What is the token listing checklist?
Work back from the listing date. The dates are a planning guide; each exchange sets its own pace. Coinbase says review to listing is generally under 30 days, and Kraken says two to six weeks from provisional approval.
- Day -90
Choose venues and confirm eligibility
Shortlist exchanges that match where holders are. Check jurisdiction limits and, for the EU, the MiCA white paper duty.
- Day -75
Assemble the document set
White paper, tokenomics and release schedule, contract address and audits, team and entity details, legal opinion where the exchange asks for one.
- Day -60
Apply directly
A founder or key team member submits each exchange's own form. Binance disqualifies applications made through intermediaries.
- Day -45
Appoint the market maker
Sign terms with no profit share and a defined use for loaned tokens. Binance asks projects to report the market maker and contract terms.
- Day -30
Open accounts and fund inventory
Sub-accounts in the project's name, trade-only API keys, tokens and stablecoins per venue.
- Day -7
Test and rehearse
API connections, deposit and withdrawal timing, announcement schedule and first-hour quoting limits.
- Day 0
List
Two-sided quotes from the first second on every venue, with wider limits agreed for the first hours.
- Day 1 to 90
Hold the market
Spread and depth to target as volume falls, weekly reports, and tracking against each exchange's maintenance rules.
What are the token listing requirements?
Exchanges publish criteria in broad terms. The common items are below, with who has stated them.
| Requirement | What exchanges look at | Stated by |
|---|---|---|
| Project and team | Product, traction, user metrics, business model, team identity | Binance, Kraken |
| Token design | Utility, tokenomics, distribution and release schedule | Binance, Coinbase, Kraken |
| Legal and compliance | Securities analysis, KYC of the team, regulatory posture | Coinbase, Kraken, Bitget |
| Technical security | Verified contract, audits, chain integration risk | Coinbase, Kraken, MEXC |
| Liquidity | Anticipated liquidity; a qualified market maker engaged by the project | Coinbase, Kraken |
| Market maker terms | Market maker identity and contract reported; no profit-sharing or guaranteed-profit deals | Binance |
| Community | Audience size; MEXC suggests about 10,000 X followers and 5,000 Telegram members | MEXC |
What does a token listing cost?
Binance, Coinbase, Kraken and Bitget all state that they charge no fee to apply or be listed. Founders have publicly claimed otherwise, and those claims are unproven. The costs a project can plan for are these.
| Cost | What it is | Reference figure |
|---|---|---|
| Application or listing fee | A fee to the exchange | None, according to Binance, Coinbase, Kraken and Bitget; other exchanges publish no policy |
| Security deposit | Cash or tokens held by the exchange | Binance says deposits are typically refundable within one to two years |
| Token allocations | Tokens for airdrops or launch programmes to exchange users | Set per deal; Binance says such allocations go to users |
| Market making retainer | A monthly fee per exchange | $3,000 to $7,000 per exchange (Arrakis); $5,000 to $15,000 a month (AppWorks) |
| Token loan | Tokens lent to a market maker with call options | 0.5% to 5% of supply; options on a $1M loan are worth about $275,000 to $550,000 over 12 months in TDMM's model |
| Quoting inventory | Tokens and stablecoins to fund the order book | About $20,000 for $10,000 of depth on each side within 2%, per venue |
| Legal and audit | Legal opinion, contract audit, EU white paper | Varies by firm and jurisdiction |
Should a token list on a CEX or launch on a DEX?
| CEX listing | DEX launch | |
|---|---|---|
| Who decides | The exchange, after review | The project; no permission needed |
| Time to market | Weeks to months | Same day |
| Liquidity source | A market maker quoting an order book | A pool funded by the project |
| Capital for $10,000 a side within 2% | About $20,000 | About $98,000 in a managed range; about $2 million full-range |
| Reach | The exchange's user base | Anyone with a wallet; depends on aggregator routing |
| Ongoing duty | Maintenance reviews; risk of delisting | Range management; loss to arbitrage |
| Share of spot volume | The large majority | DEX volume was about 24% of CEX volume in July 2026 (The Block) |
What happens to price and volume after listing?
A listing is the start of the work. In TDMM's study of 753 listings, the median token's daily volume fell to under a quarter of day one within a month.
Median daily volume after listing, as a multiple of day one
What are the liquidity requirements for a listing?
No exchange we reviewed publishes a numeric depth requirement at listing. What exists are maintenance thresholds after listing, and data on what new books look like.
| Measure | Figure | Meaning |
|---|---|---|
| Median spread, books under 30 days old | 52.3 basis points | What an unmanaged new book looks like |
| Median bid depth within 1%, books under 30 days old | $823 | Most new books cannot absorb a $50,000 sell |
| Cost to sell $50,000, books under 30 days old | 629 basis points | Against 78 basis points for books over two years old |
| MEXC warning threshold | Average daily spread over 2% for 15 days | A published trigger for its ST warning |
| Phemex low-liquidity thresholds | Spread over 0.5%; under 30,000 USDT daily volume for three months | Three of four thresholds trigger a warning |
| Top-quartile book, $100k to $1M daily volume | 8.1 basis points spread; $66,300 depth within 2% | A reasonable target for a mid-volume token |
How should a project approach exchanges?
Apply yourself
Use the official form. Binance, Kraken and Bitget all say they do not work through listing agents.
Lead with evidence
Users, revenue, audits and a clear release schedule carry more weight than introductions.
Bring a liquidity plan
Name the market maker, the venues and the spread and depth you will hold.
Beware of paid shortcuts
Binance treats anyone who asks for payment for a listing as a scammer and offers a reward of up to $5 million for reports.
How do you prepare for an exchange listing in five steps?
- 1
Confirm eligibility
Jurisdiction, token classification and, in the EU, the white paper requirement.
- 2
Build the document set
White paper, tokenomics, audits, entity and team details.
- 3
Apply directly
Through each exchange's own form, by a founder or key team member.
- 4
Arrange liquidity
Market maker terms, accounts, keys and funded inventory on each venue.
- 5
Plan the first 90 days
Targets for spread and depth while volume settles.
Where can you go deeper?
- Token listing support
What exchanges publish about applications, fees and market makers, and how TDMM prepares listing-day liquidity.
- CEX market making
Exchange market maker programmes, API controls and the rules that lead to delisting.
- How market making works after a token listing
TDMM's study of 753 listings: price, volume and order book quality by age.
- CEX vs DEX market making in 2026
Depth, cost and mechanics on each venue type.
- Best CEX market makers
Seven firms compared for exchange market making.
- Token Market Management
The retained service for the months after listing.
- TDMM Liquidity Benchmark
Spread and depth targets by volume tier.
- Market maker scorecard
Score up to three market makers on 12 weighted criteria.
Frequently asked questions
What is a token listing checklist?
A token listing checklist is the dated list of tasks before an exchange listing: choose venues, assemble documents, apply directly, appoint a market maker on acceptable terms, open accounts and fund inventory, test connections, then hold spread and depth after listing. Allow about 90 days.
What are the requirements to list a token on an exchange?
Exchanges review the project and team, token design and release schedule, legal and compliance position, technical security and expected liquidity. Kraken requires projects to engage their own market makers, and Binance asks for market maker details and contract terms.
How much does it cost to list a token?
Binance, Coinbase, Kraken and Bitget state that they charge no application or listing fee. Plan for a possible refundable deposit, token allocations for users, a market making retainer of roughly $3,000 to $15,000 a month, quoting inventory, and legal and audit costs.
How do you list a token on a CEX?
Apply through the exchange's official form, submitted by the project's own team. Provide documents, pass legal, compliance and technical review, arrange a market maker and funded liquidity, and coordinate the launch date.
How do you approach exchanges for a listing?
Directly. Use the exchange's own application channel, bring evidence of traction and security, and present a liquidity plan. Major exchanges say they do not accept applications through agents.
Is a CEX listing better than a DEX launch?
They serve different needs. A DEX launch is immediate and permissionless but needs far more capital for the same depth. A CEX listing reaches more users but requires review and ongoing maintenance. Many tokens do both.
What liquidity does a token need for a listing?
Enough for two-sided quotes on every venue from the first second. As a reference, about $20,000 of inventory supports $10,000 of depth on each side within 2% on one order book, and top-quartile mid-volume books hold about $66,300 within 2%.
How do you manage trading volume after listing?
By managing what volume depends on: a tight spread and real depth. Volume normally falls sharply after listing, to a median of 0.23 times day one after 30 days. Paying for volume is not a remedy and can breach exchange rules.
Related TDMM offerings and guides
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TDMM publishes this guide and provides the services it describes. Figures are dated in the text and come from TDMM research and named public reports. This is information only, not investment, legal or tax advice. TDMM does not promise token prices, trading volume or exchange listings.