English
RussianWhat Is a Market Maker on a Crypto Exchange?
A market maker constantly posts buy and sell orders and earns the difference between them.
Market makers make sure there is always a price to buy or sell at and keep the spread tight. Exchanges and projects pay them with fee rebates or directly.
They try to avoid a directional position and hedge with futures. Their orders are visible in the book, but much of that size is constantly moved and cancelled.
On Hyperliquid part of the market-making is done by the shared HLP vault, which anyone can deposit into.
See it on In-Crypto
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Frequently asked questions
Do market makers manipulate prices?
Their job is liquidity, but large players can influence price and pull orders before the market arrives.
Can a retail trader earn as a market maker?
Through liquidity pools such as HLP on Hyperliquid or DEX pools, with the risk of losses in sharp moves.