For a small token, the two published anchors are a cash retainer and a token loan. One market maker, EchoTrade, publishes retainers of $2,500 to $10,000 a month, which is $30,000 to $120,000 over 12 months, with the project funding the inventory. Forgd Academy, a token-launch advisory, writes that token loans to all market makers range from 0.25% to 2.50% of total supply; at a $5M FDV that is about $12,500 to $125,000 of tokens at FDV value, and at $20M FDV about $50,000 to $500,000. A loan has no cash fee but carries option cost and selling pressure, and on a low-float token even a small share of total supply can be a large share of what trades. These figures are ranges from their publishers, not quotes.
Key takeaways
- Retainer anchor: $2,500–$10,000/month (EchoTrade’s own published pricing), plus the inventory you fund.
- Loan anchor: 0.25%–2.50% of total supply across all market makers (Forgd Academy).
- At $5M FDV, that loan range is about $12.5k–$125k of tokens at FDV value.
- Check the loan as a share of circulating supply, not just total supply.
- The cheapest way to cut cost is fewer venues, not a cheaper firm.
Published ranges, converted to dollars
Token-loan values below are the published 0.25%–2.50% range multiplied by FDV. That is a notional value at FDV price, not cash you pay, and it is the range for all market makers combined.
| FDV | Loan at 0.25% of supply | Loan at 1% | Loan at 2.50% | Retainer, 12 months ($2,500–$10,000/month) |
|---|---|---|---|---|
| $5M | $12,500 | $50,000 | $125,000 | $30,000–$120,000 |
| $20M | $50,000 | $200,000 | $500,000 | $30,000–$120,000 |
| $50M | $125,000 | $500,000 | $1,250,000 | $30,000–$120,000 |
| $100M | $250,000 | $1,000,000 | $2,500,000 | $30,000–$120,000 |
The retainer figure is one firm’s published pricing; EchoTrade’s page notes that third-party guides put premium institutional desks higher. Neither row is a quote.
Check the loan against your float
| Share of supply circulating | 0.25% loan as share of float | 1% loan | 2.50% loan |
|---|---|---|---|
| 10% | 2.5% | 10% | 25% |
| 20% | 1.25% | 5% | 12.5% |
| 50% | 0.5% | 2% | 5% |
If a loan would be a large share of the float, prefer a smaller loan, a retainer, or a mix, and make sure the contract requires reporting on the loaned tokens. See token loan terms.
Costs that sit outside the fee
- Inventory on each venue: stablecoins and tokens, tied up and at risk. Size it with the liquidity calculator.
- Option value in a loan deal, often the largest cost when the price rises. See the worked comparison.
- More venues multiply inventory and quoting work. For a small token, one well-supported venue usually beats three thin ones.
Getting a quote you can compare
Send every firm the same brief: FDV and circulating supply, venues and pairs, launch date, spread and depth targets, and the inventory you can commit. Compare total expected cost over the term, for the same scope. Our proposal comparison guide has a scoring table.
Frequently asked questions
How much does a market maker cost for a $5M FDV token?
Using published ranges: a retainer of $2,500 to $10,000 a month at one firm that publishes pricing (EchoTrade), plus inventory you supply; or a token loan of 0.25% to 2.50% of total supply (Forgd Academy’s range), which at $5M FDV is about $12,500 to $125,000 of tokens at FDV value, usually with call options. Actual quotes depend on venues, spread and depth targets, and volatility.
Is a token loan cheaper than a retainer for a small token?
It uses less cash, but it is not free. If the price rises above the option strikes, the market maker buys tokens below market; if the price falls, the borrowed tokens may be sold into the market. Model both with the cost calculator under falling, flat, and rising prices.
Why does circulating supply matter so much?
Because a loan sized as a share of total supply can be a much larger share of the tokens actually trading. For example, 1% of total supply is 10% of the float when 10% of supply circulates. Exchanges and traders look at that, and Binance’s 2025 listing notice asks about market-maker holdings.
How can a small project keep market-making costs down?
Start with one exchange and one pair, set spread and depth targets your inventory can support, ask for transparent reporting, and avoid paying for ‘volume’. See market making for small-cap tokens.
Sources
- EchoTrade: How much does a crypto market maker cost? (the firm's own published pricing)
- Forgd Academy: How are loan plus call option engagements typically structured?
- Binance: Important Notice on Binance Listing Information & Requirements (2025-04-25)
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.