DefiLlama publishes leaderboard ranking institutional market makers
DeFi & Yields ·
New dashboard built with Forgd grades 40+ liquidity providers on execution quality, drawn from more than 500 tracked engagements.
DefiLlama has launched a Market Maker Performance Index Leaderboard, developed in partnership with Forgd, that scores institutional liquidity providers across depth, volume, spread, KPI adherence, and uptime and exchange coverage. The tool evaluates more than 500 engagements between market makers and token issuers, producing rankings meant to give traders and issuers a transparent view of execution quality that has historically been opaque.
The leaderboard's top three entrants illustrate how the composite scoring works. Amber Group leads with a 9.40 composite score across 19 active engagements and a median engagements FDV of $119.41M, despite mid-pack ranks in average depth ($373.16K, rank 8), spread (0.27%, rank 11) and volume ($190.99K, rank 10). G-20 Group ties at 9.40 with 9 active engagements and a $85.88M median FDV, posting a stronger depth figure of $790.77K (rank 2). GSR rounds out the top three at 9.30 across 16 engagements and $81.4M median FDV, distinguished by the tightest average spread on the board at 0.012%, ranked first in that category.
Beyond the overall rankings, the dashboard highlights category leaders: Auros Global posts the top average plus-or-minus 2.00% depth over 30 days at $946.03K, Flowdesk shows the highest 30-day volume across maker and taker activity at $1.26M, GSR holds the tightest bid-ask spread at 0.012%, and JPEG Trading reports 100% combined uptime on KPI adherence over the same period.
The scoring methodology combines several weighted components beyond raw trading metrics. A composite score feeds into a simplified letter grade running from AAA to CCC, while separate factors account for trust—reflecting the number of tracked engagements and any identified trading abnormalities—coverage and capabilities across centralized and decentralized venues, uptime consistency against contractual obligations, and integration level, which measures how directly a market maker's data flows into Forgd's systems. Data is provided by Forgd and presented for informational purposes only, per the platform's own disclaimer.
The launch also ties into an RFQ feature allowing users to directly solicit market maker engagements through the same dashboard. What remains unclear is how frequently rankings will be refreshed beyond the stated 30-day windows, how the underlying engagement data is sourced and verified, and whether additional market makers will be added to the current pool of 40-plus tracked providers.