A briefing for token teams
Centralized exchanges expect a market that can actually be traded. That usually means two-sided quotes, enough depth that ordinary orders do not move the price sharply, and a clear plan for who provides that liquidity. This site explains the work in plain language — and, if it is useful, can introduce you to a market-making partner.
Listing materials, legal work, and token mechanics matter, and your exchange or counsel will set most of those requirements. The part this briefing focuses on is market structure: whether the pair can be traded in an orderly way when it opens, and after.
Being CEX-ready, in that narrower sense, is less about a marketing splash and more about having a realistic liquidity plan before the first trade.
At its core, market making is the business of standing ready to buy and sell. The details vary by firm and by exchange, but the shape of a typical engagement is fairly stable.
A market maker places a bid and an ask on the pair and updates those quotes as the market and its inventory change. The difference between the two is the spread. Size available at those prices, and at levels further away, is the depth.
The purpose is not to “set” the price. It is to keep a book that other participants can use without immediately running out of liquidity.
To quote both sides, a market maker needs inventory: the project’s token, and usually a quote currency such as a stablecoin or the venue’s base currency. That inventory may come from the firm, from a loan by the project, or from a mix of both.
Projects often pay a retainer as well. Some engagements are mostly a fee; some are mostly a loan; many are both. Terms vary by exchange and by scope, and the contract — not a general description — is what governs fees, return of inventory, and risk.
Before listing, expect account setup, inventory movement, legal review, and agreement on venues and quoting parameters. After the pair is live, expect regular reporting and adjustments as the book and the firm’s inventory evolve.
How long this takes depends on the exchanges involved and on how ready the project is to move assets and sign documents. Build in more time than a listing announcement cycle usually leaves you.
A market maker should not guarantee a price, commit to a market-cap outcome, or sell you a volume number. Those promises are a poor fit for the actual job and are a common red flag.
Market making is also not a substitute for real holders, clear token design, or exchange compliance work. It sits alongside those things; it does not replace them.
For a slower walkthrough, see the short guides on what crypto market making is, liquidity around a CEX listing, and how to evaluate a market maker.
Longer notes on the questions teams usually ask before they sign anything or transfer inventory.
Bids, asks, spread, depth, and the usual retainer and inventory-loan models — without the sales language.
Read the guideWhat exchanges tend to look for in a book, why volume is a weak proxy, and what to prepare before listing day.
Read the guideQuestions worth asking, documents worth reading, and warning signs that should slow a conversation down.
Read the guideShort answers first. The guides go into more detail where that is useful.
A market maker posts two-sided quotes — a bid and an ask — on a trading pair so there is usually someone to trade against. The aim is a tighter spread and more depth at nearby prices, which can make the book easier to trade around a listing and in day-to-day trading. A market maker is not the same thing as a buyer of last resort, a guaranteed price, or a marketing campaign.
Setup usually needs to happen before the pair goes live. Exchange accounts, inventory transfers, legal review, and strategy parameters all take time, and that time varies by exchange and by the scope of the engagement. Teams that wait until the listing announcement often find they are still opening accounts when the market opens. If you are already listed and the book is thin, it can still be reasonable to start, but the work is no longer only about listing day.
Requirements vary by exchange and by listing tier. Some venues expect a liquidity plan, a named market-making arrangement, or evidence that the book can be traded at open. Others are less explicit but still watch spread, depth, and whether trading looks orderly after listing. Treat exchange guidance as the source of truth for that venue rather than assuming a single industry rule.
In a retainer model, the project pays a fee — often monthly — for quoting services. In a loan or inventory model, the project lends tokens, and sometimes a quote-currency balance such as a stablecoin, so the market maker can buy and sell without using only its own capital. Loans are typically documented, time-limited, and returned according to the contract, subject to trading activity and any agreed fees or settlements. Many engagements use some mix of the two. Exact commercial terms vary by firm, venue, and pair, and should be read in the agreement, not taken from a general overview.
Exchanges generally care that a pair can be traded without outsized price moves from ordinary order size. That usually means two-sided quotes, a reasonable spread for the asset’s maturity, and depth at several price levels — not a single thin order at the top of the book. Some venues publish or privately share listing or market-quality criteria; those criteria differ and can change. Volume alone is a poor proxy. Artificial or wash volume is against exchange rules and does not create a healthy market.
Market making is quoting both sides so other participants can transact. Volume is a result of real trading interest plus that quoting activity, not a target to be purchased. Arrangements that promise a volume number, a price level, or a market-cap outcome should be treated with caution. Inflating volume or coordinating wash trades can violate exchange rules and, in many jurisdictions, the law.
Ask which venues they already operate on, how they handle inventory and risk, what reporting you will receive, and how they describe their quoting approach in plain language. Look for a legal entity, a written agreement, and clear terms for deposits, withdrawals, and termination. Independent references from other teams can help, but they are not a substitute for reading the contract. Be wary of anyone who will not explain inventory custody or who sells a guaranteed trading result.
Common warning signs include guaranteed price or market-cap outcomes; promises to “support” or “pump” the token; a request to send inventory to a personal wallet rather than a disclosed firm account; pressure to prepay large sums without a contract; vague legal identity; and an unwillingness to document loan terms, fees, or reporting. High advertised volume with no explanation of how it is generated is also a reason to slow down.
Costs vary widely by exchange, number of pairs, inventory size, trading hours, and the scope of the work. Some arrangements are mostly a retainer, some are mostly an inventory loan, and some combine both. There is no single market price that applies to every listing. Treat any figure quoted without a scope — venues, pairs, and inventory — as incomplete, and compare proposals on terms and operational fit, not on a headline number alone.
No responsible market maker can guarantee a price, a market cap, or a return. Quoting can reduce friction in the book; it cannot create sustained demand. Price is set by buyers and sellers. If a firm’s pitch depends on holding a level or delivering a chart outcome, that is a reason to walk away.
It helps to know the token and chain, the exchanges you are listed on or targeting, the expected listing window if you have one, how token supply and unlocks work, and who can sign a contract and move inventory. A brief description of current liquidity, if you are already trading, is useful. You do not need a finished legal package to start a conversation, but you should be ready to discuss inventory and venues in concrete terms.
CEX Ready publishes background on liquidity and market making and can introduce qualified token projects to a market-making partner. The site may be compensated for those introductions. An introduction is not a recommendation tailored to your facts, and it does not guarantee that either side will proceed. You should do your own diligence and take independent advice before signing anything or transferring assets.
If you are preparing a listing, or you are already listed and need a liquidity plan, you can ask to be introduced to our market-making partner. A Telegram handle is required so they can follow up. Use this form only for a genuine project conversation — not for general sales outreach.
Your request has been received. Our market-making partner will follow up on Telegram if the project looks like a fit. If you do not hear back, you can write again with a bit more detail on venues and timing.