The problem

Most projects hire market makers but then have zero visibility into what their MMs are doing.

Projects ask:

“There’s $1M in the order book on Binance, but how much of that is my MM?”

“Did my MM just sell all their tokens at launch?”

“Price is going down. Is my MM quoting any bids? Are they even trading anymore?”

Historical “solutions”

Some MMs provide self-reported data, but this isn’t a good solution:

• it’s unverified, so it’s like asking a student to grade their own exam

• it’s only reported once per day, so it’s not very useful

• it often comes in a non-standard format, so it’s difficult to compare MMs

A better solution: Coinwatch Track

Coinwatch Track gives projects real-time visibility into their MMs’ trading activity - depth (buy and sell orders) and spread streamed, volume traded.

Behind the scenes, we obtain the data using market maker API keys, which ensures that the data is accurate, verified, and real-time.

This allows projects to quickly identify issues.

CEX by CEX, trading pair by trading pair, see at a glance who’s working and who’s not.

And projects can start getting answers to the questions that keep them up at night:

“There’s $1M in the order book on Binance, but how much of that is my MM?”

• CW Track will show you this exactly

“Did my MM just sell all their tokens at launch?”

• CW Track will show you how many tokens they still have (in the book)

“Price is going down. Is my MM quoting any bids? Are they even trading anymore?”

• CW Track will show you their bid amount and trading volume

“How the heck did you convince MMs to give you their API keys?”

This is the most common question we get.

The answer is that we didn’t. MMs don’t give us their API keys.

Instead, we use trusted execution environments (TEEs).

The API keys never leave the TEE, allowing us to preserve MM privacy and security while giving projects the information they need to track their market makers.

Which market makers have onboarded?

The reception from projects and MMs has been unbelievable.

12 MMs have already integrated Coinwatch Track, with more on the way.

The MMs below are pioneering a new standard of radical transparency - give them their flowers:

• Amber

• Ampersan

• Auros

• CyantArb

• Flowdesk

• Galaxy

• GSR

• IMC

• Keyrock

• LO:TECH

• Pulsar

• STS Digital

Learn more / sign up

Interested? Fill out this form and we’ll be in touch.

We’re onboarding more MMs every day, so fill out the form even if your MM isn’t listed above. We’ll ping you when they’re ready.

And btw - You can use Coinwatch Track even if we didn’t negotiate your market maker deal.

Every project should be able to see what their MMs are doing.

A bit about Coinwatch

We're a team of 9, focused on establishing better standards for the crypto MM industry. We've helped 70+ projects negotiate better MM deals.

Optimism, Sui, Jito, Morpho, Aptos, LayerZero, dozens of others.

For more never-before-seen data on MM behavior, follow us @coinwatchdotco

And follow our founders - @Mattjob1 and @tubergen.