Market Making
Who provides liquidity on the TRUE venue, how the house market maker is governed, and what we will not tell you about how it quotes.
Why a venue needs this page
An orderbook with nobody quoting is an empty screen. Someone has to be willing to be on the other side of your trade at a price, continuously, in every market, including the quiet ones at three in the morning.
On TRUE that is done by external market makers and by a house market maker that TRUE operates itself. You should know the second one exists, because a venue that quotes into its own book and does not say so is hiding something it will eventually be caught hiding.
The house market maker
It is software. It reads a fast price feed, posts a ladder of bids and offers around it, and moves them as the market moves. When the price runs, it cancels and re-posts; when it accumulates a position it does not want, it manages it down.
It is AI-driven in the sense that matters operationally: sizing, cadence and risk response adapt to what the market is doing rather than sitting on numbers a human typed last month. There is no model deciding a direction. A market maker that takes a view is not a market maker.
The house maker has no special fees, no privileged matching, no preview of your orders and no ability to cancel after seeing your fill. Price-time priority applies to it exactly as it applies to you. It is a participant, not an operator, and the matching engine cannot tell the difference.
What we will not publish
Quoting cadence, ladder depth, spread rules, requote triggers, per-market size, inventory limits and hedging arrangements stay private.
That is a deliberate refusal and worth explaining rather than hiding. Those numbers describe exactly when the house maker will and will not be at a price. Published, they are a specification for trading against it: wait for the predictable moment, take the predictable side. The cost lands on the venue’s liquidity, which means it lands on every user who wanted a tight spread.
We publish the rules everyone plays under. We do not publish one participant’s playbook, and we would not publish yours either.
External market makers
Professional firms quote on TRUE alongside the house. They connect over the same public API every other bot uses, with a market_maker tier key: higher rate limits, more sockets, more topics, and a mandatory IP allowlist.
No special matching and no maker rebate beyond the published maker fee. If you run a market making firm and want to quote here, the tier and its limits are on Rate Limits and the API is on Trading API.
What this means for you
- There is usually a price. That is the point of the whole arrangement.
- Spreads widen when markets move fast. Every maker widens in volatility; one that did not would be one you could pick off, and it would stop quoting entirely soon after.
- Your limit order competes on equal terms. Post inside the spread and you are first in the queue at that price, house maker or not.
If the book looks thin in a market, it usually is. Check the depth before sending size, and use limit orders when you care about the price you get.
See also
- Perps DEX — the venue and its rules.
- Trading API — how to quote here.
- Security and Custody — the venue’s risk controls.