It depends on what your token does. A retainer costs a known cash fee (public examples: USD 2,500–10,000 a month from EchoTrade’s published pricing; USD 3,500 then 12,500 a month in TreasureDAO’s deal with Flowdesk), and you keep the trading inventory and upside. A token loan costs little cash but hands the market maker call options, so it is cheap if the price falls and expensive if it rises past the strikes. Compare both as total cost under falling, flat and rising prices.
Side by side
| Retainer | Token loan + call option | |
|---|---|---|
| Cash cost | Monthly fee | Little or none |
| Inventory | Project’s (tokens + stablecoins) | Project lends tokens; firm often funds bids |
| Upside if token rises | Project keeps it | Firm captures it above the strikes |
| Firm’s incentive | Hit KPIs to keep the contract | Option value, KPIs if written in |
| Best for | Treasuries with cash, DAOs, mature tokens | Cash-light launches |
A quick way to decide
Estimate the option value at +50% and +100% prices. If that exceeds 12 months of retainer, the retainer is cheaper in a rally. Many projects start with a loan at launch and move to a retainer or hybrid later.
Model it: cost calculator. More: retainer vs loan, market making retainer, profit-share models.
Sources
- EchoTrade: How much does a crypto market maker cost? (firm's own pricing)
- Treasure forum: TIP-21 Expanding market making partnership with Flowdesk (2022)
- Forgd Academy: How are loan plus call option engagements typically structured?
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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