Introduction
Market makers look at three things: what a filled quote earns (rebate), what capital costs (margin + yield), and how good the infrastructure is (API, uptime). This page compares the MM programmes of EU-licensed venues.
MM programmes and fee holidays
Beyond public VIP tiers, MM programmes carry quote obligations and better terms. Notable difference: Backpack grants new market makers the highest MM tier for the first month (MM5 fee holiday) — a low entry barrier to test the venue. Elsewhere you grow into tiers through realised volume.
Capital costs: margin and yield
For an MM, idle collateral is pure cost. Venues paying yield on collateral (base ~3.87%, VIP up to ~6.87% at Backpack; ~3.5-4.1% on USDG only at OKX) lower effective capital costs materially. Venues without yield (Kraken, Bybit, Bitstamp) are more expensive on this axis regardless of their rebate.
Infrastructure
- API: WebSocket performance, rate limits per tier, order-to-trade ratios
- Settlement: note Bitstamp's 15-minute periodic settlement — relevant for some strategies
- On-chain MM: Hyperliquid is fully on-chain and KYC-free, but unlicensed in the EU, without VIP structure and with wider BTC spreads (~$1) — usually a non-starter for EU-regulated firms
Our conclusion
Backpack currently offers the most attractive total MM package in the EU (fee holiday, rebates, collateral yield, 19-asset cross margin). OKX (EU) is the full-featured alternative with the deepest multi-product liquidity. Kraken and Bitstamp are solid but yield-less with less aggressive MM terms.
Frequently asked questions
How do I join an MM programme?
Apply via the institutional desk; expect quote-uptime and volume requirements.
Does MM volume count toward regular VIP tiers?
Usually yes — check per venue.