For exchanges

How much volume, exactly.

We are a market maker whose job is turnover. Exchanges and token projects engage us to grow trading volume on specific pairs. Every programme is written in numbers: monthly turnover, a cap on cost per $10k traded, share of tape, depth for the liquidity score. Then we report against those numbers every month.

Volume you can measure.

Most market-making offers are vague on purpose. Ours is a short list of quantities, agreed per pair before we start, that your own trade data can verify at any time.

  • Monthly turnover per pair, in USD notional
  • Cost per $10k traded, capped in basis points
  • Two-sided uptime as a share of the month
  • Depth within ±1% and ±2% for the liquidity score
PROGRAMME SHAPE, EXAMPLEMonthly turnovertarget per pair, in USDCost per $10k tradedhard cap, in bpsTwo-sided uptime≥ 98% of the monthShare of tapeagreed per pairDepth for liquidity scoreagreed per pairTargets are written into the agreement and reported against monthly.Turnover scales with size, levels, pairs and the venue's own tape.

Programme shapes.

Three starting points, sized the way exchange tier programmes are written. The actual numbers are set per pair once we have seen your tape.

ProgrammeTypical useMonthly turnoverPairsCost capUptime
Ramp-upNew pair or new venue, first months, tier qualification100M per month1 to 2Agreed per pair98%
Core programmeEstablished pairs, designated market making, tier maintenance300M+ per month2 to 4Agreed per pair99%
ScaleFlagship pairs and perpetuals where volume is the product1B+ per month4+Agreed per pair99.5%

Turnover scales with size, levels, the number of pairs and the depth of the venue’s own tape; we size each programme to the market.

Turnover with a cost cap.

Volume without a cost cap is just a bill. Our objective is explicit: maximise filled turnover subject to a hard limit on cost per $10k traded, funded by the venue’s maker rebate. Inventory is pulled back to flat, so the volume is real two-sided trading, not a position that has to be unwound.

  • Two-sided at all times, including during volatility
  • Size stepped across the book, not stacked at one price
  • Measured on the venue’s own trade and order-book data
TURNOVER RAMP, ILLUSTRATIVECOST PER $10K TRADED100MM1180MM2300MM3450MM4700MM51B+M6cost cap, never crossedBars: monthly turnover as size, levels and pairs are stepped up. Line: realised cost per $10k traded,kept under the cap by the risk system. Volume is only useful if the cost of producing it is bounded.

What we cover.

Spot and perpetuals, on your venue, with a standard adapter for new integrations.

New venues and pairs

Bootstrap turnover from the first day of trading so early users see a market that moves, not an empty book.

Tier and designated programmes

Ongoing two-sided trading under your market-maker tier terms, with the volume and liquidity-score KPIs your programme already tracks.

Perpetuals and spot

USDT-margined and coin-margined perpetuals as well as spot, with funding and margin handled by our risk system.

From first call to full size.

We never go straight to size. Every programme follows the same staged path we use for our own capital.

1

Scoping

Pairs, monthly targets, fee tier, collateral and reporting agreed in writing.

2

Simulated trading

Your live market data, simulated fills, until connectivity and risk behave for at least five trading days.

3

Calibration at small size

Reduced size while the real fill rate on your venue is measured, so the ramp is planned on data rather than promised.

4

Ramp to target

Size, levels and pairs stepped up month by month to the agreed turnover, cost cap re-checked at each step.

What you receive every month.

The same metrics we use internally, computed from your venue’s data so they can be checked.

Turnover by pairShare of tapeMaker shareCost per $10k tradedTwo-sided uptimeDepth at ±1% / ±2%Liquidity score

Engagement models.

Exchange-funded programmes on a maker fee tier, with collateral and leverage provided by the venue; project-funded programmes on a retainer or token loan; and hybrids with a share of rebates. We commit to volume and liquidity metrics, never to price outcomes.

Tell us the pairs and the number.

Send the venue, the pairs and the monthly turnover you have in mind. We will come back with a sized programme, a ramp plan and a reporting sample.