Largest Crypto Market Makers in 2026: Who Really Moves the Liquidity
- thekollab
- 15 min read
- What Is a Crypto Market Maker?
- Why Scale Matters in Crypto Market Making
- 10 Largest Crypto Market Makers in 2026
- What Role Do Market Makers Play in a Token's Growth Strategy?
- Factors Driving Growth of Large Market Makers
- Risks and Challenges for Market Makers
- The Future of Crypto Market Making
- Conclusion
- Frequently Asked Questions
The crypto market keeps growing fast, and it now depends on firms that can keep trading smoothly at all times. These firms are market makers. They help traders buy and sell without large price jumps. They also support thousands of tokens and many global exchanges. What started as a small niche has turned into an important part of the blockchain industry.
It is important to know who these major players are and why they matter. This is true for anyone who is launching a token or trading often. In this article, we look at the largest crypto market makers in 2026. We break down their scale, what they focus on, and how they keep liquidity moving across the digital asset world.
What Is a Crypto Market Maker?
A crypto market maker is a firm that uses its own capital to place both buy and sell orders at the same time. This helps keep the order book active and gives traders clear prices to work with. These firms aim to earn the small difference between their bids and asks.
They work on centralized exchanges, decentralized platforms, and OTC desks. They are not passive investors. They take on inventory risk because their positions can move against them when the market shifts.
Modern market makers rely on fast trading systems and custom algorithms. Their tools react to price changes in milliseconds. Top crypto market makers manage many pairs at once and adjust their exposure throughout the day to stay balanced.
Why Scale Matters in Crypto Market Making
Big market makers have more capital, so they can support many trading pairs and handle large buy or sell orders without causing big price swings. Smaller firms often step back during fast market moves, but large firms keep trading, which helps prices stay stable.
Everyone benefits from strong liquidity. Traders enjoy lower costs and can buy or sell tokens easily. As prices remain stable, token launches go more smoothly. This helps build investor confidence. Exchanges also gain, attracting more users and increasing trading volume as liquidity improves.
10 Largest Crypto Market Makers in 2026
Here is our list of crypto market makers, which are widely seen as the biggest players in crypto liquidity today. Exact volumes are not public, but each group is known for working with major exchanges, handling large flows, and running strong trading systems. These are the market makers that shape most of the daily activity in the industry.
Wintermute
Wintermute is a crypto-native trading firm founded in 2017 by Evgeny Gaevoy. It focuses on high-frequency market making and runs its own trading algorithms. The company is registered with the UK’s Financial Conduct Authority, which covers basic compliance and anti-money-laundering rules.
Wintermute is one of the largest liquidity providers in the industry. In early 2025, Robinhood’s SEC filings showed that Wintermute handled 11 percent of the platform’s transaction-based revenue. In November 2024, the firm hit a record single-day OTC spot volume of 2.24 billion dollars. Its OTC desk grew more than 300 percent year over year. Wintermute manages hundreds of millions in assets and trades more than $5 billion a day across global markets.
Notable Clients and Exchanges
Wintermute works with over 50 exchanges. These include big ones like Binance and Crypto.com. The company also helps token teams when they launch and gives them early liquidity.
Key Features
- Zero-Fee OTC Platform: Wintermute launched Wintermute Node, a zero-fee OTC trading platform targeting institutional investors that provides direct access to the firm’s liquidity via API and web interface. The platform shows clients bid-ask spreads identical to what the firm quotes across other venues.
- High-Frequency Trading Technology: Wintermute uses advanced algorithms to execute trades at lightning speed, allowing the firm to provide liquidity on a much larger scale than typical market makers.
- 24/7 Operations: The firm provides round-the-clock liquidity and trading services across all market conditions.
| Pros | Cons |
|---|---|
| Often ranked as one of the top crypto market makers by volume | High reliance on technology and algorithmic trading |
| Strong liquidity across many trading pairs | Slow onboarding |
| Advanced trading technology | Smaller token teams do not qualify |
| Works on 50+ centralized and decentralized exchanges | |
| Zero-fee OTC access for institutions |
B2C2
B2C2 was founded in 2015 and is based in London. It is one of the largest institutional liquidity providers for digital assets. SBI, a Japanese financial group, owns most of the company. B2C2 has offices in the UK, the US, Japan, Singapore, France, and Luxembourg.
The firm ranks among the largest crypto market makers globally. It focuses on serving institutions. In early 2025, Robinhood’s SEC filings showed that B2C2 handled 12 percent of the platform’s transaction-based revenue.
Notable Clients and Exchanges
B2C2 works with major exchanges like HashKey Exchange. It also serves hedge funds, institutional managers, brokers, and other crypto exchanges. The firm is known for handling large trades while keeping the market stable.
Key Features
- 24/7 Institutional Liquidity: B2C2 provides deep, reliable liquidity and pricing in crypto, delivering seamless execution 24/7/365.
- Comprehensive Asset Coverage: The firm offers a wide range of cryptocurrencies, including Ethereum, Bitcoin, Litecoin, and Ripple.
- Stable Pricing Across Conditions: B2C2 provides pricing across all market conditions and major crypto and fiat currencies.
- Regulatory Compliance: The firm maintains a strong regulatory standing, operating under licenses in multiple jurisdictions, including the UK, US, and Japan.
| Pros | Cons |
|---|---|
| Strong backing from SBI Holdings | Mostly works with large institutions |
| Nearly a decade of experience in crypto markets | Public information on specific services and pricing is limited |
| Committed to regulatory standards | Smaller token teams do not qualify |
| Global presence in major financial centres | Not accessible to retail traders or small teams |
| Custom solutions for institutional clients with affordable pricing and execution |
GSR Markets
GSR was founded in 2013 and has become a global leader in crypto trading and market making. In 2025, it acquired Equilibrium Capital Services, an SEC-registered broker-dealer, to expand its U.S. operations and offer more regulated services.
GSR ranks among the top five to ten market makers worldwide. It has a strong presence in both spot and derivatives markets. Its long history and wide range of services make it a trusted partner for institutions.
Notable Clients and Exchanges
It works with token issuers, exchanges, and institutional investors across many asset types. Their client base includes Ripple, Ethena Labs, Sei, Kiln, EtherFi, Hyperbolic, and many more.
Key Features
- GSR One Platform: A combined trading and treasury platform that provides real-time data, order book depth, analytics, execution tracking, crypto market-making insights, and wallet control.
- OTC Platform: Access to over 200 digital assets and 25 fiat currencies, supporting trades up to $100 million with pricing similar to FX prime brokerage standards.
- Treasury Management: Helps teams plan capital use, liquidity, and risk controls to keep funds stable and secure.
- Structured Products: Offers options and derivatives in addition to standard market making.
| Pros | Cons |
|---|---|
| Wide range of services | Platform tools are complex |
| Advanced technology that improves pricing across major crypto pairs | Mainly serves large institutions |
| Strong regulatory setup, including an SEC-registered broker-dealer in the U.S. | Pricing isn’t public |
| Gives clients access to the same systems and analytics GSR uses internally | Extra compliance steps for clients |
| Supports hundreds of digital assets with institutional-grade infrastructure |
Amber Group
Amber Group was founded in 2017 by finance professionals from Morgan Stanley, Goldman Sachs, and Bloomberg. It started as Amber AI, using machine learning to improve market pricing. The company went public in 2025 as Amber International (NASDAQ: AMBR).
Amber Group trades over $5 billion daily and works with more than 2,000 institutional investors. The firm has handled over $1 trillion in trading volume and generated $500 million in returns for its investors.
Notable Clients and Exchanges
Amber supports more than 200 tokens and operates in both centralized (CeFi) and decentralized (DeFi) markets. They’re partners with BitMart, RockX, and Thoughtworks, and also have a strong presence in Asia.
Key Features
- Comprehensive Crypto Services: Amber offers bespoke digital assets investment and portfolio management solutions, including liquidity provision, trading, and asset management services.
- AI-Powered Trading: The firm uses proprietary AI engines for market analysis and launched a $100 million AI-powered crypto reserve.
- Amber Premium: The firm offers institutional-grade crypto asset management services through in-depth market analysis and quantitative strategies.
- Public Company Transparency: As a NASDAQ-listed company, Amber provides more financial disclosure than most private market makers.
| Pros | Cons |
|---|---|
| Operates in both CeFi and DeFi markets | Less focus on pure market making |
| Early focus on AI and technology in crypto | Conflicts between trading and investment activities |
| Strong regulatory setup, including an SEC-registered broker-dealer in the U.S. | Heavy focus on Asia |
| NASDAQ listing ensures more transparency and oversight | Public company pressures on risk decisions |
| Wide range of services covering market making, wealth management, and lending |
DWF Labs
DWF Labs is a Web3 investor and market maker. It trades both spot and derivatives markets on more than 60 exchanges. The firm also provides venture capital and ecosystem support for crypto projects.
DWF Labs works with over 1,000 projects, supporting around 20 percent of CoinMarketCap’s Top 100 and 35 percent of the Top 1,000 crypto projects. It trades more than 800 pairs daily across 60+ exchanges.
Notable Clients and Exchanges
Key partnerships include World Liberty Financial (WLFI), Tron, Algorand, NEAR, TON, Floki, Yield Guild Games, Mantle, Kava, Gala Games, and Celo.
Key Features
- Zero-Fee Model: DWF Labs does not charge any onboarding fees, monthly fees, trading fees, market-making crosses fees, or any additional fees for market-making.
- Hybrid Services: The firm provides market making, OTC trading, venture investments, and additional support, including KOL marketing, TVL assistance, and hackathons.
- Rapid Deployment: The firm is known for quick decision-making and fast liquidity deployment for token projects.
- Investment Integration: DWF Labs invests in digital asset companies and supports existing markets by buying tokens with its own funds, allowing customers to sell tokens quickly.
| Pros | Cons |
|---|---|
|
|
Cumberland (DRW)
Cumberland DRW LLC is the crypto trading arm of DRW Holdings, a private trading firm with over 30 years of experience. Founded in 2014, Cumberland started with mining but later shifted to crypto trading.
The firm is known for providing institutional and OTC liquidity. Exact trading volumes are not public, but its client list shows it operates at a large scale.
Notable Clients and Exchanges
Cumberland works with clients including Goldman Sachs and Bloomberg, serving hedge funds, exchanges, and corporate treasuries. The firm is also a market maker for several Bitcoin exchange-traded fund products.
Key Features
- Marea Platform: A single-dealer platform for institutional clients with real-time two-way pricing and screen-based trading.
- OTC Specialization: Handles large trades and ensures execution size and price certainty.
- Institutional Infrastructure: Uses DRW’s decades of trading experience, tech, research, and risk management.
- 24/7 Support: Offers access to relationship managers around the clock.
| Pros | Cons |
|---|---|
| Known for reliability and careful risk management | Past SEC issue |
| Holds a New York BitLicense – one of the hardest approvals to obtain | Mainly serves large projects |
| Expertise in large-block trades and institutional liquidity | Slower adoption of DeFi or new models |
| Multiple trading options: voice, Marea platform, or API | Conservative, less flexible approach |
| Stable and dependable during volatile market conditions |
Jane Street Capital
Founded in 2000 and headquartered in New York, Jane Street is one of the largest liquidity providers across traditional asset classes and has been an active participant in crypto since 2017. The firm brings institutional-grade infrastructure from traditional finance to digital asset markets.
Jane Street is known globally for high-volume trading across asset classes. While crypto represents a portion of overall operations, the firm’s capital and technology make it an important market maker for institutional and derivatives markets.
Notable Clients and Exchanges
Jane Street works with institutional clients and major exchanges. It provides liquidity for both spot and derivatives markets. Its traditional finance relationships help channel institutional capital into crypto.
Key Features
- Quantitative Expertise: Uses advanced analysis, machine learning, and programmable hardware to trade.
- Cross-Asset Capabilities: Experience in equities, ETFs, bonds, and crypto gives insight into market structure.
- Institutional Infrastructure: Applies decades of traditional finance experience to crypto trading.
- Research-Driven Approach: Supports liquidity through detailed market analysis.
| Pros | Cons |
|---|---|
| Large capital base | Crypto is a small focus |
| Advanced technology for trading | Less crypto-specific expertise |
| Sophisticated risk management systems | Mainly serves large institutions |
| Trusted by institutional clients | Hard for smaller traders/projects to access |
| Expertise in options and futures markets |
Galaxy Digital
Galaxy Digital is a financial services and investment firm focused only on digital assets and blockchain. Founded by Mike Novogratz, it combines trading, asset management, investment banking, and venture capital.
As a publicly traded company, Galaxy Digital offers more transparency than typical market makers, though exact trading desk volumes are not public. Its integrated approach makes it both a market maker and an institutional service provider.
Notable Clients and Exchanges
Galaxy Digital serves clients (Goldman Sachs, CoreWeave, Standard Chartered, Northern Trust, SBI Holdings) that want exposure to crypto through multiple channels. These include trading, asset management, and investment banking services.
Key Features
- Integrated Services: Market making, asset management, investment banking, and venture capital in one platform.
- Public Company Transparency: Offers financial reporting and regulatory oversight.
- Institutional Focus: Provides solutions tailored to institutional investors.
- Multi-Strategy Approach: Combines trading, lending, asset management, and advisory services.
| Pros | Cons |
|---|---|
| Transparent due to public company reporting | Complex structure |
| Strong brand recognition and market presence | Sensitive to market sentiment |
| Deep institutional relationships | Less focus on pure market making |
| Diversified revenue for stability | Higher costs |
| Focus on regulatory compliance |
Kronos Research
Kronos Research is a Taiwan-based firm that focuses on algorithmic trading and liquidity for digital assets. It is known for supporting newer tokens and emerging projects.
Recent analyses place Kronos among the 10 largest crypto market makers, and show it has real scale despite being newer than some competitors.
Notable Clients and Exchanges
Kronos often works with token launches and provides liquidity for altcoins and less liquid assets that need fast support. Their client base includes Bidget, WOO Network, Bluefin, SynFutures and many more.
Key Features
- Fast Deployment: Specialization in quick liquidity provisioning for new token launches.
- Altcoin Focus: Expertise in providing liquidity for emerging and less liquid assets.
- Algorithmic Trading: Proprietary algorithms optimized for volatile, emerging tokens.
- Launch Support: Comprehensive services for projects entering the market.
| Pros | Cons |
|---|---|
| Strong focus on new and less liquid tokens | Short track record |
| Quick execution for launches | Higher risk with volatile tokens |
| Experienced in supporting token debuts | Smaller capital than the top firms |
| Flexible and willing to work with early-stage projects |
Jump Crypto
Jump Crypto is the crypto division of Jump Trading (a quantitative trading firm with decades of traditional finance experience). The firm applies this expertise to digital assets and develops crypto-specific capabilities.
In 2025, Jump Crypto ranked among the top five global market makers, which shows strong scale and institutional relationships.
Notable Clients and Exchanges
Jump Crypto is active on multiple exchanges, like Solana, Wormhole, and Pyth Network. It provides liquidity for large trades, institutional clients, token listings, and ecosystem infrastructure projects.
Key Features
- Infrastructure Development: Invests in protocol and ecosystem growth beyond trading.
- Quantitative Expertise: Uses advanced quantitative methods from traditional markets.
- Institutional Scale: Supported by Jump Trading’s capital and technology.
- Extensive Trade Specialization: Focuses on high-volume, institutional-size transactions.
| Pros | Cons |
|---|---|
| Strong traditional finance backing | Limited public info |
| Advanced quantitative and algorithmic capabilities | Focus on large clients |
| Supports ecosystem infrastructure | High entry barriers for small projects |
| Large capital resources |
What Role Do Market Makers Play in a Token's Growth Strategy?
Market makers are key to a token’s success. They provide the liquidity that lets traders buy and sell without big price swings. Without this, even well-promoted tokens can see wild price moves, high fees, and poor trading experiences that push investors away.
Liquidity also supports crypto marketing activities and community growth. A project can generate excitement, but if new buyers face wide spreads or delays, interest quickly fades. Smooth trading and active marketing work together to help a token grow sustainably.
For exchanges, market makers improve order books and overall trading quality. This makes the platform more attractive to users and helps keep traders coming back.
The best token strategies combine professional liquidity with strong marketing, community engagement, and real use cases. Liquidity alone won’t fix a weak project, but without it, even strong tokens can struggle.
Factors Driving Growth of Large Market Makers
The largest crypto market makers have grown by offering more than just basic trading. Their size, technology, and expertise let them handle big trades, support token launches, and work with institutions. Understanding what drives their growth helps explain why a few firms dominate liquidity in crypto markets.
Institutional Adoption and OTC Demand
More institutions are entering crypto, creating big demand for liquidity and OTC trading. Large orders need market makers who can handle them without causing big price swings. Big firms can meet this need, giving them an edge that smaller players can’t match.
As pension funds, endowments, and corporate treasuries invest in crypto, they expect the same professional infrastructure as traditional markets. Market makers that provide this capture a large share of high-value trades.
Regulatory Tailwinds and Market Confidence
Clear crypto rules make it easier for big market makers to operate. Firms that follow the rules well have an edge over smaller or less organized competitors. Clear rules also make investors trust the market more, which leads to more trading and higher fees. Companies that invested in compliance early keep benefiting as rules change.
Integration with DeFi and Token Launch Services
Some market makers, like DWF Labs, do more than just trade. They also invest in projects and give advice. This helps projects that need more than just liquidity. By offering money and guidance, these firms become partners for projects, not just service providers. As token launches get more complex, demand for this kind of support grows.
Technology and Algorithmic Trading
Market makers rely on software, fast trading systems, and risk tools. Technology helps them act quickly in fast-moving markets. Investing in better tech gives top crypto market makers an advantage over smaller ones. How fast a firm can trade, manage risk, and use capital efficiently decides which market makers succeed.
Risks and Challenges for Market Makers
Large market makers handle massive trades and complex operations, but this comes with many challenges. They must manage fast price moves, follow changing regulations, handle counterparty risks, and compete with new entrants. These pressures can affect how they provide liquidity and operate day to day.
Market Volatility and Inventory Risk
Rapid price changes can cause market makers to hold assets that lose value quickly. For example, a token dropping 30% in minutes can create big losses unless positions are hedged properly. Large market makers use advanced systems to manage inventory risk, but even the best tools can struggle during extreme price swings.
Regulatory and Compliance Risk
Crypto rules are still changing around the world. Large market makers face complex requirements in different regions, which adds legal and operational challenges. New regulations can impose capital rules, reporting duties, or restrictions that affect business models. Market makers must balance growth with compliance to avoid trouble.
Counterparty and Credit Risk
In OTC trades and derivatives, there’s a risk that the other party may default or liquidity could vanish in a crisis. One big default can affect multiple firms. Careful checks and position limits help, but counterparty risk cannot be removed entirely. Past collapses in crypto show this is a real concern.
Competition from New Market Makers and TradFi Entrants
Traditional finance firms and high-frequency traders are entering crypto. They bring big capital, advanced tech, and skilled teams, increasing competition. This improves liquidity and tightens spreads for markets but pushes existing market makers to improve or lose market share.
Risks of Liquidity Concentration
If only a few large market makers dominate, markets rely heavily on them. If the top crypto market makers withdraw, liquidity can disappear, causing price swings and trading issues. Concentration risk also affects market stability. The failure of a major market maker could disrupt multiple exchanges and tokens. Having multiple liquidity sources is key to a healthy market.
The Future of Crypto Market Making
Crypto market making is now dominated by a few large firms. These companies control much of the liquidity, use advanced technology, and serve major institutional clients. Their scale and systems shape trading conditions and influence which projects succeed.
Will Liquidity Centralization Continue?
Right now, a few large market makers handle most of the liquidity. This concentration may continue because big firms have more capital, better technology, and institutional clients tend to stick with known partners.
But new players from traditional finance could shake things up. Advances in technology also make it easier for smaller firms to enter the market. In the next few years, we’ll see whether crypto market making stays concentrated or becomes more spread out.
Emerging Hybrid and On-Chain Market Makers
Some firms now combine market making with investment, advisory, and ecosystem support. These hybrid models give clients more than just trading; they create stronger partnerships and multiple ways to earn revenue.
Decentralized finance (DeFi) is also changing the game. On-chain market making through automated market makers (AMMs) allows firms to provide liquidity across both centralized and decentralized platforms. Firms that can bridge both worlds and combine trading, DeFi, and advisory services may lead the next generation of market makers.
Implications for Token Projects and Traders
For token projects, working with professional market makers can make trading smoother and give more confidence to investors. Top crypto market makers don’t take every project, so teams need to choose carefully. Look at the firm’s reputation, exchange connections, technology, and whether they can support you long term.
For traders, big market makers usually mean tighter spreads and more liquidity. But when prices change fast, even top firms may widen spreads or limit positions. This can affect how easily trades get executed.
Conclusion
The largest crypto market makers are now central to how digital markets operate, moving billions across hundreds of trading pairs and numerous exchanges. Their size, technology, and institutional connections help keep trading smooth and stable, even during large price swings.
These firms also influence token stability and market confidence, making them critical for both token launches and active trading. As crypto markets continue to grow, liquidity providers with deep capital, advanced systems, and strong institutional ties will play an increasingly important role in shaping the future of trading.
Frequently Asked Questions
1. What exactly does a crypto market maker do?
A crypto market maker provides liquidity by placing both buy and sell orders at the same time. This helps traders trade smoothly without big price jumps. Market makers earn from the small difference between buy (bid) and sell (ask) prices.
3. Can smaller projects work with top crypto market makers?
Not always. Many large market makers focus on large clients and high-volume trading. Smaller or newer projects need to find firms that do early-stage support.
5. Do market makers only work on centralized exchanges?
No. Market makers operate on centralized exchanges, decentralized platforms (DeFi), and over-the-counter (OTC) desks. Some firms now bridge both centralized and on-chain liquidity.
7. How does technology affect market making?
Algorithms, high-speed trading systems, and risk management software let market makers react in milliseconds. The fastest and most efficient firms have a clear advantage in liquidity and execution.
8. Are market makers regulated?
Many large market makers follow strict compliance rules and hold licenses in multiple regions. This builds trust with institutional clients and helps them operate across global markets.
9. How does market maker concentration affect the market?
If only a few large firms dominate, markets rely heavily on them. Withdrawal by a major player can cause liquidity gaps and price swings. Multiple liquidity sources help maintain stability.
10. What should traders and token projects look for in a market maker?
Check the firm’s reputation, technology, institutional relationships, and long-term support. Make sure they can provide reliable liquidity for the token or trading strategy.