According to CoinGecko’s Q1 2025 report, the top 10 centralized exchanges captured over 80% of spot trading volume – something that wouldn’t be possible without professional crypto market makers. In a Web3 ecosystem, despite the dominance of AMMs, top-tier crypto market makers are important liquidity providers on centralized exchanges and are increasingly being integrated into DEX aggregators, Layer 2 rollups, and RFQ-based protocols.
Behind the scenes, crypto market makers ensure that trades happen quickly, efficiently, and with minimal slippage – whether it’s a $50 altcoin trade or a $5M BTC swap.
Our team has explored 10 top crypto market makers that facilitate the liquidity of blockchain projects in 2025. But what is a market maker in Web3, and how does it differ from AMM (automated market makers)?
Let’s see…
What Is a Crypto Market Maker?
A market maker is an entity (often an algorithmic trading firm) that continuously quotes buy and sell prices on exchanges, ensuring there’s always a counterparty for traders. Its goal is to maintain liquidity and earn profit from the spread between bids and asks.
Crypto market makers are especially crucial for new token listings, in low-liquidity pairs, or in high-volatility environments.
Market makers often work closely with exchanges, token projects, and institutional traders to provide liquidity-as-a-service. Anyone looking to launch, scale, or stabilize a token ecosystem can benefit benefit from a crypto market maker – from Web3 founders launching a new token on a CEX or DEX and exchanges seeking to improve liquidity for long-tail assets to VCs or treasuries needing exit liquidity or DeFi protocols transitioning from AMMs to order books or hybrid DEX models.
AMM vs Market Maker: What’s the Difference?
Both Automated Market Makers (AMMs) and traditional market makers serve to provide liquidity. However, they operate differently.
AMMs are decentralized smart contract protocols, like Uniswap or Curve, that use pre-defined formulas to determine asset pricing. Liquidity comes from users depositing assets into liquidity pools, and trades occur directly against these pools. Pricing is algorithmic, not responsive to real-time market conditions.
Market makers, on the other hand, are professional entities or trading systems that actively manage liquidity. They provide liquidity by continuously posting and adjusting buy/sell orders based on live market data. On DEXs, they can’t insert limit orders directly into AMM pools, but they can operate through mechanisms like concentrated liquidity. This lets them absorb large buy or sell spikes, stabilize charts, and create smoother market experiences. Their activity can help prevent sharp corrections after parabolic moves, protecting users from FOMO buys at the top and panic sells at the bottom.
Now that you know the difference between a crypto market maker and an AMM, let’s delve into the top 10 crypto market makers supporting token liquidity.
Syndika’s Overview: Top 10 Crypto Market Makers to Watch in 2025
Cumberland
One of the longest-standing crypto market makers, Cumberland is known for its clean execution, OTC dominance, and strong relationships with institutional clients.
Cumberland offers a suite of execution services, including RFQs, algorithmic trade routing, and bespoke order management tools. Its legacy in traditional finance brings a regulatory-first mindset, which makes it a dependable option for institutions and projects entering highly regulated markets.
With a focus on transparency, risk mitigation, and high-volume transaction integrity, Cumberland is often the go-to for public companies, institutional investors, and governments testing blockchain adoption.
Cicada
Cicada isn’t just a market maker – it’s a full-spectrum liquidity provider helping Web3 businesses achieve their market goals. Unlike most firms, Cicada deploys and manages its own capital across three crypto pillars: market making, OTC off- and on-ramps with no size limits, and scalable DeFi LP up to $20M per position.
Its approach blends traditional DMM strategies – deep layering, mirroring, and back-to-back execution – adapted for the unique dynamics of crypto. And what truly sets Cicada apart is a battle-tested playbook for taking projects from TGE to tier-1 listings and real, organic market traction.
Built and run by pro traders, not just engineers, Cicada works hands-on with Web3 founders to align liquidity with tokenomics, unlocks, and user behavior. For Web3 startups focused on control, integrity, and long-term fundamentals, Cicada is the partner of choice.
Yellow Capital
Yellow Capital is a trusted partner for sustainable growth in the crypto space, offering comprehensive support for projects from ideation to exchange listings and beyond. With over a decade of experience, Yellow Capital operates with a focus on trust, transparency, and a long-term mindset to foster sustainable project growth.
Yellow Capital provides key services including market making, advisory (tokenomics, exchange/launchpad introductions, contract negotiations), treasury building (optimizing cash flow, funding listings, strengthening reserves), and marketing (visibility through Yellow.com articles, social media, and newsletters).
What makes Yellow Capital stand out is its holistic approach to supporting innovation by ensuring market stability, liquidity, and optimal conditions for tokens, making it a reliable partner for projects seeking lasting success.
Peanut Trade
Peanut Trade is a proprietary HFT fund and a market maker active across both centralized (CEX) and decentralized exchanges (DEX). It specializes in providing liquidity for early-stage projects, token generation events (TGEs), and established large-cap tokens through continuous intraday trading.
Ranked in the top-3 performers in CEX-DEX arbitrage by volume, Peanut Trade deploys high-frequency strategies, proprietary infrastructure. Its services include crypto market making, TGE support, and automated liquidity management.
Tailoring liquidity strategies for Web3 startups of various sizes, incorporating spread optimization, volume support, and volatility-aware risk management, Peanut Trade is designed for projects that require a comprehensive liquidity solution, from launch planning to long-term scalability.
DWF Labs
DWF Labs is a global multi-stage Web3 investment firm and one of the most aggressive crypto market makers in the space, known for its speed, scale, and deal structuring flexibility. It boasts an extensive portfolio of more than 750 projects and startups served to date.
The firm specializes in launching and scaling token ecosystems through a blend of proprietary trading, early investment, and crypto liquidity provisioning. DWF Labs often enters early, offering tokenomics feedback, TGE strategy support, and fast onboarding across exchanges.
What also makes DWF Labs stand out is its holistic, hands-on approach to the growth of its portfolio companies. It doesn’t just provide liquidity – they embed themselves into the go-to-market motion, helping blockchain projects navigate crypto exchange listings, activate communities, and optimize token mechanics for real-world trading conditions.
Wintermute
Wintermute is one of the largest and most sophisticated algorithmic trading firms in crypto. It provides liquidity across nearly every major centralized and decentralized exchange, OTC markets, and institutional platforms.
What sets Wintermute apart is its hybrid DNA: the firm blends the high-speed execution of traditional HFT firms with the bold, agile culture of a crypto-native startup. Founded in 2017, Wintermute has weathered multiple crypto cycles, contributing not only liquidity but also capital, strategic advice, and ecosystem support through investments and incubations.
Wintermute’s presence ensures stability across listings, fosters tighter spreads in volatile markets, and positions it as a liquidity partner of choice for top-tier token projects and financial institutions alike.
Match-Flow
Match-Flow is a quantitative market maker focused exclusively on digital assets. With over eight years of industry experience and a scalable infrastructure designed to grow alongside trading volume, the firm delivers organic liquidity across leading centralized exchanges. Match-Flow is known for its transparent practices and long-term, trust-based relationships with ecosystem partners.
The company offers a broad range of services, including designated and non-designated market making, token launch support – covering CEX listings, TGE execution, and post-TGE liquidity care. Its services also include introductions to exchange listing teams, liquidity planning, tokenomics advisory, and Web3 go-to-market and marketing support through a trusted partner network.
Match-Flow is part of the well-established TradFi company, a global liquidity and trading infrastructure provider employing over 250 professionals across offices in Europe, Dubai, US, and Asia. With a strong background in high-frequency trading (HFT), the company processes over $750 billion in annual FX, CFD, and ETF volume, offering the technical and operational backbone behind Match Flow’s robust execution capabilities.
Jump Trading
Jump Trading is a global quantitative trading firm and one of the most advanced liquidity providers in digital assets. Its crypto arm, Jump Crypto, supports the digital asset ecosystem through high-frequency trading, custom liquidity infrastructure, and deep exchange integrations.
Operating across spot and derivatives markets, Jump is known for precision, scalability, and cutting-edge research. It offers tailored services like smart order routing and bespoke APIs, working closely with token teams and exchanges to ensure optimal performance across volatile markets.
With deep experience in traditional finance and a strong commitment to blockchain innovation, Jump Trading is both a builder and stabilizer in Web3, bringing deep capital, technical excellence, and long-term thinking to the projects it supports.
111 (The Triple One)
The Triple One is a mission-aligned market maker that delivers results-driven market-making strategies that ensure stable trading activity, protect against market manipulations, and amplify project growth with unique liquidity solutions.
The market maker solution is known for building liquidity programs around token utility and governance, not just price support, helping networks create sticky value through staking, delegation, and user engagement. Its flexible strategies often accommodate experimental mechanics like bonding curves or quadratic voting.
Having helped with 200+ successful launches, The Triple One offers the fastest market-making algorithms designed for efficient trading, strong liquidity support, and precision arbitrage.
The Triple One is ideal for Web3 founders building community-first protocols, enabling a market-making model that’s not just capital-efficient, but culturally and structurally Web3-native.
Fibonacci
Fibonacci is a quant-driven market maker combining high-frequency trading with deep analytics to power sustainable token growth. With infrastructure across 40+ top exchanges, it supports listings, liquidity recovery, and profitable token execution with precision.
It’s the go-to partner for AI-focused projects, with a strong track record in scaling tokens backed by advanced tech. Fibonacci also leads the market in pre-TGE support, offering curated fundraising programs and over 20 offline events, pitch competitions, and demo days globally.
Fibonacci’s execution combines milestone-based trading, CEX-DEX arbitrage, and net-profit generation. For visionary Web3 startups building in AI or complex markets, Fibonacci turns strategy into liquidity, and liquidity into growth.
Bottom Line
In Web3, liquidity isn’t just about capital efficiency; it’s about narrative control, market perception, and execution speed. The right partner doesn’t just move tokens—it amplifies momentum, reinforces credibility, and creates the conditions for sustainable growth.
Choose a crypto market maker wisely, because your token liquidity is not just fuel for your market, it’s a signal to the world that your project is here to stay.
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