At minimum: a maximum bid-ask spread, minimum order-book depth within a set distance from mid (commonly ±2%), and uptime, each measured per venue and pair. The clearest public example is TrueFi’s 2025 proposal with Bastion Trading: a 30 basis point on-touch spread, at least USDT 40,000 of depth per 2% from mid across venues, and 95% uptime 24/365 on Binance, Bybit swaps and Kraken. Add reporting and data access so you can verify the numbers yourself.
A KPI table to put in the contract
| KPI | Example from a public deal | What to specify |
|---|---|---|
| Spread | 30 bps on touch | Max spread per pair, how measured (time-weighted) |
| Depth | USDT 40,000 per 2% from mid | Per side, per venue, at ±2% (and ±5% if useful) |
| Uptime | 95%, 24/365 | Share of time both sides quote within spread and depth |
| Venues | Binance, Bybit swaps, Kraken | Named pairs per venue |
| Reporting | Not stated | Daily or weekly, with raw data or read-only keys |
What not to accept as a KPI
Trading volume targets. Volume can be faked by wash trading, which is illegal; firms that sold it were charged in 2024. See enforcement cases.
More: market maker KPIs, agreement checklist, spread and depth explained.
Sources
- TrueFi forum: TFIP-25, Bastion Trading as additional MM for TRU (2025)
- U.S. SEC press release 2024-166: SEC charges three so-called market makers
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
Need a market maker or listing help?
Tell us the chain, venues, and timing. If there is a fit, we introduce you to a vetted partner. Free for projects.
Free for projects · referral fees disclosed · no listing promises