These profiles collect what each market maker says about itself on its own website, plus any deal terms that became public through DAO governance votes or securities filings: loan sizes, option strikes, retainer fees and KPIs. Most market-making contracts are confidential, so public deals are rare; we found 13 across the firms below and the wider market. No firm on this page pays CEX Ready, and none is ranked.
Key takeaways
- Profiles cover 10 firms, with public deal terms where they exist (Wintermute, GSR, Flowdesk, Amber Group, Kairon Labs, Keyrock, DWF Labs).
- The only public retainer price we found: USD 3,500 a month, then USD 12,500, paid to Flowdesk by TreasureDAO (2022).
- Public token loans run 12–24 months, often with option tranches at 6 and 12 months.
- Firms convicted of selling wash trading as market making are covered in enforcement cases.
Profiles
Wintermute
What Wintermute offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreGSR
What GSR offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreFlowdesk
What Flowdesk offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreKeyrock
What Keyrock offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreAmber Group
What Amber Group offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreAuros
What Auros offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreDWF Labs
What DWF Labs offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreKairon Labs
What Kairon Labs offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreGravity Team
What Gravity Team offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreEnflux
What Enflux offers in its own words, any public deal terms on record, and the questions to ask before signing.
Read moreEnforcement cases
What U.S. prosecutors and the SEC charged so-called market makers with in 2024, how the cases ended, and what it means for token teams.
Read morePublic deal terms by firm
| Firm | Public deals we found | Structures seen | Published price list |
|---|---|---|---|
| Amber Group | 1 (Synapse) | Token loan + call options | No |
| Auros | 0 | Not public | No |
| DWF Labs | Shortlisted (ssv.network, 2024) | Token loan (proposed) | No |
| Enflux | 0 | Retainer, loan, self-service (per its website) | No |
| Flowdesk | 2 (TreasureDAO) | Monthly retainer: USD 3,500, then USD 12,500 | No |
| Gravity Team | 0 | Not public | No |
| GSR | 4 (Blockstack, Cryptex, Olympus, Stake DAO) | Setup fee + retainer + loan; token loans with option tranches | No |
| Kairon Labs | 1 (Elastos; terms not published) | Not public | No |
| Keyrock | Shortlisted (ssv.network, 2024) | Token loan (proposed) | No |
| Wintermute | 4 (Cryptex, Index Coop, Ampleforth; Yearn rejected) | Token loans, fixed strike or fixed USD repayment | No |
Every deal is linked to its original document in the public deal terms dataset (CSV, CC BY 4.0).
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How to use these profiles
- Pick the right type of firm for your stage: institutional desk, token-launch specialist, LP-side capital provider, or DEX/automated provider. See best crypto market makers.
- Ask each firm the same questions. Each profile ends with questions tailored to the structures that firm uses.
- Price the structure. A token loan’s option has a cost; model it with the cost calculator.
- Get a comparison quote. We can introduce you to a vetted market-making partner so you have at least one more proposal on the same scope. Free for projects.
How we build profiles
Facts come from each firm’s own website and from documents published by projects (DAO governance forums) or regulators (SEC, DOJ), checked on the date shown. We do not publish rumours, unverified volume claims as fact, or allegations that did not lead to a charge. Firms can send corrections through our about page.
Frequently asked questions
Which crypto market makers publish their prices?
Almost none. Among the firms profiled here, none publishes a price list. Public numbers come from DAO proposals, such as TreasureDAO’s USD 3,500 then USD 12,500 monthly retainer with Flowdesk, and from filings such as Blockstack’s SEC disclosure of its GSR agreement. See public deal terms.
How do I compare market makers fairly?
Write one scope (venues, pairs, inventory, depth targets, term), send it to three firms of the right type, and score the replies on KPIs, transparency, structure, record and compliance. See how to compare proposals.
Is this a ranking of the best market makers?
No. Profiles are in alphabetical order within the grid and contain only sourced facts and questions to ask. We explain why we do not rank in best crypto market makers.
Does CEX Ready work with these firms?
No firm profiled here pays CEX Ready. We separately introduce projects to vetted market-making partners and may be paid a disclosed referral fee for that; partners are not named publicly without their agreement. See how we vet partners.
Sources
- U.S. SEC press release 2024-166: SEC charges three so-called market makers and nine individuals
- Blockstack PBC, SEC Form 1-K (2020)
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.
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