Trading is a quantitative pursuit. The outcome, from the perspective of the individual executing the trade, is either successful or unsuccessful. Profit or loss. Order matched or order dropped. That being the case, it ought to be trivial to grade the best crypto market makers on a quantitative basis. And it is – up to a point.
It’s a simple enough task to gather the raw data on number of partners served, total volume, number of exchanges integrated, and then use that to determine the market makers leading for these metrics. But these data points, useful as they are, don’t tell the full story. They fail to take into account the quality of service, responsiveness, customization, flexibility and other qualitative characteristics that define a company at the top of its game.
Still, as far as can be reasonably determined based on the totality of available evidence – both quantitative and qualitative – these are the best crypto market makers in the world right now.
DWF Labs
DWF Labs cut its teeth in the market making game and while it’s since branched out, liquidity provision remains a core part of its business. Of course, it helps that this service is now complemented by things like advisory and OTC, giving clients access to a full stack of web3 products that are particularly valuable when gearing up for a token launch. You’ll be hard pressed to find a busier crypto marker maker: DWF Labs has more than 700 partners to its name, which is about as solid as social proof gets.
The number of exchanges where DWF Labs deploys its liquidity is no less impressive, incorporating 60 CEX and DEX venues. It’s not uncommon for partner projects to receive investment from DWF’s venture capital arm and to send a big bag of tokens the other way for use in market making. Memecoins; blue chips; stablecoins, you name it, DWF will market make it, ensuring the bid-ask spread is kept reassuringly close, even for low-cap tokens that are just getting started.
Vortex
Vortex is an up-and-coming market maker that’s rated very highly by its clients. It prides itself on the quality of its algorithms – the secret sauce that enables it to successfully navigate even the choppiest of markets, which there’s been plenty to surf in 2025. As you’d expect of a comparatively new company in the space, Vortex is hungry for success and will go above and beyond to keep its partners happy, working around the clock to ensure their liquidity is optimally managed.
In addition to market making, Vortex oversees arbitrage between exchanges, ensuring that traders can expect to see consistent pricing on whichever venue they choose to operate. The fact that Vortex has a good working relationship with the 50+ exchanges where it’s integrated also allows it to help secure listings for partner projects at a favorable rate. For projects with new tokens that are looking to make a splash, Vortex warrants a closer look.
Wintermute
Having been there since the earliest days of DeFi, Wintermute’s seen it all and is still slinging liquidity in the crypto trenches to keep the order books turning over efficiently. Responsible for more than $600B in lifetime volume, and with a presence on more than 50 centralized and decentralized exchanges, Wintermute is everywhere, operating silently behind the scenes.
While the bulk of its business in terms of volume is undertaken on tier-one CEXs such as Coinbase and Kraken, you’ll also find Wintermute onchain, propping up liquidity on DEXs like Uniswap and for dYdX’s perp markets. Though it’s naturally secretive about its proprietary algos, Wintermute’s solution for optimizing liquidity to keep markets flowing is highly regarded. You’ll struggle to find a market maker with a higher rep. Calm, quiet, and confident, Wintermute gets the job done with the minimum of fuss.
GSR
For reasons that no one can quite fathom, the UK has become a hotbed of crypto market makers. GSR joins Wintermute in hailing from London, but like the other companies on this list, its reach is global. In addition to supporting emerging projects gearing up for a token launch, GSR provides market making services for exchanges, having integrated more than 60 of them over the last decade.
One of the best things about GSR is its reporting. Rather than keeping its clients in the dark, it delivers daily updates that include KPIs and granular detail on performance, providing the transparency that web3 projects expect. GSR does a tireless job of helping to increase order book depth, support fair price discovery, reduce slippage, and ensure that bid-ask spreads are reasonable at all times.
Amber Group
Amber Group isn’t shy about reeling off its benchmarks that attest to its prowess as a global market maker: $5B of volume every day for more than 200 tokens, accounting for more than 3% of all crypto volume. It covers both CeFi and DeFi, boasts impressive uptime, and has the work ethic to accompany its efficient algorithms and deep liquidity. There are some big brains at Amber Group as you’ll discover if you have the privilege of partnering with them.
Like DWF Labs, Amber is a full-stack web3 business, which means it can also provide value-add for things like advisory – particularly when it comes to token issuance and secondary market life cycle management. Launching a token can be one of the most stressful and complex phases for a web3 project since there’s so much that needs to go right – and only one opportunity to get it right. Partner with a seasoned head such as Amber Group and you’ll be guided through the process from start to finish, ensuring your one shot hits the spot.
It’s All About the Liquidity, Stupid
Market makers aren’t here to pump your token – or dump it. They’re here to supply the liquidity that will support everything that comes next following your TGE: price discovery, rising volume, and leveling up to larger exchanges. It all starts with a market maker that adds the training wheels to get you through those critical early days and weeks. If you can survive that make-or-break phase, you’ll be ready for everything that comes next, be it 100x, a dozen new exchanges, or simply a solid liquidity base to support buy and sell orders while you focus on finalizing your MVP.
