Wintermute is an algorithmic trading firm founded in 2017 that offers token liquidity (market making), OTC trading and DeFi liquidity. Its public DAO proposals have been token loans: 500,000 CTX for 12 months with a USD 9.75 strike (Cryptex, 2021), 1% of INDEX supply for a year (Index Coop, 2021), and 750,000 FORTH for 12 months (Ampleforth, 2023). Yearn token holders rejected a 350 YFI uncollateralised loan request in 2023. Wintermute does not publish prices; terms are negotiated per project.
Key takeaways
- Self-description: “A leading algorithmic trading firm, focused on harnessing the chaos of digital assets into liquid and efficient markets.”
- Public deals on record: 4 (see table).
- No published price list; terms are negotiated per project.
- Disclosure: CEX Ready is not paid by this firm. We may be paid for introductions to other vetted partners.
Wintermute at a glance
| How it describes itself | “A leading algorithmic trading firm, focused on harnessing the chaos of digital assets into liquid and efficient markets.” |
| Type of firm | Institutional algorithmic trading firm |
| Services listed on its website | Token liquidity (algorithmic market making), OTC (spot, options, forwards, CFDs), DeFi liquidity, ventures |
| Published prices | None found |
| Official website | www.wintermute.com |
- Founded in July 2017 by three former Optiver traders, according to Wintermute’s own DAO proposals (Cryptex 2021, Yearn 2023).
- Its 2023 Yearn proposal said it had traded over $3 trillion across 80+ centralized and decentralized exchanges (the firm’s own figure).
Descriptions come from Wintermute’s own website and documents, checked on 12 November 2026. CEX Ready has no commercial relationship with Wintermute and is not paid by it.
Public deals on record
From documents published by the projects themselves. Proposals can change before signing; we note outcomes where the source states them.
| Date | Project | Published terms | Status |
|---|---|---|---|
| Jun 2021 | Cryptex (CTX) | 500,000 CTX loan, 12 months, option to buy at a USD 9.75 strike | Proposal |
| Aug 2021 | Index Coop (INDEX) | 100,000 INDEX (1% of supply), 1 year; return tokens or a fixed USD amount | Proposal |
| May 2023 | Ampleforth (FORTH) | 750,000 FORTH loan, 12 months | Proposal |
| Aug 2023 | Yearn (YFI) | 350 YFI loan, 12 months, 0.10% interest, no option | Rejected by token holders |
All public deals across firms: 13 public market-maker deals compared (CSV).
Comparing market makers? Get a second proposal. Get matched with a market maker →
Who it may fit
Wintermute positions itself as an institutional desk with broad CEX and DeFi coverage. Public deals involve established tokens with active governance. Newer or smaller tokens should ask early about minimum size and whether the firm takes their stage.
Questions to ask Wintermute before you sign
- Is the offer a token loan, a retainer, or a hybrid, and what exactly is the option strike or fixed repayment value per tranche?
- Which venues and pairs are covered, with spread, depth at ±2% and uptime per venue in the contract?
- What collateral or purpose limits apply to loaned tokens? (Yearn holders objected to an uncollateralised loan.)
- How will you report: read-only API keys, sub-accounts, or raw fills?
Then run the same questions past at least two other firms. Our market maker scorecard and proposal comparison guide show how to score them on one sheet, and the cost calculator prices a loan’s option.
Due diligence on any market maker
Search the firm’s legal entity name in SEC, U.S. Department of Justice, CFTC and your own regulator’s enforcement releases and in court records. In 2024–2025 U.S. authorities charged and later convicted several firms that sold “market making” which was in fact wash trading; see market-maker enforcement cases. A contract that bans wash and self-trading, gives you read-only data access, and states KPIs per venue protects you whoever you hire.
Frequently asked questions
Does Wintermute publish its market-making prices?
No. We did not find a price list on Wintermute’s website. Public deal terms on record are listed on this page.
What structures does Wintermute use?
From the public documents on this page: 500,000 CTX loan, 12 months, option to buy at a USD 9.75 strike; 100,000 INDEX (1% of supply), 1 year; return tokens or a fixed USD amount.
Is Wintermute the right market maker for my token?
It depends on your stage, venues, treasury and the structure offered. Shortlist three firms of the right type, send each the same scope, and score them on KPIs, transparency, structure and compliance. See how to choose a market maker.
Sources
- Wintermute official website
- Cryptex forum: CIP-5 Market Making Proposal (2021)
- Index Coop governance: Market Making Proposal from Wintermute Trading (2021)
- Ampleforth forum: FORTH Wintermute Liquidity Provision Partnership (2023)
- Yearn docs: YIP-74 YFI Wintermute Loan & CRV Plans (rejected)
- U.S. SEC press release 2024-166: SEC charges three so-called market makers and nine individuals
Last reviewed 12 November 2026. Exchange and platform policies change; always confirm on the official page before acting.