HOW TO COMPARE MARKET-MAKING PROPOSALS Astrum Liquidity | 29 September 2026 https://astrumliquidity.com/learn/how-to-choose-a-crypto-market-maker.html#proposal-checklist Copy once per provider. Keep completed copies in your own records. Provider: ____________________ Proposal date/version: ____________________ Token and mint/contract: ____________________ Pair(s), venue(s), required service and hours: ____________________ Target trade sizes, provisional inventory and timeline: ____________________ Reviewer: ____________________ Use DOCUMENTED / NEEDS CLARIFICATION / NOT OFFERED for each item. Record the source and exact commitment, not just a sales claim. 01. MANDATE AND VENUE SCOPE Question: Name the token, pair, venue and service: RFQ, order-book quoting, pool setup or ongoing pool management. Which integrations are live, and which require development? Request: Written scope; evidence of the proposed integration; named dependencies. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 02. SETUP, RETAINER AND EXTRAS Question: Separate assessment, implementation, recurring operation, taxes and third-party costs. What triggers extra work, and who must approve it? Request: Fee schedule, deliverables, payment milestones and written change-control terms. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 03. INVENTORY AND FUNDING Question: Who supplies each asset, who owns it, and how can it be returned? Is a capital figure a scenario, a minimum or a firm requirement? Request: Asset schedule, ownership and return terms, and the assumptions behind capital needs. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 04. EXECUTABLE SIZE AND PRICING Question: At which trade sizes and reference prices will quality be assessed? For a pool, what price impact is expected? Request: Example quotes or scenario outputs, reference methodology and size-specific targets. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 05. AVAILABILITY AND EXCEPTIONS Question: What hours are covered? What counts as a valid quote? How are inventory pauses, venue failures and stale prices treated? Request: Measurement windows, sampling rules, exclusions and incident responsibilities. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 06. RISK LIMITS AND STOPPING Question: Which inventory and loss limits apply? Who can pause trading or change limits, and how are breaches handled? Request: Documented limits, escalation contacts and a stop/restart procedure. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 07. CUSTODY AND PERMISSIONS Question: Who can sign, trade or withdraw? How are access changes, revocation and the segregation of project assets handled? Request: Permission map, custody arrangement and procedures; never send seed phrases during diligence. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 08. REPORTING AND RECONCILIATION Question: Can quotes, fills, fees and inventory movements be reconciled? What is measured, and what remains outside the report? Request: Sample report, data sources, reconciliation process and access rights. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 09. ECONOMICS AND CONFLICTS Question: Are there token loans, options, profit shares or other rights? How does the provider manage conflicts with its own trading? Request: Complete economic terms and conflict disclosures, including side agreements. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 10. EVIDENCE AND ATTRIBUTION Question: Does the evidence concern own-capital trading or client service? What dates, assets, fees and capital definitions does it cover? Request: Dated records and clear attribution; do not treat a wallet as a complete audit. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 11. ACCEPTANCE AND REMEDIES Question: What must work before launch? Who approves acceptance, and what happens if a service target is missed? Request: Test and acceptance criteria, exception handling and agreed remedies. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ 12. EXIT AND HANDOVER Question: What notice is needed, what costs remain, and how are assets, permissions, data and open positions handled? Request: Termination terms, asset-return process and a documented handover. Status: ____________________ Provider answer / evidence / document section: ____________________ Open point / owner / deadline: ____________________ DECISION Unresolved blockers: ____________________ Comparable setup / recurring / external fees: ____________________ Capital at risk (separate from fees): ____________________ Proposed next step and conditions: ____________________ A checklist is not a provider certification or a substitute for reviewing the actual agreement.