Your market maker says 99% uptime. We measure it.
Token teams and DAOs pay market makers $10k to $50k a month for tight spreads, real depth and quotes that stay up. The report on whether that happened usually comes from the market maker itself. We measure your token's public order books and trades on 7 exchanges, all the time, and show where the terms hold and where they do not.
- 7 exchanges
- Public data only
- No API keys
- We never contact your MM
| Token | KPI uptime | Spread | Depth / side | KPI |
|---|---|---|---|---|
| PENGU | 58.3% | 2.6 | $184.0k | 4/5 |
| LDO | 27.7% | 2.7 | $74.2k | 2/5 |
| VVV | 22.5% | 3.1 | $60.5k | 2/5 |
| SSV | 0.0% | 12.1 | $10.8k | 1/5 |
| DAO target | ≥ 95.0% | ≤ 20 | ≥ $100.0k | 5/5 |
Measured against the KPIs DAOs publish, most order books fall short.
tokens had 0.0% quote uptime: not one minute in 7 days with $100k on each side within 1% at a 20 bp spread.
reach the 95% uptime that SSV and Lido write into market-maker mandates. The best, PENGU, holds 58.3%.
meets 4 of the 5 DAO KPIs (PENGU). None meets all five.
Last 7 full days, 2026-10-21 to 2026-10-28 UTC, 21 tokens. We see the public book only and do not know any token's contract; a low score says the visible book missed the DAO levels, not who is to blame.
A report you can put in front of your market maker.
Negotiate
Bring hours, venues and minutes to the renewal, not impressions.
Cut spend
See which venues and pairs the retainer really covers and stop paying for empty books.
Report to holders
An independent table for the DAO forum or the treasury report.
- 01KPI by venue and pairUptime, spread and depth on every exchange, spot and perpetual, against the numbers in your contract or the DAO defaults.
- 02Failing hoursThe hours and venues that drag the average down, so the conversation is about 03:00 UTC on one exchange, not "liquidity feels thin".
- 03Quote pullsEvery stretch where the book vanished or thinned out: start, end, minutes, price move.
- 04Who sold into dropsNet taker selling by exchange and hour around every move of 5% or more.
- 05Cost of executionWhat a $10k, $50k and $100k market order costs on each venue, buy and sell.
- 06Peer comparisonYour token next to tokens with similar turnover.
- 07Hyperliquid positioningOpen positions against your token and where liquidations cluster.
- 08Month over monthTarget, this period, previous period, change. A table you can paste into a governance thread.
Three steps. No access to your accounts.
- 01
You send the token and the KPIs
Paste the KPI section of your market-maker contract. No contract at hand? We use the levels DAOs publish.
- 02
We measure, independently
Public order books and trades on 7 exchanges, around the clock. We need no API keys and never contact your market maker.
- 03
You get the report and alerts
First report after 7 days, then weekly or monthly, and an alert when a KPI breaks.
21 tokens, scored against DAO market-maker KPIs.
Last 7 full days. Click a column to sort, a token to see venues, hours and episodes.
| Token | Score | KPI uptime | Spread, bp | Depth / side 1% | Cost $50k, bp | Quote pulls | Pairs |
|---|---|---|---|---|---|---|---|
| PENGU | 4/5 | 58.3% | 2.6 | $184.0k | 18.7 | 0 | 11 |
| LDO | 2/5 | 27.7% | 2.7 | $74.2k | 26.2 | 4 | 11 |
| VVV | 2/5 | 22.5% | 3.1 | $60.5k | 40.5 | 115 | 10 |
| PONS | 1/5 | 17.3% | 6.9 | $54.2k | 59.4 | 8 | 10 |
| MEW | 1/5 | 8.7% | 6.4 | $9.3k | 81.0 | 393 | 9 |
| LPT | 1/5 | 7.0% | 6.8 | $11.9k | 205.3 | 503 | 9 |
| LSK | 1/5 | 1.9% | 6.3 | $9.0k | 131.3 | 72 | 7 |
| KAIA | 1/5 | 0.3% | 7.6 | $15.9k | 228.3 | 46 | 9 |
| RED | 1/5 | 0.0% | 13.6 | $11.5k | 541.0 | 106 | 8 |
| BLUR | 1/5 | 0.0% | 13.1 | $11.2k | 137.4 | 397 | 11 |
| ARC | 1/5 | 0.0% | 7.1 | $8.2k | 531.2 | 548 | 5 |
| BMT | 1/5 | 0.0% | 14.8 | $9.5k | 261.2 | 380 | 8 |
| SCR | 1/5 | 0.0% | 10.3 | $13.5k | 101.7 | 42 | 8 |
| SSV | 1/5 | 0.0% | 12.1 | $10.8k | 133.7 | 7 | 10 |
| US | 1/5 | 0.0% | 10.9 | $14.1k | 252.8 | 207 | 6 |
| DOLO | 1/5 | 0.0% | 12.1 | $7.1k | 175.6 | 359 | 8 |
| SOMI | 1/5 | 0.0% | 11.5 | $7.6k | 243.8 | 310 | 8 |
| VELODROME | 1/5 | 0.0% | 11.5 | $4.1k | 875.8 | 1025 | 7 |
| APR | 0/5 | 0.0% | 35.8 | $24.1k | 94.1 | 938 | 6 |
| EPIC | 0/5 | 0.0% | 33.3 | $1.2k | too thin | 1099 | 6 |
| FLT | 0/5 | 0.0% | 189.2 | $45 | too thin | 3 | 2 |
| PUMPBTC | not rated | Two thin spot books with prices far apart; token identity is being confirmed before any score. | |||||
- Uptime
- 95% of minutes or more with $100k on each side within 1% of mid and a spread of 20 bp or less
- Spread
- median 20 bp or less
- Depth
- median $100k or more per side within 1%
- Cost $50k
- a $50k market order costs 50 bp or less
- Quote pulls
- zero episodes where the book vanishes or thins out sharply
A token with its own published KPIs is scored against those. Sources: SSV MM Oversight Committee, t/1951, SSV, t/2082, Lido Growth Committee mandate, t/11839.
Costs less than one week of a market-maker retainer.
Snapshot Free 7 days | 30-day audit $1,500 paid upfront | Monitoring $900 per month, cancel any month | DAO / Foundation $2,700 3 months, one payment | |
|---|---|---|---|---|
| Full report, PDF | yes | yes | yes | yes |
| KPI by venue, failing hours, quote pulls | yes | yes | yes | yes |
| Weekly reports | no | yes | yes | yes |
| Event log and JSON export | no | yes | yes | yes |
| Telegram alerts when a KPI breaks | no | no | yes | yes |
| Target / previous period table for the forum | no | no | yes | yes |
| Get the snapshot | Request | Request | Request |
A market maker renewing a contract can order the same report as KPI proof, addressed to both sides, same price. Payment in USDT or by invoice.
What teams ask before ordering.
Do you trade or move the market?
No. The audit only reads public data. We place no orders for it and have no relationship with any market maker.
Do you see the market maker's private data?
No. Only what any trader sees: public order books and public trades. We do not know which accounts belong to whom and do not need anyone's API keys. That is the point: the report shows what your holders and the exchange see.
Which exchanges?
Binance, Bybit, OKX, Gate, MEXC, KuCoin and Hyperliquid, spot and perpetual wherever your token is listed. Another venue on request.
How fast is the report?
If your token is already in the index, the 7-day snapshot goes out within a few days. If not, we add it and the first full report is ready after 7 days of measurement.
Is our request confidential?
Yes. We do not name clients, do not contact your market maker and do not publish your report. The public index uses public data only and says nothing about who our clients are.
Can we publish the report for our DAO?
Yes. It is written to be posted in a governance thread: target, measured, previous period, with its caveats. You decide whether and where.
How is this different from the exchange or MM dashboard?
Those come from the party being measured or from one venue that sees only itself. We measure every venue the same way, and we are paid by you, not by the market maker.
Does a low score mean the market maker failed?
Not by itself. We do not see the contract, which hours and venues it covers or who is quoting. A low score says the visible book missed the DAO levels in that period. With your contract KPIs, the report checks exactly those.
Free 7-day snapshot
Tell us the token and where it trades. One form, no call needed.
We reply within 24 hours · ceo@hedonist.trading · Telegram