Quick answer: Evaluate a market maker on three things — how they charge (flat retainer, spread-based, or hybrid, with clear terms in writing), whether they trade only for your account or also run a proprietary desk alongside your flow, and what happens if you want to leave. Ask for real trading history on tokens comparable to yours, not just a pitch deck. Vague answers about fees, exit terms, or proprietary trading are the biggest red flag.

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What Actually Matters When Evaluating a Market Maker

Start with capital and coverage, not marketing copy. How much capital can they actually commit to your order book, how many venues do they cover, and how fast can they integrate on a new exchange listing. If you need spot, perpetuals, and options coverage, confirm they run all three — many providers are strong on spot and thin everywhere else.

Ask for real, checkable trading history on tokens similar to yours in size and liquidity profile. A provider that can only point to a slide deck of logos, without letting you verify actual performance, hasn't earned the benefit of the doubt yet.

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The Conflict of Interest Problem

Some market makers run a proprietary trading desk alongside their client business. That creates a real structural conflict: the same desk quoting tight, neutral markets on your behalf also has an incentive to trade against short-term moves for its own account. In the worst cases that means fading your own flow, or trading on information the desk picks up from managing your book.

Signs worth pressing on:

• Evasive answers about what share of their trading volume is proprietary versus client-driven.
• No segregation between the desk executing your mandate and any desk trading the firm's own book.
• No independent audit or third-party verification of trade separation.
• Reluctance to put a no-front-running commitment in writing.

Firms with nothing to hide usually answer these questions directly and put the answer in the contract.

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Where Fees Actually Hide

Market-making fee structures are rarely just "one flat number." The categories worth interrogating before you sign:

• Base retainer — confirm whether it's fixed or can escalate based on AUM, TVL, or volume triggers.
• Rebate/performance clawbacks — tiered structures that claw back a share of exchange rebates once certain activity thresholds are hit; get the exact definition of "activity" in writing.
• Setup and integration fees — one-time charges for onboarding to new venues; ask if these are bundled or billed separately per exchange.
• Tech and reporting fees — charges for dashboards, custom reporting, or "platform upgrades" that can appear as recurring add-ons.
• Termination fees — the cost and notice period to exit; short notice windows with steep penalties are a red flag.

Model the total cost over 12 months before signing, not just the headline monthly rate — escalators and add-ons are where budgets actually blow out.

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A Due Diligence Checklist Before You Sign

1. Ask for trading history on at least 2-3 comparable tokens, and verify it independently where possible (on-chain data, exchange order books).
2. Confirm the exchange integrations they claim — call the exchange if you need to.
3. Check regulatory/compliance standing relevant to the jurisdictions they and you operate in.
4. Get client references you can actually talk to, not just quotes provided by the vendor.
5. Understand exit terms before you need them — notice period, wind-down process, data handover.
6. Clarify exactly what triggers extra costs beyond the base fee.
7. Ask directly whether they run proprietary trading alongside client business, and get the answer in writing.

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Questions Worth Asking in the Interview

• Walk me through your worst loss on a client account and what changed afterward.
• What share of your total trading volume is proprietary versus client-driven?
• How do you handle a client token getting delisted mid-contract?
• What's your dispute resolution process, and what's the timeline?
• What insurance or coverage exists if something goes wrong operationally on your end?
• Can you share code samples or documentation for how custom risk parameters are set?

Specific, confident answers to these predict a lot about how a provider will actually behave once you're under contract.

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Where EasyMM Fits

EasyMM works CEX-side: transparent fee structure agreed upfront, no proprietary desk trading against client flow, and coverage across major centralized exchanges for spot and listing-stage liquidity. We're not the only legitimate option in this space — the checklist above applies whoever you evaluate, us included.

Frequently Asked Questions

How much does a crypto market maker typically cost?

It varies by structure — flat retainer, token allocation, spread-based, or a hybrid. There's no single market rate; get the exact structure and every trigger for additional cost in writing before comparing providers.

What's the single biggest red flag when choosing a market maker?

Evasiveness — vague answers about proprietary trading, fee escalators, or exit terms. A provider confident in its own practices will answer directly.

Should I choose a fixed fee or a performance-based fee?

Both structures can work. What matters more is understanding exactly what triggers additional costs under either model, and getting it in writing.

How long should a market-making contract run before I can exit?

Shorter initial terms with clear exit clauses are generally safer than long lock-ins, particularly with a new provider you haven't worked with before.

Evaluating market makers for an upcoming listing? Talk to EasyMM about a transparent, CEX-focused liquidity plan.