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

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

G-20 Group

8 active engagements

Composite Score

9.50

Median Engagements FDV

$130.96M

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

GSR

16 active engagements

Composite Score

9.30

Median Engagements FDV

$87.54M

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

Ampersan

4 active engagements

Composite Score

9.20

Median Engagements FDV

$995.77M

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

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