Flowdesk
12 active engagements
Composite Score
9.50
Median Engagements FDV
$64.69M
Avg. 2.00% Depth
$323.02K
Rank: 9
Avg. Spread
0.16%
Rank: 5
Avg. Volume
$904.98K
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 RFQG-20 Group
15 active engagements
Composite Score
9.40
Median Engagements FDV
$209.44M
Avg. 2.00% Depth
$496.11K
Rank: 5
Avg. Spread
0.17%
Rank: 7
Avg. Volume
$861.97K
Rank: 2
Tophash Digital
17 active engagements
Composite Score
9.30
Median Engagements FDV
$49.38M
Avg. 2.00% Depth
$257.48K
Rank: 11
Avg. Spread
0.10%
Rank: 3
Avg. Volume
$576.54K
Rank: 6
- Top Avg. (+/-) 2.00% Depth (30D)Auros Global$1,232,190
- Top ADV: Maker & Taker (30D)Flowdesk$904,984
- Top Bid-Ask Spread (30D)GSR0.01%
- Top UptimeGravity Team100.00%
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 | G-20 Group | AA | 9.40 | 9.50 | 8.50 | 9.60 | 9.50 | Full |
3 | Tophash Digital | AA | 9.30 | 9.50 | 8.80 | 9.40 | 8.60 | 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 | Auros Global | AA | 9.00 | 8.50 | 9.00 | 9.50 | 9.10 | Full |
7 | GSR | AA | 9.00 | 8.70 | 8.75 | 9.50 | 8.00 | Full |
8 | Amber Group | A | 8.90 | 8.00 | 9.80 | 9.70 | 7.70 | Full |
9 | Keyrock | A | 8.80 | 8.40 | 8.75 | 9.50 | 7.50 | Full |
10 | JPEG Trading | BBB | 8.10 | 8.20 | 6.00 | 8.00 | 8.80 | 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 | Arrakis Finance | BBB | 7.60 | 6.60 | 8.00 | 8.00 | 6.60 | Full |
15 | Prycto | BB | 7.20 | 6.80 | 6.00 | 7.50 | 6.80 | Full |
16 | Skynet Trading | BB | 7.20 | 7.50 | 5.00 | 5.00 | 9.30 | 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 | 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 | Caladan | CCC | <5.00 | N/A | 7.50 | 8.50 | N/A | None |
29 | Reform DAO | CCC | <5.00 | N/A | 6.00 | 7.50 | N/A | Partial |
30 | Peanut.Trade | CCC | <5.00 | N/A | 5.00 | 8.00 | N/A | None |
31 | AlphaTheta | CCC | <5.00 | N/A | 7.50 | 7.00 | N/A | None |
32 | DWF Labs | CCC | <5.00 | N/A | 7.50 | 7.00 | N/A | None |
33 | Galaxy | CCC | <5.00 | N/A | 5.00 | 8.50 | 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 |
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.
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