The core market-maker KPIs are maximum bid-ask spread, minimum order-book depth within set price bands (commonly ±2% of mid price, per side), and uptime (the share of time both targets are met). Each KPI should be defined per exchange and pair, measured as a time-weighted average from order-book snapshots, reported on a fixed schedule, and verifiable by the project from exchange data.
Key takeaways
- Define spread, depth, and uptime per pair, with exact measurement methods.
- Depth at ±2% per side is a widely used benchmark; add ±1% or ±5% bands if useful.
- Measure with time-weighted snapshots, not cherry-picked moments.
- Volume is an outcome, not a KPI to buy.
- Kraken and Coinbase both describe monitoring spread and/or depth on listed markets.
The KPI table to put in a contract
| KPI | Definition | Measurement | Typical reporting |
|---|---|---|---|
| Spread | (Best ask − best bid) ÷ mid price | Time-weighted average from snapshots at a fixed interval | Daily or weekly, per pair |
| Depth ±2% (bid) | Sum of bid notional from mid to −2% | Same snapshots | Per pair, per side |
| Depth ±2% (ask) | Sum of ask notional from mid to +2% | Same snapshots | Per pair, per side |
| Uptime | % of snapshots where spread ≤ target and depth ≥ target | Same snapshots | Monthly |
| Volume share | Market maker’s fills ÷ total pair volume | Exchange or MM trade data | Monthly, for context |
Writing KPIs that hold up
- Per pair, per venue. A USDT pair on one exchange is not the same market as a USDC pair on another.
- Exact method. Snapshot interval, price bands, which side, how mid price is defined.
- Exclusions. Exchange outages, maintenance, and extreme market events, defined narrowly.
- Consequences. Fee reductions or termination rights if uptime falls below the threshold.
Why exchanges care about the same numbers
Kraken says listed tokens are continuously monitored for volume, spread, and depth. Coinbase says it monitors liquidity, order-book depth, and volatility during its phased launch and may halt trading if metrics fall outside healthy ranges. Aligning your KPIs with what exchanges monitor means you see problems before they do.
A simple self-check
Once a week, pull the order book for each pair, compute spread and depth at ±2%, and compare with the market maker’s report. Small differences are normal; persistent gaps need an explanation.
Frequently asked questions
What is depth at ±2%?
The total value of resting orders within 2% of the mid price: bids from mid down to 2% below, and asks from mid up to 2% above, usually reported per side. It tells you roughly how large an order can trade before moving the price about 2%.
What is a good spread for a new token?
It depends on the token’s volatility, liquidity, and venue. Agree targets that your market maker commits to and that are realistic for your inventory; compare against similar tokens on the same exchange using public order books.
Should volume be a KPI?
No. Contracting for a volume number creates an incentive to fake it. Track volume as context, and track the market maker’s share of volume to understand dependence on one firm.
How can we check a market maker's KPI reports?
Pull order-book snapshots yourself through public exchange APIs or a data provider at regular intervals, compute spread and depth with the same method as the contract, and compare.
Sources
- Kraken: Get listed on Kraken (monitoring volume, spread and depth)
- Coinbase: A Guide to the Digital Asset Listing Process (monitoring liquidity, depth, volatility)
Last reviewed 11 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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