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Market makers have an indispensable role to play in the crypto industry. By constantly being ready to place buy and sell orders, they make it possible for you and your friend to sell your 0.004 ETH whenever you like. They also make it possible for billionaire whales to buy or sell 100 BTC exactly when the notion takes them.
In short, market makers provide a constant, steady market that mightn’t exist if crypto holders were left to do it themselves. They also tighten spreads, reduce volatility, and ensure traders can move in and out of positions without severe price slippage, acting as the market’s backbone during turbulent spells.
Let’s take a look at five of the top market makers in crypto right now.
Founded in 2017 as AlphaLab Capital, Caladan has since grown to become one of the biggest crypto market makers in operation, handling over $50 billion in trade volume every year. Caladan’s services are utilized by over 65 global exchanges across more than 1,000 crypto tokens.
Renowned for its institutional-grade infrastructure, advanced low-latency algorithms, and 24/7 support, the company has also dipped its toe into the DeFi space, providing liquidity for a preponderance of decentralized applications (dApps) and exchanges. The firm recently established an office in New York, signalling an intent to move into the U.S. market at a time when the Trump administration is taking a more pro-crypto stance.
Set up in 2022, DWF Labs is one of the industry’s highest-frequency trading entities, trading spot and derivatives markets on over 60 well-known exchanges. It’s safe to say it has established itself as a recognized face in Web3: its partner network is said to exceed 750.
DWF Labs offers a broad range of services and has picked up a lot of business catering to Solana and BNB Chain memecoin projects, for example, that rapidly gain traction and with it, trading volume. Late last year, the company shifted its headquarters to Abu Dhabi, though it also has regional bases in Singapore, Dubai, and Switzerland.
Set up in 2013 by ex-Goldman Sachs execs, GSR is one of the oldest and most reputable market makers on this list. Over the course of the past decade, it has worked with some of the industry’s biggest names, from Coinbase and Kraken to Gemini and Bybit, crafting custom solutions rather than offering generic, one-size-fits-all services.
Like Caladan, GSR extends beyond simple market-making services, supplying tailored risk-management, algorithmic trading, and OTC (over-the-counter) services to exchanges (both centralized and decentralized), as well as major institutions and investors.
A subsidiary of global finance firm DRW, Cumberland DRW brings decades of financial experience to crypto market making. Launched in 2014, it provides market-making solutions for spot trading markets, options and futures trading, bi-lateral crypto options, and non-deliverable forwards. It has also branched out into venture capital funding, project incubator support, carbon credit management, and flare gas repurposing for computational power, a mark of its breadth of expertise.
Interestingly, the Securities and Exchange Commission recently dropped a case against DRW Cumberland which accused the firm of operating as an unregistered securities dealer – typifying the government’s attitudinal sea change towards the crypto market.
Powering the market for over 50 exchanges, including crypto mainstays like Coinbase, Kraken, Uniswap, and dYdX, Wintermute combines high‑frequency and algorithmic trading with a vast amount of crypto knowledge. Providing non-stop liquidity across centralized and decentralized exchanges, the company reported a staggering peak of $2.24 billion in single-day trading volume in early 2025, and its overall OTC volumes jumped 313% last year – outpacing growth seen in the broader market.
Like Caladan, Wintermute is moving with the tides in the United States, and in May opened an office in the Big Apple. Now split between New York and London, it has signalled its global ambition by setting up shop in two of the world’s biggest financial centers.
As you can see, crypto’s major market makers aren’t just providing liquidity for traders. They are bellwethers of the financial system who lend both expertise and funding to emergent markets, while also investing in the infrastructure around them.
Where would the industry be without them?
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
