Markets that quote from day one, committed to a spread and a size, in writing.

Two questions decide whether a launch produces volume: who quotes on day one, and what happens when your largest traders hit a thin book. Everything else in a vendor evaluation is secondary.

Six lines. Ask any other vendor for them in writing.

Quoted spread and quoted size, per named category, at defined hours, measured continuously. The quoting obligation sits in the maker’s contract with your venue; ours commits us to arranging that coverage, measuring it and reporting it. Miss the targets outside agreed exclusion windows and our platform fees rebate against the schedule.

Priced in advance, with a known ceiling.

A new market has no traders. Something has to quote first and that costs money, so we price it as a budget line you approve and fund, rather than a promise we make.

Where a deeper reference book exists, the maker quotes your venue against it and hedges, so the position is offset rather than warehoused. Basis, hedge execution and reference-venue availability risk remain, and are priced into the spread.

Where no reference venue exists, you can run our scoring-rule maker yourself: it quotes from zero. Its worst case is exactly b × ln(n): fund it with F and you get b = F / ln(n).

The ceiling is exact, not estimated. b sets depth: the higher you fund it, the tighter the maker can quote before it stops. We price this per category before you sign.

For three or more outcomes, liquidity is a matrix, not one number.

A single depth figure hides which outcome pairs are actually tradable at size. We report the matrix, so you can see where the book is thin before your traders find it.

Darker is deeper. The diagonal is not quoted. Thin pairs are named in the weekly report rather than averaged away.