{"id":3750,"date":"2026-10-07T13:25:00","date_gmt":"2026-10-07T13:25:00","guid":{"rendered":"https:\/\/tdmm.io\/insights\/?p=3750"},"modified":"2026-10-07T13:40:10","modified_gmt":"2026-10-07T13:40:10","slug":"what-founders-get-wrong-about-market-making","status":"publish","type":"post","link":"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/","title":{"rendered":"What Founders Get Wrong About Market Making: 12 Costly Mistakes and How to Avoid Them"},"content":{"rendered":"<p class=\"p2\"><i>Disclosure: TDMM is a CEX and DEX market maker for token projects. We say so at the top, publish our method and data, and point out where a founder does not need to hire anyone.<\/i><\/p>\n<h2 class=\"p3\"><b>The short answer<\/b><\/h2>\n<p class=\"p2\">Founders most often get market making wrong in three ways: they expect a market maker to create demand or hold a price, they pay for trading volume instead of order book depth, and they sign deals they cannot measure or price. A market maker sells liquidity, meaning a two-sided market with a tight spread and real depth on every venue, for the whole life of the token. TDMM\u2019s snapshot of 2,121 order books on 5 October 2026 found that volume explains only 23% of a book\u2019s depth and that 72.9% of books were thin on at least one side. The fix is a written mandate with spread, depth and uptime targets per venue, run across CEX and DEX from before TGE to well after it, which is how TDMM works with token projects.<\/p>\n<h2 class=\"p4\"><b>Key takeaways<\/b><\/h2>\n<ul class=\"ul1\">\n<li class=\"li5\"><b>A market maker supplies liquidity, not demand.<\/b> It keeps a two-sided market so people can trade at a fair price. It cannot create buyers, and any firm that promises a price or a volume number is describing either something it cannot deliver or something that breaks exchange rules.<\/li>\n<li class=\"li5\"><b>Volume is not liquidity.<\/b> Across 2,121 small and mid-cap USDT order books on Gate and MEXC, trading volume explained only 23% of the variation in depth. Tokens doing $1 million to $10 million a day ranged from $5,300 to $608,000 of depth within 2% of the price, a 116x gap.<\/li>\n<li class=\"li5\"><b>The 2% depth figure hides thin books.<\/b> In the median book only 14.8% of the depth counted within 2% sat within 0.5% of the price, where most trades actually execute.<\/li>\n<li class=\"li5\"><b>A token loan is not free.<\/b> In TDMM\u2019s Black-Scholes model, the call options on a $1 million token loan are worth about $275,000 at 88% volatility and $550,000 at 166%, against $180,000 for a year of retainer across three exchanges.<\/li>\n<li class=\"li5\"><b>Contracts without numbers cannot be enforced.<\/b> On the largest exchanges the venue does not impose a service level, so spread, depth at 0.5%, 1% and 2%, and uptime have to be written into the project\u2019s own agreement, per venue, with reporting the team can verify.<\/li>\n<li class=\"li5\"><b>Timing cuts both ways.<\/b> Hiring two weeks before listing is too late; the median new listing in TDMM\u2019s study of 753 tokens moved 41.2% in its first hour. Hiring before there is any market to make is too early.<\/li>\n<li class=\"li5\"><b>Most tokens trade on CEX and DEX at once.<\/b> DEX spot volume reached a record 24.2% of CEX volume in July 2026. Two providers on two venues mean two prices and nobody responsible for the gap.<\/li>\n<li class=\"li5\"><b>The rules changed in 2026.<\/b> Binance\u2019s March 2026 guidance asks issuers to disclose their market maker and contract terms, and lists six trading red flags. Profit-share clauses of the kind found in the MOVE market making contract are now exactly what exchanges look for.<\/li>\n<li class=\"li1\"><b>Market making after TGE matters as much as at TGE.<\/b> Unlocks, new listings, DEX ranges and treasury sales all hit the same order books, so the mandate should run at least 12 months past launch.\n<p><figure id=\"attachment_3753\" aria-describedby=\"caption-attachment-3753\" style=\"width: 909px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3753\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-300x169.png\" alt=\"Panel of nine numbers on what founders get wrong about market making, including 72.9% of order books thin on at least one side, 23% of depth explained by volume, a 116x depth gap at the same volume, and $550k of option value on a $1M token loan.\" width=\"909\" height=\"512\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers.png 1920w\" sizes=\"auto, (max-width: 909px) 100vw, 909px\" \/><figcaption id=\"caption-attachment-3753\" class=\"wp-caption-text\">Nine numbers behind this guide. Sources as dated in the panel.<\/figcaption><\/figure><\/li>\n<\/ul>\n<h2 class=\"p3\"><b>Why do founders get market making wrong?<\/b><\/h2>\n<p class=\"p1\">Founders get market making wrong because the service is sold privately, priced in options most teams never value, and judged on numbers that exchanges and data sites display in a way that flatters thin markets. Most first-time founders sign one market making contract in their working life, usually in the weeks before a token generation event (TGE), and usually on terms the market maker drafted.<\/p>\n<p class=\"p1\">The result shows up in how the market sees the industry. In a June 2025 survey of more than 2,000 crypto community members in 98 countries, LO:TECH found that 52% did not trust crypto market makers, 37% believed market makers coordinate price manipulation, and 70% said they would join a prosecution of market makers if one were brought. Founders inherit that suspicion the moment they announce a market making partner, which is one more reason to get the structure right.<\/p>\n<figure id=\"attachment_3754\" aria-describedby=\"caption-attachment-3754\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3754\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-300x169.png\" alt=\"Bar chart from the LO:TECH 2025 survey of more than 2,000 respondents in 98 countries: 52% do not trust crypto market makers, 70% would join a prosecution of market makers, and 37% believe market makers coordinate price manipulation.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3754\" class=\"wp-caption-text\">The trust gap founders inherit. Source: LO:TECH, The State of Crypto Market Making 2025.<\/figcaption><\/figure>\n<p class=\"p1\">The cost of a bad market making decision is not abstract. In December 2024, within a day of MOVE\u2019s listing, a market maker sold 66 million MOVE tokens while placing few buy orders. Binance offboarded the firm in March 2025 and froze about $38 million of proceeds. The contract, as reported by CoinDesk and later by Rekt, let the market maker liquidate tokens once MOVE reached a $5 billion valuation and split profits with the foundation. Coinbase suspended MOVE trading in May 2025, one of Movement Labs\u2019 co-founders was dismissed, and its developer MVMT Labs later filed for Chapter 11 reorganisation. Most mistakes are quieter than that, but they follow the same pattern: an agreement nobody priced, measured or controlled.<\/p>\n<p class=\"p2\">A crypto market maker, for clarity, is a firm that continuously posts buy and sell orders for a token on exchanges and in on-chain pools, holding inventory on both sides so anyone can trade at a visible price. TDMM\u2019s 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> explains the mechanics from first principles. The rest of this article is about the decisions founders make around that service, and where those decisions go wrong.<\/p>\n<h2 class=\"p3\"><b>The 12 market making mistakes at a glance<\/b><\/h2>\n<figure id=\"attachment_3755\" aria-describedby=\"caption-attachment-3755\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3755\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-300x169.png\" alt=\"Table of the 12 mistakes founders make with market making, what each one costs and the fix, from hiring a market maker to create demand through to treating market making as a launch-week job.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3755\" class=\"wp-caption-text\">The twelve mistakes, the cost of each and the fix. Each is explained below.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td1\" valign=\"top\">\n<p class=\"p5\"><strong>#<\/strong><\/p>\n<\/td>\n<td class=\"td2\" valign=\"top\">\n<p class=\"p5\"><strong>Mistake<\/strong><\/p>\n<\/td>\n<td class=\"td3\" valign=\"top\">\n<p class=\"p5\"><strong>What it costs<\/strong><\/p>\n<\/td>\n<td class=\"td4\" valign=\"top\">\n<p class=\"p5\"><strong>The fix<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p5\">1<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p5\">Hiring a market maker to create demand or hold a price<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p5\">Spend with no lasting price effect<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p5\">Buy liquidity; build demand elsewhere<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">2<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Paying for volume instead of depth<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Wash-trading risk and thin books<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Contract spread, depth and uptime<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">3<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Reading liquidity from the 2% depth number<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Thin books near the price stay hidden<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Set targets at 0.5%, 1% and 2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">4<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Treating a token loan as free<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Upside paid away in call options<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Price the options in dollars<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">5<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Squeezing the fee until only the wrong firms bid<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Adverse selection of providers<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Pay for a defined service<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">6<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Signing without measurable obligations<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Nothing to enforce<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">KPIs per venue, reports, audit rights<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">7<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Handing over inventory without controls<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Lost tokens, unexplained selling<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Sub-accounts, scoped keys, tranches<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">8<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Getting the timing wrong<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">A chaotic TGE, or cost with no market<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Start 60 to 90 days before TGE<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td5\" valign=\"top\">\n<p class=\"p5\">9<\/p>\n<\/td>\n<td class=\"td6\" valign=\"top\">\n<p class=\"p5\">Ignoring DEX, or splitting CEX and DEX between providers<\/p>\n<\/td>\n<td class=\"td7\" valign=\"top\">\n<p class=\"p5\">Two prices and an arbitrage drain<\/p>\n<\/td>\n<td class=\"td8\" valign=\"top\">\n<p class=\"p5\">One book across venues<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">10<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Seeding a pool and walking away<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Stale prices and arbitrage losses<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Managed ranges tied to the order books<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">11<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Ignoring disclosure and conduct rules<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Delisting, frozen funds, legal exposure<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Disclosable terms, no profit share<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td9\" valign=\"top\">\n<p class=\"p5\">12<\/p>\n<\/td>\n<td class=\"td10\" valign=\"top\">\n<p class=\"p5\">Treating market making as a launch-week job<\/p>\n<\/td>\n<td class=\"td11\" valign=\"top\">\n<p class=\"p5\">Unlocks and listings hit thin books<\/p>\n<\/td>\n<td class=\"td12\" valign=\"top\">\n<p class=\"p5\">Scope the mandate to TGE plus 12 months<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p3\"><b>Mistake 1: Hiring a market maker to create demand or hold a price<\/b><\/h3>\n<p class=\"p1\">The first mistake is the most expensive: hiring a market maker because the chart is falling. A market maker provides liquidity, which means anyone who wants to buy or sell can do so quickly at a price close to the last trade. It does not provide demand. If more people want to sell a token than buy it, a market maker can slow the move and keep it orderly, but it cannot reverse it without spending capital on buying, and no market maker will do that for long on its own balance sheet.<\/p>\n<p class=\"p1\">Arrakis made the same point in its March 2026 founder guide: market makers supply liquidity, not demand, and a firm promising price targets or volume guarantees is offering something it either cannot deliver or should not. The promise of price support is also where conduct problems start, because the only reliable way to hold a price that buyers do not want to pay is to trade in ways exchanges and regulators treat as manipulation.<\/p>\n<p class=\"p1\">What liquidity does buy is a calmer market. Arrakis analysed 2025 token launches and found that tokens with less than $20,000 of depth within 2% on their primary centralised exchange had average annualised realised volatility of 237%, against 171% for those with $165,000 or more. It reported that the relationship was statistically significant and flattened above about $70,000 of depth.<\/p>\n<figure id=\"attachment_3759\" aria-describedby=\"caption-attachment-3759\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3759\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-300x169.png\" alt=\"Bar chart of average annualised realised volatility for 2025 token launches: 237% for tokens with under $20k of 2% depth on their primary CEX, against 171% for tokens with $165k or more, with the relationship flattening above about $70k.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3759\" class=\"wp-caption-text\">Deeper launch books came with lower volatility. Source: Arrakis Finance, 17 March 2026.<\/figcaption><\/figure>\n<p class=\"p2\"><b>The fix.<\/b> Hire a market maker to make trading in your token cheap, continuous and fair: tight spreads, adequate depth, quotes that stay live in stressed markets. Measure it on those terms. Build demand through product, distribution and listings, and treat any pitch that leads with price as a reason to walk away.<\/p>\n<h3 class=\"p3\"><b>Mistake 2: Paying for volume instead of depth<\/b><\/h3>\n<p class=\"p1\">The second mistake is judging a market maker by the volume number on CoinMarketCap or CoinGecko. Volume is easy to produce and says little about whether someone can actually trade. Depth, meaning the value of resting orders near the price, is what decides how much a buyer or seller moves the market.<\/p>\n<p class=\"p1\">TDMM measured this directly. On 5 October 2026 we took a simultaneous snapshot of 2,121 USDT order books on Gate (881 books) and MEXC (1,240), every pair with more than $5,000 of daily volume, after removing stablecoins, leveraged tokens and tokenised stocks. We then compared each token\u2019s 24-hour volume with its two-sided depth within 2% of the mid price.<\/p>\n<p class=\"p1\">Volume explained only 23% of the variation in depth (the R-squared of a log-log fit), with a rank correlation of 0.44. In plain terms, knowing a token\u2019s volume tells you surprisingly little about how deep its book is. Among the 101 books trading $1 million to $10 million a day, 2% depth ranged from $5,300 at the 10th percentile to $608,000 at the 90th, a 116x gap between tokens doing similar volume.<\/p>\n<figure id=\"attachment_3756\" aria-describedby=\"caption-attachment-3756\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3756\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-300x169.png\" alt=\"Scatter chart of 24-hour volume against two-sided 2% order book depth for 2,121 USDT books on Gate and MEXC on 5 October 2026, on log scales, with a fit line showing an R-squared of 0.23 and a reference line at $10k a side.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3756\" class=\"wp-caption-text\">Volume explains only 23% of order book depth. Source: TDMM snapshot, 5 October 2026.<\/figcaption><\/figure>\n<p class=\"p1\">Two further numbers sharpen the point. Of the 128 books doing more than $1 million a day, 24 (18.8%) still had less than $10,000 within 2% on at least one side. And 238 books, 11.2% of the sample, traded more than 100 times their own 2% depth in a single day. That is not proof of wash trading, since a token with news can turn over its book many times. It is the pattern Binance now lists as a red flag: volume that does not match the price movement or the liquidity behind it.<\/p>\n<figure id=\"attachment_3757\" aria-describedby=\"caption-attachment-3757\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3757\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-300x169.png\" alt=\"Range chart of two-sided 2% depth by 24-hour volume tier for 2,121 order books, showing the 10th, 50th and 90th percentile and the share of thin books: 82% thin at $5k-100k a day, 58% at $100k-1M, 24% at $1M-10M and 0% above $10M.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3757\" class=\"wp-caption-text\">Depth by volume tier. Thin means under $10,000 within 2% on at least one side. Source: TDMM snapshot, 5 October 2026.<\/figcaption><\/figure>\n<p class=\"p2\"><b>The fix.<\/b> Never pay for volume. Write spread, depth and uptime into the contract and judge the market maker on those. Volume should be the organic result of a market that is easy to trade, not a deliverable.<\/p>\n<h3 class=\"p3\"><b>Mistake 3: Reading liquidity from the 2% depth number<\/b><\/h3>\n<p class=\"p1\">The third mistake is subtler. Even founders who ask for depth usually ask for the number CoinMarketCap and CoinGecko display, which is depth within 2% of the price. Kaiko, the market data firm, stopped using 2% depth in its own research because that level is more frequently gamed, and moved to 1%. The reason is simple: a market maker can place large orders just inside the 2% band, where they are unlikely to trade, and leave the inside of the book thin.<\/p>\n<p class=\"p1\">TDMM\u2019s snapshot shows how common that shape is. In the median book, only 14.8% of the depth counted within 2% sat within 0.5% of the price. In 65.1% of books, less than a quarter of the 2% depth was within 0.5%. The share rises with volume, from 11.6% for books doing under $100,000 a day to 52.3% for books doing more than $10 million, which is what a book looks like when real traders, rather than display orders, set its shape.<\/p>\n<figure id=\"attachment_3758\" aria-describedby=\"caption-attachment-3758\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3758\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-300x169.png\" alt=\"Bar chart of the median share of two-sided 2% depth that sits within 0.5% of mid by volume tier: 11.6% at $5k-100k a day, 21.6% at $100k-1M, 33.4% at $1M-10M and 52.3% above $10M, against a 25% even-spread reference line.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3758\" class=\"wp-caption-text\">Where the depth in the 2% figure really sits. Source: TDMM snapshot, 5 October 2026.<\/figcaption><\/figure>\n<p class=\"p2\"><b>The fix.<\/b> Set depth targets at three levels, 0.5%, 1% and 2% of the mid price, on each side of the book and on each venue. A buyer of $5,000 cares about the first, a fund selling $200,000 cares about the last, and a market maker that meets only the 2% figure is meeting the one number that is easiest to dress up.<\/p>\n<h3 class=\"p3\"><b>Mistake 4: Treating a token loan as free<\/b><\/h3>\n<p class=\"p1\">Most token projects pay their market maker in one of two ways. Under a retainer, the project pays a monthly fee and lends the market maker both tokens and stablecoins to quote with. Under a token loan with call options, sometimes called a loan and option agreement, the project lends tokens, often 1% to 5% of supply for 12 to 24 months according to Arrakis, and pays no fee. Instead, the market maker receives the right to buy some or all of the loaned tokens at agreed strike prices when the loan ends.<\/p>\n<p class=\"p1\">The second structure is popular because it needs no cash. It is not free. The call options have value, and the more volatile the token, the more they are worth. TDMM priced a typical deal with the Black-Scholes model: a $1 million token loan, equal to 2% of a $50 million fully diluted valuation, split equally across strikes at 1.0x, 1.25x and 1.5x of the reference price, for 12 months.<\/p>\n<p class=\"p1\">At 88% volatility, the median TDMM measured for listed small and mid caps in September 2026, the options are worth about $275,000. At 166%, the median volatility TDMM measured for new listings in their first three months, they are worth about $550,000, and about $733,000 over 24 months. A retainer of $5,000 a month per venue, the midpoint of the $3,000 to $7,000 range Arrakis reports, costs $180,000 a year across three exchanges.<\/p>\n<figure id=\"attachment_3760\" aria-describedby=\"caption-attachment-3760\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3760\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-300x169.png\" alt=\"Bar chart comparing the cost of market making structures: a retainer at $180k for three venues over 12 months, against the Black-Scholes value of call options on a $1M token loan of $275k at 88% volatility, $395k at 120%, $550k at 166% over 12 months and $733k at 166% over 24 months.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3760\" class=\"wp-caption-text\">What &#8220;free&#8221; costs. Source: TDMM model; retainer range from Arrakis Finance.<\/figcaption><\/figure>\n<p class=\"p1\">Those option values are a ceiling on cost rather than a bill. The market maker carries real risk on a loan, cannot always sell size near the strike, and earns its option value only if the token rises. But a founder who compares a retainer with a loan and calls it \u201cfree\u201d is comparing a known cost with an unpriced one.<\/p>\n<figure id=\"attachment_3761\" aria-describedby=\"caption-attachment-3761\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3761\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-300x169.png\" alt=\"Comparison table of a retainer and a token loan with call options: what the project gives, how the market maker is paid, sell pressure at launch, transparency, cost, negotiation points and best fit.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3761\" class=\"wp-caption-text\">Retainer or token loan: what each structure asks of a founder.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td13\" valign=\"top\"><\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\"><strong>Retainer<\/strong><\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\"><strong>Token loan with call options<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p5\">What the project gives<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">A fee, plus tokens and stablecoins on loan<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">Tokens on loan, often 1% to 5% of supply for 12 to 24 months<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p5\">How the market maker is paid<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">A fixed fee, typically $3,000 to $7,000 a month per exchange<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">Call options on the loaned tokens, plus trading gains<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p5\">Sell pressure at launch<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">Low: quote capital arrives with the deal<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">Higher: some tokens may be sold to fund the bid side<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p5\">Transparency<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">High: inventory stays visible to the project<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">Lower, unless reporting is contracted<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p5\">Cost in our model<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">$180,000 a year across three venues<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">About $275,000 to $550,000 on a $1 million loan over 12 months<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td13\" valign=\"top\">\n<p class=\"p5\">What to negotiate<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">KPIs, reporting, termination<\/p>\n<\/td>\n<td class=\"td14\" valign=\"top\">\n<p class=\"p5\">Strikes, tenor, tranches, return terms, KPIs<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td15\" valign=\"top\">\n<p class=\"p5\">Best fit<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">Projects with cash that want to keep their upside<\/p>\n<\/td>\n<td class=\"td16\" valign=\"top\">\n<p class=\"p5\">Token-rich, cash-poor projects that price the options first<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p1\">The loan structure has a second cost that Arrakis describes plainly: a market maker that receives only tokens has to sell some of them to fund its buy orders, which adds selling during the hours when price discovery is most fragile. TDMM\u2019s post-listing study covers the option arithmetic in more depth in <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-market-making-works-after-a-token-listing\/\"><span class=\"s1\">how market making works after a token listing<\/span><\/a>.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Price every option in dollars before you sign, at a volatility that reflects a new token rather than Bitcoin. Then compare it with a retainer on the same page. Where a loan is the right choice, use strikes above the listing price, release the loan in tranches, and tie each tranche to delivered spread and depth.<\/p>\n<h3 class=\"p3\"><b>Mistake 5: Squeezing the fee until only the wrong firms bid<\/b><\/h3>\n<p class=\"p1\">The reverse of mistake 4 is also common. Founders who learn that options have value sometimes push the strike prices, the loan size and the fee so low that the deal stops paying for the risk. AppWorks, the Taipei-based accelerator, put the result bluntly in its TGE playbook: if founders squeeze market maker economics too hard, the good firms walk away and the ones that remain are those who do not plan to earn their money from providing liquidity.<\/p>\n<p class=\"p1\">Market making for a new token is risky work. The market maker quotes against insiders and early investors who know more about the token than it does, holds inventory in an asset with no derivatives to hedge it, and has no price history to estimate volatility from. A fee or option package that does not cover that risk tells you something about how the firm intends to make money instead.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Decide what service you need, then pay a fair price for a defined level of it. Compare proposals on the same KPIs and the same dollar value, not on the lowest headline number.<\/p>\n<h3 class=\"p3\"><b>Mistake 6: Signing without measurable obligations<\/b><\/h3>\n<p class=\"p1\">The sixth mistake is signing an agreement that says the market maker will \u201cprovide liquidity\u201d without saying how much, where or how it will be checked. LO:TECH\u2019s report described founders bound into contracts where the burden of proving a breach fell entirely on the project. A contract without numbers leaves nothing to enforce.<\/p>\n<p class=\"p1\">Founders often assume the exchange will set the standard. On some venues it does: BitMEX, Aster and Bitstamp publish minimum spread, size and uptime levels for their market maker programmes. On the largest spot venues, including Binance, programme terms are tiered by volume and discretionary, and there is no service level the exchange imposes on a token\u2019s market maker. That makes the project\u2019s own contract the only place the standard is written down.<\/p>\n<p class=\"p1\">The table below is a starting point. It shows median and top-quartile spread and 2% depth for each volume tier in TDMM\u2019s 5 October snapshot. A token project can ask for top-quartile numbers for its tier on each venue, then raise the bar as volume grows.<\/p>\n<figure id=\"attachment_3762\" aria-describedby=\"caption-attachment-3762\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3762\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-300x169.png\" alt=\"Table of spread and depth benchmarks by 24-hour volume tier from 2,121 order books on Gate and MEXC on 5 October 2026, with median and top-quartile spread, median and top-quartile 2% depth, and the share of books thin on one side.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3762\" class=\"wp-caption-text\">Spread and depth benchmarks by volume tier, a starting point for contract KPIs. Source: TDMM snapshot, 5 October 2026.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td17\" valign=\"top\">\n<p class=\"p5\"><strong>24h volume<\/strong><\/p>\n<\/td>\n<td class=\"td18\" valign=\"top\">\n<p class=\"p5\"><strong>Books<\/strong><\/p>\n<\/td>\n<td class=\"td19\" valign=\"top\">\n<p class=\"p5\"><strong>Median spread<\/strong><\/p>\n<\/td>\n<td class=\"td20\" valign=\"top\">\n<p class=\"p5\"><strong>Top-quartile spread<\/strong><\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p5\"><strong>Median 2% depth<\/strong><\/p>\n<\/td>\n<td class=\"td21\" valign=\"top\">\n<p class=\"p5\"><strong>Top-quartile 2% depth<\/strong><\/p>\n<\/td>\n<td class=\"td22\" valign=\"top\">\n<p class=\"p5\"><strong>Thin on one side<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p5\">$5k to $100k a day<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p5\">1,550<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p5\">30.8 bps<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p5\">14.9 bps<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$3.1k<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$14.3k<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p5\">82%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p5\">$100k to $1M a day<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p5\">443<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p5\">15.3 bps<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p5\">8.1 bps<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$16.3k<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$66.3k<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p5\">58%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p5\">$1M to $10M a day<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p5\">101<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p5\">5.8 bps<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p5\">3.2 bps<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$117.0k<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$298.1k<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p5\">24%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td23\" valign=\"top\">\n<p class=\"p5\">Over $10M a day<\/p>\n<\/td>\n<td class=\"td24\" valign=\"top\">\n<p class=\"p5\">27<\/p>\n<\/td>\n<td class=\"td25\" valign=\"top\">\n<p class=\"p5\">1.5 bps<\/p>\n<\/td>\n<td class=\"td26\" valign=\"top\">\n<p class=\"p5\">0.8 bps<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$844.2k<\/p>\n<\/td>\n<td class=\"td27\" valign=\"top\">\n<p class=\"p5\">$3.56M<\/p>\n<\/td>\n<td class=\"td28\" valign=\"top\">\n<p class=\"p5\">0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p1\">A workable contract sets, for each venue: the maximum spread; minimum depth at 0.5%, 1% and 2% on each side; minimum uptime, the share of the time those quotes are live; the reporting cadence and format; the project\u2019s right to check figures against exchange data; what happens in extreme volatility; and what happens when targets are missed.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Put the numbers in the contract, per venue, and make reporting something the project can verify from public order book data rather than a monthly PDF it has to take on trust.<\/p>\n<h3 class=\"p3\"><b>Mistake 7: Handing over inventory and keys without controls<\/b><\/h3>\n<p class=\"p1\">Market making means giving a third party tokens, sometimes stablecoins, and sometimes access to exchange accounts. QuillAudits made the point in September 2026 that choosing a market maker is a security decision as well as a liquidity one: an API key with withdrawal rights can drain an account no matter how good the firm\u2019s audit report looks. The MOVE case shows the other risk, which is not theft but selling the project never intended.<\/p>\n<figure id=\"attachment_3763\" aria-describedby=\"caption-attachment-3763\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3763\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-300x169.png\" alt=\"Six cards listing controls to put in place before a market maker touches a project's tokens: accounts in the project's name, trade-only API keys, inventory in tranches, labelled wallets with live monitoring, verifiable reporting and a clean exit clause.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3763\" class=\"wp-caption-text\">Six controls to set up before a market maker touches your tokens.<\/figcaption><\/figure>\n<p class=\"p2\"><b>The fix.<\/b> Use exchange sub-accounts in the project\u2019s name where venues allow it, and trade-only API keys with withdrawals disabled and IP addresses whitelisted. Release loaned tokens in tranches tied to delivered KPIs. Label every wallet the market maker uses and monitor transfers to exchanges in real time. Reconcile daily reports against public data. And write the return of loaned tokens and stablecoins, the settlement of any options and the handover to a successor into the contract before day one.<\/p>\n<h3 class=\"p3\"><b>Mistake 8: Getting the timing wrong, in both directions<\/b><\/h3>\n<p class=\"p1\">Founders tend to hire a market maker either far too late or too early.<\/p>\n<p class=\"p1\">Too late is the more common error. A token\u2019s first hours are its most volatile. In TDMM\u2019s study of 753 listings published in September 2026, the median price range in the first hour of trading was 41.2%, falling to 3.3% per hour by hour 168. A market maker hired two weeks before listing has no time to agree venues, open and fund accounts, test API connections, set pool ranges, settle KPIs, or prepare the disclosure Binance now asks issuers to provide. Market making for new token launches needs that work done before the first trade, not during it.<\/p>\n<p class=\"p1\">Too early is the opposite problem. Arckea, a market maker, has written that founders often come for market making before there is a market: no circulating supply worth trading, no venues, no community that wants to trade. In that position a retainer buys very little, and a token loan sits idle while its option value ticks along.<\/p>\n<figure id=\"attachment_3764\" aria-describedby=\"caption-attachment-3764\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3764\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-300x169.png\" alt=\"Timeline of market making across a token's life: pre-TGE from day minus 90, TGE and the first 168 hours, post-listing days 8 to 90, and after TGE from month three, with what the market maker does and the founder mistake at each stage.\" width=\"943\" height=\"531\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge.png 1920w\" sizes=\"auto, (max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-3764\" class=\"wp-caption-text\">Market making for a token launch starts before TGE and runs long after it. Source: TDMM.<\/figcaption><\/figure>\n<p class=\"p2\"><b>The fix.<\/b> Start conversations 60 to 90 days before TGE, sign 30 to 45 days before, and have quotes ready for the first second of trading on every venue. If the token is not going to trade for months, scope a smaller mandate, such as advice on venues and pool design, rather than a full one.<\/p>\n<h3 class=\"p3\"><b>Mistake 9: Ignoring DEX, or splitting CEX and DEX between providers<\/b><\/h3>\n<p class=\"p1\">The ninth mistake is treating centralised and decentralised exchanges as separate problems. Most tokens now trade in both places. CoinDesk Data put DEX spot volume at a record 24.2% of CEX spot volume in July 2026. A token listed on Gate and MEXC usually also has a pool on Uniswap, PancakeSwap, Raydium or Aerodrome, and often the pool came first.<\/p>\n<p class=\"p1\">When the order books and the pools are run by different providers, or the pools are run by nobody, the two sets of venues drift apart. Arbitrage traders close the gap and keep the difference, which comes out of whoever is quoting the stale price, usually the project\u2019s own pool. TDMM\u2019s guide to <a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\"><span class=\"s1\">CEX vs DEX market making<\/span><\/a> measured how far apart the two can be: on 30 September 2026, Binance held about 8.5 times the ETH depth within 1% of the three largest Uniswap v3 ETH\/USDC pools combined.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Run order books and pools from one reference price, one inventory and one set of risk limits, with one provider accountable for both. TDMM\u2019s explainer on <a href=\"https:\/\/tdmm.io\/insights\/blog\/what-is-cross-exchange-market-making\/\"><span class=\"s1\">cross exchange market making<\/span><\/a> covers how that works across venues.<\/p>\n<h3 class=\"p3\"><b>Mistake 10: Seeding a pool and walking away<\/b><\/h3>\n<p class=\"p1\">A related mistake is believing that a DEX pool is a liquidity strategy. It is infrastructure. A full-range constant-product pool, the design used by Uniswap v2 and many launchpad graduations, spreads its capital across every possible price, so very little sits near the current one.<\/p>\n<p class=\"p1\">The arithmetic is unforgiving. To hold $10,000 of depth on each side within 2% of the price, a full-range pool needs about $2.01 million of capital. A concentrated range of plus or minus 10% needs about $98,000, around 20 times less, but only while someone keeps the range on the price. An order book needs about $20,000 of resting orders. TDMM\u2019s 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 the model in full.<\/p>\n<figure id=\"attachment_3765\" aria-describedby=\"caption-attachment-3765\" style=\"width: 951px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3765\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-300x169.png\" alt=\"Horizontal bar chart of capital needed for $10,000 of depth on each side within 2%: about $20k for a CEX order book, $98k for a managed plus or minus 10% concentrated range, and $2.01M for a full-range constant-product pool, on a log scale.\" width=\"951\" height=\"536\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool.png 1920w\" sizes=\"auto, (max-width: 951px) 100vw, 951px\" \/><figcaption id=\"caption-attachment-3765\" class=\"wp-caption-text\">Same depth, three ways to deliver it. Source: TDMM model.<\/figcaption><\/figure>\n<p class=\"p1\">Unmanaged pools also pay arbitrageurs. For a constant-product pool, the loss to arbitrage known as loss-versus-rebalancing equals volatility squared divided by eight each year, about 34.4% at the 166% volatility of a new listing. And at that volatility an unmanaged plus or minus 10% range has a 66% chance of ending a week out of range, at which point it provides no depth at all.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Treat on-chain liquidity as part of the market making mandate. Size pools for the depth you need, manage ranges actively, keep pool prices aligned with the order books, and report range position and depth alongside CEX spread and depth.<\/p>\n<h3 class=\"p3\"><b>Mistake 11: Ignoring disclosure and conduct rules<\/b><\/h3>\n<p class=\"p1\">The eleventh mistake is assuming that what happens between a project and its market maker stays private. It no longer does. On 25 March 2026 Binance published guidance on market maker red flags for crypto, aimed at token issuers as well as users. It listed six trading patterns it watches for and six expectations of projects launching or listing, including disclosure of the market maker\u2019s identity and contract terms to listing platforms. Binance said it would act against breaches, including by blacklisting market makers.<\/p>\n<figure id=\"attachment_3766\" aria-describedby=\"caption-attachment-3766\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3766\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-300x169.png\" alt=\"Two-column chart of Binance's March 2026 market maker guidance: six red flags in trading, from selling that conflicts with release schedules to large-scale token offloading, and six expectations of token projects, from sticking to release schedules to continuous post-listing monitoring.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3766\" class=\"wp-caption-text\">Binance&#8217;s March 2026 guidance, paraphrased. Source: Binance, as reported by The Block and Bitcoin.com.<\/figcaption><\/figure>\n<p class=\"p1\">The legal exposure is real too. In October 2024 the US Department of Justice charged four firms that presented themselves as market makers, Gotbit Consulting LLC, ZM Quant Investment LTD, CLS Global FZC LLC and MyTrade MM, over what it described as millions of dollars\u2019 worth of wash trades for token clients. Gotbit\u2019s founder later pleaded guilty and was sentenced to eight months in prison. A further action in the Northern District of California in March 2026 named ten defendants across three indictments. The October 2024 cases also named people behind several tokens that had paid for that trading.<\/p>\n<p class=\"p1\">In practice, three contract terms now create trouble at listing: any profit share between the issuer and the market maker, which Binance\u2019s guidance rules out; any promise of price or volume; and any freedom for the market maker to sell loaned tokens outside the published release schedule.<\/p>\n<p class=\"p2\"><b>The fix.<\/b> Write a contract you would be comfortable sending to an exchange, because you may have to. Keep it free of profit sharing and price or volume promises, align loan terms with the published release schedule, and keep the records that show your market maker did what the contract said.<\/p>\n<h3 class=\"p3\"><b>Mistake 12: Treating market making as a launch-week job<\/b><\/h3>\n<p class=\"p1\">The last mistake is ending the mandate, or the attention, after the listing. Market making after TGE is where most of a token\u2019s trading life happens, and where most of its supply events land. Keyrock\u2019s study of more than 16,000 token unlocks found that about 90% put downward pressure on price, with team unlocks the hardest hit at average falls of up to 25%. Each new exchange listing needs fresh inventory and fresh quotes. Treasury sales, investor exits and buybacks all go through the same order books and pools.<\/p>\n<p class=\"p1\">A market maker that only ran the launch will not know the book well enough to absorb those flows, and a new one will need weeks to learn it. TDMM covers the planning in its guides to <a href=\"https:\/\/tdmm.io\/insights\/blog\/crypto-treasury-management-best-practices-2026\/\"><span class=\"s1\">crypto treasury management<\/span><\/a> and <a href=\"https:\/\/tdmm.io\/insights\/blog\/how-to-manage-token-exit-strategy-professionally\/\"><span class=\"s1\">token exit strategy<\/span><\/a>.<\/p>\n<p class=\"p1\"><b>The fix.<\/b> Scope the mandate from 90 days before TGE to at least 12 months after it. Put the unlock calendar into the market making plan, size liquidity ahead of each cliff, and use the same desk for treasury execution so that the project\u2019s own selling never competes with the market maker\u2019s quotes.<\/p>\n<h2 class=\"p3\"><b>Market making across the token lifecycle: before, at and after TGE<\/b><\/h2>\n<p class=\"p1\">The twelve mistakes cluster around four stages. The table below maps what a market maker should be doing at each one and what founders most often get wrong there.<\/p>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td29\" valign=\"top\">\n<p class=\"p5\"><strong>Stage<\/strong><\/p>\n<\/td>\n<td class=\"td30\" valign=\"top\">\n<p class=\"p5\"><strong>When<\/strong><\/p>\n<\/td>\n<td class=\"td31\" valign=\"top\">\n<p class=\"p5\"><strong>What the market maker does<\/strong><\/p>\n<\/td>\n<td class=\"td32\" valign=\"top\">\n<p class=\"p5\"><strong>Common founder mistake<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p5\">Pre-TGE<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p5\">Day -90 to -1<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p5\">Venue plan, deal structure, KPIs, accounts and keys, exchange disclosure, pool design<\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p5\">Hiring two weeks before listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td37\" valign=\"top\">\n<p class=\"p5\">TGE and first 168 hours<\/p>\n<\/td>\n<td class=\"td38\" valign=\"top\">\n<p class=\"p5\">Day 0 to 7<\/p>\n<\/td>\n<td class=\"td39\" valign=\"top\">\n<p class=\"p5\">Two-sided quotes from the first second; one price across order books and pools<\/p>\n<\/td>\n<td class=\"td40\" valign=\"top\">\n<p class=\"p5\">Funding too little inventory for the first hours<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p5\">Post-listing<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p5\">Day 8 to 90<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p5\">Spread and depth to KPI, rebalancing, weekly reports; volume settles to its organic level<\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p5\">Judging success by the price chart<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td33\" valign=\"top\">\n<p class=\"p5\">After TGE<\/p>\n<\/td>\n<td class=\"td34\" valign=\"top\">\n<p class=\"p5\">Month 3 onward<\/p>\n<\/td>\n<td class=\"td35\" valign=\"top\">\n<p class=\"p5\">Unlocks, new listings, DEX range management, treasury sales and exits on the same book<\/p>\n<\/td>\n<td class=\"td36\" valign=\"top\">\n<p class=\"p5\">Ending the mandate at launch<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p2\">For a token project, this is the practical meaning of three phrases founders search for: market making for new token launches is the pre-TGE and TGE work, market making after TGE is everything from day 8 onward, and market making for a token project is all four stages run as one mandate.<\/p>\n<h2 class=\"p3\"><b>How to avoid all twelve: seven questions and a 30-day plan<\/b><\/h2>\n<p class=\"p1\">Every one of these mistakes can be caught before signing by asking the market maker seven questions and getting the answers in writing.<\/p>\n<figure id=\"attachment_3767\" aria-describedby=\"caption-attachment-3767\" style=\"width: 950px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3767\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-300x169.png\" alt=\"Seven question cards to ask any market maker before signing, covering deliverables per venue, payment in dollars, accounts and keys, CEX and DEX coverage, disclosure, verifiable reporting, and what happens after TGE and at the end of the contract.\" width=\"950\" height=\"535\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker.png 1920w\" sizes=\"auto, (max-width: 950px) 100vw, 950px\" \/><figcaption id=\"caption-attachment-3767\" class=\"wp-caption-text\">Seven questions to ask any market maker before you sign. Source: TDMM.<\/figcaption><\/figure>\n<ol class=\"ol1\">\n<li class=\"li5\"><b><\/b><b><\/b><b>What will you deliver on each venue?<\/b> Maximum spread, depth at 0.5%, 1% and 2%, and uptime, per exchange and per pool.<\/li>\n<li class=\"li5\"><b><\/b><b><\/b><b>How are you paid, in dollars?<\/b> A fee, or an option package priced at a realistic volatility.<\/li>\n<li class=\"li5\"><b><\/b><b><\/b><b>Whose accounts and keys will you use?<\/b> Project-owned sub-accounts, trade-only keys, no withdrawal rights.<\/li>\n<li class=\"li5\"><b><\/b><b><\/b><b>Do you cover CEX and DEX on one book?<\/b> One reference price across order books and pools, with one provider accountable.<\/li>\n<li class=\"li5\"><b><\/b><b><\/b><b>Can this contract be disclosed to exchanges?<\/b> No profit share, no price or volume promises, loan terms aligned with the release schedule.<\/li>\n<li class=\"li5\"><b><\/b><b><\/b><b>What do you report, and how can we verify it?<\/b> Daily data the project can check against public order books and on-chain records.<\/li>\n<li class=\"li1\"><b><\/b><b><\/b><b>What happens after TGE and at the end?<\/b> Unlock planning, new listings, exits, and how loaned assets come back.<\/li>\n<\/ol>\n<p class=\"p1\">A 30-day selection plan follows from those questions:<\/p>\n<ol class=\"ol1\">\n<li class=\"li5\"><b>Days 1 to 5: write the brief.<\/b> Venues, expected volume tier, release schedule, budget in cash and tokens, and KPI targets from the benchmark table above.<\/li>\n<li class=\"li5\"><b>Days 6 to 12: shortlist and ask.<\/b> Send the brief and the seven questions to three or four market makers. Check each one\u2019s conduct record against primary sources.<\/li>\n<li class=\"li5\"><b>Days 13 to 18: price the offers.<\/b> Convert every option package to a dollar value, put retainers and loans side by side, and compare KPIs on the same basis.<\/li>\n<li class=\"li5\"><b>Days 19 to 25: negotiate the contract.<\/b> KPIs per venue, reporting and audit rights, tranches, return terms, termination, and a disclosure-ready version for exchanges.<\/li>\n<li class=\"li2\"><b>Days 26 to 30: set up and test.<\/b> Sub-accounts, scoped keys, wallet labels, monitoring, pool ranges and a dry run of reporting before the first trade.<\/li>\n<\/ol>\n<h2 class=\"p3\"><b>Why TDMM is the go-to market maker for token projects<\/b><\/h2>\n<figure id=\"attachment_3768\" aria-describedby=\"caption-attachment-3768\" style=\"width: 946px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3768\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-300x169.png\" alt=\"TDMM coverage panel: active since 2015, $10B+ trading volume, 100+ CEX and DEX integrations, 200+ markets and 24\/7 operations, with centralised exchanges, DEXs and launchpads, chains and services listed.\" width=\"946\" height=\"533\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage.png 1920w\" sizes=\"auto, (max-width: 946px) 100vw, 946px\" \/><figcaption id=\"caption-attachment-3768\" class=\"wp-caption-text\">Order books, DEX pools and launchpads on one desk. Source: TDMM company information.<\/figcaption><\/figure>\n<p class=\"p1\">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=\"p1\">TDMM is built around the mistakes in this article. On centralised exchanges it quotes on Binance, OKX, Bybit, Gate, KuCoin, Bitget, MEXC, HTX, Bitstamp and more than a dozen other venues. On decentralised exchanges it manages pools and ranges 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. Order books and pools run from one reference price, one inventory and one set of risk limits, which is what CEX and DEX market making for a token project needs.<\/p>\n<figure id=\"attachment_3769\" aria-describedby=\"caption-attachment-3769\" style=\"width: 944px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3769\" src=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-300x169.png\" alt=\"Table comparing four kinds of market making provider, a volume bot, a token-loan desk, a DEX-only vault and TDMM, on contracted quotes, CEX order books, DEX pools, one reference price, disclosure-ready contracts, reporting and post-TGE support.\" width=\"944\" height=\"532\" srcset=\"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-300x169.png 300w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-1024x576.png 1024w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-200x113.png 200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-768x432.png 768w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-1536x864.png 1536w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-1200x675.png 1200w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-480x270.png 480w, https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared.png 1920w\" sizes=\"auto, (max-width: 944px) 100vw, 944px\" \/><figcaption id=\"caption-attachment-3769\" class=\"wp-caption-text\">What each kind of provider covers. Compare on the questions, not the marketing.<\/figcaption><\/figure>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td41\" valign=\"top\"><\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\"><strong>Volume bot<\/strong><\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\"><strong>Token-loan desk<\/strong><\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\"><strong>DEX-only vault<\/strong><\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\"><strong>TDMM<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p5\">Two-sided quotes to a contracted standard<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">Yes<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">Pools only<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p5\">Yes, on every venue<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td44\" valign=\"top\">\n<p class=\"p5\">CEX order books<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">Volume only<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">Yes<\/p>\n<\/td>\n<td class=\"td45\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td46\" valign=\"top\">\n<p class=\"p5\">Yes, 100+ CEX and DEX integrations<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p5\">DEX pools and launchpads<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Varies<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Rarely<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Yes<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p5\">One reference price and one book<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Across exchanges<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Across pools<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\">Across books and pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p5\">Disclosure-ready contract<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Varies<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Not applicable<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p5\">Spread, depth and uptime reporting<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Varies<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Range and fees<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\">Per venue, verifiable<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td41\" valign=\"top\">\n<p class=\"p5\">After TGE: unlocks, listings, exits<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">No<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Varies<\/p>\n<\/td>\n<td class=\"td42\" valign=\"top\">\n<p class=\"p5\">Rarely<\/p>\n<\/td>\n<td class=\"td43\" valign=\"top\">\n<p class=\"p5\">Yes, on the same desk<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"p1\">For market making for new token launches, TDMM starts 60 to 90 days before TGE with venue planning, account set-up, pool design and a contract written for exchange disclosure, so quotes are live on every venue from the first second. For market making after TGE, the same desk runs spread and depth to agreed KPIs, plans liquidity around each unlock and new listing, and 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. For projects that need only managed DEX liquidity or liquidity provision for a single pool, TDMM scopes the mandate to that and says so.<\/p>\n<p class=\"p1\">Every TDMM mandate is written in units a founder can check: spread, depth at 0.5%, 1% and 2%, 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 agreements so they can be disclosed to every exchange. Token loans are structured so that treasury inventory is never the source of selling.<\/p>\n<p class=\"p1\">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. Founders comparing firms can read TDMM\u2019s rankings 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>, the <a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-for-token-projects\"><span class=\"s1\">best crypto market makers for token projects<\/span><\/a> and the <a href=\"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\"><span class=\"s1\">best liquidity providers for crypto projects<\/span><\/a>, or contact TDMM at <a href=\"https:\/\/tdmm.io\/\"><span class=\"s1\">tdmm.io<\/span><\/a>.<\/p>\n<h2 class=\"p9\"><b>Related TDMM guides and comparisons<\/b><\/h2>\n<h3 class=\"p10\"><b>Use-case rankings<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p5\"><strong>Guide<\/strong><\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p5\"><strong>Read it if you are<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Pre-TGE or preparing a first listing<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">A token issuer comparing firms for a full mandate<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/liquidity-providers-for-crypto-projects\">Best liquidity providers for crypto projects<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Comparing firms that provide liquidity to token projects<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/cex-market-makers\">Best CEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Trading mainly on centralised exchange order books<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/dex-market-makers\">Best DEX market makers<\/a><\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p5\">Trading mainly in DEX pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Below about $100 million in market cap<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/market-makers-for-solana-tokens\">Best market makers for Solana tokens<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Launching or trading on Solana<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">An early-stage project building its first liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/best\/crypto-market-makers-in-2026\">Best crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Looking for a summary of the market<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p10\"><b>Head-to-head comparisons<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p5\"><strong>Comparison<\/strong><\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p5\"><strong>What it compares<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-wintermute\">TDMM vs Wintermute<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">A token-project mandate against tier-one institutional liquidity<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-gsr\">TDMM vs GSR<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Market making plus treasury against a broader capital markets group<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-dwf-labs\">TDMM vs DWF Labs<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">A market maker against a market maker that also invests<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-kairon-labs\">TDMM vs Kairon Labs<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Full token-market management against specialist market making<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-falconx\">TDMM vs FalconX<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Issuer market making against institutional prime brokerage<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/compare\/tdmm-vs-solboost\">TDMM vs SolBoost<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">A market making mandate against a self-serve Solana volume tool<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 class=\"p10\"><b>The TDMM research series<\/b><\/h3>\n<table class=\"t1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"td47\" valign=\"top\">\n<p class=\"p5\"><strong>Article<\/strong><\/p>\n<\/td>\n<td class=\"td48\" valign=\"top\">\n<p class=\"p5\"><strong>What it covers<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\">CEX vs DEX market making in 2026<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">How each works, what it costs, and a live book-versus-pool depth measurement<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Which a new token project needs, with the pool capital model<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/top-crypto-market-makers\/\">Top crypto market makers in 2026<\/a><\/p>\n<\/td>\n<td class=\"td50\" valign=\"top\">\n<p class=\"p5\">Twelve CEX and DEX market makers ranked, with a 2,702-book benchmark<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">The first 90 days after listing, and what a token loan really costs<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/what-token-founders-get-wrong-about-centralized-exchange-liquidity\/\">What token founders get wrong about centralized exchange liquidity<\/a><\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p5\">The CEX-specific companion to this guide<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Keeping one reference price across order books and pools<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Quoting, spreads and inventory from first principles<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Why treasury and liquidity are one book<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td49\" valign=\"top\">\n<p class=\"p11\"><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=\"td50\" valign=\"top\">\n<p class=\"p5\">Selling or unlocking size without breaking the market<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"td51\" valign=\"top\">\n<p class=\"p11\"><a href=\"https:\/\/tdmm.io\/insights\/blog\/how-smart-liquidity-providers-can-solve-a-failing-token-launch\/\">How smart liquidity providers can solve a failing token launch<\/a><\/p>\n<\/td>\n<td class=\"td52\" valign=\"top\">\n<p class=\"p5\">What to do when a launch has already gone wrong<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 class=\"p3\"><b>Frequently asked questions<\/b><\/h2>\n<h2 class=\"p1\"><b>1. What do founders get wrong about market making most often?<\/b><\/h2>\n<p class=\"p1\">The most common mistakes are expecting a market maker to create demand or hold a price, paying for trading volume instead of order book depth, and signing a deal that has no measurable obligations or a token loan whose option cost nobody priced. A market maker sells liquidity: a tight spread, real depth and quotes that stay live on every venue. Judge it on those terms.<\/p>\n<h2 class=\"p1\"><b>2. Does a market maker pump or support a token\u2019s price?<\/b><\/h2>\n<p class=\"p1\">No.\u00a0A legitimate market maker keeps a two-sided market so people can trade at a fair price, and it can slow a fall and keep it orderly. It cannot create buyers. Any firm that promises a price target or a volume number is offering something it cannot deliver without trading in ways exchanges and regulators treat as manipulation.<\/p>\n<h2 class=\"p1\"><b>3. How much does a crypto market maker cost?<\/b><\/h2>\n<p class=\"p1\">Retainers typically run $3,000 to $7,000 a month per exchange, according to Arrakis, plus tokens and stablecoins lent to the market maker to quote with. Token loans with call options need no cash, but the options have value: in TDMM\u2019s model, about $275,000 to $550,000 on a $1 million loan over 12 months, depending on volatility.<\/p>\n<h2 class=\"p1\"><b>4. Is a token loan with call options a good deal for a token project?<\/b><\/h2>\n<p class=\"p1\">It can be, for a project with plenty of tokens and little cash, provided the options are priced in dollars before signing. Use strikes above the listing price, release the loan in tranches tied to delivered spread and depth, align the terms with the release schedule, and write the return of the tokens into the contract.<\/p>\n<h2 class=\"p1\"><b>5. When should a token project hire a market maker before TGE?<\/b><\/h2>\n<p class=\"p1\">Start talking to market makers 60 to 90 days before TGE and sign 30 to 45 days before. That leaves time to agree venues and KPIs, open and fund accounts, test connections, design DEX pools and prepare the disclosure exchanges now ask for, so quotes are live from the first second of trading.<\/p>\n<h2 class=\"p1\"><b>6. What KPIs should a market making contract include?<\/b><\/h2>\n<p class=\"p1\">For each venue: a maximum spread, minimum depth at 0.5%, 1% and 2% of the price on each side, minimum uptime, the reporting cadence, the project\u2019s right to verify reports against exchange data, behaviour in extreme volatility, and remedies for missed targets. TDMM\u2019s benchmark table by volume tier gives a starting point for the numbers.<\/p>\n<h2 class=\"p1\"><b>7. Do I need a DEX market maker if my token is listed on centralised exchanges?<\/b><\/h2>\n<p class=\"p1\">Usually yes, if the token also has on-chain pools. DEX spot volume reached 24.2% of CEX volume in July 2026, and pools that drift away from the order book price pay arbitrage traders. The cleanest set-up is one provider running order books and pools from one reference price.<\/p>\n<h2 class=\"p1\"><b>8. What happens to market making after TGE?<\/b><\/h2>\n<p class=\"p1\">Market making after TGE covers the rest of the token\u2019s trading life: holding spread and depth to KPI, planning liquidity around unlocks and new listings, managing DEX ranges, and executing treasury sales or exits without breaking the market. Keyrock found about 90% of more than 16,000 unlocks put downward pressure on price, so a mandate should run at least 12 months past launch.<\/p>\n<h2 class=\"p1\"><b>9. What are the red flags of a bad market maker?<\/b><\/h2>\n<p class=\"p1\">Promises of price or volume, profit-share clauses, requests for withdrawal rights on exchange accounts, refusal to commit to spread and depth per venue, reporting the project cannot verify, and any reluctance to have the contract disclosed to exchanges. Binance\u2019s March 2026 guidance adds trading red flags such as selling against the release schedule and volume that does not match price.<\/p>\n<h2 class=\"p1\"><b>10. Who is the best market maker for new token launches and token projects?<\/b><\/h2>\n<p class=\"p1\">TDMM is the go-to market maker for token projects that want CEX and DEX market making on one book, from pre-TGE planning through to unlocks and exits. It has been active since 2015, reports more than $10 billion traded, runs more than 100 CEX and DEX integrations, and writes every mandate in spread, depth and uptime per venue rather than price or volume promises.<\/p>\n<h3 class=\"p3\"><b>Glossary<\/b><\/h3>\n<p class=\"p1\"><b>Market maker.<\/b> A firm that continuously posts buy and sell orders for a token, holding inventory on both sides so others can trade at a visible price.<\/p>\n<p class=\"p1\"><b>Liquidity provider.<\/b> Anyone who supplies capital to a market, often to a DEX pool. A liquidity provider has no obligation to keep a market two-sided; a market maker under contract does.<\/p>\n<p class=\"p1\"><b>TGE (token generation event).<\/b> The moment a token is created and, usually, first becomes tradable.<\/p>\n<p class=\"p1\"><b>Bid-ask spread.<\/b> The gap between the best buy and best sell price, often quoted in basis points (bps), where 100 bps equals 1%.<\/p>\n<p class=\"p1\"><b>Order book depth.<\/b> The value of resting orders within a set distance of the mid price, such as 0.5%, 1% or 2%, on the bid side, the ask side or both.<\/p>\n<p class=\"p1\"><b>Thin book.<\/b> In this article, a book with less than $10,000 of orders within 2% of the price on at least one side.<\/p>\n<p class=\"p1\"><b>Uptime.<\/b> The share of the time a market maker\u2019s quotes meet the agreed spread and depth.<\/p>\n<p class=\"p1\"><b>Retainer.<\/b> A market making structure where the project pays a fixed fee and lends tokens and stablecoins for quoting.<\/p>\n<p class=\"p1\"><b>Token loan with call options.<\/b> A structure where the project lends tokens and the market maker is paid through the right to buy them at agreed strike prices when the loan ends.<\/p>\n<p class=\"p1\"><b>Strike price.<\/b> The price at which a call option lets the market maker buy loaned tokens.<\/p>\n<p class=\"p1\"><b>Black-Scholes model.<\/b> A standard formula for valuing options from the price, strike, time and volatility.<\/p>\n<p class=\"p1\"><b>Realised volatility.<\/b> How much a price actually moved, annualised from daily returns.<\/p>\n<p class=\"p1\"><b>Wash trading.<\/b> Trading with oneself, or by arrangement, to create the appearance of volume. It is illegal in many jurisdictions.<\/p>\n<p class=\"p1\"><b>Constant-product pool.<\/b> A DEX pool, as in Uniswap v2, that spreads liquidity across every price using the formula x times y equals k.<\/p>\n<p class=\"p1\"><b>Concentrated liquidity.<\/b> A DEX design, as in Uniswap v3 and v4, where liquidity sits only inside a chosen price range.<\/p>\n<p class=\"p1\"><b>Loss-versus-rebalancing (LVR).<\/b> The cost a passive liquidity pool pays to arbitrage traders as prices move, equal to volatility squared divided by eight each year for a constant-product pool.<\/p>\n<p class=\"p1\"><b>Unlock.<\/b> The scheduled release of previously locked tokens to team members, investors or ecosystem funds.<\/p>\n<h5 class=\"p4\"><b>Sources<\/b><\/h5>\n<ol class=\"ol1\">\n<li class=\"li5\">TDMM order book snapshot of 2,121 USDT pairs on Gate (881) and MEXC (1,240), public REST APIs, 5 October 2026, 15:00 to 15:06 UTC. Pairs with more than $5,000 of 24-hour volume; stablecoins, leveraged tokens and tokenised stocks removed. Depth is the sum of bids and asks within 0.5%, 1% and 2% of mid.<\/li>\n<li class=\"li5\">TDMM Black-Scholes model of a token loan with call options: $1 million loan, strikes at 1.0x, 1.25x and 1.5x, zero interest rate, 12 and 24 months, volatility of 88%, 120% and 166%.<\/li>\n<li class=\"li5\">TDMM, \u201cHow Market Making Works After a Token Listing\u201d, 25 September 2026: 753 listings, hour-one median range of 41.2% falling to 3.3% by hour 168; median annualised volatility of new listings of 166%.<\/li>\n<li class=\"li5\">TDMM, \u201cCrypto Market Maker vs Liquidity Provider\u201d, 29 September 2026: pool capital model and 88% median realised volatility of 721 listed small and mid caps.<\/li>\n<li class=\"li5\">TDMM, \u201cCEX vs DEX Market Making in 2026\u201d, 1 October 2026: ETH depth on Binance and Uniswap v3, 30 September 2026.<\/li>\n<li class=\"li5\">Arrakis Finance, \u201cCrypto Market Makers 101: What Founders Need To Know\u201d, 17 March 2026: deal structures, retainer range, and 2025 launch depth versus volatility.<\/li>\n<li class=\"li5\">LO:TECH, \u201cThe State of Crypto Market Making 2025\u201d, published 14 August 2025, survey of more than 2,000 respondents in 98 countries, June 2025; and The Block, \u201cGlobal survey reveals deep mistrust in crypto market making\u201d.<\/li>\n<li class=\"li5\">Binance, \u201cMarket Maker Red Flags and Guidelines for Crypto\u201d, 25 March 2026, as reported by The Block (25 March 2026) and Bitcoin.com.<\/li>\n<li class=\"li5\">Decrypt and The Block, reporting on Binance\u2019s March 2025 offboarding of a MOVE market maker, the 66 million MOVE sold and the $38 million frozen; Rekt, \u201cAll the Wrong Moves\u201d; Forklog on MVMT Labs\u2019 Chapter 11 filing.<\/li>\n<li class=\"li5\">US Department of Justice, District of Massachusetts, charges against Gotbit Consulting LLC, ZM Quant Investment LTD, CLS Global FZC LLC and MyTrade MM, October 2024, and the sentencing of Gotbit\u2019s founder, June 2025; Northern District of California action, 30 March 2026.<\/li>\n<li class=\"li5\">Kaiko Research on its move from 2% to 1% market depth.<\/li>\n<li class=\"li5\">CoinDesk Data, \u201cExchange Review July 2026\u201d, and CryptoRank reporting of the 24.2% DEX-to-CEX spot volume ratio.<\/li>\n<li class=\"li5\">Keyrock, research on more than 16,000 token unlock events.<\/li>\n<li class=\"li5\">AppWorks, \u201cTGE Playbook #3: How do you choose exchanges and market makers?\u201d.<\/li>\n<li class=\"li5\">Arckea, commentary on founders hiring market makers too early, published via MEXC News.<\/li>\n<li class=\"li5\">QuillAudits, \u201cTop Crypto Market Makers in 2026: How Token Projects Should Evaluate Them\u201d, 8 September 2026.<\/li>\n<li class=\"li5\">Milionis, J., Moallemi, C. C., Roughgarden, T. and Zhang, A. L., \u201cAutomated Market Making and Loss-Versus-Rebalancing\u201d, arXiv 2208.06046, 2022.<\/li>\n<li class=\"li5\">Exchange market maker programme terms published by BitMEX, Aster and Bitstamp; Binance spot and Binance.US programme pages.<\/li>\n<li class=\"li1\">TDMM, <i>About TDMM<\/i>, and tdmm.io, for company figures.<\/li>\n<\/ol>\n<p class=\"p1\">Charts and TDMM benchmark data in this article are published under the <a href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\"><span class=\"s1\">Creative Commons Attribution 4.0 licence (CC BY 4.0)<\/span><\/a>. Please credit \u201cTDMM (tdmm.io)\u201d when reusing them. The article text is not licensed for reuse.<\/p>\n<h6 class=\"p3\"><b>Disclaimer<\/b><\/h6>\n<p class=\"p1\">This article is published by TDMM (TradeDog Market Maker) for information and education. TDMM provides CEX and DEX market making and liquidity provisioning services to token projects 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=\"p1\">TDMM\u2019s order book figures are measurements of public data from two exchanges at the time stated; they change continuously and exclude other venues, DEX pools and hidden or RFQ liquidity. The token loan and pool figures are outputs of stated models that assume lognormal prices and constant volatility, which real markets do not follow; option values are an upper bound on cost and not a forecast. References to enforcement actions describe public filings and reports; charged parties not convicted are presumed innocent. Third-party figures are reproduced as published and have not been audited by TDMM. Exchange rules 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: 27 minutes \u00b7 Last updated: October 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\/what-founders-get-wrong-about-market-making\/#blogposting\",\n   \"abstract\": \"Founders most often get market making wrong in three ways: they expect a market maker to create demand or hold a price, they pay for trading volume instead of order book depth, and they sign deals they cannot measure or price. A market maker sells liquidity, meaning a two-sided market with a tight spread and real depth on every venue, for the whole life of the token. TDMM\u2019s snapshot of 2,121 order books on 5 October 2026 found that volume explains only 23% of a book\u2019s depth and that 72.9% of books were thin on at least one side. 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A market maker sells liquidity: a tight spread, real depth and quotes that stay live on every venue. Judge it on those terms.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Does a market maker pump or support a token\u2019s price?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"No.\u00a0A legitimate market maker keeps a two-sided market so people can trade at a fair price, and it can slow a fall and keep it orderly. It cannot create buyers. 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Token loans with call options need no cash, but the options have value: in TDMM\u2019s model, about $275,000 to $550,000 on a $1 million loan over 12 months, depending on volatility.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Is a token loan with call options a good deal for a token project?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"It can be, for a project with plenty of tokens and little cash, provided the options are priced in dollars before signing. Use strikes above the listing price, release the loan in tranches tied to delivered spread and depth, align the terms with the release schedule, and write the return of the tokens into the contract.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"When should a token project hire a market maker before TGE?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Start talking to market makers 60 to 90 days before TGE and sign 30 to 45 days before. That leaves time to agree venues and KPIs, open and fund accounts, test connections, design DEX pools and prepare the disclosure exchanges now ask for, so quotes are live from the first second of trading.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What KPIs should a market making contract include?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"For each venue: a maximum spread, minimum depth at 0.5%, 1% and 2% of the price on each side, minimum uptime, the reporting cadence, the project\u2019s right to verify reports against exchange data, behaviour in extreme volatility, and remedies for missed targets. TDMM\u2019s benchmark table by volume tier gives a starting point for the numbers.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Do I need a DEX market maker if my token is listed on centralised exchanges?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Usually yes, if the token also has on-chain pools. DEX spot volume reached 24.2% of CEX volume in July 2026, and pools that drift away from the order book price pay arbitrage traders. The cleanest set-up is one provider running order books and pools from one reference price.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What happens to market making after TGE?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Market making after TGE covers the rest of the token\u2019s trading life: holding spread and depth to KPI, planning liquidity around unlocks and new listings, managing DEX ranges, and executing treasury sales or exits without breaking the market. Keyrock found about 90% of more than 16,000 unlocks put downward pressure on price, so a mandate should run at least 12 months past launch.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"What are the red flags of a bad market maker?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Promises of price or volume, profit-share clauses, requests for withdrawal rights on exchange accounts, refusal to commit to spread and depth per venue, reporting the project cannot verify, and any reluctance to have the contract disclosed to exchanges. Binance\u2019s March 2026 guidance adds trading red flags such as selling against the release schedule and volume that does not match price.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    },\n    {\n     \"@type\": \"Question\",\n     \"name\": \"Who is the best market maker for new token launches and token projects?\",\n     \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"TDMM is the go-to market maker for token projects that want CEX and DEX market making on one book, from pre-TGE planning through to unlocks and exits. It has been active since 2015, reports more than $10 billion traded, runs more than 100 CEX and DEX integrations, and writes every mandate in spread, depth and uptime per venue rather than price or volume promises.\",\n      \"author\": {\n       \"@id\": \"https:\/\/tdmm.io\/#organization\"\n      }\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"HowTo\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#howto\",\n   \"name\": \"How to choose a crypto market maker in 30 days\",\n   \"description\": \"A five-stage, 30-day plan for a token founder selecting a CEX and DEX market maker before TGE, from brief to tested set-up.\",\n   \"totalTime\": \"P30D\",\n   \"step\": [\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 1,\n     \"name\": \"Days 1 to 5: write the brief\",\n     \"text\": \"Venues, expected volume tier, release schedule, budget in cash and tokens, and KPI targets from the benchmark table above.\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 2,\n     \"name\": \"Days 6 to 12: shortlist and ask\",\n     \"text\": \"Send the brief and the seven questions to three or four market makers. Check each one\u2019s conduct record against primary sources.\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 3,\n     \"name\": \"Days 13 to 18: price the offers\",\n     \"text\": \"Convert every option package to a dollar value, put retainers and loans side by side, and compare KPIs on the same basis.\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 4,\n     \"name\": \"Days 19 to 25: negotiate the contract\",\n     \"text\": \"KPIs per venue, reporting and audit rights, tranches, return terms, termination, and a disclosure-ready version for exchanges.\"\n    },\n    {\n     \"@type\": \"HowToStep\",\n     \"position\": 5,\n     \"name\": \"Days 26 to 30: set up and test\",\n     \"text\": \"Sub-accounts, scoped keys, wallet labels, monitoring, pool ranges and a dry run of reporting before the first trade.\"\n    }\n   ],\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-15\"\n   },\n   \"tool\": [\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"TDMM spread and depth benchmark table by volume tier\"\n    },\n    {\n     \"@type\": \"HowToTool\",\n     \"name\": \"Seven questions to ask a market maker\"\n    }\n   ],\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   }\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#mistakes\",\n   \"name\": \"The 12 market making mistakes founders make, and the fix for each\",\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"numberOfItems\": 12,\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-03\"\n   },\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"Mistake 1: Hiring a market maker to create demand or hold a price\",\n     \"description\": \"The fix. Hire a market maker to make trading in your token cheap, continuous and fair: tight spreads, adequate depth, quotes that stay live in stressed markets. Measure it on those terms. Build demand through product, distribution and listings, and treat any pitch that leads with price as a reason to walk away.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Mistake 2: Paying for volume instead of depth\",\n     \"description\": \"The fix. Never pay for volume. Write spread, depth and uptime into the contract and judge the market maker on those. Volume should be the organic result of a market that is easy to trade, not a deliverable.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Mistake 3: Reading liquidity from the 2% depth number\",\n     \"description\": \"The fix. Set depth targets at three levels, 0.5%, 1% and 2% of the mid price, on each side of the book and on each venue. A buyer of $5,000 cares about the first, a fund selling $200,000 cares about the last, and a market maker that meets only the 2% figure is meeting the one number that is easiest to dress up.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Mistake 4: Treating a token loan as free\",\n     \"description\": \"The fix. Price every option in dollars before you sign, at a volatility that reflects a new token rather than Bitcoin. Then compare it with a retainer on the same page. Where a loan is the right choice, use strikes above the listing price, release the loan in tranches, and tie each tranche to delivered spread and depth.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Mistake 5: Squeezing the fee until only the wrong firms bid\",\n     \"description\": \"The fix. Decide what service you need, then pay a fair price for a defined level of it. Compare proposals on the same KPIs and the same dollar value, not on the lowest headline number.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Mistake 6: Signing without measurable obligations\",\n     \"description\": \"The fix. Put the numbers in the contract, per venue, and make reporting something the project can verify from public order book data rather than a monthly PDF it has to take on trust.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Mistake 7: Handing over inventory and keys without controls\",\n     \"description\": \"The fix. Use exchange sub-accounts in the project\u2019s name where venues allow it, and trade-only API keys with withdrawals disabled and IP addresses whitelisted. Release loaned tokens in tranches tied to delivered KPIs. Label every wallet the market maker uses and monitor transfers to exchanges in real time. Reconcile daily reports against public data. And write the return of loaned tokens and stablecoins, the settlement of any options and the handover to a successor into the contract before day one.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"Mistake 8: Getting the timing wrong, in both directions\",\n     \"description\": \"The fix. Start conversations 60 to 90 days before TGE, sign 30 to 45 days before, and have quotes ready for the first second of trading on every venue. If the token is not going to trade for months, scope a smaller mandate, such as advice on venues and pool design, rather than a full one.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Mistake 9: Ignoring DEX, or splitting CEX and DEX between providers\",\n     \"description\": \"The fix. Run order books and pools from one reference price, one inventory and one set of risk limits, with one provider accountable for both. TDMM\u2019s explainer on cross exchange market making covers how that works across venues.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 10,\n     \"name\": \"Mistake 10: Seeding a pool and walking away\",\n     \"description\": \"The fix. Treat on-chain liquidity as part of the market making mandate. Size pools for the depth you need, manage ranges actively, keep pool prices aligned with the order books, and report range position and depth alongside CEX spread and depth.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 11,\n     \"name\": \"Mistake 11: Ignoring disclosure and conduct rules\",\n     \"description\": \"The fix. Write a contract you would be comfortable sending to an exchange, because you may have to. Keep it free of profit sharing and price or volume promises, align loan terms with the published release schedule, and keep the records that show your market maker did what the contract said.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 12,\n     \"name\": \"Mistake 12: Treating market making as a launch-week job\",\n     \"description\": \"The fix. Scope the mandate from 90 days before TGE to at least 12 months after it. Put the unlock calendar into the market making plan, size liquidity ahead of each cliff, and use the same desk for treasury execution so that the project\u2019s own selling never competes with the market maker\u2019s quotes.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#seven-questions\",\n   \"name\": \"Seven questions to ask any market maker before you sign\",\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"numberOfItems\": 7,\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-15\"\n   },\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"What will you deliver on each venue? Maximum spread, depth at 0.5%, 1% and 2%, and uptime, per exchange and per pool.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"How are you paid, in dollars? A fee, or an option package priced at a realistic volatility.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"Whose accounts and keys will you use? Project-owned sub-accounts, trade-only keys, no withdrawal rights.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"Do you cover CEX and DEX on one book? One reference price across order books and pools, with one provider accountable.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Can this contract be disclosed to exchanges? No profit share, no price or volume promises, loan terms aligned with the release schedule.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"What do you report, and how can we verify it? Daily data the project can check against public order books and on-chain records.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"What happens after TGE and at the end? Unlock planning, new listings, exits, and how loaned assets come back.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#keytakeaways\",\n   \"name\": \"Key takeaways: what founders get wrong about market making\",\n   \"itemListOrder\": \"https:\/\/schema.org\/ItemListOrderAscending\",\n   \"numberOfItems\": 9,\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\n     \"name\": \"A market maker supplies liquidity, not demand. It keeps a two-sided market so people can trade at a fair price. It cannot create buyers, and any firm that promises a price or a volume number is describing either something it cannot deliver or something that breaks exchange rules.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 2,\n     \"name\": \"Volume is not liquidity. Across 2,121 small and mid-cap USDT order books on Gate and MEXC, trading volume explained only 23% of the variation in depth. Tokens doing $1 million to $10 million a day ranged from $5,300 to $608,000 of depth within 2% of the price, a 116x gap.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 3,\n     \"name\": \"The 2% depth figure hides thin books. In the median book only 14.8% of the depth counted within 2% sat within 0.5% of the price, where most trades actually execute.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 4,\n     \"name\": \"A token loan is not free. In TDMM\u2019s Black-Scholes model, the call options on a $1 million token loan are worth about $275,000 at 88% volatility and $550,000 at 166%, against $180,000 for a year of retainer across three exchanges.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Contracts without numbers cannot be enforced. On the largest exchanges the venue does not impose a service level, so spread, depth at 0.5%, 1% and 2%, and uptime have to be written into the project\u2019s own agreement, per venue, with reporting the team can verify.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 6,\n     \"name\": \"Timing cuts both ways. Hiring two weeks before listing is too late; the median new listing in TDMM\u2019s study of 753 tokens moved 41.2% in its first hour. Hiring before there is any market to make is too early.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 7,\n     \"name\": \"Most tokens trade on CEX and DEX at once. DEX spot volume reached a record 24.2% of CEX volume in July 2026. Two providers on two venues mean two prices and nobody responsible for the gap.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 8,\n     \"name\": \"The rules changed in 2026. Binance\u2019s March 2026 guidance asks issuers to disclose their market maker and contract terms, and lists six trading red flags. Profit-share clauses of the kind found in the MOVE market making contract are now exactly what exchanges look for.\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 9,\n     \"name\": \"Market making after TGE matters as much as at TGE. Unlocks, new listings, DEX ranges and treasury sales all hit the same order books, so the mandate should run at least 12 months past launch. Nine numbers behind this guide. Sources as dated in the panel.\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"DefinedTermSet\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\",\n   \"name\": \"Market making glossary for token founders\",\n   \"hasDefinedTerm\": [\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Market maker\",\n     \"description\": \"A firm that continuously posts buy and sell orders for a token, holding inventory on both sides so others can trade at a visible price.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Liquidity provider\",\n     \"description\": \"Anyone who supplies capital to a market, often to a DEX pool. A liquidity provider has no obligation to keep a market two-sided; a market maker under contract does.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"TGE (token generation event)\",\n     \"description\": \"The moment a token is created and, usually, first becomes tradable.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Bid-ask spread\",\n     \"description\": \"The gap between the best buy and best sell price, often quoted in basis points (bps), where 100 bps equals 1%.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Order book depth\",\n     \"description\": \"The value of resting orders within a set distance of the mid price, such as 0.5%, 1% or 2%, on the bid side, the ask side or both.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Thin book\",\n     \"description\": \"In this article, a book with less than $10,000 of orders within 2% of the price on at least one side.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Uptime\",\n     \"description\": \"The share of the time a market maker\u2019s quotes meet the agreed spread and depth.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Retainer\",\n     \"description\": \"A market making structure where the project pays a fixed fee and lends tokens and stablecoins for quoting.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Token loan with call options\",\n     \"description\": \"A structure where the project lends tokens and the market maker is paid through the right to buy them at agreed strike prices when the loan ends.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Strike price\",\n     \"description\": \"The price at which a call option lets the market maker buy loaned tokens.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Black-Scholes model\",\n     \"description\": \"A standard formula for valuing options from the price, strike, time and volatility.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Realised volatility\",\n     \"description\": \"How much a price actually moved, annualised from daily returns.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Wash trading\",\n     \"description\": \"Trading with oneself, or by arrangement, to create the appearance of volume. It is illegal in many jurisdictions.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Constant-product pool\",\n     \"description\": \"A DEX pool, as in Uniswap v2, that spreads liquidity across every price using the formula x times y equals k.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Concentrated liquidity\",\n     \"description\": \"A DEX design, as in Uniswap v3 and v4, where liquidity sits only inside a chosen price range.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Loss-versus-rebalancing (LVR)\",\n     \"description\": \"The cost a passive liquidity pool pays to arbitrage traders as prices move, equal to volatility squared divided by eight each year for a constant-product pool.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    },\n    {\n     \"@type\": \"DefinedTerm\",\n     \"name\": \"Unlock\",\n     \"description\": \"The scheduled release of previously locked tokens to team members, investors or ecosystem funds.\",\n     \"inDefinedTermSet\": {\n      \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#glossary\"\n     }\n    }\n   ]\n  },\n  {\n   \"@type\": \"ItemList\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#related\",\n   \"name\": \"Related TDMM guides and comparisons\",\n   \"numberOfItems\": 25,\n   \"itemListElement\": [\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 1,\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\": 2,\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\": 3,\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\": 4,\n     \"name\": \"Best CEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/cex-market-makers\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 5,\n     \"name\": \"Best DEX market makers\",\n     \"url\": \"https:\/\/tdmm.io\/best\/dex-market-makers\"\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\": \"CEX vs DEX market making in 2026\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/cex-vs-dex-market-making-in-2026\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 17,\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\": 18,\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\": 19,\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\": 20,\n     \"name\": \"What token founders get wrong about centralized exchange liquidity\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/what-token-founders-get-wrong-about-centralized-exchange-liquidity\/\"\n    },\n    {\n     \"@type\": \"ListItem\",\n     \"position\": 21,\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\": 22,\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\": 23,\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\": 24,\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\": 25,\n     \"name\": \"How smart liquidity providers can solve a failing token launch\",\n     \"url\": \"https:\/\/tdmm.io\/insights\/blog\/how-smart-liquidity-providers-can-solve-a-failing-token-launch\/\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"Dataset\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#dataset\",\n   \"name\": \"TDMM order book snapshot: spread and depth of 2,121 USDT books on Gate and MEXC, 5 October 2026\",\n   \"alternateName\": \"TDMM founder market making benchmark, October 2026\",\n   \"description\": \"Simultaneous snapshot of 2,121 USDT spot order books on Gate (881) and MEXC (1,240), every pair with more than $5,000 of 24-hour volume, with stablecoins, leveraged tokens and tokenised stocks removed, taken 5 October 2026 15:00 to 15:06 UTC. Measures bid-ask spread, two-sided depth within 0.5%, 1% and 2% of mid, and 24-hour volume, summarised by volume tier, plus TDMM model outputs for token loan option value and pool capital.\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\",\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 (tdmm.io)\",\n   \"citation\": \"TDMM Research, What Founders Get Wrong About Market Making, https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\",\n   \"temporalCoverage\": \"2026-10-05\",\n   \"dateModified\": \"2026-10-07\",\n   \"version\": \"1.0\",\n   \"inLanguage\": \"en\",\n   \"isAccessibleForFree\": true,\n   \"spatialCoverage\": \"Global (exchange data)\",\n   \"measurementTechnique\": \"Public REST order book endpoints (Gate API v4, MEXC API v3) queried in parallel within six minutes; depth summed from bids and asks within 0.5%, 1% and 2% of mid; thin = under $10,000 within 2% on at least one side; Black-Scholes valuation at zero rates for token loan options; constant-product and concentrated-liquidity formulas for pool capital.\",\n   \"keywords\": [\n    \"crypto market making\",\n    \"order book depth\",\n    \"bid-ask spread\",\n    \"market maker KPIs\",\n    \"token loan call options\",\n    \"token launch liquidity\",\n    \"market making after TGE\"\n   ],\n   \"isBasedOn\": [\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"Gate spot API v4\",\n     \"url\": \"https:\/\/www.gate.io\/docs\/developers\/apiv4\/\"\n    },\n    {\n     \"@type\": \"CreativeWork\",\n     \"name\": \"MEXC spot API v3\",\n     \"url\": \"https:\/\/mexcdevelop.github.io\/apidocs\/spot_v3_en\/\"\n    }\n   ],\n   \"variableMeasured\": [\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Order books in the snapshot\",\n     \"value\": 2121,\n     \"unitText\": \"books\",\n     \"description\": \"881 on Gate, 1,240 on MEXC\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of books thin on at least one side (under $10,000 within 2%)\",\n     \"value\": 72.9,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Variation in 2% depth explained by 24-hour volume (log-log R-squared)\",\n     \"value\": 0.23,\n     \"unitText\": \"ratio\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Rank correlation of volume and 2% depth (Spearman)\",\n     \"value\": 0.44,\n     \"unitText\": \"ratio\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"2% depth, 10th percentile, books trading $1M to $10M a day\",\n     \"value\": 5300,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"2% depth, 90th percentile, books trading 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quarter of their 2% depth within 0.5%\",\n     \"value\": 65.1,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median share of 2% depth within 0.5%, $5k to $100k a day\",\n     \"value\": 11.6,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median share of 2% depth within 0.5%, $100k to $1M a day\",\n     \"value\": 21.6,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median share of 2% depth within 0.5%, $1M to $10M a day\",\n     \"value\": 33.4,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median share of 2% depth within 0.5%, over $10M a day\",\n     \"value\": 52.3,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, $5k to $100k a day\",\n     \"value\": 30.8,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Top-quartile spread, $5k to $100k a day\",\n     \"value\": 14.9,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of books thin on one side, $5k to $100k a day\",\n     \"value\": 82.0,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, $100k to $1M a day\",\n     \"value\": 15.3,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Top-quartile spread, $100k to $1M a day\",\n     \"value\": 8.1,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of books thin on one side, $100k to $1M a day\",\n     \"value\": 58.0,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, $1M to $10M a day\",\n     \"value\": 5.8,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Top-quartile spread, $1M to $10M a day\",\n     \"value\": 3.2,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of books thin on one side, $1M to $10M a day\",\n     \"value\": 24.0,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median spread, Over $10M a day\",\n     \"value\": 1.5,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Top-quartile spread, Over $10M a day\",\n     \"value\": 0.8,\n     \"unitText\": \"basis points\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Share of books thin on one side, Over $10M a day\",\n     \"value\": 0.0,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Call option value on a $1M token loan, 88% volatility, 12 months\",\n     \"value\": 275000,\n     \"unitText\": \"USD\",\n     \"description\": \"Black-Scholes, strikes 1.0x, 1.25x and 1.5x\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Call option value on a $1M token loan, 120% volatility, 12 months\",\n     \"value\": 395000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Call option value on a $1M token loan, 166% volatility, 12 months\",\n     \"value\": 550000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Call option value on a $1M token loan, 166% volatility, 24 months\",\n     \"value\": 733000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Retainer cost, three exchanges, 12 months at $5,000 a month each\",\n     \"value\": 180000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Capital for $10,000 a side within 2%, CEX order book\",\n     \"value\": 20000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Capital for $10,000 a side within 2%, managed plus or minus 10% range\",\n     \"value\": 98000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Capital for $10,000 a side within 2%, full-range constant-product pool\",\n     \"value\": 2010000,\n     \"unitText\": \"USD\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Annual loss-versus-rebalancing of a passive pool at 166% volatility\",\n     \"value\": 34.4,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Chance an unmanaged plus or minus 10% range is out of range after 7 days at 166% volatility\",\n     \"value\": 66,\n     \"unitText\": \"percent\"\n    },\n    {\n     \"@type\": \"PropertyValue\",\n     \"name\": \"Median first-hour price range of a new listing (753 listings)\",\n     \"value\": 41.2,\n     \"unitText\": \"percent\"\n    }\n   ],\n   \"image\": [\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-04\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-05\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-06\"\n    },\n    {\n     \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-10\"\n    }\n   ]\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#table-mistakes\",\n   \"name\": \"The 12 market making mistakes at a glance\",\n   \"description\": \"Each of the 12 mistakes, what it costs and the fix: 1. Hiring a market maker to create demand or hold a price (fix: Buy liquidity; build demand elsewhere); 2. Paying for volume instead of depth (fix: Contract spread, depth and uptime); 3. Reading liquidity from the 2% depth number (fix: Set targets at 0.5%, 1% and 2%); 4. Treating a token loan as free (fix: Price the options in dollars); 5. Squeezing the fee until only the wrong firms bid (fix: Pay for a defined service); 6. Signing without measurable obligations (fix: KPIs per venue, reports, audit rights); 7. Handing over inventory without controls (fix: Sub-accounts, scoped keys, tranches); 8. Getting the timing wrong (fix: Start 60 to 90 days before TGE); 9. Ignoring DEX, or splitting CEX and DEX between providers (fix: One book across venues); 10. Seeding a pool and walking away (fix: Managed ranges tied to the order books); 11. Ignoring disclosure and conduct rules (fix: Disclosable terms, no profit share); 12. Treating market making as a launch-week job (fix: Scope the mandate to TGE plus 12 months).\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-03\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#table-retainer-vs-token-loan\",\n   \"name\": \"Retainer vs token loan with call options\",\n   \"description\": \"Retainer: fixed fee of about $3,000 to $7,000 a month per exchange, about $180,000 a year across three venues, low launch sell pressure, high transparency. Token loan: often 1% to 5% of supply for 12 to 24 months, paid in call options worth about $275,000 to $550,000 on a $1 million loan over 12 months in TDMM's Black-Scholes model.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-09\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#table-kpi-benchmarks\",\n   \"name\": \"Spread and depth benchmarks by 24-hour volume tier, 5 October 2026\",\n   \"description\": \"TDMM snapshot of 2,121 USDT order books on Gate and MEXC. $5k to $100k a day: median spread 30.8 bps, top-quartile spread 14.9 bps, median 2% depth $3.1k, top-quartile 2% depth $14.3k, 82% thin on one side; $100k to $1M a day: median spread 15.3 bps, top-quartile spread 8.1 bps, median 2% depth $16.3k, top-quartile 2% depth $66.3k, 58% thin on one side; $1M to $10M a day: median spread 5.8 bps, top-quartile spread 3.2 bps, median 2% depth $117.0k, top-quartile 2% depth $298.1k, 24% thin on one side; Over $10M a day: median spread 1.5 bps, top-quartile spread 0.8 bps, median 2% depth $844.2k, top-quartile 2% depth $3.56M, 0% thin on one side.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-10\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#table-lifecycle\",\n   \"name\": \"Market making across the token lifecycle: before, at and after TGE\",\n   \"description\": \"Pre-TGE (Day -90 to -1): Venue plan, deal structure, KPIs, accounts and keys, exchange disclosure, pool design. Common founder mistake: Hiring two weeks before listing; TGE and first 168 hours (Day 0 to 7): Two-sided quotes from the first second; one price across order books and pools. Common founder mistake: Funding too little inventory for the first hours; Post-listing (Day 8 to 90): Spread and depth to KPI, rebalancing, weekly reports; volume settles to its organic level. Common founder mistake: Judging success by the price chart; After TGE (Month 3 onward): Unlocks, new listings, DEX range management, treasury sales and exits on the same book. Common founder mistake: Ending the mandate at launch.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-12\"\n   }\n  },\n  {\n   \"@type\": \"Table\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#table-provider-types\",\n   \"name\": \"Volume bot, token-loan desk, DEX-only vault and TDMM compared\",\n   \"description\": \"Two-sided quotes to a contracted standard: volume bot No, token-loan desk Yes, DEX-only vault Pools only, TDMM Yes, on every venue; CEX order books: volume bot Volume only, token-loan desk Yes, DEX-only vault No, TDMM Yes, 100+ CEX and DEX integrations; DEX pools and launchpads: volume bot Varies, token-loan desk Rarely, DEX-only vault Yes, TDMM Yes; One reference price and one book: volume bot No, token-loan desk Across exchanges, DEX-only vault Across pools, TDMM Across books and pools; Disclosure-ready contract: volume bot No, token-loan desk Varies, DEX-only vault Not applicable, TDMM Yes; Spread, depth and uptime reporting: volume bot No, token-loan desk Varies, DEX-only vault Range and fees, TDMM Per venue, verifiable; After TGE: unlocks, listings, exits: volume bot No, token-loan desk Varies, DEX-only vault Rarely, TDMM Yes, on the same desk.\",\n   \"about\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   },\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"image\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-17\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-cex-market-making\",\n   \"name\": \"CEX market making by TDMM\",\n   \"serviceType\": [\n    \"Crypto market making\",\n    \"CEX market making\"\n   ],\n   \"description\": \"Continuous two-sided quoting on centralised exchange order books from one reference price, with spread, depth and uptime committed and reported per exchange, disclosure-ready contracts and inventory management.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-dex-market-making\",\n   \"name\": \"DEX market making by TDMM\",\n   \"serviceType\": [\n    \"Crypto market making\",\n    \"DEX market making\",\n    \"Liquidity management\"\n   ],\n   \"description\": \"Management of pools, concentrated ranges, on-chain order books and launchpad graduations across chains, held on the same reference price as CEX order books, with range position, depth and fee reporting.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-token-launch-market-making\",\n   \"name\": \"Market making for new token launches by TDMM\",\n   \"serviceType\": [\n    \"Market making for new token launches\",\n    \"TGE market 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\"Market making after TGE: spread and depth held to KPI, liquidity planned around unlocks and new listings, DEX range management, and treasury and exit execution on the same book for at least 12 months after launch.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Service\",\n   \"@id\": \"https:\/\/tdmm.io\/#service-liquidity-provision\",\n   \"name\": \"Liquidity provision for crypto projects by TDMM\",\n   \"serviceType\": [\n    \"Liquidity provider for crypto projects\",\n    \"Liquidity provisioning\"\n   ],\n   \"description\": \"Liquidity provisioning for token projects across CEX order books and DEX pools, scoped to managed pool liquidity alone where that is all a project needs.\",\n   \"provider\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"areaServed\": \"Worldwide\",\n   \"audience\": {\n    \"@type\": \"BusinessAudience\",\n    \"audienceType\": \"Crypto token projects, foundations and issuers\"\n   },\n   \"subjectOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#blogposting\"\n   }\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#organization\",\n   \"name\": \"TDMM\",\n   \"legalName\": \"TDMM Ltd\",\n   \"alternateName\": [\n    \"TradeDog Market Maker\",\n    \"TD Market Maker\",\n    \"TDMM Market Maker\"\n   ],\n   \"url\": \"https:\/\/tdmm.io\/\",\n   \"foundingDate\": \"2015\",\n   \"slogan\": \"CEX and DEX market making for crypto projects\",\n   \"logo\": {\n    \"@type\": \"ImageObject\",\n    \"@id\": \"https:\/\/tdmm.io\/#logo\",\n    \"url\": 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\"https:\/\/en.wikipedia.org\/wiki\/Binance\"\n   ]\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-gate\",\n   \"name\": \"Gate\",\n   \"url\": \"https:\/\/www.gate.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-mexc\",\n   \"name\": \"MEXC\",\n   \"url\": \"https:\/\/www.mexc.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coinbase\",\n   \"name\": \"Coinbase\",\n   \"url\": \"https:\/\/www.coinbase.com\/\",\n   \"sameAs\": [\n    \"https:\/\/en.wikipedia.org\/wiki\/Coinbase\"\n   ]\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-uniswap\",\n   \"name\": \"Uniswap\",\n   \"url\": \"https:\/\/uniswap.org\/\",\n   \"sameAs\": [\n    \"https:\/\/en.wikipedia.org\/wiki\/Uniswap\"\n   ]\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-arrakis-finance\",\n   \"name\": \"Arrakis Finance\",\n   \"url\": \"https:\/\/arrakis.finance\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-lotech\",\n   \"name\": \"LO:TECH\",\n   \"url\": \"https:\/\/lo.tech\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-keyrock\",\n   \"name\": \"Keyrock\",\n   \"url\": \"https:\/\/keyrock.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-kaiko\",\n   \"name\": \"Kaiko\",\n   \"url\": \"https:\/\/www.kaiko.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coindesk-data\",\n   \"name\": \"CoinDesk Data\",\n   \"url\": \"https:\/\/data.coindesk.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coinmarketcap\",\n   \"name\": \"CoinMarketCap\",\n   \"url\": \"https:\/\/coinmarketcap.com\/\"\n  },\n  {\n   \"@type\": \"Organization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-coingecko\",\n   \"name\": \"CoinGecko\",\n   \"url\": \"https:\/\/www.coingecko.com\/\"\n  },\n  {\n   \"@type\": \"GovernmentOrganization\",\n   \"@id\": \"https:\/\/tdmm.io\/#entity-us-doj\",\n   \"name\": \"United States Department of Justice\",\n   \"url\": \"https:\/\/www.justice.gov\/\",\n   \"sameAs\": [\n    \"https:\/\/en.wikipedia.org\/wiki\/United_States_Department_of_Justice\"\n   ]\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-00\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-what-founders-get-wrong-about-market-making.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-what-founders-get-wrong-about-market-making.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/00-cover-what-founders-get-wrong-about-market-making-300x169.png\",\n   \"name\": \"What Founders Get Wrong About Market Making: 12 costly mistakes and how to avoid them. TDMM Research, October 2026\",\n   \"caption\": \"What Founders Get Wrong About Market Making: 12 costly mistakes and how to avoid them. TDMM Research, October 2026.\",\n   \"description\": \"Cover image for TDMM's guide to what founders get wrong about market making, with three headline figures: 72.9% of 2,121 order books thin on at least one side, 23% of depth explained by volume, and a $550k option value on a $1M token loan.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-01\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/01-what-founders-get-wrong-numbers-300x169.png\",\n   \"name\": \"Nine numbers behind this guide\",\n   \"caption\": \"Nine numbers behind this guide. Sources as dated in the panel.\",\n   \"description\": \"Panel of nine numbers on what founders get wrong about market making, including 72.9% of order books thin on at least one side, 23% of depth explained by volume, a 116x depth gap at the same volume, and $550k of option value on a $1M token loan.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-02\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/02-market-maker-trust-gap-300x169.png\",\n   \"name\": \"The trust gap founders inherit\",\n   \"caption\": \"The trust gap founders inherit. Source: LO:TECH, The State of Crypto Market Making 2025.\",\n   \"description\": \"Bar chart from the LO:TECH 2025 survey of more than 2,000 respondents in 98 countries: 52% do not trust crypto market makers, 70% would join a prosecution of market makers, and 37% believe market makers coordinate price manipulation.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-03\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/03-twelve-market-making-mistakes-at-a-glance-300x169.png\",\n   \"name\": \"The twelve mistakes, the cost of each and the fix. Each is explained below\",\n   \"caption\": \"The twelve mistakes, the cost of each and the fix. Each is explained below.\",\n   \"description\": \"Table of the 12 mistakes founders make with market making, what each one costs and the fix, from hiring a market maker to create demand through to treating market making as a launch-week job.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-07\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/07-launch-depth-vs-volatility-300x169.png\",\n   \"name\": \"Deeper launch books came with lower volatility\",\n   \"caption\": \"Deeper launch books came with lower volatility. Source: Arrakis Finance, 17 March 2026.\",\n   \"description\": \"Bar chart of average annualised realised volatility for 2025 token launches: 237% for tokens with under $20k of 2% depth on their primary CEX, against 171% for tokens with $165k or more, with the relationship flattening above about $70k.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-04\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/04-volume-vs-order-book-depth-300x169.png\",\n   \"name\": \"Volume explains only 23% of order book depth\",\n   \"caption\": \"Volume explains only 23% of order book depth. Source: TDMM snapshot, 5 October 2026.\",\n   \"description\": \"Scatter chart of 24-hour volume against two-sided 2% order book depth for 2,121 USDT books on Gate and MEXC on 5 October 2026, on log scales, with a fit line showing an R-squared of 0.23 and a reference line at $10k a side.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-05\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/05-order-book-depth-by-volume-tier-300x169.png\",\n   \"name\": \"Depth by volume tier. Thin means under $10,000 within 2% on at least one side\",\n   \"caption\": \"Depth by volume tier. Thin means under $10,000 within 2% on at least one side. Source: TDMM snapshot, 5 October 2026.\",\n   \"description\": \"Range chart of two-sided 2% depth by 24-hour volume tier for 2,121 order books, showing the 10th, 50th and 90th percentile and the share of thin books: 82% thin at $5k-100k a day, 58% at $100k-1M, 24% at $1M-10M and 0% above $10M.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-06\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/06-where-two-percent-depth-really-sits-300x169.png\",\n   \"name\": \"Where the depth in the 2% figure really sits\",\n   \"caption\": \"Where the depth in the 2% figure really sits. Source: TDMM snapshot, 5 October 2026.\",\n   \"description\": \"Bar chart of the median share of two-sided 2% depth that sits within 0.5% of mid by volume tier: 11.6% at $5k-100k a day, 21.6% at $100k-1M, 33.4% at $1M-10M and 52.3% above $10M, against a 25% even-spread reference line.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-08\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/08-token-loan-call-option-cost-300x169.png\",\n   \"name\": \"What \u201cfree\u201d costs\",\n   \"caption\": \"What \u201cfree\u201d costs. Source: TDMM model; retainer range from Arrakis Finance.\",\n   \"description\": \"Bar chart comparing the cost of market making structures: a retainer at $180k for three venues over 12 months, against the Black-Scholes value of call options on a $1M token loan of $275k at 88% volatility, $395k at 120%, $550k at 166% over 12 months and $733k at 166% over 24 months.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-09\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/09-retainer-vs-token-loan-300x169.png\",\n   \"name\": \"Retainer or token loan: what each structure asks of a founder\",\n   \"caption\": \"Retainer or token loan: what each structure asks of a founder.\",\n   \"description\": \"Comparison table of a retainer and a token loan with call options: what the project gives, how the market maker is paid, sell pressure at launch, transparency, cost, negotiation points and best fit.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-10\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/10-market-maker-kpi-benchmarks-by-volume-300x169.png\",\n   \"name\": \"Spread and depth benchmarks by volume tier, a starting point for contract KPIs\",\n   \"caption\": \"Spread and depth benchmarks by volume tier, a starting point for contract KPIs. Source: TDMM snapshot, 5 October 2026.\",\n   \"description\": \"Table of spread and depth benchmarks by 24-hour volume tier from 2,121 order books on Gate and MEXC on 5 October 2026, with median and top-quartile spread, median and top-quartile 2% depth, and the share of books thin on one side.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-11\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/11-market-maker-onboarding-controls-300x169.png\",\n   \"name\": \"Six controls to set up before a market maker touches your tokens\",\n   \"caption\": \"Six controls to set up before a market maker touches your tokens.\",\n   \"description\": \"Six cards listing controls to put in place before a market maker touches a project's tokens: accounts in the project's name, trade-only API keys, inventory in tranches, labelled wallets with live monitoring, verifiable reporting and a clean exit clause.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-12\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/12-market-making-token-lifecycle-tge-300x169.png\",\n   \"name\": \"Market making for a token launch starts before TGE and runs long after it\",\n   \"caption\": \"Market making for a token launch starts before TGE and runs long after it. Source: TDMM.\",\n   \"description\": \"Timeline of market making across a token's life: pre-TGE from day minus 90, TGE and the first 168 hours, post-listing days 8 to 90, and after TGE from month three, with what the market maker does and the founder mistake at each stage.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-13\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/13-capital-for-depth-order-book-vs-pool-300x169.png\",\n   \"name\": \"Same depth, three ways to deliver it\",\n   \"caption\": \"Same depth, three ways to deliver it. Source: TDMM model.\",\n   \"description\": \"Horizontal bar chart of capital needed for $10,000 of depth on each side within 2%: about $20k for a CEX order book, $98k for a managed plus or minus 10% concentrated range, and $2.01M for a full-range constant-product pool, on a log scale.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-14\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/14-binance-market-maker-red-flags-2026-300x169.png\",\n   \"name\": \"Binance\u2019s March 2026 guidance, paraphrased\",\n   \"caption\": \"Binance\u2019s March 2026 guidance, paraphrased. Source: Binance, as reported by The Block and Bitcoin.com.\",\n   \"description\": \"Two-column chart of Binance's March 2026 market maker guidance: six red flags in trading, from selling that conflicts with release schedules to large-scale token offloading, and six expectations of token projects, from sticking to release schedules to continuous post-listing monitoring.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-15\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/15-seven-questions-to-ask-a-market-maker-300x169.png\",\n   \"name\": \"Seven questions to ask any market maker before you sign\",\n   \"caption\": \"Seven questions to ask any market maker before you sign. Source: TDMM.\",\n   \"description\": \"Seven question cards to ask any market maker before signing, covering deliverables per venue, payment in dollars, accounts and keys, CEX and DEX coverage, disclosure, verifiable reporting, and what happens after TGE and at the end of the contract.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-16\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/16-tdmm-market-making-coverage-300x169.png\",\n   \"name\": \"Order books, DEX pools and launchpads on one desk\",\n   \"caption\": \"Order books, DEX pools and launchpads on one desk. Source: TDMM company information.\",\n   \"description\": \"TDMM coverage panel: active since 2015, $10B+ trading volume, 100+ CEX and DEX integrations, 200+ markets and 24\/7 operations, with centralised exchanges, DEXs and launchpads, chains and services listed.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  },\n  {\n   \"@type\": \"ImageObject\",\n   \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#img-17\",\n   \"contentUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared.png\",\n   \"url\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared.png\",\n   \"thumbnailUrl\": \"https:\/\/tdmm.io\/insights\/wp-content\/uploads\/2026\/10\/17-market-making-provider-types-compared-300x169.png\",\n   \"name\": \"What each kind of provider covers. Compare on the questions, not the marketing\",\n   \"caption\": \"What each kind of provider covers. Compare on the questions, not the marketing.\",\n   \"description\": \"Table comparing four kinds of market making provider, a volume bot, a token-loan desk, a DEX-only vault and TDMM, on contracted quotes, CEX order books, DEX pools, one reference price, disclosure-ready contracts, reporting and post-TGE support.\",\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 (tdmm.io)\",\n   \"creator\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightHolder\": {\n    \"@id\": \"https:\/\/tdmm.io\/#organization\"\n   },\n   \"copyrightYear\": 2026,\n   \"copyrightNotice\": \"\u00a9 2026 TDMM Ltd. Chart licensed CC BY 4.0.\",\n   \"isPartOf\": {\n    \"@id\": \"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/#webpage\"\n   },\n   \"inLanguage\": \"en\"\n  }\n ]\n}\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclosure: TDMM is a CEX and DEX market maker for token projects. We say so at the top, publish our method and data, and point out where a founder does not need to hire anyone. The short answer Founders most often get market making wrong in three ways: they expect a market maker to create demand or hold a price, they pay for trading volume instead of order book depth, and they sign deals they cannot measure or price. A market maker sells liquidity, meaning a two-sided market with a tight spread and real depth on every venue, for the whole life of the token. TDMM\u2019s snapshot of 2,121 order books on 5 October 2026 found that volume explains only 23% of a book\u2019s depth and that 72.9% of books were thin on at least one side. The fix is a written mandate with spread, depth and uptime targets per venue, run across CEX and DEX from before TGE to well after it, which is how TDMM works with token projects. Key takeaways A market maker supplies liquidity, not demand. It keeps a two-sided market so people can trade at a fair price. It cannot create buyers, and any firm &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3752,"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-3750","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=\"Disclosure: TDMM is a CEX and DEX market maker for token projects. We say so at the top, publish our method and data, and point out where a founder does not need to hire anyone. The short answer Founders most often get market making wrong in three ways: they expect a market maker to create\" \/>\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\/what-founders-get-wrong-about-market-making\/\" \/>\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=\"What Founders Get Wrong About Market Making: 12 Costly Mistakes and How to Avoid Them - Blog\" \/>\n\t\t<meta property=\"og:description\" content=\"Disclosure: TDMM is a CEX and DEX market maker for token projects. We say so at the top, publish our method and data, and point out where a founder does not need to hire anyone. The short answer Founders most often get market making wrong in three ways: they expect a market maker to create\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/tdmm.io\/insights\/blog\/what-founders-get-wrong-about-market-making\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2026-10-07T13:25:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2026-10-07T13:40:10+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n\t\t<meta name=\"twitter:title\" content=\"What Founders Get Wrong About Market Making: 12 Costly Mistakes and How to Avoid Them - Blog\" \/>\n\t\t<meta name=\"twitter:description\" content=\"Disclosure: TDMM is a CEX and DEX market maker for token projects. We say so at the top, publish our method and data, and point out where a founder does not need to hire anyone. The short answer Founders most often get market making wrong in three ways: they expect a market maker to create\" \/>\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\\\/what-founders-get-wrong-about-market-making\\\/#blogposting\",\"name\":\"What Founders Get Wrong About Market Making: 12 Costly Mistakes and How to Avoid Them - Blog\",\"headline\":\"What Founders Get Wrong About Market Making: 12 Costly Mistakes and How to Avoid Them\",\"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-what-founders-get-wrong-about-market-making.png\",\"width\":1920,\"height\":1080,\"caption\":\"By Vaibhav Singh, TDMM (TradeDog Market Maker). 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