Market Maker Leaderboard

Forgd Market Maker Performance Index Leaderboard

Data-driven Market Maker rankings derived from 500+ engagements, evaluating historical execution, reliability, and ecosystem integration.

Forgd Market Maker Performance Index Leaderboard

Data-driven Market Maker rankings derived from 500+ engagements, evaluating historical execution, reliability, and ecosystem integration.

Tophash Digital

20 active engagements

Composite Score

9.50

Median Engagements FDV

$56.15M

Tophash Digital

20 active engagements

Composite Score

9.50

Median Engagements FDV

$56.15M

Avg. 2.00% Depth

$297.69K

Rank: 10

Avg. Spread

0.13%

Rank: 4

Avg. Volume

$214.72K

Rank: 10

Ampersan

4 active engagements

Composite Score

9.40

Median Engagements FDV

$977.01M

Ampersan

4 active engagements

Composite Score

9.40

Median Engagements FDV

$977.01M

Avg. 2.00% Depth

$714.92K

Rank: 4

Avg. Spread

12.74%

Rank: 16

Avg. Volume

$673.43K

Rank: 6

Flowdesk

11 active engagements

Composite Score

9.40

Median Engagements FDV

$49.06M

Flowdesk

11 active engagements

Composite Score

9.40

Median Engagements FDV

$49.06M

Avg. 2.00% Depth

$317.9K

Rank: 8

Avg. Spread

0.33%

Rank: 10

Avg. Volume

$792.24K

Rank: 4

Top Avg. (+/-) 2.00% Depth (30D)
Auros Global
$1,249,387
Highest Volume (Maker & Taker) (30D)
Lhava
$1,258,782
Top Bid-Ask Spread (30D)
GSR
0.04%
Top KPI Adherence (Combined Uptime)
Gravity Team
99.17%

#	Market Maker	Composite Score	Trading KPIs	Trust & Integration	Coverage & Capabilities	Uptime	Integration Level
1	Tophash Digital	9.50	9.60	9.60	9.25	8.90	Full
2	Ampersan	9.40	10.00	8.50	8.50	9.10	Full
3	Flowdesk	9.40	9.80	8.50	8.75	9.80	Full
4	Amber Group	9.20	8.50	9.80	9.70	8.50	Full
5	GSR	9.10	8.70	9.25	9.50	8.70	Full
6	Keyrock	9.00	9.30	8.75	8.50	7.40	Full
7	Lhava	9.00	9.00	9.00	9.00	7.60	Full
8	G-20 Group	8.90	8.90	8.25	9.00	8.00	Full
9	Da Vinci Trading	8.70	8.30	8.40	8.50	9.30	Full
10	Gravity Team	8.70	9.10	7.50	7.25	10.00	Full
11	Selini Capital	8.70	8.00	8.40	9.00	9.60	Full
12	Auros Global	8.60	8.50	8.40	8.50	7.00	Full
13	IMC Trading	8.00	7.60	7.75	8.00	7.20	Full
14	CyantArb	7.80	7.00	7.25	8.50	7.80	Full
15	LO:TECH	7.70	7.20	7.00	7.50	8.30	Full
16	Presto Labs	7.60	6.50	7.75	8.50	6.70	Full
17	Arrakis Finance	7.50	6.30	8.00	8.00	6.30	Full
18	Prycto	7.20	6.70	6.00	7.50	6.50	Full
19	Efficient Frontier	6.80	5.90	7.75	7.00	5.90	Full
20	CKS Systems	6.70	6.10	6.00	6.50	6.10	Full
21	Elk Crypto	6.60	5.70	6.00	7.00	5.70	Full
22	JPEG Trading	6.60	5.40	6.00	8.00	5.40	Full
23	Kairon Labs	6.40	5.20	6.00	7.50	5.20	Full
24	XBTO	6.30	5.00	6.00	7.50	5.00	Full
25	Cicada	<5.00	N/A	9.50	8.00	N/A	None
26	Manifold Trading	<5.00	N/A	8.50	8.00	N/A	Partial
27	Jump Trading	<5.00	N/A	5.00	9.50	N/A	None
28	Portofino Technologies	<5.00	N/A	6.00	8.00	N/A	Partial
29	Reform DAO	<5.00	N/A	6.00	7.50	N/A	Partial
30	FalconX	<5.00	N/A	5.00	9.00	N/A	Partial
31	Peanut.Trade	<5.00	N/A	5.00	8.00	N/A	None
32	Blockchain.com	<5.00	N/A	5.00	8.00	N/A	Partial
33	Galaxy	<5.00	N/A	5.00	8.50	N/A	Partial
34	JST Digital	<5.00	N/A	5.00	7.00	N/A	Partial
35	Pulsar	<5.00	N/A	5.00	7.50	N/A	Partial
36	STS Digital	<5.00	N/A	5.00	7.50	N/A	Partial
37	Cumberland	<5.00	N/A	5.00	9.00	N/A	None
38	Caladan	<5.00	N/A	5.00	8.50	N/A	None
39	AlphaTheta	<5.00	N/A	5.00	7.00	N/A	None
40	DWF Labs	<5.00	N/A	5.00	7.00	N/A	None
41	Skynet Trading	<5.00	N/A	5.00	5.00	N/A	Partial
42	Alber Blanc	<5.00	N/A	5.00	5.00	N/A	None
43	Algoz	<5.00	N/A	5.00	5.00	N/A	None
44	Bitmaker	<5.00	N/A	5.00	5.00	N/A	None
45	Bluesky Capital	<5.00	N/A	5.00	5.00	N/A	None
46	CoinAlpha	<5.00	N/A	5.00	5.00	N/A	None
47	Dark Forest	<5.00	N/A	5.00	5.00	N/A	None
48	Kaiko Labs	<5.00	N/A	5.00	5.00	N/A	None
49	Koda Finance	<5.00	N/A	5.00	5.00	N/A	None
50	Kronos Research	<5.00	N/A	5.00	5.00	N/A	None
51	Oracles	<5.00	N/A	5.00	5.00	N/A	None

Trading KPIs: A data-driven score derived from historical trading activity across 500+ engagements, evaluating execution quality through metrics such as fill volume, depth provision, spread tightness, loan utilization, and market share.
Trust & Integration: Measures the extent of a market maker's integration with Forgd and the reliability of its reported data, with higher scores reflecting broader engagement coverage, verified transparency, and consistent reporting integrity.
Coverage & Capabilities: Assesses the breadth of a market maker's operational reach and technical sophistication, including multi-chain support, exchange connectivity, and the ability to execute complex launch and liquidity strategies.
Uptime: Reflects a market maker's historical adherence to contractual KPIs, measuring the consistency with which quoted spread and depth obligations are met across tracked engagements.
Integration Level: Evaluates the extent of a market maker's operational integration with Forgd, with higher levels reflecting the ability to both participate in RFQs and provide historical and real-time engagement data.
Composite Score: An overall performance rating calculated as a weighted aggregation of Trading KPIs, Trust & Integration, Coverage & Capabilities, and Uptime, with greater emphasis placed on demonstrated trading performance.