The most important metrics are market makers as a percentage of depth and market makers as a percentage of maker fill volume. While trade volume and spreads are relevant, the primary role of a market maker is to facilitate efficient price discovery — and that requires both meaningful depth and actual execution against that depth.
You should also monitor your market maker's utilization ratio — the turnover on capital loaned (either a token loan or a trading capital deposit). A low utilization ratio suggests the market maker is not actively deploying the capital you've allocated. Track spreads, depth at 50bps / 100bps / 200bps from midpoint, uptime, and cross-exchange consistency.
| KPI | What It Measures | Benchmark Target |
|---|---|---|
| Top-of-book spread | Bid-ask spread at best prices | <1% for mid-cap tokens |
| Depth at 50bps | Cumulative order value within 0.5% of midpoint | Exchange- and FDV-dependent |
| Depth at 200bps | Cumulative order value within 2% of midpoint | Exchange- and FDV-dependent |
| Uptime | Percentage of time with active two-sided quotes | >95% |
| Loan utilization | Turnover on capital deployed | Higher = more active deployment |
| Maker fill volume | MM share of total maker fills | Track relative to depth contribution |
| MM % of depth | MM contribution to total order book depth | Primary accountability metric |