Flowdesk
12 active engagements
Composite Score
9.50
Median Engagements FDV
$61.52M
Avg. 2.00% Depth
$331.62K
Rank: 8
Avg. Spread
0.16%
Rank: 5
Avg. Volume
$994.97K
Rank: 1
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 RFQTophash Digital
17 active engagements
Composite Score
9.30
Median Engagements FDV
$56.33M
Avg. 2.00% Depth
$262.62K
Rank: 11
Avg. Spread
0.10%
Rank: 2
Avg. Volume
$431.25K
Rank: 5
G-20 Group
15 active engagements
Composite Score
9.20
Median Engagements FDV
$199.02M
Avg. 2.00% Depth
$484.02K
Rank: 5
Avg. Spread
0.18%
Rank: 7
Avg. Volume
$616.56K
Rank: 3
- Top Avg. (+/-) 2.00% Depth (30D)Auros Global$1,205,996
- Top ADV: Maker & Taker (30D)Flowdesk$994,968
- Top Bid-Ask Spread (30D)GSR0.01%
- Top UptimeGravity Team99.17%
Ranking
# | Market Maker | Grade | Composite Score | Trading KPIs | Trust | Coverage & Capabilities | Uptime | Integration Level |
|---|---|---|---|---|---|---|---|---|
1 | Flowdesk | AAA | 9.50 | 9.80 | 8.50 | 9.60 | 9.80 | Full |
2 | Tophash Digital | AA | 9.30 | 9.50 | 8.80 | 9.40 | 8.60 | Full |
3 | G-20 Group | AA | 9.20 | 9.50 | 7.50 | 9.60 | 9.50 | Full |
4 | Selini Capital | AA | 9.20 | 9.00 | 8.50 | 9.00 | 10.00 | Full |
5 | Ampersan | AA | 9.10 | 9.60 | 8.00 | 8.50 | 8.90 | Full |
6 | Amber Group | AA | 9.00 | 8.40 | 9.80 | 9.70 | 7.70 | Full |
7 | Auros Global | AA | 9.00 | 8.50 | 9.00 | 9.50 | 9.10 | Full |
8 | GSR | AA | 9.00 | 8.70 | 8.75 | 9.50 | 8.00 | Full |
9 | Keyrock | A | 8.70 | 8.20 | 8.75 | 9.50 | 7.50 | Full |
10 | Skynet Trading | A | 8.60 | 8.00 | 9.00 | 8.00 | 9.30 | Full |
11 | Gravity Team | BBB | 8.00 | 7.70 | 7.50 | 7.25 | 8.20 | Full |
12 | CyantArb | BBB | 7.90 | 7.30 | 7.25 | 8.50 | 7.30 | Full |
13 | Cicada | BBB | 7.80 | 7.00 | 8.00 | 8.00 | 7.00 | Full |
14 | JPEG Trading | BBB | 7.80 | 7.50 | 6.00 | 8.00 | 8.80 | Full |
15 | Arrakis Finance | BBB | 7.60 | 6.60 | 8.00 | 8.00 | 6.60 | Full |
16 | Prycto | BB | 7.20 | 6.80 | 6.00 | 7.50 | 6.80 | Full |
17 | CKS Systems | BB | 6.90 | 6.40 | 6.00 | 6.50 | 6.40 | Full |
18 | Efficient Frontier | BB | 6.90 | 6.10 | 7.75 | 7.00 | 6.10 | Full |
19 | Presto Labs | BB | 6.90 | 5.20 | 7.75 | 8.50 | 5.20 | Full |
20 | LO:TECH | BB | 6.80 | 5.50 | 7.00 | 7.50 | 5.50 | Full |
21 | Elk Crypto | BB | 6.70 | 5.90 | 6.00 | 7.00 | 5.90 | Full |
22 | Kairon Labs | BB | 6.70 | 5.70 | 6.00 | 7.50 | 5.70 | Full |
23 | XBTO | BB | 6.30 | 5.00 | 6.00 | 7.50 | 5.00 | Full |
24 | E4 Capital | N/A | N/A | N/A | 7.50 | 10.00 | N/A | None |
25 | Manifold Trading | N/A | N/A | N/A | 7.50 | 8.00 | N/A | Partial |
26 | EasyMM | N/A | N/A | N/A | 7.50 | 7.50 | N/A | None |
27 | Enflux | N/A | N/A | N/A | 7.50 | 7.50 | N/A | None |
28 | Astrum Liquidity | N/A | N/A | N/A | 7.50 | 7.00 | N/A | None |
29 | Caladan | N/A | N/A | N/A | 7.50 | 8.50 | N/A | None |
30 | Reform DAO | N/A | N/A | N/A | 6.00 | 7.50 | N/A | Partial |
31 | Peanut.Trade | N/A | N/A | N/A | 5.00 | 8.00 | N/A | None |
32 | AlphaTheta | N/A | N/A | N/A | 7.50 | 7.00 | N/A | None |
33 | DWF Labs | N/A | N/A | N/A | 7.50 | 7.00 | N/A | None |
34 | Galaxy | N/A | N/A | N/A | 5.00 | 8.50 | N/A | Partial |
35 | Alber Blanc | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
36 | Algoz | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
37 | Bitmaker | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
38 | Bluesky Capital | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
39 | CoinAlpha | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
40 | Dark Forest | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
41 | Kaiko Labs | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
42 | Koda Finance | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
43 | Kronos Research | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
44 | Oracles | N/A | N/A | N/A | 7.50 | 5.00 | N/A | None |
Definitions
- 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.
Explore free tools
Browse our collection of free tools to support your research, analysis, and project operations.