Historical performance provides insight into a market maker's operational discipline, crisis management ability, and liquidity consistency across market cycles. However, performance must be evaluated in context. Key factors to assess include:

• Average spread consistency across volatile periods
• Depth maintenance during market drawdowns
• Uptime reliability
• Exchange coverage breadth
• Derivatives integration capability
• Track record during unlock cliffs or macro shocks

A token decline during a macro downturn does not necessarily indicate poor market making. Evaluate whether liquidity remained orderly and spreads remained stable relative to volatility. Historical transparency and willingness to provide data are often stronger indicators of quality than anecdotal reputation alone.

If you're evaluating market makers, don't rely on brand or anecdote — benchmark verified performance.

Through Forgd, you can compare spreads, depth resilience, uptime, and behavior during volatility across firms before you commit. We track it pre-selection and monitor it post-launch.

Book a consultation and we'll show you how to tie commercial terms to real historical delivery — and how to hold providers accountable once live.