Market Maker Fee Structure

Three components appear in most quotes. A retainer is a fixed periodic cash fee. An option package is a grant of call options over tokens lent to the firm, priced by strike, coverage and term. Exchange rebates are the maker fee credits some venues pay for providing liquidity, which may be retained by the firm, shared with the issuer, or ignored in the agreement entirely. A fourth item, setup or integration fees, appears in some proposals and is usually negotiable. Comparison is difficult because the components are not denominated in the same units. A quote with no cash fee and options over ten percent of a large loan can transfer far more value than a modest monthly retainer, or far less, depending entirely on how the token performs. The only way to compare fairly is to normalise: hold the obligations constant, then express each component as a range of outcomes rather than a single number. The costs that surprise issuers most often are not in the fee line. Inventory requirements tie up treasury tokens that cannot be used elsewhere. Exclusivity clauses foreclose adding a second firm later. Notice periods create a cost when leaving. Rebate treatment can quietly move a revenue stream from issuer to firm. None of these appear in a headline fee, and all of them are negotiable if raised before signing rather than after.