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

Tophash Digital

19 active engagements

Composite Score

9.30

Median Engagements FDV

$43.79M

Tophash Digital

19 active engagements

Composite Score

9.30

Median Engagements FDV

$43.79M

Avg. 2.00% Depth

$378.9K

Rank: 7

Avg. Spread

0.10%

Rank: 4

Avg. Volume

$389K

Rank: 3

Amber Group

19 active engagements

Composite Score

9.20

Median Engagements FDV

$87.52M

Amber Group

19 active engagements

Composite Score

9.20

Median Engagements FDV

$87.52M

Avg. 2.00% Depth

$327.51K

Rank: 9

Avg. Spread

0.28%

Rank: 9

Avg. Volume

$228.06K

Rank: 6

Flowdesk

10 active engagements

Composite Score

9.20

Median Engagements FDV

$48.05M

Flowdesk

10 active engagements

Composite Score

9.20

Median Engagements FDV

$48.05M

Avg. 2.00% Depth

$273.88K

Rank: 11

Avg. Spread

0.38%

Rank: 10

Avg. Volume

$1.56M

Rank: 1

Top Avg. (+/-) 2.00% Depth (30D)
Auros Global
$916,402
Top ADV: Maker & Taker (30D)
Flowdesk
$1,559,500
Top Bid-Ask Spread (30D)
GSR
0.01%
Top Uptime
JPEG Trading
100.00%

#	Market Maker	Grade	Composite Score	Trading KPIs	Trust	Coverage & Capabilities	Uptime	Integration Level
1	Tophash Digital	AA	9.30	10.00	8.00	9.25	8.60	Full
2	Amber Group	AA	9.20	8.90	9.80	9.70	7.50	Full
3	Flowdesk	AA	9.20	9.50	8.50	8.75	9.10	Full
4	G-20 Group	AA	9.20	9.30	9.00	9.00	8.20	Full
5	GSR	AA	9.20	9.50	8.75	9.50	7.70	Full
6	Ampersan	AA	9.10	9.60	7.50	8.50	9.80	Full
7	Auros Global	AA	9.10	8.90	9.00	9.50	8.00	Full
8	Keyrock	AA	9.00	9.10	8.75	9.00	7.30	Full
9	Selini Capital	A	8.90	8.20	9.00	9.00	9.30	Full
10	Cicada	A	8.30	7.50	8.00	8.00	9.50	Full
11	Gravity Team	BBB	8.10	7.70	7.50	7.25	8.90	Full
12	JPEG Trading	BBB	8.10	8.40	6.00	8.00	8.80	Full
13	CyantArb	BBB	8.00	7.30	7.25	8.50	8.40	Full
14	IMC Trading	BBB	7.70	7.00	7.75	8.00	6.80	Full
15	Presto Labs	BBB	7.50	6.40	7.75	8.50	6.60	Full
16	Arrakis Finance	BBB	7.40	6.10	8.00	8.00	6.10	Full
17	LO:TECH	BBB	7.40	6.80	7.00	7.50	7.00	Full
18	Prycto	BB	7.10	6.60	6.00	7.50	6.40	Full
19	Efficient Frontier	BB	6.70	5.70	7.75	7.00	5.70	Full
20	CKS Systems	BB	6.60	5.90	6.00	6.50	5.90	Full
21	Elk Crypto	BB	6.50	5.50	6.00	7.00	5.50	Full
22	Kairon Labs	BB	6.40	5.20	6.00	7.50	5.20	Full
23	XBTO	BB	6.30	5.00	6.00	7.50	5.00	Full
24	Manifold Trading	CCC	<5.00	N/A	7.50	8.00	N/A	Partial
25	EasyMM	CCC	<5.00	N/A	7.50	7.50	N/A	None
26	Enflux	CCC	<5.00	N/A	7.50	7.50	N/A	None
27	Astrum Liquidity	CCC	<5.00	N/A	7.50	7.00	N/A	None
28	Portofino Technologies	CCC	<5.00	N/A	6.00	8.00	N/A	Partial
29	Caladan	CCC	<5.00	N/A	7.50	8.50	N/A	None
30	Reform DAO	CCC	<5.00	N/A	6.00	7.50	N/A	Partial
31	FalconX	CCC	<5.00	N/A	5.00	9.00	N/A	Partial
32	Peanut.Trade	CCC	<5.00	N/A	5.00	8.00	N/A	None
33	AlphaTheta	CCC	<5.00	N/A	7.50	7.00	N/A	None
34	DWF Labs	CCC	<5.00	N/A	7.50	7.00	N/A	None
35	Galaxy	CCC	<5.00	N/A	5.00	8.50	N/A	Partial
36	JST Digital	CCC	<5.00	N/A	5.00	7.00	N/A	Partial
37	STS Digital	CCC	<5.00	N/A	5.00	7.50	N/A	Partial
38	Pulsar	CCC	<5.00	N/A	5.00	7.50	N/A	Partial
39	Alber Blanc	CCC	<5.00	N/A	7.50	5.00	N/A	None
40	Algoz	CCC	<5.00	N/A	7.50	5.00	N/A	None
41	Bitmaker	CCC	<5.00	N/A	7.50	5.00	N/A	None
42	Bluesky Capital	CCC	<5.00	N/A	7.50	5.00	N/A	None
43	CoinAlpha	CCC	<5.00	N/A	7.50	5.00	N/A	None
44	Dark Forest	CCC	<5.00	N/A	7.50	5.00	N/A	None
45	Kaiko Labs	CCC	<5.00	N/A	7.50	5.00	N/A	None
46	Koda Finance	CCC	<5.00	N/A	7.50	5.00	N/A	None
47	Kronos Research	CCC	<5.00	N/A	7.50	5.00	N/A	None
48	Oracles	CCC	<5.00	N/A	7.50	5.00	N/A	None
49	Skynet Trading	CCC	<5.00	N/A	5.00	5.00	N/A	Partial

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.

Ready to start with Forgd?

Engage with our free tools, and apply the learnings from our research data.

Apply for full-service advisory

Work directly with our experts for personalized insights, deeper analysis, and hands-on advisory for your next milestone.

Schedule a Consultation

Explore free tools

Browse our collection of free tools to support your research, analysis, and project operations.

Learn More

Ranking

Ready to start with Forgd?