- Jakob Brezigar
- Last updated: 14th January 2025
- Reading time: 13 min
What Crypto Market Makers Do? Top 20 Crypto Market Makers in 2026
What Crypto Market Makers Do?
Liquidity is the lifeline of every market. Without it, even the most innovative projects struggle to gain traction, and exchanges become stagnant environments that deter traders. Market makers are there to make sure markets are efficient, acting as the bridge between supply and demand to maintain a stable and reliable ecosystem.
In the 2026 digital asset landscape, market makers function as the essential infrastructure layer for price stability. They don’t just facilitate trades; they provide the structural integrity required for a digital economy to scale.
Market makers provide liquidity by continuously quoting buy and sell prices, which narrows spreads and deepens order books. This activity allows investors to enter and exit positions seamlessly without triggering extreme price swings. Beyond technical execution, they provide strategic support to token issuers to ensure healthy secondary market growth, and partner with exchanges to help provide a seamless and good trading experience for users.
To remain operational during periods of high volatility, these firms utilize advanced hedge strategies, balancing risk across multiple venues to protect both their own capital and the project’s long-term interests. Ultimately, these professional actions support organic price discovery, ensuring that a token’s value is driven by legitimate market demand rather than fragmentation or artificial spikes.
How Do Market Makers Make Money?
To understand how market makers generate revenue, it is best to look at their business in two parts: the service-based agreements they sign with token issuers and the day-to-day trading profits they capture from market activity.
Market-Making Pricing Models
Most projects seeking to list on exchanges will partner with a market maker through one of the following financial structures:
Retainer Model (MMaaS): Often referred to as “Market Making as a Service,” this involves the token issuer paying a fixed monthly fee. In exchange, the market maker guarantees specific Key Performance Indicators (KPIs), such as maintaining a maximum spread percentage and a minimum depth of liquidity on the order book.
Loan & Option Model: This is the most prevalent model in the crypto space. The issuer lends a pool of tokens to the market maker to use as trading inventory. As compensation, the market maker is granted call options at a pre-set strike price. If the token’s value increases, the market maker can purchase the tokens at the lower strike price, capturing the upside as their primary profit.
Spread Trading
Beyond these service models, market makers profit from the spread between the buying (bid) and selling (ask) prices. For instance, if the bid price of a cryptocurrency is $100 and the ask price is $101, the $1 difference represents their profit margin.
By maintaining this spread, market makers not only facilitate trading but also generate consistent revenue streams, incentivizing them to remain active participants in the market even during high volatility periods. Their expertise in balancing these spreads ensures market stability and promotes a seamless trading experience for all users.
Role in the Ecosystem
Market makers are essential for:
- Reducing Slippage: Ensuring trades execute close to the desired price.
- Increasing Liquidity: Allowing traders to enter and exit positions seamlessly.
- Stabilizing Prices: Mitigating drastic price swings by maintaining consistent trading activity.
Why Are Crypto Market Makers Important?
Market Makers are essential to open efficient and trustworthy markets, supporting both institutional participants and individual traders. No matter if you are an institution who needs deep liquidity to deploy capital at scale or an individual trader who wants a good trading experience, market makers are there to facilitate that.
Since 2018, our core mission at Orcabay has been to provide open and trustworthy markets for all participants, as we believe this is the only way for wider adoption of crypto. Using our in-house developed algorithms, we offer our services on both CEX and DEX and adjust our approach to each individual client, whether that be a token issuer or a crypto exchange.
Now that we have basics covered, lets see who the top crypto market makers in 2026 are.
Top Crypto Market Makers in 2025
The crypto market is competitive, and having the right market maker can mean the difference between success and failure. Here’s a list of the top crypto market makers in 2026:
1. Orcabay
Orcabay is a European-based niche market maker providing liquidity solutions for both token issuers and crypto exchanges throughout the entire project lifecycle. As a MiCA-regulated firm and a member of the Circle Alliance Program, Orcabay is recognized for being agile and adjustable to a client’s specific needs, offering specialized services to token issuers on both CEX and DEX platforms as well as dedicated market making specifically for centralized exchanges (CEXs).
Services: Market Making, Liquidity Provision, Strategic Advisory.
2. Wintermute
A global leader in digital asset markets, Wintermute provides liquidity across hundreds of tokens on both centralized and decentralized exchanges. The firm acts as a key liquidity provider for major crypto venues and supports the broader ecosystem through its venture arm, which invests in early-stage projects and core infrastructure.
Services: Market Making, Liquidity Provision, OTC, Venture Capital Investment.
2. GSR
One of the most established crypto market makers, GSR offers institutional-grade liquidity solutions and risk management for token issuers and exchanges. The firm partners with projects from inception to maturity, providing the technical expertise required to navigate global markets and build sustainable liquidity.
Services: Market Making, Liquidity Provision, OTC, Treasury Management, Venture Capital Investment.
3. Jump Crypto
Founded by the proprietary trading firm Jump Trading, Jump Crypto is a major player in crypto market making and proprietary trading, known for its experience in both traditional financial markets and the crypto space. In addition to liquidity provisioning and investments, the company develops its own blockchain software and contributes to the development of DeFi infrastructure.
Services: Market Making, Liquidity Provision, OTC, Venture Capital Investment, DeFi Infrastructure Development.
4. DWF Labs
A global Web3 investment and high-frequency trading firm that provides liquidity support to projects across more than 60 exchanges. DWF Labs acts as a strategic growth partner by combining market-making services with direct investment to help Web3 projects scale their presence and secure capital for expansion.
Services: Market Making, Liquidity Provision, OTC, Venture Capital Investment, Secondary Market Investment.
5. CLS Global
Operating since 2017, CLS Global is one of the industry’s most established liquidity providers, having navigated multiple market cycles and supported over 1,000 projects. Just like Orcabay, the firm is widely recognized for its Retainer Model (Market Making as a Service), which allows token issuers to maintain full ownership of their capital while paying a fixed fee for professional trading infrastructure. By focusing on long-term partnerships rather than aggressive loan structures, CLS Global provides token issuers and exchanges with a transparent framework for volume support, arbitrage avoidance, and healthy secondary market growth.
Services: Market Making, Liquidity Provision, OTC, Venture Capital Investment, Treasury Building.
6. B2C2
A major institutional liquidity provider that serves as a bridge between traditional finance and the crypto market. Majority-owned by the SBI Group, the firm provides dependable pricing and execution for hedge funds, brokers, and exchanges, supporting the professionalization of the digital asset industry.
Services: Market Making, Liquidity Provision, Institutional OTC.
7. Cumberland DRW
A division of the diversified trading firm DRW, Cumberland is an institutional liquidity provider with over 30 years of experience in traditional risk management. The firm provides 24/7 relationship management and electronic execution for dozens of cryptocurrencies, helping institutional partners capitalize on opportunities safely.
Services: Market Making, Liquidity Provision, Institutional OTC, Venture Capital Investment
8. Flowdesk
Flowdesk is a digital asset service provider that offers a unique market-making-as-a-service model, providing token issuers with full transparency and control over their market operations. The firm focuses on compliance and infrastructure, allowing partners to manage their own treasury and secondary market activities through a regulated global platform.
Services: Market Making, Liquidity Provision, OTC.
9. Jane Street
A quantitative trading firm and one of the world’s largest market makers, Jane Street brings immense scale and technical expertise to the crypto sector. The firm provides dependable liquidity for major digital assets across global electronic exchanges, serving as a critical pillar for institutional market structure.
Services: Institutional Market Making, Quantitative Research, and ETF Liquidity Provision.
10. Keyrock
A technology-first market maker specializing in building scalable liquidity solutions that harmonize prices between centralized and decentralized markets. Based in Europe, the firm provides liquidity as a service to institutions and foundations, enabling them to manage digital assets efficiently through automated strategies.
Services: Market Making, OTC Trading, NFT Liquidity, Asset Management.
11. Amber Group
Amber Group hat provides a full suite of liquidity solutions and asset management services to institutional and individual investors. The firm maintains a strong global presence, helping projects and high-net-worth clients navigate complex market conditions while ensuring stable pricing across diverse trading environments.
Services: Liquidity Provision, Asset Management, Investment & Research.
12. Flow Traders
A global financial technology-enabled liquidity provider with vast experience in exchange-traded products (ETPs) and cryptocurrencies. The firm provides continuous liquidity across a wide range of digital assets, utilizing institutional-grade infrastructure to support the maturity of global crypto markets.
Services: Institutional Liquidity Provision, ETP Market Making, OTC.
13. Empirica
Empirica is a technology-driven market maker that delivers algorithmic trading tools and flexible liquidity solutions for crypto projects and token issuers. The firm uses quantitative research to stabilize markets and is recognized for designing adaptive strategies that minimize volatility for emerging assets and smaller exchanges.
Services: Market Making, Liquidity Provision, OTC.
14. Woorton
Woorton is a European-based market maker that focuses on digital asset liquidity, supporting a diverse range of assets with regional expertise. The firm provides liquidity services to a wide variety of professional clients and exchanges, ensuring efficient trading and price stability within the European regulatory framework.
Services: Institutional Market Making, OTC.
15. Kairon Labs
Based in Belgium and founded in 2018, Kairon Labs is a market maker that focuses on optimizing liquidity across centralized and decentralized exchanges. The company specializes in liquidity provision for institutional clients and token projects, working to build a sustainable presence for digital assets across multiple trading venues.
Services: Market Making, Advisory.
16. Kronos Research
Founded in 2018 and headquartered in Taipei, Kronos Research is a global algorithmic trading firm and a key liquidity provider in the digital asset market. The firm operates at the intersection of high-frequency trading, market making, and venture investment, specializing in institutional-grade solutions for centralized and decentralized exchanges.
Services: Institutional Market Making, Liquidity Provisions.
17. Gravity Team
A boutique market maker and liquidity provider recognized for its selective approach and global reach. Trading since 2017, the firm powers liquidity across over 350 crypto-asset pairs worldwide, focusing on delivering tailored liquidity solutions with a high emphasis on transparency and precision.
Services: Market Making, Liquidity Provisions.
18. FalconX
FalconX is the leading digital asset prime brokerage for the world’s top institutions, providing a comprehensive gateway to global crypto liquidity and capital solutions. Founded in 2018, the firm has facilitated over $2 trillion in trading volume by leveraging proprietary technology that spans the full trade lifecycle—including execution, credit, and clearing. By focusing entirely on the institutional market, FalconX enables hedge funds, asset managers, and corporate treasuries to access deep liquidity 24/7 through a single, compliant interface, effectively bridging the gap between traditional financial infrastructure and the digital asset economy.
Services: Institutional OTC, Institutional Trading, Custody Solutions.
19. Acheron Trading
Acheron Trading is a compliance-focused market maker known for its transparent approach to digital asset liquidity and price discovery. The firm works with global innovators across public blockchains and centralized venues, ensuring projects have a resilient market environment and professional oversight throughout their development lifecycle.
Services: Market Making, Managed Execution, Technology Provider.
20. Bluesky Capital
Founded in New York in 2014, Bluesky Capital is a quantitative investment manager and market maker with experience in the systematic trading space. The firm applies quantitative research and proprietary technology to provide liquidity for token projects and cryptocurrency exchanges while offering institutional asset management and hedging solutions.
Services: Institutional Market Making, Quantitive Investment Management.
How to Choose the Right Crypto Market Maker
Most founders know they need a market maker, yet far fewer understand how to choose the right one. The quality of your market maker directly shapes liquidity, trading experience and price stability.
A weak provider can create wide spreads, thin order books and unstable price discovery, which damages confidence and can limit long term growth. A strong one helps stabilize trading, absorbs sell pressure and maintains consistent liquidity around the clock.
Actionable Tips
Selecting the right market maker is a strategic decision that directly impacts your token’s stability and institutional credibility. In 2026, with the full enforcement of regulations like MiCA, the criteria for selection has shifted from simple volume metrics to operational transparency and regulatory alignment. A successful partnership ensures that liquidity remains a tool for growth rather than a source of market volatility.
To build an effective liquidity setup, focus on these core principles:
Aligned Incentive Models: Choose a structure that matches your goals. The Retainer Model is often preferred for early projects to maintain control of supply and profits.
Measurable KPIs: Prioritize firms that commit to auditable benchmarks, specifically uptime (98%+), tight bid-ask spreads, and consistent market depth.
API-Based Trading: Ensure the provider only requires API access rather than taking custody of your assets, keeping you in full control of your treasury.
Cross-Venue Harmony: The partner should be capable of managing liquidity across both CEXs and DEXs to prevent arbitrage gaps.
Transparent Reporting: Demand 24/7 visibility or frequent, detailed reports to track performance against agreed-upon goals.
Regulatory Alignment: Verify their ability to operate within modern frameworks, such as MiCA, to reduce long-term counterparty risk.
Making the right decision also involves verifying whether the market maker can provide liquidity for your specific market, if their fees align with your budget, and whether they have experience working with assets similar to yours. These factors collectively ensure a partnership that is not only productive but also aligned with your long-term goals.
Conclusion
Market makers are the architects of a reliable, efficient, and stable financial landscape. As the crypto industry moves toward structural maturity in 2026, the role of these participants has evolved from simple price-quoting to providing the institutional-grade infrastructure necessary for mass adoption.
By bridging the gap between buyers and sellers across both centralized exchanges and DeFi protocols, trustworthy market makers enable a seamless experience for a diverse range of participants. For institutions, they offer the depth and risk management required to deploy significant capital; for individuals, they ensure fair price discovery and protection from the extreme volatility that once defined the early experimental phase of the market. Ultimately, the presence of professional and transparent market makers is what transforms digital assets from a speculative frontier into a cornerstone of the modern global financial system.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
