What is the best way to structure a retainer + working capital market making engagement for a project that is already actively traded in the secondary market?

For tokens already trading, the engagement must be structured with significantly more precision than at TGE. The market already has established liquidity patterns, volatility profiles, derivatives exposure, and arbitrage behavior. The objective shifts from "bootstrapping liquidity" to "optimizing and stabilizing existing liquidity." The engagement should include:

A clearly defined monthly retainer that reflects scope (number of exchanges, derivatives coverage, 24-7 uptime expectations, reporting requirements).
A calibrated working capital allocation (stablecoins + tokens) sized based on measurable liquidity targets rather than arbitrary percentages.
Explicit liquidity KPIs including top-of-book spreads, depth at 50bps, 100bps, and 200bps from market midpoint, uptime thresholds (>95%), and inventory utilization expectations.
Clear reporting cadence with cross-exchange transparency.

Working capital should not be oversized; excessive token allocation can increase sell-side inventory risk and distort secondary markets. If perpetual futures markets are active, the engagement must explicitly address derivatives hedging and funding rate dynamics.