Performance Index

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 RFQ
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G-20 Group

8 active engagements

Composite Score

9.50

Median Engagements FDV

$130.96M


Avg. 2.00% Depth

$1.01M

Rank: 1

Avg. Spread

7.62%

Rank: 17

Avg. Volume

$424.84K

Rank: 3

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GSR

16 active engagements

Composite Score

9.30

Median Engagements FDV

$87.54M


Avg. 2.00% Depth

$414.68K

Rank: 7

Avg. Spread

0.01%

Rank: 1

Avg. Volume

$227.47K

Rank: 7

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Ampersan

4 active engagements

Composite Score

9.20

Median Engagements FDV

$995.77M


Avg. 2.00% Depth

$596.82K

Rank: 5

Avg. Spread

0.14%

Rank: 6

Avg. Volume

$144.93K

Rank: 13

  • Top Avg. (+/-) 2.00% Depth (30D)
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    G-20 Group
    $1,005,441
  • Highest Volume (Maker & Taker) (30D)
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    Flowdesk
    $957,926
  • Top Bid-Ask Spread (30D)
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    GSR
    0.01%
  • Top KPI Adherence (Combined Uptime)
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    JPEG Trading
    100.00%

Ranking

#
Market Maker
Grade
Composite Score
Trading KPIs
Trust
Coverage & Capabilities
Uptime
Integration Level
1
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G-20 Group
A+
9.50
10.00
8.25
9.00
10.00
Full
2
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GSR
A+
9.30
9.50
9.00
9.50
8.00
Full
3
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Ampersan
A+
9.20
9.60
8.00
8.50
9.50
Full
4
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Auros Global
A+
9.10
8.90
9.00
9.50
8.20
Full
5
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Da Vinci Trading
A+
9.10
9.20
8.40
8.50
9.30
Full
6
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Tophash Digital
A+
9.10
8.60
9.60
9.25
8.30
Full
7
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Amber Group
A+
9.00
8.40
9.80
9.70
7.70
Full
8
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Keyrock
A
8.90
9.30
8.75
8.50
7.00
Full
9
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Selini Capital
A
8.90
8.60
8.40
9.00
9.10
Full
10
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Flowdesk
A
8.60
8.00
8.50
8.75
8.60
Full
11
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JPEG Trading
A
8.30
8.90
6.00
8.00
8.80
Full
12
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Gravity Team
A
8.00
7.50
7.50
7.25
8.90
Full
13
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IMC Trading
A
7.90
7.30
7.75
8.00
6.80
Full
14
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CyantArb
A
7.80
7.00
7.25
8.50
7.50
Full
15
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LO:TECH
A
7.50
6.80
7.00
7.50
7.30
Full
16
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Presto Labs
A
7.50
6.40
7.75
8.50
6.60
Full
17
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Arrakis Finance
B
7.40
6.10
8.00
8.00
6.10
Full
18
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Prycto
B
7.10
6.60
6.00
7.50
6.40
Full
19
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Efficient Frontier
B
6.70
5.70
7.75
7.00
5.70
Full
20
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CKS Systems
B
6.60
5.90
6.00
6.50
5.90
Full
21
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Elk Crypto
B
6.50
5.50
6.00
7.00
5.50
Full
22
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Kairon Labs
B
6.40
5.20
6.00
7.50
5.20
Full
23
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XBTO
B
6.30
5.00
6.00
7.50
5.00
Full
24
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Cicada
D
<5.00
N/A
8.00
8.00
N/A
None
25
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Manifold Trading
D
<5.00
N/A
7.50
8.00
N/A
Partial
26
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Cumberland
D
<5.00
N/A
7.50
9.00
N/A
None
27
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Portofino Technologies
D
<5.00
N/A
6.00
8.00
N/A
Partial
28
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Caladan
D
<5.00
N/A
7.50
8.50
N/A
None
29
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Reform DAO
D
<5.00
N/A
6.00
7.50
N/A
Partial
30
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FalconX
D
<5.00
N/A
5.00
9.00
N/A
Partial
31
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Peanut.Trade
D
<5.00
N/A
5.00
8.00
N/A
None
32
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AlphaTheta
D
<5.00
N/A
7.50
7.00
N/A
None
33
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DWF Labs
D
<5.00
N/A
7.50
7.00
N/A
None
34
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Galaxy
D
<5.00
N/A
5.00
8.50
N/A
Partial
35
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JST Digital
D
<5.00
N/A
5.00
7.00
N/A
Partial
36
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Pulsar
D
<5.00
N/A
5.00
7.50
N/A
Partial
37
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STS Digital
D
<5.00
N/A
5.00
7.50
N/A
Partial
38
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Alber Blanc
D
<5.00
N/A
7.50
5.00
N/A
None
39
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Algoz
D
<5.00
N/A
7.50
5.00
N/A
None
40
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Bitmaker
D
<5.00
N/A
7.50
5.00
N/A
None
41
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Bluesky Capital
D
<5.00
N/A
7.50
5.00
N/A
None
42
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CoinAlpha
D
<5.00
N/A
7.50
5.00
N/A
None
43
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Dark Forest
D
<5.00
N/A
7.50
5.00
N/A
None
44
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Kaiko Labs
D
<5.00
N/A
7.50
5.00
N/A
None
45
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Koda Finance
D
<5.00
N/A
7.50
5.00
N/A
None
46
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Kronos Research
D
<5.00
N/A
7.50
5.00
N/A
None
47
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Oracles
D
<5.00
N/A
7.50
5.00
N/A
None
48
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Skynet Trading
D
<5.00
N/A
5.00
5.00
N/A
Partial
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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