Маркет-мейкер
Market Maker
A market maker is a market participant that continuously quotes buy and sell prices for an asset, providing liquidity and earning from the spread between those prices.
A market maker is a trading participant that simultaneously places buy orders (bid) and sell orders (ask) for the same instrument. This allows traders to buy or sell an asset immediately without waiting for a counter-order. The market maker's basic profit comes from the spread, meaning the difference between the sell price and the buy price, but the result also depends on price fluctuations and trading venue fees.
## How it works
A market maker keeps orders on both sides of the order book and constantly revises them as market conditions change. When a buyer takes its ask, the market maker acquires the asset and tries to close the position by selling it at a higher price or by placing an opposite order. If the market moves sharply, the position builds up risk, so professional market makers use hedging on other venues, volume limits and automated algorithms.
## Where it occurs
In the crypto industry, market makers operate on centralized exchanges (CEX), decentralized exchanges (DEX) and in OTC deals. Projects often sign agreements with them to maintain token liquidity right after listing, sometimes with an option on the tokens. In fintech and payments the term is used less often; there, providers of liquidity in currency conversions and interbank settlements play a similar role.
## What it affects
The quality of a market maker's work determines order book depth, spread width and how quickly trades execute without significant slippage. For a new token, a market maker's presence often matters more than trading volume, because without one the price jumps on even small orders. For users, this means lower costs of entering and exiting a position.
## Common mistakes and risks
Newcomers often confuse market making with manipulation. A good-faith market maker supports the market, while a bad-faith one may create fake volume (wash trading) and artificially move the price. Projects that buy 'market making services' without due diligence risk ending up with an empty order book after the contract expires, or with hidden token options that benefit only the market maker.
## What to check before working with a project
FAQ
How is a market maker different from a regular trader?
A regular trader places orders based on a directional view of price, while a market maker constantly quotes both sides and earns primarily from the spread. Its job is to make trading possible, not to predict market moves.
Can a market maker be a scammer?
Yes, it can create fake volume and manipulate the price, especially if it holds a large share of the project's tokens. That is why it is important to review the contract terms, the token lock-up schedule and the real depth of the order book.
Does every token need a market maker?
Not necessarily. Liquid assets with high trading volume usually do without a market maker agreement, while for new and illiquid tokens its presence often becomes a necessary condition for normal trading.