Market making across CEX, DEX and perpetuals
We provide continuous two-sided liquidity for digital assets across centralised order books, on-chain pools and perpetual venues. We quote with our own balance sheet rather than borrowing your tokens against a call option, and every book we quote is monitored by our own surveillance.
How we quote
Market making is the business of standing ready to buy and sell continuously, so that someone arriving at the book finds a price and can transact at size without moving it. The quality of that service is measurable: spread, depth at a given distance from mid, uptime, and how the book behaves under stress.
We operate on a principal basis. We deploy our own capital and carry our own inventory risk, which means our return comes from spread capture and market quality rather than from optionality on your token. That structure removes the conflict at the centre of the loan-and-call-option model, where the desk can profit from a price move regardless of how the book is run.
- Centralised venues
- Order book quoting with inventory and delta management, hedged where a liquid perpetual exists.
- On-chain
- Concentrated liquidity positions, range management, and rebalancing as price moves through the band.
- Perpetuals
- Quoting and basis management on perpetual venues, used both as a standalone book and as the hedge leg for spot inventory.
- OTC and blocks
- Large size executed away from the book, priced against depth rather than against last, so the block does not print through your own liquidity.
What does a crypto market maker actually do?
A market maker posts continuous buy and sell orders so that a token can be traded with a tight spread and enough depth to absorb size. In practice that means managing inventory, hedging directional exposure, adjusting quotes as volatility changes, and keeping the book populated across every venue where the token trades.
What is the difference between loan-model and principal market making?
In the loan model the desk borrows your tokens and takes a call option, so it can profit from price appreciation independently of how well it makes the market. In the principal model the desk uses its own capital and earns from spread and market quality. We operate on a principal basis, which is why our incentives track the same metrics you are measuring us on.
How do CEX and DEX market making differ?
Centralised market making is order book work: you post bids and offers, manage queue position, and hedge inventory. On-chain market making is position work: you deposit into a pool across a price range and manage that range as price moves. The risks differ too, with impermanent loss and MEV specific to the on-chain side.
When should a project engage a market maker?
Two to three months before a token generation event. The desk needs time to understand the token structure and unlock schedule, complete venue integrations, size initial liquidity, and plan launch-day operations. Engaging in the final fortnight means deploying capital without any of that preparation.
How do you know your market maker is doing the job?
You measure it, continuously, against targets agreed in advance. Spread against a stated bps target, depth at a stated distance from mid, uptime, and venue-by-venue health. We give clients a live operating view of those metrics rather than a monthly summary, and our surveillance runs on the same books so manipulation is caught by the firm quoting them.
What you receive
- A live operating view of spread, depth, uptime and venue health, updated continuously rather than summarised monthly
- Agreed targets per venue, with the current reading shown against the target
- Surveillance exceptions raised on your book, including any originating from our own flow
- Terms disclosed in summary, including how we are compensated
How we engage
Engagements begin with a conversation about the instrument, the venues involved and what you are trying to achieve, followed by a written scope. Terms, including how we are compensated, are disclosed in summary before anything is signed.
We do not publish pricing, because scope varies enough that any number on a page would be wrong. Ask and we will tell you.
A desk that only reports monthly is asking you to take the intervening four weeks on trust. We would rather hand you the instruments and be measured continuously, because we are still quoting your book on Monday either way.