The Wild West of wash trading is over. In 2025, the "Loan + Option" model dominates for Tier 1 projects, while "Retainer" models empower mid-caps. Discover the exclusive fee benchmarks, volume requirements, and listing strategies used by Wintermute, GSR, and DWF Labs to navigate the new era of clean liquidity.
The Wild West of wash trading is over. In 2025, the "Loan + Option" model dominates for Tier 1 projects, while "Retainer" models empower mid-caps. Discover the exclusive fee benchmarks, volume requirements, and listing strategies used by Wintermute, GSR, and DWF Labs to navigate the new era of clean liquidity.
In 2025, the Market Making (MM) landscape has radically changed face. Gone are the days of the 2021-2023 "Wild West" where wash trading was a standard service feature.
Following the DOJ (District of Massachusetts) crackdowns and the new "Ending Regulation by Prosecution" directive of April 2025, the absolute priority has shifted from volume manipulation to capital efficiency.
The 3 Major Trends of 2025:
- •Bifurcation of Models: The gap is widening between the "Loan + Call Option" model (favored by Tier 1s like Wintermute/GSR for high FDV tokens) and the "Retainer" (SaaS) model, which is becoming the standard for mid-caps.
- •The End of Visible Wash Trading: Tier 1 exchanges (Binance, Bybit, Coinbase) now delist projects with artificial Volume/Liquidity ratios. MM algorithms must now simulate complex "Organic-Like Activity."
- •MM as a Gateway: Market Makers are no longer just liquidity providers; they are mandatory gatekeepers for CEX listings. DWF Labs and Wintermute dominate this "Venture + Liquidity" niche.
The market is not homogeneous. Your choice depends on your maturity stage (TGE vs. Growth) and your treasury status.
| Tier | Profile | Key Players | Est. Daily Volume | Strategic Focus |
|---|---|---|---|---|
| Tier 1: The Liquidity Kings | Delta-Neutral, pure algo, massive balance sheet. | Wintermute, GSR, Cumberland | > $2B / day | Deep liquidity on 50+ CEXs, DeFi/CEX arbitrage, OTC for institutions. Only take "blue chip" projects or those with massive traction. |
| Tier 2: The Growth Partners | Hybrid VC + MM, aggressive marketing. | DWF Labs, Amber Group | $500M - $1B | Offer "Venture Market Making": investing in the token in exchange for the MM mandate. Actively assist with CEX listings. |
This is the most opaque section for founders. Here are the market standards observed in 2025.
Used by: Wintermute, GSR, DWF Labs.
The MM does not charge monthly fees but bets on the token's upside.
Mechanism: The project lends tokens (Loan) to the MM. The MM receives a Call Option on these tokens at a fixed price (Strike Price).
2025 Standard Cost:
The Trap: If the token skyrockets (x10), the MM exercises their option at the low price (Strike Price) and sells the difference on the market to cash out the profit. This is massive dilution for the project, but it is the price to pay for alignment with a giant.
Used by: Flowdesk, Caladan, and for secondary pairs of Tier 1s.
You pay for a technical service, just as you would pay for an AWS server.
Mechanism: The project keeps 100% of the risk (and profit) of the inventory. The MM simply executes the algos.
2025 Benchmark Pricing (Monthly):
Advantages:
Disadvantages:
In 2025, a Market Maker isn't just for trading; they serve to validate your project in the eyes of exchanges.
Exchanges like Bybit or KuCoin impose minimal volume requirements (e.g., $1M daily volume) to avoid delisting.
The 2025 Approach: MMs no longer use simplistic bots (ping-pong) that get flagged. They use "Micro-Structure" strategies: placing thousands of small real orders to create organic Market Depth of +/- 2% around the price.
Some MMs have "Fast Tracks" with exchanges.
Key Insights:
Get expert guidance from The Arch Consulting on blockchain strategy, tokenomics, and Web3 growth.
Learn MoreIn 2025, the Market Making (MM) landscape has radically changed face. Gone are the days of the 2021-2023 "Wild West" where wash trading was a standard service feature.
Following the DOJ (District of Massachusetts) crackdowns and the new "Ending Regulation by Prosecution" directive of April 2025, the absolute priority has shifted from volume manipulation to capital efficiency.
The 3 Major Trends of 2025:
- •Bifurcation of Models: The gap is widening between the "Loan + Call Option" model (favored by Tier 1s like Wintermute/GSR for high FDV tokens) and the "Retainer" (SaaS) model, which is becoming the standard for mid-caps.
- •The End of Visible Wash Trading: Tier 1 exchanges (Binance, Bybit, Coinbase) now delist projects with artificial Volume/Liquidity ratios. MM algorithms must now simulate complex "Organic-Like Activity."
- •MM as a Gateway: Market Makers are no longer just liquidity providers; they are mandatory gatekeepers for CEX listings. DWF Labs and Wintermute dominate this "Venture + Liquidity" niche.
The market is not homogeneous. Your choice depends on your maturity stage (TGE vs. Growth) and your treasury status.
| Tier | Profile | Key Players | Est. Daily Volume | Strategic Focus |
|---|---|---|---|---|
| Tier 1: The Liquidity Kings | Delta-Neutral, pure algo, massive balance sheet. | Wintermute, GSR, Cumberland | > $2B / day | Deep liquidity on 50+ CEXs, DeFi/CEX arbitrage, OTC for institutions. Only take "blue chip" projects or those with massive traction. |
| Tier 2: The Growth Partners | Hybrid VC + MM, aggressive marketing. | DWF Labs, Amber Group | $500M - $1B | Offer "Venture Market Making": investing in the token in exchange for the MM mandate. Actively assist with CEX listings. |
This is the most opaque section for founders. Here are the market standards observed in 2025.
Used by: Wintermute, GSR, DWF Labs.
The MM does not charge monthly fees but bets on the token's upside.
Mechanism: The project lends tokens (Loan) to the MM. The MM receives a Call Option on these tokens at a fixed price (Strike Price).
2025 Standard Cost:
The Trap: If the token skyrockets (x10), the MM exercises their option at the low price (Strike Price) and sells the difference on the market to cash out the profit. This is massive dilution for the project, but it is the price to pay for alignment with a giant.
Used by: Flowdesk, Caladan, and for secondary pairs of Tier 1s.
You pay for a technical service, just as you would pay for an AWS server.
Mechanism: The project keeps 100% of the risk (and profit) of the inventory. The MM simply executes the algos.
2025 Benchmark Pricing (Monthly):
Advantages:
Disadvantages:
In 2025, a Market Maker isn't just for trading; they serve to validate your project in the eyes of exchanges.
Exchanges like Bybit or KuCoin impose minimal volume requirements (e.g., $1M daily volume) to avoid delisting.
The 2025 Approach: MMs no longer use simplistic bots (ping-pong) that get flagged. They use "Micro-Structure" strategies: placing thousands of small real orders to create organic Market Depth of +/- 2% around the price.
Some MMs have "Fast Tracks" with exchanges.
Key Insights:
Get expert guidance from The Arch Consulting on blockchain strategy, tokenomics, and Web3 growth.
Learn More| SaaS Model (MMaaS), technical focus, transparent. |
| Flowdesk, Caladan, Kairon Labs |
| $50M - $200M |
| Total transparency (real-time dashboards), fixed fees (Retainer). Ideal for projects wanting to retain control of their treasury. |
| SaaS Model (MMaaS), technical focus, transparent. |
| Flowdesk, Caladan, Kairon Labs |
| $50M - $200M |
| Total transparency (real-time dashboards), fixed fees (Retainer). Ideal for projects wanting to retain control of their treasury. |