2041,2047,2052],{"type":31,"tag":1688,"props":1689,"children":1691},"h1",{"id":1690},"top-crypto-market-makers-in-2026-the-leading-firms-compared",[1692],{"type":36,"value":1673},{"type":31,"tag":32,"props":1694,"children":1695},{},[1696],{"type":36,"value":1697},"If you are searching for the top crypto market makers, you are almost certainly doing one of two things: benchmarking who supplies liquidity to the market at large, or shortlisting a firm to quote your own token. The two goals lead to very different answers. The biggest crypto market makers by volume are quant giants you will likely never contract with directly. The best market maker for a Series-A token project is usually a mid-sized firm you have barely heard of. This guide separates the categories, profiles the leading crypto market maker companies, and gives you a framework for choosing rather than just a list to memorize.",{"type":31,"tag":32,"props":1699,"children":1700},{},[1701],{"type":36,"value":1702},"Market makers are the firms that continuously quote both a bid and an ask on exchange order books, tightening spreads and layering depth so trades clear instantly instead of sitting unmatched. A short list of specialized firms provides a disproportionate share of crypto liquidity. Below is how that list actually breaks down.",{"type":31,"tag":61,"props":1704,"children":1706},{"id":1705},"how-to-read-a-list-of-crypto-market-makers",[1707],{"type":36,"value":1708},"How to Read a List of Crypto Market Makers",{"type":31,"tag":32,"props":1710,"children":1711},{},[1712],{"type":36,"value":1713},"Before naming firms, it helps to know that \"top\" means different things depending on the metric:",{"type":31,"tag":399,"props":1715,"children":1716},{},[1717,1727,1737],{"type":31,"tag":405,"props":1718,"children":1719},{},[1720,1725],{"type":31,"tag":76,"props":1721,"children":1722},{},[1723],{"type":36,"value":1724},"By raw volume,",{"type":36,"value":1726}," the leaders are high-frequency quant firms trading the largest pairs (BTC, ETH, major stablecoins) across every venue.",{"type":31,"tag":405,"props":1728,"children":1729},{},[1730,1735],{"type":31,"tag":76,"props":1731,"children":1732},{},[1733],{"type":36,"value":1734},"By number of token-project engagements,",{"type":36,"value":1736}," the leaders are dedicated crypto market making firms that run a services business alongside proprietary trading.",{"type":31,"tag":405,"props":1738,"children":1739},{},[1740,1745],{"type":31,"tag":76,"props":1741,"children":1742},{},[1743],{"type":36,"value":1744},"By on-chain liquidity,",{"type":36,"value":1746}," the leaders are DeFi-native desks and the automated market maker protocols themselves.",{"type":31,"tag":32,"props":1748,"children":1749},{},[1750],{"type":36,"value":1751},"A firm that dominates one metric can be irrelevant to your use case. A quant firm quoting billions in BTC has little interest in a new token with a $5M market cap. Keep your actual need in view as you read.",{"type":31,"tag":61,"props":1753,"children":1755},{"id":1754},"the-biggest-crypto-market-makers-by-volume",[1756],{"type":36,"value":1757},"The Biggest Crypto Market Makers by Volume",{"type":31,"tag":32,"props":1759,"children":1760},{},[1761],{"type":36,"value":1762},"At the top sit firms that scaled from traditional finance or grew to institutional size in crypto. They run enormous balance sheets and treat crypto as one more asset class to arbitrage.",{"type":31,"tag":32,"props":1764,"children":1765},{},[1766,1771,1773,1778,1779,1784],{"type":31,"tag":76,"props":1767,"children":1768},{},[1769],{"type":36,"value":1770},"Jump Crypto",{"type":36,"value":1772}," (the digital-asset arm of Jump Trading) is a frequent reference point — a high-frequency shop with deep infrastructure and a history across the largest venues. ",{"type":31,"tag":76,"props":1774,"children":1775},{},[1776],{"type":36,"value":1777},"Jane Street",{"type":36,"value":221},{"type":31,"tag":76,"props":1780,"children":1781},{},[1782],{"type":36,"value":1783},"DRW/Cumberland",{"type":36,"value":1785}," occupy similar territory: multi-asset trading firms with mature risk systems that quote the deepest pairs. These firms are exceptional at liquidity on blue-chip assets, but they are generally not the partner a new token engages directly. Their edge is scale, not hands-on token support.",{"type":31,"tag":32,"props":1787,"children":1788},{},[1789],{"type":36,"value":1790},"If your question is simply \"who moves the most volume,\" this is the tier. If your question is \"who will quote my token,\" keep reading.",{"type":31,"tag":61,"props":1792,"children":1794},{"id":1793},"dedicated-crypto-market-maker-companies",[1795],{"type":36,"value":1796},"Dedicated Crypto Market Maker Companies",{"type":31,"tag":32,"props":1798,"children":1799},{},[1800],{"type":36,"value":1801},"This is the tier most founders actually work with — firms built specifically to provide liquidity for exchanges and token projects. They combine proprietary trading with a services layer: quoting your token across multiple exchanges, advising on listing strategy, and reporting on the liquidity they maintain.",{"type":31,"tag":32,"props":1803,"children":1804},{},[1805],{"type":36,"value":1806},"Firms frequently cited in this category include:",{"type":31,"tag":399,"props":1808,"children":1809},{},[1810,1820,1830,1840,1850,1860],{"type":31,"tag":405,"props":1811,"children":1812},{},[1813,1818],{"type":31,"tag":76,"props":1814,"children":1815},{},[1816],{"type":36,"value":1817},"Wintermute",{"type":36,"value":1819}," — one of the largest algorithmic liquidity providers, active across CeFi and DeFi, known for both OTC and on-exchange quoting.",{"type":31,"tag":405,"props":1821,"children":1822},{},[1823,1828],{"type":31,"tag":76,"props":1824,"children":1825},{},[1826],{"type":36,"value":1827},"GSR",{"type":36,"value":1829}," — a long-established desk offering market making, OTC, and structured products, with a focus on institutional relationships.",{"type":31,"tag":405,"props":1831,"children":1832},{},[1833,1838],{"type":31,"tag":76,"props":1834,"children":1835},{},[1836],{"type":36,"value":1837},"Keyrock",{"type":36,"value":1839}," — a Brussels-based firm known for its multi-venue quoting technology and a strong presence with mid-cap token projects.",{"type":31,"tag":405,"props":1841,"children":1842},{},[1843,1848],{"type":31,"tag":76,"props":1844,"children":1845},{},[1846],{"type":36,"value":1847},"Cumberland",{"type":36,"value":1849}," — DRW's crypto desk, bridging the quant-giant tier and the services tier, strong in OTC.",{"type":31,"tag":405,"props":1851,"children":1852},{},[1853,1858],{"type":31,"tag":76,"props":1854,"children":1855},{},[1856],{"type":36,"value":1857},"B2C2",{"type":36,"value":1859}," — an OTC-first liquidity provider that also supports on-exchange flows.",{"type":31,"tag":405,"props":1861,"children":1862},{},[1863,1868],{"type":31,"tag":76,"props":1864,"children":1865},{},[1866],{"type":36,"value":1867},"Amber Group",{"type":36,"value":1869}," — a broad digital-asset firm combining market making with wealth and trading services.",{"type":31,"tag":32,"props":1871,"children":1872},{},[1873,1877],{"type":31,"tag":76,"props":1874,"children":1875},{},[1876],{"type":36,"value":11},{"type":36,"value":1878}," operates in this category as well, providing dedicated market making and liquidity provision for token projects that want transparent, reportable liquidity rather than an opaque arrangement. The distinguishing factor across this tier is not who is biggest, but who is aligned: whether the firm's incentives, reporting, and loan terms actually serve your token's long-term price stability.",{"type":31,"tag":61,"props":1880,"children":1882},{"id":1881},"defi-native-and-automated-market-makers",[1883],{"type":36,"value":1884},"DeFi-Native and Automated Market Makers",{"type":31,"tag":32,"props":1886,"children":1887},{},[1888,1890,1895],{"type":36,"value":1889},"The third category is partly firms and partly infrastructure. ",{"type":31,"tag":76,"props":1891,"children":1892},{},[1893],{"type":36,"value":1894},"Automated market makers (AMMs)",{"type":36,"value":1896}," like Uniswap, Curve, and Balancer replace human quoting with a smart-contract formula and pooled capital supplied by liquidity providers. Anyone can become a passive market maker by depositing into a pool, accepting impermanent loss in exchange for fees.",{"type":31,"tag":32,"props":1898,"children":1899},{},[1900],{"type":36,"value":1901},"On top of these protocols sit DeFi-native active desks that run algorithmic strategies across AMMs and order-book DEXs. Many of the dedicated firms above also operate here, blurring the CeFi/DeFi line. If your token's liquidity lives primarily on-chain, a firm with genuine DeFi execution — not just centralized-exchange quoting — matters more than raw size.",{"type":31,"tag":61,"props":1903,"children":1905},{"id":1904},"how-the-top-crypto-market-makers-actually-differ",[1906],{"type":36,"value":1907},"How the Top Crypto Market Makers Actually Differ",{"type":31,"tag":32,"props":1909,"children":1910},{},[1911],{"type":36,"value":1912},"Once you get past brand names, the real differences among market maker companies come down to a handful of variables:",{"type":31,"tag":579,"props":1914,"children":1916},{"id":1915},"engagement-model-loan-vs-retainer",[1917],{"type":36,"value":1918},"Engagement model: loan vs. retainer",{"type":31,"tag":32,"props":1920,"children":1921},{},[1922,1924,1929,1931,1936],{"type":36,"value":1923},"Most token engagements use one of two structures. In a ",{"type":31,"tag":76,"props":1925,"children":1926},{},[1927],{"type":36,"value":1928},"token loan / call-option model",{"type":36,"value":1930},", the project lends tokens to the market maker, who uses them to quote markets and can buy them at a set strike later. In a ",{"type":31,"tag":76,"props":1932,"children":1933},{},[1934],{"type":36,"value":1935},"retainer / fee-for-service model",{"type":36,"value":1937},", the project pays a monthly fee and keeps ownership of its tokens while the firm quotes with agreed parameters. Loan models require little upfront cash but can misalign incentives if the option lets the firm profit from dumping. Retainer models are more transparent but cost cash monthly. The best firms are willing to explain the tradeoff rather than push the structure that benefits them most.",{"type":31,"tag":579,"props":1939,"children":1941},{"id":1940},"exchange-coverage",[1942],{"type":36,"value":1943},"Exchange coverage",{"type":31,"tag":32,"props":1945,"children":1946},{},[1947],{"type":36,"value":1948},"A firm that quotes only two exchanges is useless if your token lists on a third. Ask exactly which CEXs and DEXs a firm actively supports and whether they have existing integrations with your target venues.",{"type":31,"tag":579,"props":1950,"children":1952},{"id":1951},"transparency-and-reporting",[1953],{"type":36,"value":1954},"Transparency and reporting",{"type":31,"tag":32,"props":1956,"children":1957},{},[1958],{"type":36,"value":1959},"The single biggest differentiator between a good and a bad market maker is reporting. Leading firms provide dashboards or regular reports showing spread, depth, uptime, and volume they maintained. Weaker arrangements are black boxes where you cannot tell whether the firm is providing genuine liquidity or manufacturing wash volume.",{"type":31,"tag":579,"props":1961,"children":1963},{"id":1962},"risk-management",[1964],{"type":36,"value":1965},"Risk management",{"type":31,"tag":32,"props":1967,"children":1968},{},[1969],{"type":36,"value":1970},"Serious market makers hedge inventory across spot, perpetuals, and options so a filled order does not leave them dangerously exposed. Ask how a firm manages inventory risk on your specific token — thin answers are a red flag.",{"type":31,"tag":61,"props":1972,"children":1974},{"id":1973},"how-to-choose-from-a-list-of-crypto-market-makers",[1975],{"type":36,"value":1976},"How to Choose From a List of Crypto Market Makers",{"type":31,"tag":32,"props":1978,"children":1979},{},[1980],{"type":36,"value":1981},"Rather than chasing the biggest name, run a shortlist through these questions:",{"type":31,"tag":1983,"props":1984,"children":1985},"ol",{},[1986,1996,2006,2016,2026],{"type":31,"tag":405,"props":1987,"children":1988},{},[1989,1994],{"type":31,"tag":76,"props":1990,"children":1991},{},[1992],{"type":36,"value":1993},"Do they actively support my target exchanges?",{"type":36,"value":1995}," Not \"can integrate\" — actively quote today.",{"type":31,"tag":405,"props":1997,"children":1998},{},[1999,2004],{"type":31,"tag":76,"props":2000,"children":2001},{},[2002],{"type":36,"value":2003},"What engagement structure do they propose, and why?",{"type":36,"value":2005}," Push for the reasoning, not just the terms.",{"type":31,"tag":405,"props":2007,"children":2008},{},[2009,2014],{"type":31,"tag":76,"props":2010,"children":2011},{},[2012],{"type":36,"value":2013},"What reporting will I receive, and how often?",{"type":36,"value":2015}," Insist on measurable KPIs: spread, depth at set price bands, uptime.",{"type":31,"tag":405,"props":2017,"children":2018},{},[2019,2024],{"type":31,"tag":76,"props":2020,"children":2021},{},[2022],{"type":36,"value":2023},"How do they handle unlocks and volatility events?",{"type":36,"value":2025}," A firm should have a plan for token-unlock sell pressure, not react ad hoc.",{"type":31,"tag":405,"props":2027,"children":2028},{},[2029,2034],{"type":31,"tag":76,"props":2030,"children":2031},{},[2032],{"type":36,"value":2033},"Can they show references from comparable-stage projects?",{"type":36,"value":2035}," A firm that only serves top-20 assets may deprioritize a new token.",{"type":31,"tag":32,"props":2037,"children":2038},{},[2039],{"type":36,"value":2040},"A firm that answers these clearly and specifically is worth more than a bigger name that gives you a pitch deck and a black box.",{"type":31,"tag":61,"props":2042,"children":2044},{"id":2043},"where-fibonacci-capital-fits",[2045],{"type":36,"value":2046},"Where Fibonacci Capital Fits",{"type":31,"tag":32,"props":2048,"children":2049},{},[2050],{"type":36,"value":2051},"The \"top crypto market makers\" list is genuinely tiered: quant giants dominate blue-chip volume, dedicated firms serve token projects, and DeFi-native desks handle on-chain liquidity. Most founders belong in the middle tier, where fit and transparency beat sheer size.",{"type":31,"tag":32,"props":2053,"children":2054},{},[2055],{"type":36,"value":2056},"Fibonacci Capital provides dedicated market making, liquidity provision, and token-launch support for projects that want professional, reportable liquidity across the exchanges that matter to them. If you are comparing market maker companies for a listing or a token generation event, the practical next step is a conversation about your specific pairs, venues, and unlock schedule — because the right market maker is the one aligned with your token, not the one with the biggest balance sheet.",{"title":7,"searchDepth":509,"depth":509,"links":2058},[2059,2060,2061,2062,2063,2069,2070],{"id":1705,"depth":509,"text":1708},{"id":1754,"depth":509,"text":1757},{"id":1793,"depth":509,"text":1796},{"id":1881,"depth":509,"text":1884},{"id":1904,"depth":509,"text":1907,"children":2064},[2065,2066,2067,2068],{"id":1915,"depth":1087,"text":1918},{"id":1940,"depth":1087,"text":1943},{"id":1951,"depth":1087,"text":1954},{"id":1962,"depth":1087,"text":1965},{"id":1973,"depth":509,"text":1976},{"id":2043,"depth":509,"text":2046},"content:blog:top-crypto-market-making-firms.md","blog/top-crypto-market-making-firms.md","blog/top-crypto-market-making-firms",1792458980586]