{"id":3697,"date":"2026-10-01T06:24:22","date_gmt":"2026-10-01T06:24:22","guid":{"rendered":"https:\/\/tdmm.io\/insights\/?p=3697"},"modified":"2026-10-01T07:13:52","modified_gmt":"2026-10-01T07:13:52","slug":"cex-vs-dex-market-making-in-2026","status":"publish","type":"post","link":"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/","title":{"rendered":"CEX vs DEX Market Making in 2026: How Each Works, What It Costs and Why TDMM Runs Both"},"content":{"rendered":"<h2 class=\"p1\"><b>The short answer<\/b><\/h2>\n<p class=\"p2\">CEX market making means quoting buy and sell limit orders on a centralised exchange&#8217;s order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in how price is set, who bears which risk, what the capital earns and what the exchange expects. TDMM&#8217;s live measurement on 30 September 2026 found Binance held about 8.5 times the ETH depth of the three largest Uniswap v3 ETH\/USDC pools combined, while DEX spot volume reached a record 24.2% of CEX spot volume in July. Most tokens that trade in both places need both services run as one book, which is why TDMM is the go-to CEX and DEX market maker for token projects.<\/p>\n<h2 class=\"p3\"><b>Key takeaways<\/b><\/h2>\n<ul class=\"ul1\">\n<li class=\"li4\">A <b>CEX market maker<\/b> posts limit orders on an exchange order book and earns the spread and maker rebates. Its main risks are inventory, adverse selection and the exchange itself. A <b>DEX market maker<\/b> supplies liquidity to a pool, a price range or an on-chain book. Its main risks are arbitrage loss, MEV, smart contract risk and ranges that fall off the price.<\/li>\n<li class=\"li4\">DEX trading is now a large share of the market. CoinDesk Data put DEX spot volume at $176 billion in July 2026 against $727 billion on centralised exchanges, which is 24.2% of CEX volume and 19.5% of the combined total, the highest share on record. Centralised exchanges still carry four times more spot volume than DEXs, and far more derivatives volume.<\/li>\n<li class=\"li4\">Order books hold more depth than pools on the same assets. On 30 September 2026 the ETH order book on Binance showed $38.4 million of two-sided depth within 1% of the price, against $4.5 million across the three largest Uniswap v3 ETH\/USDC pools. For LINK the gap narrowed to between 1.7 and 4.0 times.<\/li>\n<li class=\"li4\">Price impact follows depth. A $1 million ETH trade moved Binance&#8217;s book by 2.7 basis points on average and the largest Uniswap v3 ETH\/USDC pool by 63.2 basis points before fees, about 23 times more. At $100,000 the all-in cost, including fees, was almost identical on the two venues.<\/li>\n<li class=\"li4\">A full-range constant-product pool needs about 100 times the capital of an order book for the same depth within 2%. Concentration narrows the gap, and then someone has to keep the range on the price.<\/li>\n<li class=\"li4\">Passive DEX liquidity pays arbitrageurs. For a constant-product pool the loss equals volatility squared divided by eight each year, 34.4% at the 166% volatility TDMM measured for new listings. Fees cover it only when a pool turns over 31% of its value a day at a 0.3% fee.<\/li>\n<li class=\"li4\">The rules differ too. On centralised exchanges, Binance&#8217;s March 2026 guidelines ask token issuers to disclose their market maker and ban profit-sharing and guaranteed-return deals. On DEXs the exposure is technical: MEV, gas, exploits and stale ranges.<\/li>\n<li class=\"li4\">Most tokens end up needing both, run from one reference price, one inventory and one risk limit. A token in a single DEX pool with no exchange listing planned can start with managed DEX liquidity alone.<\/li>\n<\/ul>\n<figure id=\"attachment_3701\" aria-describedby=\"caption-attachment-3701\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3701\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-300x169.png\" alt=\"Panel of nine numbers comparing CEX and DEX market making, including DEX spot volume at 24.2% of CEX volume, Binance holding about 8.5 times the ETH depth of three Uniswap v3 pools, and a 100 times capital gap for full-range pools.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3701\" class=\"wp-caption-text\">Nine numbers behind the CEX vs DEX market making decision. Sources as dated in the panel.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Panel of nine numbers comparing CEX and DEX market making, including DEX spot volume at 24.2% of CEX volume, Binance holding about 8.5 times the ETH depth of three Uniswap v3 pools, and a 100 times capital gap for full-range pools.<\/i><\/p>\n<h2 class=\"p9\"><b>CEX vs DEX market making at a glance<\/b><\/h2>\n<figure id=\"attachment_3702\" aria-describedby=\"caption-attachment-3702\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3702\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-300x169.png\" alt=\"Side-by-side comparison of CEX market making and DEX market making across how price is set, what the market maker posts, capital, main risks, costs, compliance, reporting and best fit.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3702\" class=\"wp-caption-text\">The comparison most guides skip: capital, risk and cost on each side. Figures from TDMM&#8217;s measurements in this article.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Side-by-side comparison of CEX market making and DEX market making across how price is set, what the market maker posts, capital, main risks, costs, compliance, reporting and best fit.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td1\" valign=\"top\"><\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p11\"><b>CEX market making<\/b><\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p11\"><b>DEX market making<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p12\">How price is set<\/p>\n<\/td>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p12\">Limit orders on a central order book, matched by the exchange<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p12\">A pool formula, a concentrated range, an on-chain order book or a proprietary quoting engine<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p12\">What the market maker posts<\/p>\n<\/td>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p12\">Bids and offers on both sides, refreshed many times a second<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p12\">Liquidity in a pool or range, or on-chain orders, repriced block by block<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p12\">Capital for $10,000 a side within 2%<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p12\">About $20,000 of resting orders, plus inventory to refill them<\/p>\n<\/td>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p12\">About $2.01 million in a full-range pool; about $98,000 in a concentrated range of plus or minus 10% kept on the price<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p12\">Main risks<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p12\">Inventory, adverse selection, exchange and API risk<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p12\">Loss-versus-rebalancing, MEV, contract risk, stale ranges<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p12\">Who sets the obligation<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p12\">The project&#8217;s contract, and increasingly the exchange<\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p12\">The project&#8217;s contract; the pool enforces nothing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p12\">Direct costs<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p12\">Retainer or token loan, exchange fees and rebates<\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p12\">Gas, pool fees earned and paid, management fee<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p12\">Compliance surface<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p12\">Exchange disclosure rules, market abuse law<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p12\">MEV and smart contract exposure, plus market abuse law<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p12\">Reporting<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p12\">Spread, depth and uptime on the exchange&#8217;s own data<\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p12\">Range position, depth and fees from public on-chain data<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p12\">Best for<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p12\">Any token listed on a centralised exchange<\/p>\n<\/td>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p12\">DEX-native tokens and every token&#8217;s on-chain pools<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">The rest of this guide explains each row, shows the arithmetic and adds TDMM&#8217;s live measurements of where the depth sits.<\/p>\n<h2 class=\"p1\"><b>What is CEX market making?<\/b><\/h2>\n<p class=\"p6\">CEX market making is the continuous posting of buy and sell limit orders for a token on a centralised exchange, with inventory held on both sides, so anyone can trade at a visible price at any moment. A <b>CEX market maker<\/b> connects to the exchange&#8217;s API, places and cancels orders from one reference price, and keeps the spread tight, the depth adequate and the quotes live.<\/p>\n<p class=\"p6\">For a token project the relationship is a contract with measurable terms: the maximum spread, the minimum depth within 1% or 2% of the price, and the share of the time the quotes must be live, set for each exchange. The market maker earns the spread between its bids and offers, plus any maker rebates the exchange pays. It carries the risk that the price moves against the inventory it holds and that better-informed traders pick off stale quotes. TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\"><span class=\"s1\">how market making works in crypto exchanges<\/span><\/a> covers the mechanics from first principles.<\/p>\n<p class=\"p2\">Three features make CEX market making distinct. The exchange matches orders, so the market maker can see the whole book and cancel within milliseconds. The exchange also sets the rules: fee tiers, API limits, market maker programmes and, since March 2026 at Binance, disclosure requirements for issuers. And the market maker&#8217;s capital works efficiently, because a resting order costs nothing until it trades. The same $10,000 of depth on each side within 2% takes about $20,000 of resting orders.<\/p>\n<h2 class=\"p1\"><b>What is DEX market making?<\/b><\/h2>\n<p class=\"p6\">DEX market making is the supply and management of liquidity on decentralised exchanges: choosing where the capital sits, at what prices, and how often it moves. A <b>DEX market maker<\/b> does what a CEX market maker does, keeps a two-sided market at an agreed standard, but through smart contracts rather than an exchange&#8217;s matching engine.<\/p>\n<p class=\"p6\">The mechanism depends on the venue. On a constant-product pool such as Uniswap v2 or PumpSwap, liquidity spreads across every price and the formula sets the quote. On a concentrated-liquidity pool such as Uniswap v3 and v4, PancakeSwap v3, Aerodrome or Orca, the market maker chooses a price range and places its capital inside it. On an on-chain order book such as Hyperliquid or Manifest on Solana, it posts limit orders like a CEX market maker, settled on-chain. On the newest venues, proprietary AMMs on Solana quote from the market maker&#8217;s own pricing engine.<\/p>\n<p class=\"p13\">What makes it market making rather than passive liquidity provision is management and obligation. A passive depositor owes the token nothing and can withdraw at any moment. A DEX market maker moves ranges when the price moves, keeps pools on the same price as the order books, widens under stress and reports what it delivered. TDMM&#8217;s comparison of <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\"><span class=\"s1\">crypto market makers and liquidity providers<\/span><\/a> sets out that distinction in detail.<\/p>\n<h2 class=\"p14\"><b>The five DEX liquidity designs a market maker works with<\/b><\/h2>\n<figure id=\"attachment_3705\" aria-describedby=\"caption-attachment-3705\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3705\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-300x169.png\" alt=\"Table of five DEX liquidity designs, constant-product pools, concentrated liquidity, on-chain order books, proprietary AMMs and intent or RFQ routing, with how each quotes, what the market maker manages and where it is used.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3705\" class=\"wp-caption-text\">Five ways a DEX quotes a price. The design decides what the market maker has to manage.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Table of five DEX liquidity designs, constant-product pools, concentrated liquidity, on-chain order books, proprietary AMMs and intent or RFQ routing, with how each quotes, what the market maker manages and where it is used.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p11\"><b>Design<\/b><\/p>\n<\/td>\n<td class=\"td17\" valign=\"top\">\n<p class=\"p11\"><b>How it quotes<\/b><\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p11\"><b>What the market maker manages<\/b><\/p>\n<\/td>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p11\"><b>Where it is used<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p12\">Constant-product pool<\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p12\">Formula on two reserves; liquidity at every price<\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p12\">Pool size, fee tier, pricing across venues<\/p>\n<\/td>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p12\">Uniswap v2 style pools, PumpSwap, launchpad graduations<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p12\">Concentrated liquidity<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p12\">Capital inside a chosen price range<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p12\">Range width, re-centring, gas, hedging<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p12\">Uniswap v3 and v4, PancakeSwap v3, Aerodrome, Orca, Meteora<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p12\">On-chain order book<\/p>\n<\/td>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p12\">Limit orders settled on-chain<\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p12\">Quotes, cancels, inventory, as on a CEX<\/p>\n<\/td>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p12\">Hyperliquid, Manifest, dYdX<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p12\">Proprietary AMM<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p12\">The market maker&#8217;s own engine updates the quote<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p12\">Pricing model, inventory, update frequency<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p12\">Solana: HumidiFi, Tessera V, BisonFi, GoonFi, SolFi<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p12\">Intent and RFQ routing<\/p>\n<\/td>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p12\">Solvers or market makers answer requests for quotes<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">Quote responses, settlement<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p12\">CoW Protocol, UniswapX, aggregators<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p7\">Hyperliquid&#8217;s HIP-2 shows how the lines are blurring. Its documentation describes HIP-2 Hyperliquidity as a fully on-chain liquidity mechanism for HIP-1 tokens, inspired by Uniswap but interoperating with a native on-chain order book, which quotes a ladder of orders about 0.3% apart and updates every block. A DEX market maker on Hyperliquid can post alongside it like any other participant.<\/p>\n<h2 class=\"p1\"><b>Where the volume sits in 2026: CEX vs DEX market share<\/b><\/h2>\n<p class=\"p7\">Centralised exchanges still carry most of the volume, and DEXs are taking a larger share of it. CoinDesk Data&#8217;s July 2026 exchange review put combined centralised exchange volume, spot and derivatives, at $3.76 trillion, the lowest month since November 2023. CEX spot volume was $727 billion, down 31.2% on June, and its lowest since October 2023. DEX spot volume was $176 billion, down 9.82%, which lifted the DEX share of spot trading to a record 19.5%.<\/p>\n<figure id=\"attachment_3703\" aria-describedby=\"caption-attachment-3703\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3703\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-300x169.png\" alt=\"Two-panel chart: CEX spot volume of $727 billion against DEX spot volume of $176 billion in July 2026, and DEX spot volume as a share of CEX spot volume of 18.6% in February, 16.7% in March and 24.2% in July 2026.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3703\" class=\"wp-caption-text\">DEX spot volume reached a record 24.2% of CEX spot volume in July 2026. Source: CoinDesk Data exchange reviews, TDMM calculation.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Two-panel chart: CEX spot volume of $727 billion against DEX spot volume of $176 billion in July 2026, and DEX spot volume as a share of CEX spot volume of 18.6% in February, 16.7% in March and 24.2% in July 2026.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p11\"><b>Month, 2026<\/b><\/p>\n<\/td>\n<td class=\"td37\" valign=\"top\">\n<p class=\"p11\"><b>CEX spot volume<\/b><\/p>\n<\/td>\n<td class=\"td37\" valign=\"top\">\n<p class=\"p11\"><b>DEX spot volume<\/b><\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p11\"><b>DEX as share of CEX volume<\/b><\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p11\"><b>DEX share of combined spot<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p12\">February<\/p>\n<\/td>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p12\">$1.50 trillion<\/p>\n<\/td>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p12\">$278.6 billion (derived)<\/p>\n<\/td>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p12\">18.6%<\/p>\n<\/td>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p12\">15.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p12\">March<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p12\">$1.27 trillion<\/p>\n<\/td>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p12\">$212 billion<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p12\">16.7%<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p12\">14.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p12\">July<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p12\">$727 billion<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p12\">$176 billion<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p12\">24.2%<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p12\">19.5%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\"><i>February&#8217;s DEX figure is derived from the March review&#8217;s statement that DEX spot volume fell 23.9% to $212 billion. The two shares are different measures: one divides DEX volume by CEX volume, the other by the total. Reports quote both, and they are easy to confuse.<\/i><\/p>\n<p class=\"p6\">Two points matter for anyone comparing the venues. The record share came partly from CEX volume falling faster than DEX volume, so it says as much about centralised exchanges cooling as about DEXs growing. And the same review put derivatives at $3.03 trillion on centralised exchanges, four times their spot volume, with DEX futures at a 14.9% share. Spot is where most token projects live, and spot is where the two venues compete most directly.<\/p>\n<p class=\"p7\">Activity on DEXs also concentrates in a few designs. On DefiLlama&#8217;s 1 October 2026 data, Uniswap v3 and v4 together processed $91.4 billion over 30 days ($48.3 billion and $43.1 billion), which shows how far liquidity has moved to v4, and on Solana the five named proprietary AMMs alone carried $20.3 billion of the chain&#8217;s $74.3 billion.<\/p>\n<p class=\"p6\"><i>Horizontal bar chart of Solana DEX volume over 30 days by liquidity design as of 1 October 2026: five proprietary AMMs $20.3 billion, PumpSwap and Raydium AMMs $24.3 billion, Orca and Meteora DLMM $13.6 billion, Manifest on-chain order book $3.9 billion and all other $12.2 billion.<\/i><\/p>\n<figure id=\"attachment_3706\" aria-describedby=\"caption-attachment-3706\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3706\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-300x169.png\" alt=\"Horizontal bar chart of Solana DEX volume over 30 days by liquidity design as of 1 October 2026: five proprietary AMMs $20.3 billion, PumpSwap and Raydium AMMs $24.3 billion, Orca and Meteora DLMM $13.6 billion, Manifest on-chain order book $3.9 billion and all other $12.2 billion.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3706\" class=\"wp-caption-text\">On Solana, proprietary AMMs already carry more than a quarter of DEX volume. Source: DefiLlama, 1 October 2026, TDMM grouping.<\/figcaption><\/figure>\n<p class=\"p7\">A DEX market maker on Solana is therefore not only managing pools. It may be quoting from its own engine, or competing with engines that do. TDMM&#8217;s shortlist of the <a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\"><span class=\"s1\">best DEX market makers<\/span><\/a> and its guide for <a href=\"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\"><span class=\"s1\">Solana tokens<\/span><\/a> cover who does what.<\/p>\n<h2 class=\"p15\"><b>How CEX and DEX market making differ: four differences that decide the work<\/b><\/h2>\n<h3 class=\"p16\"><b>1. How the price is formed<\/b><\/h3>\n<p class=\"p7\">On a CEX the market maker <b>sets<\/b> the price by choosing where to post orders. Nothing trades until someone crosses the spread, and the market maker can move its quotes at any time, limited only by the exchange&#8217;s rate limits. On a DEX pool the <b>formula<\/b> sets the price from the ratio of the pool&#8217;s reserves. The liquidity provider chooses a range, and after that it is a passenger. The price moves when someone trades against the pool and only then, which means a pool quotes a stale price until an arbitrageur corrects it.<\/p>\n<figure id=\"attachment_3704\" aria-describedby=\"caption-attachment-3704\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3704\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-300x169.png\" alt=\"Diagram contrasting an order book, where a market maker posts bids and offers at chosen prices, with a constant-product pool curve and a concentrated liquidity range, where the formula sets the price.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3704\" class=\"wp-caption-text\">An order book posts prices. A pool curve is a price for every trade size, set by its reserves.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Diagram contrasting an order book, where a market maker posts bids and offers at chosen prices, with a constant-product pool curve and a concentrated liquidity range, where the formula sets the price.<\/i><\/p>\n<h3 class=\"p16\"><b>2. Who bears which risk<\/b><\/h3>\n<p class=\"p6\">A CEX market maker&#8217;s central risk is <b>adverse selection<\/b>: a better-informed trader hits a stale quote just before the price moves. It manages that by repricing faster than the flow, widening when volatility rises, skewing quotes when inventory builds and hedging on perpetuals. Its other risks sit outside the book, in the exchange&#8217;s API limits, downtime and solvency.<\/p>\n<p class=\"p13\">A DEX market maker faces the same informed flow through a different lens. Milionis, Moallemi, Roughgarden and Zhang formalised it in 2022 as <b>loss-versus-rebalancing (LVR)<\/b>: what a pool loses compared with a trader who rebalances at market prices. For a constant-product pool it equals volatility squared divided by eight per year, as a share of the pool&#8217;s value. A market maker quoting its own book can do something about stale quotes. A passive pool cannot.<\/p>\n<h3 class=\"p16\"><b>3. Speed, cost and MEV<\/b><\/h3>\n<p class=\"p6\">CEX quoting is a latency game measured in milliseconds, bounded by exchange rate limits. DEX quoting is bounded by block time and competes with other on-chain actors for position in the block. Gas has become a small cost on Ethereum mainnet: TDMM measured a gas price of 0.27 gwei on 30 September 2026, which puts a 150,000-gas swap at about $0.11. It is larger on congested chains and for strategies that rebalance often.<\/p>\n<p class=\"p13\">The larger on-chain cost is <b>MEV<\/b>, value extracted by the actors who order transactions. EigenPhi data reported by Cointelegraph shows Ethereum sandwich extraction falling from nearly $10 million a month in late 2024 to about $2.5 million by October 2025, while the count of attacks held at 60,000 to 90,000 a month and traders lost about $60 million over the year. Liquidity providers are not the victims of a sandwich, but the traders whose flow they serve are, and thin pools make sandwiches easier.<\/p>\n<h3 class=\"p16\"><b>4. Obligations and oversight<\/b><\/h3>\n<p class=\"p7\">On a centralised exchange the listing team can ask who is quoting its book. On 25 March 2026 Binance published guidelines telling token projects to disclose their market maker&#8217;s identity, legal entity and contract terms, to state how loaned tokens may be used, and not to enter profit-sharing or guaranteed-return arrangements. It named selling that conflicts with release schedules, one-sided trading and volume that inflates without natural price movement as misconduct, and said it would act against it, including by blacklisting market makers. A DEX has no listing team. The pool enforces nothing, which leaves the standard to the project&#8217;s own contract.<\/p>\n<h2 class=\"p1\"><b>Live measurement: how deep are CEX order books and DEX pools?<\/b><\/h2>\n<p class=\"p7\">TDMM measured it. <b>Method.<\/b> Between 19:28 and 19:35 UTC on 30 September 2026 we captured full order books for ETH and LINK from Binance, OKX, Kraken and Coinbase, and the Hyperliquid perpetual book for both. We read the three largest Uniswap v3 ETH\/USDC pools and the three largest LINK pools directly from the chain, including every initialised tick within 3% of the price, and computed the trade size needed to move the price by 0.5%, 1% and 2% in each direction, ignoring fees. Depth here is the sum of both sides within 1% of the mid price.<\/p>\n<figure id=\"attachment_3707\" aria-describedby=\"caption-attachment-3707\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3707\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-300x169.png\" alt=\"Horizontal bar chart of two-sided ETH depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $125.4 million, Binance $38.4 million, Kraken $27.2 million, OKX $18.5 million, Coinbase $12.2 million, three Uniswap v3 pools $4.5 million and the largest Uniswap v3 pool $1.6 million.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3707\" class=\"wp-caption-text\">ETH depth within 1% of the price: order books against Uniswap v3. Source: TDMM measurement, 30 Sep 2026, 19:28 to 19:35 UTC.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Horizontal bar chart of two-sided ETH depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $125.4 million, Binance $38.4 million, Kraken $27.2 million, OKX $18.5 million, Coinbase $12.2 million, three Uniswap v3 pools $4.5 million and the largest Uniswap v3 pool $1.6 million.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>ETH, two-sided depth within 1%<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Bid side<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Ask side<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Total<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">Hyperliquid perpetual<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$62.3M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$63.1M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$125.4M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">Binance<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$31.6M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$6.8M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$38.4M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">Kraken<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$13.4M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$13.7M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$27.2M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">OKX<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$12.0M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$6.5M<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">$18.5M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p12\">Coinbase<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p12\">$7.5M<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p12\">$4.7M<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p12\">$12.2M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p12\">Uniswap v3, three ETH\/USDC pools aligned<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p12\">$2.1M<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p12\">$2.4M<\/p>\n<\/td>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p12\">$4.5M<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p12\">Uniswap v3, largest pool (0.05% fee)<\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p12\">$0.79M<\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p12\">$0.78M<\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p12\">$1.6M<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\">For ETH, the most liquid token after Bitcoin, the spot order books on the four exchanges were between 2.7 and 8.5 times as deep within 1% as the three largest Uniswap v3 pools together, and Binance was 24 times as deep as the largest pool alone. Hyperliquid&#8217;s perpetual book, an on-chain order book that holds margin rather than spot inventory, was deeper still. The largest pool&#8217;s liquidity-provider capital was $98 million by GeckoTerminal&#8217;s count, so less than 1% of it sat within 1% of the price on each side. The rest was in ranges further away.<\/p>\n<p class=\"p7\">The gap narrows for a mid-cap token. LINK is a large, widely listed token whose DEX liquidity is split across many pools.<\/p>\n<figure id=\"attachment_3708\" aria-describedby=\"caption-attachment-3708\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3708\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-300x169.png\" alt=\"Horizontal bar chart of two-sided LINK depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $3.4 million, Kraken $2.4 million, Coinbase $1.5 million, OKX $1.1 million, Binance $1.0 million, three Uniswap v3 pools $0.6 million.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3708\" class=\"wp-caption-text\">LINK depth within 1% of the price. Source: TDMM measurement, 30 Sep 2026, 19:28 to 19:35 UTC.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Horizontal bar chart of two-sided LINK depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $3.4 million, Kraken $2.4 million, Coinbase $1.5 million, OKX $1.1 million, Binance $1.0 million, three Uniswap v3 pools $0.6 million.<\/i><\/p>\n<p class=\"p7\">The four spot exchanges showed between 1.7 and 4.0 times the two-sided depth of the three largest Uniswap v3 LINK pools combined. LINK&#8217;s liquidity is split across pools: the LINK\/WETH 0.3% pool, a 0.05% pool, a USDC pool and Uniswap v4 pools, so a trader or a market maker sees several thin markets where the exchange offers one. That fragmentation is the part of DEX market making a pool cannot solve for itself.<\/p>\n<figure id=\"attachment_3709\" aria-describedby=\"caption-attachment-3709\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3709\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-300x169.png\" alt=\"Two-panel line chart of average price impact before fees against trade size. ETH: at $1 million Binance 2.7 basis points, Kraken 3.0, Coinbase 5.0 and the largest Uniswap v3 pool 63.2. LINK: at $100,000 Binance 7.9, Kraken 6.5, Coinbase 11.6 and the largest Uniswap v3 pool 18.0.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3709\" class=\"wp-caption-text\">Price impact before fees, average of buys and sells. Source: TDMM measurement, 30 Sep 2026.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Two-panel line chart of average price impact before fees against trade size. ETH: at $1 million Binance 2.7 basis points, Kraken 3.0, Coinbase 5.0 and the largest Uniswap v3 pool 63.2. LINK: at $100,000 Binance 7.9, Kraken 6.5, Coinbase 11.6 and the largest Uniswap v3 pool 18.0.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Trade size<\/b><\/p>\n<\/td>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Binance<\/b><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p11\"><b>Kraken<\/b><\/p>\n<\/td>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Coinbase<\/b><\/p>\n<\/td>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Uniswap v3, largest pool<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">ETH, $100,000<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">0.2 bps<\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p12\">0.6 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">1.3 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">6.3 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">ETH, $1,000,000<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">2.7 bps<\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p12\">3.0 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">5.0 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">63.2 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">LINK, $100,000<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">7.9 bps<\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p12\">6.5 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">11.6 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">18.0 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">LINK, $500,000<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">35.4 bps<\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p12\">22.2 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">25.9 bps<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">89.9 bps<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p13\"><i>Price impact is the average execution price against the mid price, averaged over buying and selling. The Uniswap figure excludes the pool&#8217;s fee; ETH uses the 0.05% ETH\/USDC pool and LINK the 0.3% LINK\/WETH pool. One basis point is 0.01%.<\/i><\/p>\n<h2 class=\"p16\"><b>What a trade costs once fees are counted<\/b><\/h2>\n<p class=\"p7\">Price impact is one part of a trader&#8217;s cost. Fees and gas are the others, and they change the comparison.<\/p>\n<figure id=\"attachment_3710\" aria-describedby=\"caption-attachment-3710\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3710\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-300x169.png\" alt=\"Stacked bar chart of the all-in cost of a trade in basis points, split into price impact, fee and gas, for ETH at $100,000 and $1 million and LINK at $100,000 and $500,000 on Binance and the largest Uniswap v3 pool.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3710\" class=\"wp-caption-text\">All-in cost: Binance&#8217;s 0.10% base-tier taker fee against the largest Uniswap v3 pool&#8217;s own fee. Source: TDMM measurement and calculation, 30 Sep 2026.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Stacked bar chart of the all-in cost of a trade in basis points, split into price impact, fee and gas, for ETH at $100,000 and $1 million and LINK at $100,000 and $500,000 on Binance and the largest Uniswap v3 pool.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Trade<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Binance all-in<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Uniswap v3 all-in<\/b><\/p>\n<\/td>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p11\"><b>Of which, Uniswap fee<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">ETH, $100,000<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">10.2 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">11.3 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">5 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">ETH, $1,000,000<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">12.7 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">68.2 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">5 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">LINK, $100,000<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">17.9 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">48.0 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">30 bps<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">LINK, $500,000<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">45.4 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">119.9 bps<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p12\">30 bps<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\"><i>Binance uses its 0.10% base-tier spot taker fee; market makers and higher-volume accounts pay less. Uniswap uses the pool&#8217;s own fee tier plus gas of about $0.11 a swap. A router can split a trade across several pools and lower the impact.<\/i><\/p>\n<p class=\"p7\">At $100,000 on ETH the two venues cost almost the same, which is why DEX volume in large pairs is rising. By $1 million the order book is five times cheaper. On a mid-cap token with a 0.3% pool fee, the order book is the cheaper venue at both sizes. A project that wants traders to get a good price on the venue they already use needs depth on both.<\/p>\n<h2 class=\"p1\"><b>Capital efficiency: why a pool needs far more money for the same depth<\/b><\/h2>\n<p class=\"p6\">Depth is the dollar value a token can absorb before its price moves by a set amount. CoinMarketCap and CoinGecko display it at 2% of the mid price, so listing teams and communities look at it.<\/p>\n<p class=\"p7\">In a constant-product pool, lifting the price by 2% takes about 0.995% of the pool&#8217;s stablecoin side. So $10,000 of buying capacity within 2% needs a stablecoin reserve of about $1.005 million, and a pool worth about $2.01 million once the token side is counted. On an order book, $10,000 on each side is $20,000 of resting orders.<\/p>\n<figure id=\"attachment_3711\" aria-describedby=\"caption-attachment-3711\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3711\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-300x169.png\" alt=\"Bar chart on a log scale of capital needed to hold $10,000 of depth per side within 2% of the price: $2.01 million in a full-range pool, $479,000 in a plus or minus 50% concentrated range, $241,000 at plus or minus 25%, $98,000 at plus or minus 10%, $50,000 at plus or minus 5% and $20,000 of resting orders on an order book.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3711\" class=\"wp-caption-text\">The capital gap between pool designs and an order book. Source: TDMM model.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Bar chart on a log scale of capital needed to hold $10,000 of depth per side within 2% of the price: $2.01 million in a full-range pool, $479,000 in a plus or minus 50% concentrated range, $241,000 at plus or minus 25%, $98,000 at plus or minus 10%, $50,000 at plus or minus 5% and $20,000 of resting orders on an order book.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td53\" valign=\"top\">\n<p class=\"p11\"><b>Liquidity design<\/b><\/p>\n<\/td>\n<td class=\"td54\" valign=\"top\">\n<p class=\"p11\"><b>Capital for $10,000 a side within 2%<\/b><\/p>\n<\/td>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Multiple of the order book<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td55\" valign=\"top\">\n<p class=\"p12\">Full-range pool (Uniswap v2 style)<\/p>\n<\/td>\n<td class=\"td56\" valign=\"top\">\n<p class=\"p12\">$2,009,950<\/p>\n<\/td>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p12\">100.5x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p12\">Concentrated, plus or minus 50% range<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p12\">$478,767<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p12\">23.9x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p12\">Concentrated, plus or minus 25% range<\/p>\n<\/td>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p12\">$240,739<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p12\">12.0x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p12\">Concentrated, plus or minus 10% range<\/p>\n<\/td>\n<td class=\"td61\" valign=\"top\">\n<p class=\"p12\">$98,341<\/p>\n<\/td>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p12\">4.9x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p12\">Concentrated, plus or minus 5% range<\/p>\n<\/td>\n<td class=\"td58\" valign=\"top\">\n<p class=\"p12\">$49,666<\/p>\n<\/td>\n<td class=\"td59\" valign=\"top\">\n<p class=\"p12\">2.5x<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td63\" valign=\"top\">\n<p class=\"p12\">Order book market maker<\/p>\n<\/td>\n<td class=\"td64\" valign=\"top\">\n<p class=\"p12\">$20,000 of resting orders<\/p>\n<\/td>\n<td class=\"td65\" valign=\"top\">\n<p class=\"p12\">1.0x<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\">The order book figure is resting inventory only. A market maker holds more so it can refill quotes after trades, and has to hold it on every venue. And the concentrated figures hold only while the price stays inside the range, which is where passive liquidity breaks down for a new token. TDMM measured 750 new listings at a median annualised volatility of 166%, and at that level a plus or minus 10% range has a 66% chance of ending a week off the price if nobody moves it. Moving it is DEX market making.<\/p>\n<p class=\"p7\">TDMM&#8217;s own measurement of 721 listed small and mid-cap tokens on 28 September 2026 confirmed the model. Where a token&#8217;s DEX liquidity sat in constant-product pools, a median $320,560 of pool capital delivered $3,203 of depth within 2%, against $2,577 on the token&#8217;s single Gate order book. The full study is in TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\"><span class=\"s1\">market makers and liquidity providers<\/span><\/a>.<\/p>\n<h2 class=\"p1\"><b>The economics of DEX liquidity: fees, arbitrage and what the record shows<\/b><\/h2>\n<p class=\"p6\">A DEX pool earns swap fees and pays arbitrageurs. Whether it pays for itself depends on volatility, fee tier and how often the pool turns over.<\/p>\n<p class=\"p7\">Loss-versus-rebalancing for a constant-product pool is volatility squared over eight per year. At 45% volatility, roughly Bitcoin, that is 2.5% of pool value a year. At 80%, a large-cap altcoin, it is 8.0%. At the 166% median for new listings it is 34.4%, and at the 218% upper quartile 59.4%. Fees offset it in proportion to volume. Dividing the loss by the fee rate gives the <b>breakeven turnover<\/b>: the share of the pool&#8217;s value that has to trade each day for fees to match arbitrage losses.<\/p>\n<figure id=\"attachment_3712\" aria-describedby=\"caption-attachment-3712\" style=\"width: 941px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3712\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-300x169.png\" alt=\"Heat map of the daily volume as a share of pool value that a constant-product pool needs for fees to cover arbitrage losses, by token volatility from 45% to 218% and fee tier from 0.01% to 1%. At 166% volatility and a 0.3% fee the figure is 31.5% a day.\" width=\"941\" height=\"530\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap.png 1920w\" sizes=\"auto, (max-width: 941px) 100vw, 941px\" \/><figcaption id=\"caption-attachment-3712\" class=\"wp-caption-text\">Breakeven daily turnover for a constant-product pool, as a percentage of pool value. Source: TDMM calculation from Milionis et al. (2022).<\/figcaption><\/figure>\n<p class=\"p6\"><i>Heat map of the daily volume as a share of pool value that a constant-product pool needs for fees to cover arbitrage losses, by token volatility from 45% to 218% and fee tier from 0.01% to 1%. At 166% volatility and a 0.3% fee the figure is 31.5% a day.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p11\"><b>Token volatility<\/b><\/p>\n<\/td>\n<td class=\"td67\" valign=\"top\">\n<p class=\"p11\"><b>LVR per year<\/b><\/p>\n<\/td>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p11\"><b>0.01% fee<\/b><\/p>\n<\/td>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p11\"><b>0.05% fee<\/b><\/p>\n<\/td>\n<td class=\"td68\" valign=\"top\">\n<p class=\"p11\"><b>0.3% fee<\/b><\/p>\n<\/td>\n<td class=\"td66\" valign=\"top\">\n<p class=\"p11\"><b>1% fee<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">45%<\/p>\n<\/td>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p12\">2.5%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">69.3%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">13.9%<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p12\">2.3%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">0.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">80%<\/p>\n<\/td>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p12\">8.0%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">219.2%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">43.8%<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p12\">7.3%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">2.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">128%<\/p>\n<\/td>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p12\">20.5%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">561.1%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">112.2%<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p12\">18.7%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">5.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">166%<\/p>\n<\/td>\n<td class=\"td70\" valign=\"top\">\n<p class=\"p12\">34.4%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">943.7%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">188.7%<\/p>\n<\/td>\n<td class=\"td71\" valign=\"top\">\n<p class=\"p12\">31.5%<\/p>\n<\/td>\n<td class=\"td69\" valign=\"top\">\n<p class=\"p12\">9.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p12\">218%<\/p>\n<\/td>\n<td class=\"td73\" valign=\"top\">\n<p class=\"p12\">59.4%<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p12\">1,627.5%<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p12\">325.5%<\/p>\n<\/td>\n<td class=\"td74\" valign=\"top\">\n<p class=\"p12\">54.3%<\/p>\n<\/td>\n<td class=\"td72\" valign=\"top\">\n<p class=\"p12\">16.3%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\"><i>Daily volume as a share of pool value needed for fees to equal LVR. The formula is for constant-product pools; concentrated positions lose more per dollar of capital while in range.<\/i><\/p>\n<p class=\"p13\">The table explains the fee tiers. A low-fee pool works for stable, high-turnover pairs. A volatile new token needs a 0.3% or 1% tier and still needs heavy volume. It also explains why market makers price DEX work differently from CEX work: on an order book a market maker can widen when volatility rises, and on a pool only the fee tier and the range respond.<\/p>\n<h2 class=\"p16\"><b>What the Uniswap v3 record shows<\/b><\/h2>\n<p class=\"p7\">The best-known empirical test came from Bancor&#8217;s research team. Loesch, Hindman, Richardson and Welch analysed 17 Uniswap v3 pools covering 43% of the protocol&#8217;s value locked, from launch in May 2021 to a September 2021 cut-off. The pools earned $199.3 million in fees and suffered $260.1 million of impermanent loss, leaving liquidity providers $60.8 million worse off than if they had simply held the assets.<\/p>\n<figure id=\"attachment_3713\" aria-describedby=\"caption-attachment-3713\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3713\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-300x169.png\" alt=\"Bar chart comparing $199.3 million of fees earned with $260.1 million of impermanent loss across 17 Uniswap v3 pools from launch to September 2021, with a tile showing liquidity providers $60.8 million worse off than holding.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3713\" class=\"wp-caption-text\">Fees did not cover the loss across 17 pools. Source: Loesch et al., &#8220;Impermanent Loss in Uniswap v3&#8221;, arXiv 2111.09192, 17 Nov 2021.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Bar chart comparing $199.3 million of fees earned with $260.1 million of impermanent loss across 17 Uniswap v3 pools from launch to September 2021, with a tile showing liquidity providers $60.8 million worse off than holding.<\/i><\/p>\n<p class=\"p6\">A separate 2022 paper by Heimbach, Schertenleib and Wattenhofer reached a similar conclusion about skill, finding that simple strategies in low-volatility pools earn modest, steady profits and that &#8220;providing liquidity has become a game reserved for sophisticated players&#8221;, where retail participants &#8220;do not stand a chance&#8221;. The study covers one protocol version in one period, much of it on large, liquid pairs. New tokens are more volatile, which on the LVR arithmetic makes the picture worse, not better.<\/p>\n<p class=\"p7\">Newer designs try to address the problem. Uniswap v4 cut the gas cost of creating a pool by up to 99% and of native ETH swaps by 15%, according to Acheron Trading&#8217;s review from a market maker&#8217;s perspective, and its hooks let a pool change fees with volatility or return MEV to liquidity providers. The same review records the cost of that flexibility: the Bunni hooks exploit lost about $8.3 million. Each new design gives a DEX market maker more to tune and more to audit.<\/p>\n<h2 class=\"p9\"><b>Risk and compliance: what each side has to manage<\/b><\/h2>\n<figure id=\"attachment_3714\" aria-describedby=\"caption-attachment-3714\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3714\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-300x169.png\" alt=\"Table of CEX market making risks, inventory, adverse selection, exchange and API, compliance, against DEX market making risks, loss-versus-rebalancing, MEV, contract risk and stale ranges, with how a market maker manages each.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3714\" class=\"wp-caption-text\">Each venue has its own risk map. A market maker has to manage both on one book.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Table of CEX market making risks, inventory, adverse selection, exchange and API, compliance, against DEX market making risks, loss-versus-rebalancing, MEV, contract risk and stale ranges, with how a market maker manages each.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td75\" valign=\"top\">\n<p class=\"p11\"><b>Risk<\/b><\/p>\n<\/td>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p11\"><b>CEX<\/b><\/p>\n<\/td>\n<td class=\"td76\" valign=\"top\">\n<p class=\"p11\"><b>DEX<\/b><\/p>\n<\/td>\n<td class=\"td77\" valign=\"top\">\n<p class=\"p11\"><b>How a market maker manages it<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p12\">Adverse selection<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Stale quotes picked off<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Arbitrage against a stale pool (LVR)<\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p12\">Reprice from one reference price; widen and skew under stress<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p12\">Inventory<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Builds on one side of the book<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Pool rebalances automatically against the trend<\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p12\">Hedge on perpetuals; move inventory between venues<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p12\">Venue<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Exchange downtime, API limits, insolvency<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Contract bugs and exploits, hook risk<\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p12\">Limit balances per venue; audited contracts only<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td81\" valign=\"top\">\n<p class=\"p12\">Ordering and cost<\/p>\n<\/td>\n<td class=\"td82\" valign=\"top\">\n<p class=\"p12\">Latency and rate limits<\/p>\n<\/td>\n<td class=\"td82\" valign=\"top\">\n<p class=\"p12\">Gas, MEV and sandwich risk<\/p>\n<\/td>\n<td class=\"td83\" valign=\"top\">\n<p class=\"p12\">Private order flow; size and timing rules<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td84\" valign=\"top\">\n<p class=\"p12\">Range<\/p>\n<\/td>\n<td class=\"td85\" valign=\"top\">\n<p class=\"p12\">Not applicable<\/p>\n<\/td>\n<td class=\"td85\" valign=\"top\">\n<p class=\"p12\">Range off the price earns nothing<\/p>\n<\/td>\n<td class=\"td86\" valign=\"top\">\n<p class=\"p12\">Re-centre on rules; pay gas deliberately<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td78\" valign=\"top\">\n<p class=\"p12\">Oversight<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Exchange listing rules, disclosure, market abuse law<\/p>\n<\/td>\n<td class=\"td79\" valign=\"top\">\n<p class=\"p12\">Market abuse law; no listing team<\/p>\n<\/td>\n<td class=\"td80\" valign=\"top\">\n<p class=\"p12\">Written contract, reporting, disclosure on request<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p14\"><b>What exchanges ask of issuers and market makers<\/b><\/h2>\n<figure id=\"attachment_3715\" aria-describedby=\"caption-attachment-3715\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3715\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-300x169.png\" alt=\"Three cards summarising Binance's 25 March 2026 market maker guidelines: disclose the market maker's identity, legal entity and contract terms; no profit-sharing or guaranteed-return deals; and clear terms for how loaned tokens may be used, with enforcement including blacklisting.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3715\" class=\"wp-caption-text\">What Binance asked of token projects and market makers on 25 March 2026. Source: CoinDesk, 25 Mar 2026.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Three cards summarising Binance&#8217;s 25 March 2026 market maker guidelines: disclose the market maker&#8217;s identity, legal entity and contract terms; no profit-sharing or guaranteed-return deals; and clear terms for how loaned tokens may be used, with enforcement including blacklisting.<\/i><\/p>\n<p class=\"p6\">The Binance guidelines are the clearest statement of what centralised exchanges now expect. Issuers should disclose the market maker&#8217;s identity, legal entity and contract terms, define how loaned tokens may be used, and avoid profit-sharing and guaranteed-return deals. Binance listed selling that clashes with release schedules, one-sided trading and volume that inflates without natural price movement as misconduct, and said it would act decisively, including by blacklisting market makers. It is not yet clear whether violators will be named.<\/p>\n<p class=\"p7\">Two consequences follow. A token loan with call options, the structure many market makers use, needs its terms written so the loaned tokens have a defined use, and a performance carry needs checking against the profit-sharing ban. TDMM&#8217;s study of <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\"><span class=\"s1\">market making after a token listing<\/span><\/a> prices the option value of a standard token loan at about 51% of the loan at 166% volatility. And a DEX is not exempt from market abuse rules because it has no listing team: wash trading and one-sided volume on a pool are still misconduct, and the on-chain record is public.<\/p>\n<h2 class=\"p1\"><b>CEX vs DEX market making: which does your token need?<\/b><\/h2>\n<p class=\"p7\">The answer changes as a token moves from launch to listing to maturity.<\/p>\n<figure id=\"attachment_3716\" aria-describedby=\"caption-attachment-3716\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3716\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-300x169.png\" alt=\"Decision matrix matching token stages to CEX and DEX market making needs: launchpad or bonding curve, DEX only with one pool, DEX only with several pools, first CEX listing, several CEXs and DEXs, and unlocks or treasury exits.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3716\" class=\"wp-caption-text\">Match the service to where the token trades. TDMM publishes this article and provides both services.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Decision matrix matching token stages to CEX and DEX market making needs: launchpad or bonding curve, DEX only with one pool, DEX only with several pools, first CEX listing, several CEXs and DEXs, and unlocks or treasury exits.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><b>Stage<\/b><\/p>\n<\/td>\n<td class=\"td87\" valign=\"top\">\n<p class=\"p11\"><b>Where trading happens<\/b><\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p11\"><b>What the project needs<\/b><\/p>\n<\/td>\n<td class=\"td87\" valign=\"top\">\n<p class=\"p11\"><b>TDMM&#8217;s call<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p12\">Launchpad or bonding curve<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Pump.fun, four.meme and similar<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">The curve handles price discovery; plan the graduation<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Neither yet. Line up pool management for the graduation<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p12\">DEX only, one main pool<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Uniswap, PancakeSwap, Raydium, Aerodrome<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">A seeded pool with its range managed<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">DEX market making, scoped to one pool<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p12\">DEX only, several pools or chains<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Two or more pools or chains<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">One price across pools, arbitrage kept in check<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">DEX market making across pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p12\">First CEX listing<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">One exchange plus the DEX pool<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">Quotes on the order book from the first second; pool and book on one price<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">CEX and DEX market making together<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td88\" valign=\"top\">\n<p class=\"p12\">Several CEXs and DEXs<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Many venues<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p12\">Cross-exchange quoting, inventory and reporting per venue<\/p>\n<\/td>\n<td class=\"td89\" valign=\"top\">\n<p class=\"p12\">Full-lifecycle CEX and DEX market making<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td62\" valign=\"top\">\n<p class=\"p12\">Unlocks, treasury sales, exits<\/p>\n<\/td>\n<td class=\"td90\" valign=\"top\">\n<p class=\"p12\">Every venue, plus OTC<\/p>\n<\/td>\n<td class=\"td91\" valign=\"top\">\n<p class=\"p12\">Execution, block liquidity and hedging on one book<\/p>\n<\/td>\n<td class=\"td90\" valign=\"top\">\n<p class=\"p12\">Market making plus exit management<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\"><b>If the token trades only in one DEX pool,<\/b> with modest volume and no centralised listing in view, a well-seeded pool with its range managed is usually enough. Paying a full CEX and DEX retainer to look after one pool is money better spent elsewhere, and TDMM says so to projects in that position.<\/p>\n<p class=\"p6\"><b>If the token is listing on a centralised exchange,<\/b> the answer follows from the measurements above. The order book is empty until someone quotes it, and a pool cannot quote an order book. From that point there are two markets with two prices, and they drift apart unless one desk holds them on a single reference price. That is the case for CEX and DEX market making together.<\/p>\n<p class=\"p7\"><b>If the token launched on a bonding curve,<\/b> the crowd did price discovery, and the risk is at graduation, when the curve&#8217;s proceeds seed a pool that is suddenly the only market, and again when an exchange lists the token. CoinGecko Research found that about 1% of the 18.67 million tokens created on Pump.fun between January 2024 and June 2026 graduated to an external DEX, so the teams that reach that point should plan for it. TDMM&#8217;s shortlist of the <a href=\"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\"><span class=\"s1\">best market makers for new token launches<\/span><\/a> covers the options.<\/p>\n<h2 class=\"p1\"><b>Running both as one book: one reference price<\/b><\/h2>\n<p class=\"p7\">Most token projects end up with pools on one or more DEXs and order books on one or more centralised exchanges. The mistake is buying them from different providers and running them separately.<\/p>\n<figure id=\"attachment_3717\" aria-describedby=\"caption-attachment-3717\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3717\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-300x169.png\" alt=\"Diagram of one book: a single reference price at the centre feeding CEX order books on Binance, OKX, Bybit and Gate, DEX pools on Uniswap, PancakeSwap and Raydium, on-chain order books and perpetual hedges, with one inventory view and one risk limit around it.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3717\" class=\"wp-caption-text\">One reference price, one inventory, one risk limit across every venue. Source: TDMM operating model.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Diagram of one book: a single reference price at the centre feeding CEX order books on Binance, OKX, Bybit and Gate, DEX pools on Uniswap, PancakeSwap and Raydium, on-chain order books and perpetual hedges, with one inventory view and one risk limit around it.<\/i><\/p>\n<p class=\"p6\">Two markets that are not connected are two prices. When the CEX book is tighter than the pool, arbitrageurs buy on one and sell on the other, and the pool&#8217;s LVR bill goes up. When the pool is out of range and the book is quoting, the token&#8217;s DexScreener chart and its CoinMarketCap page tell different stories. When a large seller hits the pool, the book should move too, and it only does if the same desk sees both. TDMM&#8217;s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\"><span class=\"s1\">cross-exchange market making<\/span><\/a> covers the mechanics of keeping venues on one price.<\/p>\n<p class=\"p7\">Running both as one book means pool ranges are set from the same price the order book quotes around. Inventory moves between venues as flow demands, rather than sitting idle in one while another runs dry. Stress rules apply everywhere at once. Reporting shows spread, depth and uptime for each order book alongside range position and depth for each pool, so the treasury sees one market rather than several.<\/p>\n<h2 class=\"p9\"><b>How to choose a CEX and DEX market maker: seven questions and a 30-day plan<\/b><\/h2>\n<figure id=\"attachment_3718\" aria-describedby=\"caption-attachment-3718\" style=\"width: 953px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3718\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-300x169.png\" alt=\"Seven question cards for choosing a CEX and DEX market maker, covering which venues it covers today, what it commits to per venue, how it manages pool ranges, stress behaviour, reporting, disclosure and how it is paid.\" width=\"953\" height=\"537\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker.png 1920w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption id=\"caption-attachment-3718\" class=\"wp-caption-text\">Seven questions to put to any CEX or DEX market maker. Checklist: TDMM.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Seven question cards for choosing a CEX and DEX market maker, covering which venues it covers today, what it commits to per venue, how it manages pool ranges, stress behaviour, reporting, disclosure and how it is paid.<\/i><\/p>\n<figure id=\"attachment_3721\" aria-describedby=\"caption-attachment-3721\" style=\"width: 953px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3721\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-300x169.png\" alt=\"Five-step 30-day plan for choosing a CEX and DEX market maker: map the venues, set the target, price every option in dollars, shortlist and test, then sign, disclose and fund.\" width=\"953\" height=\"537\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan.png 1920w\" sizes=\"auto, (max-width: 953px) 100vw, 953px\" \/><figcaption id=\"caption-attachment-3721\" class=\"wp-caption-text\">The 30-day plan in one view. Plan: TDMM.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Five-step 30-day plan for choosing a CEX and DEX market maker: map the venues, set the target, price every option in dollars, shortlist and test, then sign, disclose and fund.<\/i><\/p>\n<p class=\"p6\"><b>Days 1 to 5: map the venues.<\/b> List every venue the token trades on or will list on within six months, with the chain for each pool. If the list includes a centralised exchange or more than one pool, plan for CEX and DEX market making. If it is one pool, plan for managed pool liquidity and revisit at the first listing.<\/p>\n<p class=\"p6\"><b>Days 6 to 10: set the target.<\/b> Write down the spread, the depth within 1% and 2% and the uptime you want on each venue, in numbers. Benchmark them against tokens of your size. Decide how much capital the treasury can commit and how much of it can be stablecoins.<\/p>\n<p class=\"p6\"><b>Days 11 to 15: price every option in dollars.<\/b> For a pool, work out the capital needed for the target depth and the arbitrage cost at your token&#8217;s volatility, and compare it with realistic fee income. For a market maker, get the retainer in writing and ask for the option value of any token loan in dollars.<\/p>\n<p class=\"p6\"><b>Days 16 to 22: shortlist and test.<\/b> Send the same written brief to three providers. Ask the seven questions. Check each firm against DOJ, SEC and exchange enforcement records, and ask how its identity and terms can be disclosed to each exchange.<\/p>\n<p class=\"p7\"><b>Days 23 to 30: sign, disclose and fund.<\/b> Write the KPIs, reporting cadence, stress clause and permitted use of any loaned tokens into the contract. Disclose the market maker to the exchanges you list on. Fund inventory on every venue and seed the pools at the agreed ranges before the first trade.<\/p>\n<h2 class=\"p1\"><b>Common mistakes in CEX and DEX market making<\/b><\/h2>\n<p class=\"p6\"><b>Treating a seeded pool as a liquidity strategy.<\/b> A pool is infrastructure. Without someone managing its range and its relationship to other venues, it quotes stale prices and pays arbitrageurs.<\/p>\n<p class=\"p6\"><b>Choosing concentrated liquidity and leaving it alone.<\/b> The capital saving exists only while the range sits on the price. At new-token volatility, an unmanaged plus or minus 10% range has a 66% chance of ending a week out of position.<\/p>\n<p class=\"p6\"><b>Buying CEX and DEX liquidity from different providers.<\/b> Two providers mean two prices, two inventories and nobody responsible for the gap between them.<\/p>\n<p class=\"p6\"><b>Judging depth from one number.<\/b> CoinMarketCap and CoinGecko display depth within 2%, and a book can look deep at 2% and be thin at 0.5%. Set targets at 0.5%, 1% and 2% together.<\/p>\n<p class=\"p6\"><b>Paying for volume instead of depth.<\/b> Volume without depth is what Binance&#8217;s red flags describe. Measure any provider on spread, depth and uptime, which anyone can check from public data.<\/p>\n<p class=\"p7\"><b>Comparing a retainer with &#8220;free&#8221;.<\/b> A token loan with call options is paid for in upside. Price it in dollars before comparing it with a fee.<\/p>\n<h2 class=\"p9\"><b>Why TDMM is the go-to CEX and DEX market maker<\/b><\/h2>\n<figure id=\"attachment_3719\" aria-describedby=\"caption-attachment-3719\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3719\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-300x169.png\" alt=\"TDMM coverage panel: active since 2015, $10B+ traded, 100+ CEX and DEX integrations, 200+ markets and 24\/7 operations, with centralised exchanges, DEXs, chains and services listed.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3719\" class=\"wp-caption-text\">Order books, DEX pools and launchpads on one desk. Source: TDMM company information.<\/figcaption><\/figure>\n<p class=\"p6\"><i>TDMM coverage panel: active since 2015, $10B+ traded, 100+ CEX and DEX integrations, 200+ markets and 24\/7 operations, with centralised exchanges, DEXs, chains and services listed.<\/i><\/p>\n<p class=\"p6\">TDMM (TradeDog Market Maker) is the market making and token market management arm of TradeDog Group. It has been active in crypto markets since 2015, reports more than $10 billion in trading volume, and runs more than 100 CEX and DEX integrations and more than 200 markets, with 24-hour operations staffed by a team of more than thirty people on five continents.<\/p>\n<p class=\"p7\">The reason TDMM is the natural first call on this question is that it does not have to sell one answer. On the CEX side it quotes on Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC, HTX and more than a dozen other exchanges. On the DEX side it manages pools on Uniswap, PancakeSwap, SushiSwap, Raydium, Orca, QuickSwap and PulseX and handles launchpad graduations including four.meme, across Ethereum, BNB Chain, Solana, Base, Polygon, Avalanche and PulseChain. Pools and books run on one reference price, from one inventory, under one set of risk limits.<\/p>\n<figure id=\"attachment_3720\" aria-describedby=\"caption-attachment-3720\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3720\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-300x169.png\" alt=\"Table comparing three kinds of market making provider, a CEX-only desk, a DEX-only liquidity vault and TDMM, across venues covered, reference price, inventory view, reporting, CEX disclosure support and lifecycle services.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3720\" class=\"wp-caption-text\">What each kind of provider covers. Compare on the questions, not the marketing.<\/figcaption><\/figure>\n<p class=\"p6\"><i>Table comparing three kinds of market making provider, a CEX-only desk, a DEX-only liquidity vault and TDMM, across venues covered, reference price, inventory view, reporting, CEX disclosure support and lifecycle services.<\/i><\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td92\" valign=\"top\"><\/td>\n<td class=\"td93\" valign=\"top\">\n<p class=\"p11\"><b>CEX-only desk<\/b><\/p>\n<\/td>\n<td class=\"td94\" valign=\"top\">\n<p class=\"p11\"><b>DEX-only vault<\/b><\/p>\n<\/td>\n<td class=\"td93\" valign=\"top\">\n<p class=\"p11\"><b>TDMM<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p12\">Order books on centralised exchanges<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p12\">No<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Yes, 100+ CEX and DEX integrations<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td98\" valign=\"top\">\n<p class=\"p12\">Pools, ranges and on-chain books<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p12\">No<\/p>\n<\/td>\n<td class=\"td100\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p12\">One reference price across venues<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Only across exchanges<\/p>\n<\/td>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p12\">Only across pools<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Across every venue<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p12\">One inventory and risk view<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Partial<\/p>\n<\/td>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p12\">Partial<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td101\" valign=\"top\">\n<p class=\"p12\">Reporting<\/p>\n<\/td>\n<td class=\"td102\" valign=\"top\">\n<p class=\"p12\">Spread, depth, uptime<\/p>\n<\/td>\n<td class=\"td103\" valign=\"top\">\n<p class=\"p12\">Range, depth, fees<\/p>\n<\/td>\n<td class=\"td102\" valign=\"top\">\n<p class=\"p12\">Both, per venue<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td95\" valign=\"top\">\n<p class=\"p12\">Disclosure-ready contract for exchanges<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Varies<\/p>\n<\/td>\n<td class=\"td97\" valign=\"top\">\n<p class=\"p12\">Not applicable<\/p>\n<\/td>\n<td class=\"td96\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td98\" valign=\"top\">\n<p class=\"p12\">Treasury, yield and exit support<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p12\">Varies<\/p>\n<\/td>\n<td class=\"td100\" valign=\"top\">\n<p class=\"p12\">Rarely<\/p>\n<\/td>\n<td class=\"td99\" valign=\"top\">\n<p class=\"p12\">Yes<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p6\">For a project that needs only managed pool liquidity, TDMM scopes the mandate to that. For a project heading to its first centralised listing, it sets pool ranges and order book quotes from the same price from the first second. For a project with unlocks or an exit ahead, the same desk handles <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\"><span class=\"s1\">treasury management<\/span><\/a> and <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\"><span class=\"s1\">exit management<\/span><\/a> on the same book.<\/p>\n<p class=\"p6\">Every mandate is written in units a founder can check: spread, depth and uptime per order book; range position and depth per pool; reporting on a cadence the treasury can verify against public data. TDMM runs a retainer where the project wants to keep its upside and a loan structure where it would rather pay in optionality, prices any option value in dollars before signing, and drafts the agreement so it can be disclosed to every exchange. Token loans are structured so that treasury inventory is never the source of selling.<\/p>\n<p class=\"p7\">TDMM does not promise a price or a volume number. It promises a two-sided market at an agreed standard on every venue, order book or pool, for the whole life of the token. Teams comparing firms can read TDMM&#8217;s rankings of the <a href=\"https:\/\/tdmm.io\/best\/cex-market-makers\"><span class=\"s1\">best CEX market makers<\/span><\/a> and <a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\"><span class=\"s1\">best DEX market makers<\/span><\/a>, or contact TDMM at <a href=\"https:\/\/tdmm.io\/\"><span class=\"s1\">tdmm.io<\/span><\/a>.<\/p>\n<h2 class=\"p15\"><b>Related TDMM guides and comparisons<\/b><\/h2>\n<h3 class=\"p17\"><b>Use-case rankings<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p11\"><b>Guide<\/b><\/p>\n<\/td>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p11\"><b>Read it if you are<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td106\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/cex-market-makers\">Best CEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td107\" valign=\"top\">\n<p class=\"p12\">Trading mainly on centralised exchange order books<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td108\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\">Best DEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td109\" valign=\"top\">\n<p class=\"p12\">Trading mainly in DEX pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\">Best crypto market makers for token projects<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">A token issuer comparing firms for a full mandate<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\">Best liquidity providers for crypto projects<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Comparing firms that provide liquidity to token projects<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\">Best market makers for new token launches<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Pre-TGE or preparing a first listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-for-small-market-cap-tokens\">Best crypto market makers for small-cap tokens<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Below about $100 million in market cap<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\">Best market makers for Solana tokens<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Launching or trading on Solana<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-emerging-crypto-projects\">Best market makers for emerging crypto projects<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">An early-stage project building its first liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\">Best crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Looking for a summary of the market<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p17\"><b>Head-to-head comparisons<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p11\"><b>Comparison<\/b><\/p>\n<\/td>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p11\"><b>What it compares<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\">TDMM vs Wintermute<\/a><\/p>\n<\/td>\n<td class=\"td112\" valign=\"top\">\n<p class=\"p12\">A token-project mandate against tier-one institutional liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\">TDMM vs GSR<\/a><\/p>\n<\/td>\n<td class=\"td113\" valign=\"top\">\n<p class=\"p12\">Market making plus treasury against a broader capital markets group<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td108\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\">TDMM vs DWF Labs<\/a><\/p>\n<\/td>\n<td class=\"td109\" valign=\"top\">\n<p class=\"p12\">A market maker against a market maker that also invests<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td57\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\">TDMM vs Kairon Labs<\/a><\/p>\n<\/td>\n<td class=\"td113\" valign=\"top\">\n<p class=\"p12\">Full token-market management against specialist market making<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\">TDMM vs FalconX<\/a><\/p>\n<\/td>\n<td class=\"td112\" valign=\"top\">\n<p class=\"p12\">Issuer market making against institutional prime brokerage<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td60\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\">TDMM vs SolBoost<\/a><\/p>\n<\/td>\n<td class=\"td112\" valign=\"top\">\n<p class=\"p12\">A market making mandate against a self-serve Solana volume tool<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p17\"><b>The TDMM research series<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td104\" valign=\"top\">\n<p class=\"p11\"><b>Article<\/b><\/p>\n<\/td>\n<td class=\"td105\" valign=\"top\">\n<p class=\"p11\"><b>What it covers<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\">Crypto market maker vs liquidity provider<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Which is better for a new token project, with a live book-versus-pool measurement<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\">Top crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Twelve CEX and DEX market makers ranked, with a 2,702-book spread and depth benchmark<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\">How market making works after a token listing<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">The first 90 days after listing, and what a token loan really costs<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\">What is cross exchange market making?<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Keeping one reference price across order books and pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td114\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\">How does market making work in crypto exchanges?<\/a><\/p>\n<\/td>\n<td class=\"td115\" valign=\"top\">\n<p class=\"p12\">Quoting, spreads and inventory from first principles<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\">Crypto treasury management best practices 2026<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Why treasury and liquidity are one book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td110\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\">How to manage a token exit strategy professionally<\/a><\/p>\n<\/td>\n<td class=\"td111\" valign=\"top\">\n<p class=\"p12\">Selling or unlocking size without breaking the market<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td106\" valign=\"top\">\n<p class=\"p18\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-liquidity\/\">What is liquidity?<\/a><\/p>\n<\/td>\n<td class=\"td107\" valign=\"top\">\n<p class=\"p12\">The basics, for readers new to the topic<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p1\"><b>Frequently asked questions<\/b><\/h2>\n<h2 class=\"p6\"><b>1. What is the difference between CEX and DEX market making?<\/b><\/h2>\n<p class=\"p6\">CEX market making is the posting of buy and sell limit orders on a centralised exchange&#8217;s order book, refreshed from one reference price, with the market maker earning the spread and maker rebates. DEX market making is the supply and management of liquidity through automated pools, concentrated price ranges, on-chain order books or proprietary quoting engines, where a formula or a smart contract sets the price. The risks differ: inventory and adverse selection on a CEX, arbitrage loss, MEV and contract risk on a DEX. Most tokens that trade in both places need both, run as one book.<\/p>\n<h2 class=\"p6\"><b>2. What is a CEX market maker?<\/b><\/h2>\n<p class=\"p6\">A CEX market maker is a firm that continuously posts bids and offers for a token on a centralised exchange, holds inventory on both sides and, when hired by a token project, commits to a spread, a depth and an uptime set for that exchange. It connects through the exchange&#8217;s API, earns the spread and any maker rebates, and manages inventory risk by repricing, skewing and hedging.<\/p>\n<h2 class=\"p6\"><b>3. What is a DEX market maker?<\/b><\/h2>\n<p class=\"p6\">A DEX market maker supplies and manages a token&#8217;s liquidity on decentralised exchanges: choosing the pools, price ranges and on-chain orders where capital sits, moving them as the price moves, keeping them on the same price as the order books and reporting the result. It works with constant-product pools, concentrated liquidity on Uniswap, PancakeSwap, Aerodrome or Orca, on-chain order books such as Hyperliquid, and proprietary AMMs on Solana.<\/p>\n<h2 class=\"p6\"><b>4. Which is better for my token, CEX or DEX market making?<\/b><\/h2>\n<p class=\"p6\">It depends on where the token trades. A token in one DEX pool with no centralised listing planned can start with managed DEX liquidity. Once it lists on a centralised exchange, or trades on several pools or chains, it needs both, because an order book needs someone to quote it and two venues need one reference price. TDMM provides both as one service.<\/p>\n<h2 class=\"p6\"><b>5. Is DEX trading replacing CEX trading?<\/b><\/h2>\n<p class=\"p6\">Not yet. CoinDesk Data reported DEX spot volume of $176 billion in July 2026 against $727 billion on centralised exchanges, a record 24.2% of CEX spot volume and 19.5% of the combined total. Centralised exchanges also carried $3.03 trillion of derivatives volume that month. DEX share is rising, partly because CEX volume fell faster than DEX volume, but order books still carry most of the trading in most tokens.<\/p>\n<h2 class=\"p6\"><b>6. How much deeper is a CEX order book than a DEX pool?<\/b><\/h2>\n<p class=\"p6\">TDMM measured it on 30 September 2026. For ETH, the spot order books on Binance, Kraken, OKX and Coinbase showed between 2.7 and 8.5 times the two-sided depth within 1% of the price of the three largest Uniswap v3 ETH\/USDC pools together, with Binance at $38.4 million against $4.5 million. For LINK the spot exchanges were between 1.7 and 4.0 times deeper than the three largest Uniswap v3 pools. A $1 million ETH trade moved Binance&#8217;s book by about 2.7 basis points and the largest Uniswap v3 ETH\/USDC pool by about 63 basis points, before fees.<\/p>\n<h2 class=\"p6\"><b>7. What is loss-versus-rebalancing (LVR) and why does it matter for DEX market making?<\/b><\/h2>\n<p class=\"p6\">Loss-versus-rebalancing is the amount a pool loses to arbitrageurs because it quotes stale prices when the market moves elsewhere. Milionis, Moallemi, Roughgarden and Zhang showed in 2022 that for a constant-product pool it equals volatility squared divided by eight per year, as a share of the pool&#8217;s value. At 45% volatility that is about 2.5% a year; at the 166% median TDMM measured for new listings it is about 34.4%, before fees. It matters because it is the main cost of passive pool liquidity and the reason pools need management.<\/p>\n<h2 class=\"p6\"><b>8. How much does a CEX or DEX market maker cost?<\/b><\/h2>\n<p class=\"p6\">CEX market making is usually a monthly retainer or a token loan with call options. A token loan costs no cash, but TDMM priced the options in a standard structure at about 51% of the loan&#8217;s value at 166% volatility. DEX market making costs capital locked in pools, the arbitrage those pools pay, gas for moving ranges and a management fee. The same depth costs far more capital in a pool than on an order book: about $2.01 million in a full-range pool against $20,000 of resting orders for $10,000 a side within 2%.<\/p>\n<h2 class=\"p6\"><b>9. What do exchanges require from token projects and their market makers?<\/b><\/h2>\n<p class=\"p6\">Binance&#8217;s 25 March 2026 guidelines tell token projects to disclose their market maker&#8217;s identity, legal entity and contract terms, to define how loaned tokens may be used, and not to enter profit-sharing or guaranteed-return arrangements. Binance named selling that clashes with release schedules, one-sided trading and volume that inflates without natural price movement as misconduct, with enforcement including blacklisting market makers. Other exchanges have their own rules, so check each listing agreement.<\/p>\n<h2 class=\"p6\"><b>10. Why is TDMM the best CEX and DEX market maker for token projects?<\/b><\/h2>\n<p class=\"p7\">TDMM is the market maker that does not have to sell one answer. It covers centralised exchange order books and DEX pools, ranges and on-chain books as one service, with one reference price, one inventory view and one risk limit across more than 100 CEX and DEX integrations and more than 200 markets. It has been active since 2015, reports more than $10 billion in trading volume and writes every mandate in spread, depth and uptime that a founder can check. TDMM publishes this article, so read it with that in mind, and check the claims against the public data we cite.<\/p>\n<h3 class=\"p1\"><b>Glossary<\/b><\/h3>\n<p class=\"p6\"><b>Adverse selection.<\/b> The risk that a better-informed trader hits a market maker&#8217;s stale quote just before the price moves.<\/p>\n<p class=\"p6\"><b>AMM (automated market maker).<\/b> A smart contract that sets prices from a formula applied to its own reserves, rather than from an order book.<\/p>\n<p class=\"p6\"><b>Basis point (bps).<\/b> One hundredth of one percent. A 10 bps cost on a $100,000 trade is $100.<\/p>\n<p class=\"p6\"><b>CEX market maker.<\/b> A firm that posts two-sided limit orders for a token on a centralised exchange and commits to an agreed spread, depth and uptime.<\/p>\n<p class=\"p6\"><b>Concentrated liquidity.<\/b> A pool design, introduced by Uniswap v3, in which capital sits inside a chosen price range. It is more capital-efficient than a full-range pool but quotes nothing once the price leaves the range.<\/p>\n<p class=\"p6\"><b>Constant-product pool.<\/b> The original AMM design, in which the product of the two reserves stays constant. Liquidity is spread across every price.<\/p>\n<p class=\"p6\"><b>Depth within 1% or 2%.<\/b> The dollar value of bids and offers within 1% or 2% of the mid price. CoinMarketCap and CoinGecko display 2%.<\/p>\n<p class=\"p6\"><b>DEX market maker.<\/b> A firm that supplies and manages a token&#8217;s liquidity on decentralised exchanges, through pools, ranges, on-chain order books or its own quoting engine.<\/p>\n<p class=\"p6\"><b>Impermanent loss.<\/b> The shortfall a pool suffers against simply holding its two assets, caused by the pool rebalancing as prices move.<\/p>\n<p class=\"p6\"><b>Loss-versus-rebalancing (LVR).<\/b> What a pool loses to arbitrageurs by quoting stale prices, measured against a trader who makes the same trades at market prices. For a constant-product pool it equals volatility squared over eight per year.<\/p>\n<p class=\"p6\"><b>MEV (maximal extractable value).<\/b> Value captured by the actors who order transactions in a block, including sandwich attacks that bracket a trader&#8217;s swap.<\/p>\n<p class=\"p6\"><b>On-chain order book.<\/b> A limit order book whose matching and settlement run on a blockchain, as on Hyperliquid or Manifest.<\/p>\n<p class=\"p6\"><b>Price impact.<\/b> How far a trade moves the price against the trader, measured as the average execution price against the mid price before fees.<\/p>\n<p class=\"p6\"><b>Proprietary AMM.<\/b> A pool whose quote is updated by the market maker&#8217;s own pricing engine rather than a fixed formula, now a large share of Solana DEX volume.<\/p>\n<p class=\"p6\"><b>Reference price.<\/b> The single price a market maker holds across every venue where a token trades, from which all pool ranges and order book quotes are set.<\/p>\n<p class=\"p6\"><b>Spread.<\/b> The gap between the best bid and the best offer, usually in basis points of the mid price.<\/p>\n<p class=\"p6\"><b>Token loan with call options.<\/b> A market maker deal in which the project lends tokens and grants call options over them instead of paying a fee.<\/p>\n<p class=\"p7\"><b>Uptime.<\/b> The share of trading time in which a market maker&#8217;s quotes are live and inside the agreed spread and depth.<\/p>\n<h5 class=\"p3\"><b>Sources<\/b><\/h5>\n<ol class=\"ol1\">\n<li class=\"li4\">CoinDesk Data, &#8220;Exchange Review July 2026&#8221;: CEX spot $727B, derivatives $3.03T, combined $3.76T; DEX spot $176B, DEX spot share 19.5%, DEX futures share 14.9%; data.coindesk.com and coindesk.com\/research\/exchange-review-july-2026.<\/li>\n<li class=\"li4\">CoinDesk Data, &#8220;Exchange Review March 2026&#8221;: CEX spot $1.27T, DEX spot $212B (down 23.9%). &#8220;Exchange Review February 2026&#8221;: CEX spot $1.50T.<\/li>\n<li class=\"li4\">CryptoRank and Crypto Briefing, &#8220;DEX spot volume hits record 24% of CEX volume in July 2026&#8221;, 2 August 2026, citing The Block and DefiLlama for the 24.14% ratio and earlier-period ratios.<\/li>\n<li class=\"li4\">TDMM order book and on-chain depth measurement for ETH and LINK: Binance, OKX, Kraken and Coinbase public order books, Hyperliquid perpetual books and Uniswap v3 pool state read from Ethereum mainnet, 30 September 2026, 19:28 to 19:35 UTC. Pools: ETH\/USDC 0.05%, 0.3% and 0.01%; LINK\/WETH 0.3% and 0.05%; LINK\/USDC 0.3%.<\/li>\n<li class=\"li4\">TDMM model of pool capital, range risk and loss-versus-rebalancing, as published in &#8220;Crypto Market Maker vs Liquidity Provider&#8221;, 29 September 2026.<\/li>\n<li class=\"li4\">TDMM snapshot of 721 Gate order books and their DEX pools, 28 September 2026, and realised volatility of 750 new listings (median 166%), as published in TDMM&#8217;s post-listing study, 25 September 2026.<\/li>\n<li class=\"li4\">Milionis, J., Moallemi, C. C., Roughgarden, T. and Zhang, A. L., &#8220;Automated Market Making and Loss-Versus-Rebalancing&#8221;, arXiv 2208.06046, 2022.<\/li>\n<li class=\"li4\">Loesch, S., Hindman, N., Richardson, M. B. and Welch, N., &#8220;Impermanent Loss in Uniswap v3&#8221;, arXiv 2111.09192, 17 November 2021.<\/li>\n<li class=\"li4\">Heimbach, L., Schertenleib, E. and Wattenhofer, R., &#8220;Risks and Returns of Uniswap V3 Liquidity Providers&#8221;, arXiv 2205.08904, 2022.<\/li>\n<li class=\"li4\">Acheron Trading, &#8220;Uniswap v4 and the Future of Liquidity Provision: A Market Maker&#8217;s Perspective&#8221; (hooks, gas, Bunni exploit).<\/li>\n<li class=\"li4\">Cointelegraph, &#8220;Exclusive data from EigenPhi reveals that sandwich attacks on Ethereum have waned&#8221;, 2025.<\/li>\n<li class=\"li4\">Hyperliquid Docs, &#8220;HIP-2: Hyperliquidity&#8221;.<\/li>\n<li class=\"li4\">DefiLlama DEX volume overview and Solana chain breakdown, API read 1 October 2026 (30-day volume by protocol; Dexs category only; TDMM grouping of proprietary AMMs: BisonFi, HumidiFi, Tessera V, GoonFi, SolFi V2).<\/li>\n<li class=\"li4\">Ethereum mainnet gas price read from a public RPC node, 30 September 2026 (0.27 gwei), with a 150,000-gas swap assumption.<\/li>\n<li class=\"li4\">CoinDesk, &#8220;Binance tightens market maker rules, tells token issuers they must disclose partners&#8221;, 25 March 2026.<\/li>\n<li class=\"li4\">CoinGecko Research, &#8220;The Average Lifespan of Pump.fun Memecoins Is Less Than a Day&#8221;, updated 23 June 2026.<\/li>\n<li class=\"li4\">Binance, spot trading fee schedule: base-tier taker fee of 0.10% (re-check on publication day).<\/li>\n<li class=\"li4\">TDMM, <i>About TDMM<\/i>, and tdmm.io, for company figures.<\/li>\n<\/ol>\n<h6 class=\"p1\"><b>Disclaimer<\/b><\/h6>\n<p class=\"p6\">This article is published by TDMM (TradeDog Market Maker) for information and education. TDMM provides CEX and DEX market making and liquidity provisioning services and has an interest in the subject of this article; readers should weigh it with that in mind. It is not investment, legal, tax or accounting advice, not an offer of any service, and not a recommendation to buy, sell or hold any digital asset or to engage any firm. TDMM is not a registered investment adviser, broker-dealer or asset manager, and nothing here is a promise or projection about the price, volume or liquidity of any token.<\/p>\n<p class=\"p7\">The capital, range and arbitrage figures are outputs of stated models. Loss-versus-rebalancing and the breakeven turnover table assume constant-product pools, lognormal prices and constant volatility, which real markets do not follow exactly. TDMM&#8217;s order book and pool depth and price impact figures are measurements of public data taken at the times stated, for two tokens, and they change continuously; they exclude other DEXs, Uniswap v4 pools, aggregator and RFQ liquidity, and pool fees from the impact figures. Fee comparisons use one exchange&#8217;s base-tier schedule and a gas price at one moment. Third-party figures are reproduced as published and have not been audited by TDMM. Exchange rules and fee schedules change often, so check them against current primary sources and qualified professional advice before making any decision. Digital assets are volatile, and you may lose the entire value of a position.<\/p>\n<p><i>Published by TDMM (TradeDog Market Maker) \u00b7 Reading time: 30 minutes \u00b7 Last updated: September 2026. Written By: <a href=\"https:\/\/www.linkedin.com\/in\/vaibhav-singh-growth-hacker\/\">Vaibhav Singh<\/a><\/i><br \/>\n<script type=\"application\/ld+json\">\n{\n \"@context\": \"https:\/\/schema.org\",\n \"@graph\": [\n  {\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#blogposting\",\n   \"abstract\": \"CEX market making means quoting buy and sell limit orders on a centralised exchange's order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in how price is set, who bears which risk, what the capital earns and what the exchange expects. 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and sell limit orders on a centralised exchange's order book, refreshed from one reference price, with the market maker earning the spread and maker rebates. DEX market making is the supply and management of liquidity through automated pools, concentrated price ranges, on-chain order books or proprietary quoting engines, where a formula or a smart contract sets the price. The risks differ: inventory and adverse selection on a CEX, arbitrage loss, MEV and contract risk on a DEX. Most tokens that trade in both places need both, run as one book.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is a CEX market maker?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A CEX market maker is a firm that continuously posts bids and offers for a token on a centralised exchange, holds inventory on both sides and, when hired by a token project, commits to a spread, a depth and an uptime set for that exchange. It connects through the exchange's API, earns the spread and any maker rebates, and manages inventory risk by repricing, skewing and hedging.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is a DEX market maker?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"A DEX market maker supplies and manages a token's liquidity on decentralised exchanges: choosing the pools, price ranges and on-chain orders where capital sits, moving them as the price moves, keeping them on the same price as the order books and reporting the result. It works with constant-product pools, concentrated liquidity on Uniswap, PancakeSwap, Aerodrome or Orca, on-chain order books such as Hyperliquid, and proprietary AMMs on Solana.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Which is better for my token, CEX or DEX market making?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"It depends on where the token trades. A token in one DEX pool with no centralised listing planned can start with managed DEX liquidity. Once it lists on a centralised exchange, or trades on several pools or chains, it needs both, because an order book needs someone to quote it and two venues need one reference price. TDMM provides both as one service.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Is DEX trading replacing CEX trading?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Not yet. CoinDesk Data reported DEX spot volume of $176 billion in July 2026 against $727 billion on centralised exchanges, a record 24.2% of CEX spot volume and 19.5% of the combined total. Centralised exchanges also carried $3.03 trillion of derivatives volume that month. DEX share is rising, partly because CEX volume fell faster than DEX volume, but order books still carry most of the trading in most tokens.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How much deeper is a CEX order book than a DEX pool?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"TDMM measured it on 30 September 2026. For ETH, the spot order books on Binance, Kraken, OKX and Coinbase showed between 2.7 and 8.5 times the two-sided depth within 1% of the price of the three largest Uniswap v3 ETH\/USDC pools together, with Binance at $38.4 million against $4.5 million. For LINK the spot exchanges were between 1.7 and 4.0 times deeper than the three largest Uniswap v3 pools. A $1 million ETH trade moved Binance's book by about 2.7 basis points and the largest Uniswap v3 ETH\/USDC pool by about 63 basis points, before fees.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What is loss-versus-rebalancing (LVR) and why does it matter for DEX market making?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Loss-versus-rebalancing is the amount a pool loses to arbitrageurs because it quotes stale prices when the market moves elsewhere. Milionis, Moallemi, Roughgarden and Zhang showed in 2022 that for a constant-product pool it equals volatility squared divided by eight per year, as a share of the pool's value. At 45% volatility that is about 2.5% a year; at the 166% median TDMM measured for new listings it is about 34.4%, before fees. It matters because it is the main cost of passive pool liquidity and the reason pools need management.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"How much does a CEX or DEX market maker cost?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"CEX market making is usually a monthly retainer or a token loan with call options. A token loan costs no cash, but TDMM priced the options in a standard structure at about 51% of the loan's value at 166% volatility. DEX market making costs capital locked in pools, the arbitrage those pools pay, gas for moving ranges and a management fee. The same depth costs far more capital in a pool than on an order book: about $2.01 million in a full-range pool against $20,000 of resting orders for $10,000 a side within 2%.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What do exchanges require from token projects and their market makers?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Binance's 25 March 2026 guidelines tell token projects to disclose their market maker's identity, legal entity and contract terms, to define how loaned tokens may be used, and not to enter profit-sharing or guaranteed-return arrangements. Binance named selling that clashes with release schedules, one-sided trading and volume that inflates without natural price movement as misconduct, with enforcement including blacklisting market makers. Other exchanges have their own rules, so check each listing agreement.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Why is TDMM the best CEX and DEX market maker for token projects?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"TDMM is the market maker that does not have to sell one answer. It covers centralised exchange order books and DEX pools, ranges and on-chain books as one service, with one reference price, one inventory view and one risk limit across more than 100 CEX and DEX integrations and more than 200 markets. It has been active since 2015, reports more than $10 billion in trading volume and writes every mandate in spread, depth and uptime that a founder can check. TDMM publishes this article, so read it with that in mind, and check the claims against the public data we cite.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"HowTo\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#howto\",\n   \"name\": \"How to choose a CEX and DEX market maker in 30 days\",\n   \"description\": \"A five-stage, 30-day plan for a token project choosing a CEX and DEX market maker.\",\n   \"totalTime\": \"P30D\",\n   \"step\": [\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 1,\n     \"name\": \"Days 1 to 5: map the venues\",\n     \"text\": \"List every venue the token trades on or will list on within six months, with the chain for each pool. If the list includes a centralised exchange or more than one pool, plan for CEX and DEX market making. If it is one pool, plan for managed pool liquidity and revisit at the first listing.\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#plan\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 2,\n     \"name\": \"Days 6 to 10: set the target\",\n     \"text\": \"Write down the spread, the depth within 1% and 2% and the uptime you want on each venue, in numbers. Benchmark them against tokens of your size. Decide how much capital the treasury can commit and how much of it can be stablecoins.\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#plan\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 3,\n     \"name\": \"Days 11 to 15: price every option in dollars\",\n     \"text\": \"For a pool, work out the capital needed for the target depth and the arbitrage cost at your token's volatility, and compare it with realistic fee income. For a market maker, get the retainer in writing and ask for the option value of any token loan in dollars.\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#plan\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 4,\n     \"name\": \"Days 16 to 22: shortlist and test\",\n     \"text\": \"Send the same written brief to three providers. Ask the seven questions. Check each firm against DOJ, SEC and exchange enforcement records, and ask how its identity and terms can be disclosed to each exchange.\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#plan\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 5,\n     \"name\": \"Days 23 to 30: sign, disclose and fund\",\n     \"text\": \"Write the KPIs, reporting cadence, stress clause and permitted use of any loaned tokens into the contract. Disclose the market maker to the exchanges you list on. Fund inventory on every venue and seed the pools at the agreed ranges before the first trade.\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#plan\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-21\"\n   }\n  },\n  {\n   \"@type\": \"DefinedTermSet\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\",\n   \"name\": \"CEX and DEX market making glossary\",\n   \"hasDefinedTerm\": [\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Adverse selection\",\n     \"description\": \"The risk that a better-informed trader hits a market maker's stale quote just before the price moves.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"AMM (automated market maker)\",\n     \"description\": \"A smart contract that sets prices from a formula applied to its own reserves, rather than from an order book.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Basis point (bps)\",\n     \"description\": \"One hundredth of one percent. A 10 bps cost on a $100,000 trade is $100.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"CEX market maker\",\n     \"description\": \"A firm that posts two-sided limit orders for a token on a centralised exchange and commits to an agreed spread, depth and uptime.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Concentrated liquidity\",\n     \"description\": \"A pool design, introduced by Uniswap v3, in which capital sits inside a chosen price range. It is more capital-efficient than a full-range pool but quotes nothing once the price leaves the range.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Constant-product pool\",\n     \"description\": \"The original AMM design, in which the product of the two reserves stays constant. Liquidity is spread across every price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Depth within 1% or 2%\",\n     \"description\": \"The dollar value of bids and offers within 1% or 2% of the mid price. CoinMarketCap and CoinGecko display 2%.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"DEX market maker\",\n     \"description\": \"A firm that supplies and manages a token's liquidity on decentralised exchanges, through pools, ranges, on-chain order books or its own quoting engine.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Impermanent loss\",\n     \"description\": \"The shortfall a pool suffers against simply holding its two assets, caused by the pool rebalancing as prices move.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Loss-versus-rebalancing (LVR)\",\n     \"description\": \"What a pool loses to arbitrageurs by quoting stale prices, measured against a trader who makes the same trades at market prices. For a constant-product pool it equals volatility squared over eight per year.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"MEV (maximal extractable value)\",\n     \"description\": \"Value captured by the actors who order transactions in a block, including sandwich attacks that bracket a trader's swap.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"On-chain order book\",\n     \"description\": \"A limit order book whose matching and settlement run on a blockchain, as on Hyperliquid or Manifest.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Price impact\",\n     \"description\": \"How far a trade moves the price against the trader, measured as the average execution price against the mid price before fees.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Proprietary AMM\",\n     \"description\": \"A pool whose quote is updated by the market maker's own pricing engine rather than a fixed formula, now a large share of Solana DEX volume.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Reference price\",\n     \"description\": \"The single price a market maker holds across every venue where a token trades, from which all pool ranges and order book quotes are set.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Spread\",\n     \"description\": \"The gap between the best bid and the best offer, usually in basis points of the mid price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Token loan with call options\",\n     \"description\": \"A market maker deal in which the project lends tokens and grants call options over them instead of paying a fee.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Uptime\",\n     \"description\": \"The share of trading time in which a market maker's quotes are live and inside the agreed spread and depth.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#glossary\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#keytakeaways\",\n   \"name\": \"Key takeaways: CEX vs DEX market making in 2026\",\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"numberOfItems\": 8,\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"A CEX market maker posts limit orders on an exchange order book and earns the spread and maker rebates. Its main risks are inventory, adverse selection and the exchange itself. A DEX market maker supplies liquidity to a pool, a price range or an on-chain book. Its main risks are arbitrage loss, MEV, smart contract risk and ranges that fall off the price.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"DEX trading is now a large share of the market. CoinDesk Data put DEX spot volume at $176 billion in July 2026 against $727 billion on centralised exchanges, which is 24.2% of CEX volume and 19.5% of the combined total, the highest share on record. Centralised exchanges still carry four times more spot volume than DEXs, and far more derivatives volume.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Order books hold more depth than pools on the same assets. On 30 September 2026 the ETH order book on Binance showed $38.4 million of two-sided depth within 1% of the price, against $4.5 million across the three largest Uniswap v3 ETH\/USDC pools. For LINK the gap narrowed to between 1.7 and 4.0 times.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Price impact follows depth. A $1 million ETH trade moved Binance's book by 2.7 basis points on average and the largest Uniswap v3 ETH\/USDC pool by 63.2 basis points before fees, about 23 times more. At $100,000 the all-in cost, including fees, was almost identical on the two venues.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"A full-range constant-product pool needs about 100 times the capital of an order book for the same depth within 2%. Concentration narrows the gap, and then someone has to keep the range on the price.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Passive DEX liquidity pays arbitrageurs. For a constant-product pool the loss equals volatility squared divided by eight each year, 34.4% at the 166% volatility TDMM measured for new listings. Fees cover it only when a pool turns over 31% of its value a day at a 0.3% fee.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"The rules differ too. On centralised exchanges, Binance's March 2026 guidelines ask token issuers to disclose their market maker and ban profit-sharing and guaranteed-return deals. On DEXs the exposure is technical: MEV, gas, exploits and stale ranges.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Most tokens end up needing both, run from one reference price, one inventory and one risk limit. A token in a single DEX pool with no exchange listing planned can start with managed DEX liquidity alone.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#related\",\n   \"name\": \"Related TDMM guides and comparisons\",\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Best CEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/cex-market-makers\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Best DEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/dex-market-makers\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Best crypto market makers for token projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Best liquidity providers for crypto projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Best market makers for new token launches\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-new-token-launches\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Best crypto market makers for small-cap tokens\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-for-small-market-cap-tokens\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Best market makers for Solana tokens\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Best market makers for emerging crypto projects\",\n     \"url\": \"https:\/\/tdmm.io\/best\/market-makers-for-emerging-crypto-projects\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Best crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"TDMM vs Wintermute\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"TDMM vs GSR\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"TDMM vs DWF Labs\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 13,\n     \"name\": \"TDMM vs Kairon Labs\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 14,\n     \"name\": \"TDMM vs FalconX\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 15,\n     \"name\": \"TDMM vs SolBoost\",\n     \"url\": \"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 16,\n     \"name\": \"Crypto market maker vs liquidity provider\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-market-maker-vs-liquidity-provider\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 17,\n     \"name\": \"Top crypto market makers in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 18,\n     \"name\": \"How market making works after a token listing\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 19,\n     \"name\": \"What is cross exchange market making?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 20,\n     \"name\": \"How does market making work in crypto exchanges?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-does-market-making-work-in-crypto-exchanges\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 21,\n     \"name\": \"Crypto treasury management best practices 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 22,\n     \"name\": \"How to manage a token exit strategy professionally\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 23,\n     \"name\": \"What is liquidity?\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-is-liquidity\/\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"Dataset\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#dataset\",\n   \"name\": \"TDMM CEX order book and DEX pool depth and price impact measurement, 30 September 2026\",\n   \"description\": \"Full order books for ETH and LINK from Binance, OKX, Kraken and Coinbase, Hyperliquid perpetual books, and Uniswap v3 pool state (slot0, liquidity, initialised ticks within 3% of price) for the three largest ETH\/USDC and three largest LINK pools, captured 19:28 to 19:35 UTC on 30 September 2026. Measures: two-sided depth within 0.5%, 1% and 2%, and average price impact for $10,000 to $2,000,000 trades, before fees. Excludes Uniswap v4, other DEXs and RFQ liquidity.\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"publisher\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"citation\": \"TDMM Research, CEX vs DEX Market Making in 2026, https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\",\n   \"temporalCoverage\": \"2026-09-30\",\n   \"dateModified\": \"2026-10-01\",\n   \"version\": \"1.0\",\n   \"inLanguage\": \"en\",\n   \"isAccessibleForFree\": true,\n   \"measurementTechnique\": \"Public order book snapshots from exchange APIs; Uniswap v3 tick-level liquidity read from Ethereum mainnet and walked to compute depth and price impact; three-pool depth aligned to a common price.\",\n   \"keywords\": [\n    \"CEX vs DEX market making\",\n    \"order book depth\",\n    \"Uniswap v3 depth\",\n    \"price impact\",\n    \"loss-versus-rebalancing\",\n    \"crypto market maker\"\n   ],\n   \"isBasedOn\": [\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Binance spot market data API\",\n     \"url\": \"https:\/\/developers.binance.com\/docs\/binance-spot-api-docs\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Kraken REST API\",\n     \"url\": \"https:\/\/docs.kraken.com\/api\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"OKX API\",\n     \"url\": \"https:\/\/www.okx.com\/docs-v5\/en\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Coinbase Exchange API\",\n     \"url\": \"https:\/\/docs.cdp.coinbase.com\/exchange\/introduction\/welcome\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Uniswap v3 pool contract\",\n     \"url\": \"https:\/\/docs.uniswap.org\/contracts\/v3\/reference\/core\/UniswapV3Pool\"\n    }\n   ],\n   \"variableMeasured\": [\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"DEX spot volume as a share of CEX spot volume, July 2026\",\n     \"value\": 24.2,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"CEX spot volume, July 2026\",\n     \"value\": 727.0,\n     \"unitText\": \"billion USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"DEX spot volume, July 2026\",\n     \"value\": 176.0,\n     \"unitText\": \"billion USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"DEX share of combined spot volume, July 2026\",\n     \"value\": 19.5,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Binance ETH two-sided depth within 1%, 30 Sep 2026\",\n     \"value\": 38.4,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Kraken ETH two-sided depth within 1%\",\n     \"value\": 27.2,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"OKX ETH two-sided depth within 1%\",\n     \"value\": 18.5,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Coinbase ETH two-sided depth within 1%\",\n     \"value\": 12.2,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Hyperliquid perpetual ETH two-sided depth within 1%\",\n     \"value\": 125.4,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Three Uniswap v3 ETH\/USDC pools two-sided depth within 1%\",\n     \"value\": 4.5,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Largest Uniswap v3 ETH\/USDC pool two-sided depth within 1%\",\n     \"value\": 1.6,\n     \"unitText\": \"million USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Binance depth as a multiple of three Uniswap v3 ETH pools\",\n     \"value\": 8.5,\n     \"unitText\": \"times\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"ETH $1M trade price impact, Binance\",\n     \"value\": 2.7,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"ETH $1M trade price impact, largest Uniswap v3 pool\",\n     \"value\": 63.2,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"ETH $100k all-in cost, Binance\",\n     \"value\": 10.2,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"ETH $100k all-in cost, Uniswap v3\",\n     \"value\": 11.3,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"LINK exchange depth vs three Uniswap v3 pools, low\",\n     \"value\": 1.7,\n     \"unitText\": 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Volume data for July 2026; live order book and pool measurements taken on 30 September 2026, 19:28 to 19:35 UTC.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": true,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-01\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers.png\",\n   \"name\": \"Panel of nine numbers comparing CEX and DEX market making, including DEX spot volume at 24.2% of CEX volume, B\",\n   \"description\": \"Panel of nine numbers comparing CEX and DEX market making, including DEX spot volume at 24.2% of CEX volume, Binance holding about 8.5 times the ETH depth of three Uniswap v3 pools, and a 100 times capital gap for full-range pools.\",\n   \"caption\": \"Nine numbers behind the CEX vs DEX market making decision. Sources as dated in the panel.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-cex-vs-dex-market-making-numbers-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-02\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance.png\",\n   \"name\": \"Side-by-side comparison of CEX market making and DEX market making across how price is set, what the market ma\",\n   \"description\": \"Side-by-side comparison of CEX market making and DEX market making across how price is set, what the market maker posts, capital, main risks, costs, compliance, reporting and best fit.\",\n   \"caption\": \"The comparison most guides skip: capital, risk and cost on each side. Figures from TDMM's measurements in this article.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-cex-vs-dex-market-making-at-a-glance-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-05\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs.png\",\n   \"name\": \"Table of five DEX liquidity designs, constant-product pools, concentrated liquidity, on-chain order books, pro\",\n   \"description\": \"Table of five DEX liquidity designs, constant-product pools, concentrated liquidity, on-chain order books, proprietary AMMs and intent or RFQ routing, with how each quotes, what the market maker manages and where it is used.\",\n   \"caption\": \"Five ways a DEX quotes a price. The design decides what the market maker has to manage.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-five-dex-liquidity-designs-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-03\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026.png\",\n   \"name\": \"Two-panel chart: CEX spot volume of $727 billion against DEX spot volume of $176 billion in July 2026, and DEX\",\n   \"description\": \"Two-panel chart: CEX spot volume of $727 billion against DEX spot volume of $176 billion in July 2026, and DEX spot volume as a share of CEX spot volume of 18.6% in February, 16.7% in March and 24.2% in July 2026.\",\n   \"caption\": \"DEX spot volume reached a record 24.2% of CEX spot volume in July 2026. Source: CoinDesk Data exchange reviews, TDMM calculation.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-cex-dex-spot-volume-share-2026-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-06\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design.png\",\n   \"name\": \"Horizontal bar chart of Solana DEX volume over 30 days by liquidity design as of 1 October 2026: five propriet\",\n   \"description\": \"Horizontal bar chart of Solana DEX volume over 30 days by liquidity design as of 1 October 2026: five proprietary AMMs $20.3 billion, PumpSwap and Raydium AMMs $24.3 billion, Orca and Meteora DLMM $13.6 billion, Manifest on-chain order book $3.9 billion and all other $12.2 billion.\",\n   \"caption\": \"On Solana, proprietary AMMs already carry more than a quarter of DEX volume. Source: DefiLlama, 1 October 2026, TDMM grouping.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-solana-dex-volume-by-design-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-04\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram.png\",\n   \"name\": \"Diagram contrasting an order book, where a market maker posts bids and offers at chosen prices, with a constan\",\n   \"description\": \"Diagram contrasting an order book, where a market maker posts bids and offers at chosen prices, with a constant-product pool curve and a concentrated liquidity range, where the formula sets the price.\",\n   \"caption\": \"An order book posts prices. A pool curve is a price for every trade size, set by its reserves.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-order-book-vs-pool-diagram-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-07\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live.png\",\n   \"name\": \"Horizontal bar chart of two-sided ETH depth within 1% of the price on 30 September 2026: Hyperliquid perpetual\",\n   \"description\": \"Horizontal bar chart of two-sided ETH depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $125.4 million, Binance $38.4 million, Kraken $27.2 million, OKX $18.5 million, Coinbase $12.2 million, three Uniswap v3 pools $4.5 million and the largest Uniswap v3 pool $1.6 million.\",\n   \"caption\": \"ETH depth within 1% of the price: order books against Uniswap v3. Source: TDMM measurement, 30 Sep 2026, 19:28 to 19:35 UTC.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-eth-depth-cex-vs-dex-live-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-08\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live.png\",\n   \"name\": \"Horizontal bar chart of two-sided LINK depth within 1% of the price on 30 September 2026: Hyperliquid perpetua\",\n   \"description\": \"Horizontal bar chart of two-sided LINK depth within 1% of the price on 30 September 2026: Hyperliquid perpetual $3.4 million, Kraken $2.4 million, Coinbase $1.5 million, OKX $1.1 million, Binance $1.0 million, three Uniswap v3 pools $0.6 million.\",\n   \"caption\": \"LINK depth within 1% of the price. Source: TDMM measurement, 30 Sep 2026, 19:28 to 19:35 UTC.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-link-depth-cex-vs-dex-live-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-09\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size.png\",\n   \"name\": \"Two-panel line chart of average price impact before fees against trade size. ETH: at $1 million Binance 2.7 ba\",\n   \"description\": \"Two-panel line chart of average price impact before fees against trade size. ETH: at $1 million Binance 2.7 basis points, Kraken 3.0, Coinbase 5.0 and the largest Uniswap v3 pool 63.2. LINK: at $100,000 Binance 7.9, Kraken 6.5, Coinbase 11.6 and the largest Uniswap v3 pool 18.0.\",\n   \"caption\": \"Price impact before fees, average of buys and sells. Source: TDMM measurement, 30 Sep 2026.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-price-impact-vs-trade-size-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-10\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade.png\",\n   \"name\": \"Stacked bar chart of the all-in cost of a trade in basis points, split into price impact, fee and gas, for ETH\",\n   \"description\": \"Stacked bar chart of the all-in cost of a trade in basis points, split into price impact, fee and gas, for ETH at $100,000 and $1 million and LINK at $100,000 and $500,000 on Binance and the largest Uniswap v3 pool.\",\n   \"caption\": \"All-in cost: Binance's 0.10% base-tier taker fee against the largest Uniswap v3 pool's own fee. Source: TDMM measurement and calculation, 30 Sep 2026.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-all-in-cost-of-a-trade-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-11\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth.png\",\n   \"name\": \"Bar chart on a log scale of capital needed to hold $10,000 of depth per side within 2% of the price: $2.01 mil\",\n   \"description\": \"Bar chart on a log scale of capital needed to hold $10,000 of depth per side within 2% of the price: $2.01 million in a full-range pool, $479,000 in a plus or minus 50% concentrated range, $241,000 at plus or minus 25%, $98,000 at plus or minus 10%, $50,000 at plus or minus 5% and $20,000 of resting orders on an order book.\",\n   \"caption\": \"The capital gap between pool designs and an order book. Source: TDMM model.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-capital-needed-for-depth-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-12\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap.png\",\n   \"name\": \"Heat map of the daily volume as a share of pool value that a constant-product pool needs for fees to cover arb\",\n   \"description\": \"Heat map of the daily volume as a share of pool value that a constant-product pool needs for fees to cover arbitrage losses, by token volatility from 45% to 218% and fee tier from 0.01% to 1%. At 166% volatility and a 0.3% fee the figure is 31.5% a day.\",\n   \"caption\": \"Breakeven daily turnover for a constant-product pool, as a percentage of pool value. Source: TDMM calculation from Milionis et al. (2022).\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-lvr-fee-breakeven-heatmap-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-13\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns.png\",\n   \"name\": \"Bar chart comparing $199.3 million of fees earned with $260.1 million of impermanent loss across 17 Uniswap v3\",\n   \"description\": \"Bar chart comparing $199.3 million of fees earned with $260.1 million of impermanent loss across 17 Uniswap v3 pools from launch to September 2021, with a tile showing liquidity providers $60.8 million worse off than holding.\",\n   \"caption\": \"Fees did not cover the loss across 17 pools. Source: Loesch et al., \\\"Impermanent Loss in Uniswap v3\\\", arXiv 2111.09192, 17 Nov 2021.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-uniswap-v3-lp-returns-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-14\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map.png\",\n   \"name\": \"Table of CEX market making risks, inventory, adverse selection, exchange and API, compliance, against DEX mark\",\n   \"description\": \"Table of CEX market making risks, inventory, adverse selection, exchange and API, compliance, against DEX market making risks, loss-versus-rebalancing, MEV, contract risk and stale ranges, with how a market maker manages each.\",\n   \"caption\": \"Each venue has its own risk map. A market maker has to manage both on one book.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-cex-vs-dex-risk-map-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-15\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines.png\",\n   \"name\": \"Three cards summarising Binance's 25 March 2026 market maker guidelines: disclose the market maker's identity,\",\n   \"description\": \"Three cards summarising Binance's 25 March 2026 market maker guidelines: disclose the market maker's identity, legal entity and contract terms; no profit-sharing or guaranteed-return deals; and clear terms for how loaned tokens may be used, with enforcement including blacklisting.\",\n   \"caption\": \"What Binance asked of token projects and market makers on 25 March 2026. Source: CoinDesk, 25 Mar 2026.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-binance-market-maker-guidelines-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-16\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix.png\",\n   \"name\": \"Decision matrix matching token stages to CEX and DEX market making needs: launchpad or bonding curve, DEX only\",\n   \"description\": \"Decision matrix matching token stages to CEX and DEX market making needs: launchpad or bonding curve, DEX only with one pool, DEX only with several pools, first CEX listing, several CEXs and DEXs, and unlocks or treasury exits.\",\n   \"caption\": \"Match the service to where the token trades. TDMM publishes this article and provides both services.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-cex-or-dex-market-making-decision-matrix-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-17\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price.png\",\n   \"name\": \"Diagram of one book: a single reference price at the centre feeding CEX order books on Binance, OKX, Bybit and\",\n   \"description\": \"Diagram of one book: a single reference price at the centre feeding CEX order books on Binance, OKX, Bybit and Gate, DEX pools on Uniswap, PancakeSwap and Raydium, on-chain order books and perpetual hedges, with one inventory view and one risk limit around it.\",\n   \"caption\": \"One reference price, one inventory, one risk limit across every venue. Source: TDMM operating model.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-one-book-one-reference-price-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-18\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker.png\",\n   \"name\": \"Seven question cards for choosing a CEX and DEX market maker, covering which venues it covers today, what it c\",\n   \"description\": \"Seven question cards for choosing a CEX and DEX market maker, covering which venues it covers today, what it commits to per venue, how it manages pool ranges, stress behaviour, reporting, disclosure and how it is paid.\",\n   \"caption\": \"Seven questions to put to any CEX or DEX market maker. Checklist: TDMM.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/18-seven-questions-cex-dex-market-maker-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-21\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan.png\",\n   \"name\": \"Five-step 30-day plan for choosing a CEX and DEX market maker: map the venues, set the target, price every opt\",\n   \"description\": \"Five-step 30-day plan for choosing a CEX and DEX market maker: map the venues, set the target, price every option in dollars, shortlist and test, then sign, disclose and fund.\",\n   \"caption\": \"The 30-day plan in one view. Plan: TDMM.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/21-30-day-cex-dex-market-maker-plan-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-19\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage.png\",\n   \"name\": \"TDMM coverage panel: active since 2015, $10B+ traded, 100+ CEX and DEX integrations, 200+ markets and 24\/7 ope\",\n   \"description\": \"TDMM coverage panel: active since 2015, $10B+ traded, 100+ CEX and DEX integrations, 200+ markets and 24\/7 operations, with centralised exchanges, DEXs, chains and services listed.\",\n   \"caption\": \"Order books, DEX pools and launchpads on one desk. Source: TDMM company information.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/19-tdmm-cex-dex-coverage-300x169.png\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#img-20\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared.png\",\n   \"name\": \"Table comparing three kinds of market making provider, a CEX-only desk, a DEX-only liquidity vault and TDMM, a\",\n   \"description\": \"Table comparing three kinds of market making provider, a CEX-only desk, a DEX-only liquidity vault and TDMM, across venues covered, reference price, inventory view, reporting, CEX disclosure support and lifecycle services.\",\n   \"caption\": \"What each kind of provider covers. Compare on the questions, not the marketing.\",\n   \"width\": 1920,\n   \"height\": 1080,\n   \"encodingFormat\": \"image\/png\",\n   \"representativeOfPage\": false,\n   \"license\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"acquireLicensePage\": \"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\",\n   \"creditText\": \"TDMM Research\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/#webpage\"\n   },\n   \"inLanguage\": \"en\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/20-market-maker-types-compared-300x169.png\"\n  }\n ]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The short answer CEX market making means quoting buy and sell limit orders on a centralised exchange&#8217;s order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in how price is set, who bears which risk, what the capital earns and what the exchange expects. TDMM&#8217;s live measurement on 30 September 2026 found Binance held about 8.5 times the ETH depth of the three largest Uniswap v3 ETH\/USDC pools combined, while DEX spot volume reached a record 24.2% of CEX spot volume in July. Most tokens that trade in both places need both services run as one book, which is why TDMM is the go-to CEX and DEX market maker for token projects. Key takeaways A CEX market maker posts limit orders on an exchange order book and earns the spread and maker rebates. Its main risks are inventory, adverse selection and the exchange itself. A DEX market maker supplies liquidity to a pool, a price range or an on-chain book. Its main risks are arbitrage loss, MEV, smart contract risk and ranges &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"The short answer CEX market making means quoting buy and sell limit orders on a centralised exchange&#039;s order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"TDMM\"\/>\n\t<link rel=\"canonical\" href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 5.0.2.1\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"Blog -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"CEX vs DEX Market Making in 2026: How Each Works, What It Costs and Why TDMM Runs Both - Blog\" \/>\n\t\t<meta property=\"og:description\" content=\"The short answer CEX market making means quoting buy and sell limit orders on a centralised exchange&#039;s order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-10-01T06:24:22+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-10-01T07:13:52+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"CEX vs DEX Market Making in 2026: How Each Works, What It Costs and Why TDMM Runs Both - Blog\" \/>\n\t\t<meta name=\"twitter:description\" content=\"The short answer CEX market making means quoting buy and sell limit orders on a centralised exchange&#039;s order book, refreshed continuously from one reference price. DEX market making means supplying liquidity on decentralised exchanges, through an automated pool, a concentrated price range, an on-chain order book or a proprietary quoting engine. The two differ in\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/blog\\\/cex-vs-dex-market-making-in-2026\\\/#blogposting\",\"name\":\"CEX vs DEX Market Making in 2026: How Each Works, What It Costs and Why TDMM Runs Both - Blog\",\"headline\":\"CEX vs DEX Market Making in 2026: How Each Works, What It Costs and Why TDMM Runs Both\",\"author\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/author\\\/admin\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/tdmm.io\\\/insights\\\/wp-content\\\/uploads\\\/2026\\\/10\\\/00-cover-cex-vs-dex-market-making.png\",\"width\":1920,\"height\":1080,\"caption\":\"By Vaibhav Singh, TDMM (TradeDog Market Maker). Published 1 October 2026. 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