Research & InsightsMarket Maker Leaderboard

Forgd Market Maker Performance Index Leaderboard

Data-driven Market Maker rankings derived from 500+ engagements, evaluating historical execution, reliability, and ecosystem integration.

Conduct a Market Maker RFQ

Forgd Market Maker Performance Index Leaderboard

Data-driven Market Maker rankings derived from 500+ engagements, evaluating historical execution, reliability, and ecosystem integration.

Conduct a Market Maker RFQ

Flowdesk

12 active engagements

Composite Score

9.60

Median Engagements FDV

$72.27M

Flowdesk

12 active engagements

Composite Score

9.60

Median Engagements FDV

$72.27M

Avg. 2.00% Depth

$311.54K

Rank: 10

Avg. Spread

0.26%

Rank: 9

Avg. Volume

$1.76M

Rank: 1

GSR

15 active engagements

Composite Score

9.30

Median Engagements FDV

$175.85M

GSR

15 active engagements

Composite Score

9.30

Median Engagements FDV

$175.85M

Avg. 2.00% Depth

$538.61K

Rank: 3

Avg. Spread

0.01%

Rank: 1

Avg. Volume

$885.06K

Rank: 3

Amber Group

14 active engagements

Composite Score

9.20

Median Engagements FDV

$137.09M

Amber Group

14 active engagements

Composite Score

9.20

Median Engagements FDV

$137.09M

Avg. 2.00% Depth

$376.9K

Rank: 9

Avg. Spread

0.23%

Rank: 7

Avg. Volume

$161.44K

Rank: 10

Top Avg. (+/-) 2.00% Depth (30D)
Auros Global
$1,097,639
Top ADV: Maker & Taker (30D)
Flowdesk
$1,759,814
Top Bid-Ask Spread (30D)
GSR
0.01%
Top Uptime
JPEG Trading
99.33%

#	Market Maker	Grade	Composite Score	Trading KPIs	Trust	Coverage & Capabilities	Uptime	Integration Level
1	Flowdesk	AAA	9.60	10.00	8.50	9.60	9.50	Full
2	GSR	AA	9.30	9.50	8.75	9.50	7.90	Full
3	Amber Group	AA	9.20	8.60	9.80	9.70	8.30	Full
4	G-20 Group	AA	9.10	9.00	8.50	9.60	8.80	Full
5	Selini Capital	AA	9.10	9.00	8.50	9.00	9.80	Full
6	Ampersan	AA	9.00	9.60	7.50	8.50	9.30	Full
7	Keyrock	AA	9.00	8.80	8.75	9.50	7.60	Full
8	Tophash Digital	AA	9.00	9.30	7.50	9.25	9.00	Full
9	Auros Global	A	8.90	8.50	9.00	9.50	8.10	Full
10	JPEG Trading	A	8.60	9.50	6.00	8.00	8.80	Full
11	Gravity Team	BBB	8.00	7.60	7.50	7.25	8.60	Full
12	CyantArb	BBB	7.90	7.40	7.25	8.50	7.40	Full
13	Cicada	BBB	7.80	7.10	7.50	8.00	7.10	Full
14	Presto Labs	BBB	7.70	6.70	7.75	8.50	6.90	Full
15	Arrakis Finance	BBB	7.50	6.40	8.00	8.00	6.40	Full
16	Prycto	BBB	7.30	6.90	6.00	7.50	6.70	Full
17	Efficient Frontier	BB	6.90	6.00	7.75	7.00	6.00	Full
18	CKS Systems	BB	6.80	6.20	6.00	6.50	6.20	Full
19	Elk Crypto	BB	6.60	5.70	6.00	7.00	5.70	Full
20	Kairon Labs	BB	6.60	5.50	6.00	7.50	5.50	Full
21	LO:TECH	BB	6.60	5.20	7.00	7.50	5.20	Full
22	XBTO	BB	6.30	5.00	6.00	7.50	5.00	Full
23	Manifold Trading	CCC	<5.00	N/A	7.50	8.00	N/A	Partial
24	EasyMM	CCC	<5.00	N/A	7.50	7.50	N/A	None
25	Enflux	CCC	<5.00	N/A	7.50	7.50	N/A	None
26	Astrum Liquidity	CCC	<5.00	N/A	7.50	7.00	N/A	None
27	Caladan	CCC	<5.00	N/A	7.50	8.50	N/A	None
28	Reform DAO	CCC	<5.00	N/A	6.00	7.50	N/A	Partial
29	Peanut.Trade	CCC	<5.00	N/A	5.00	8.00	N/A	None
30	AlphaTheta	CCC	<5.00	N/A	7.50	7.00	N/A	None
31	DWF Labs	CCC	<5.00	N/A	7.50	7.00	N/A	None
32	Galaxy	CCC	<5.00	N/A	5.00	8.50	N/A	Partial
33	Pulsar	CCC	<5.00	N/A	5.00	7.50	N/A	Partial
34	Alber Blanc	CCC	<5.00	N/A	7.50	5.00	N/A	None
35	Algoz	CCC	<5.00	N/A	7.50	5.00	N/A	None
36	Bitmaker	CCC	<5.00	N/A	7.50	5.00	N/A	None
37	Bluesky Capital	CCC	<5.00	N/A	7.50	5.00	N/A	None
38	CoinAlpha	CCC	<5.00	N/A	7.50	5.00	N/A	None
39	Dark Forest	CCC	<5.00	N/A	7.50	5.00	N/A	None
40	Kaiko Labs	CCC	<5.00	N/A	7.50	5.00	N/A	None
41	Koda Finance	CCC	<5.00	N/A	7.50	5.00	N/A	None
42	Kronos Research	CCC	<5.00	N/A	7.50	5.00	N/A	None
43	Oracles	CCC	<5.00	N/A	7.50	5.00	N/A	None

Grade: A simplified letter rating that reflects a market maker's overall standing on the leaderboard. Grades are designed to make performance easier to interpret without relying solely on individual numerical scores.
Composite Score: The weighted overall score used to rank market makers across the leaderboard. It reflects performance across trading KPIs, trust, coverage and capabilities, uptime, and integration level.
Trading KPIs: Measures historical execution quality across 500+ tracked engagements. This includes liquidity depth, trading volume, spread performance, and adherence to agreed-upon trading obligations.
Trust: Reflects Forgd's confidence in a market maker's observed performance. This is based on the number of tracked engagements and whether Forgd has identified potential trading abnormalities.
Coverage & Capabilities: Evaluates the breadth of a market maker's exchange coverage, ecosystem reach, and broader service offering. This includes centralized and decentralized exchange connectivity, as well as services beyond standard liquidity provision.
Uptime: Measures a market maker's consistency in meeting contractual obligations across tracked engagements. This typically includes maintaining required depth, spreads, and availability across supported venues.
Integration Level: Reflects the degree of connectivity between the market maker and Forgd's data systems. Higher integration levels provide greater visibility into tracked engagements, RFQ participation, and ongoing performance.

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