Stablecoin Market-Making Calculator
Quote both sides of a stable pair (USDC/USDT), earn the tiny spread on the volume you fill, and add any maker rebate. This estimates the gross income — then the honest reasons your realized number is lower.
Quote both sides of a stable pair (e.g. USDC/USDT), earn the spread on filled volume, and add any maker rebate. 1 bp = 0.01%.
Gross net over 30 days
$90.00
≈ +21.9% annualized on capital
Where you'd actually do this
Every strategy here lives or dies on fees and spreads — at retail size they often erase the gap entirely, so model it above first and stay skeptical of thin edges. If the math genuinely clears, you want a low-fee, reputable exchange. Our top-rated US picks are Coinbase and Kraken — and use their Pro/Advanced tiers, since the simple buy buttons quietly cost 3–4%.
Worked examples
Over 30 days — from the calculator above. Remember these are gross best-cases:
Modest book
$20k/day · 1.5 bps · no rebate · $5k capital
+$90
≈ 22% APR gross
Thin spread on steady volume adds up — on paper.
Volume + rebate
$50k/day · 1 bp · −0.5 bp rebate · $10k
+$225
≈ 27% APR gross
Maker rebates are where pros actually make it work.
Fees beat spread
$10k/day · 0.5 bp · +1 bp fee · $5k
−$15
If your maker fee exceeds the spread, you pay to trade.
Why realized is lower than gross
Market-making a stable pair looks like easy, delta-neutral yield, and the gross math above is real. The problem is everything the gross math ignores: adverse selection (you tend to get filled precisely when informed flow is running the price against you), the need for constant uptime and fast infrastructure to keep quotes at the top of the book, and fierce competition from professional market makers who receive far larger rebates than you can. And the tail risk that matters most: if the stablecoin de-pegs, your inventory can take a loss that wipes out months of thin spread income in a day. It's a genuine strategy — but it's a pro, infrastructure-heavy game, not passive yield.
For a delta-neutral edge that doesn't need you to win a latency race, the funding rate arbitrage calculator is a gentler starting point, and our guide to passive crypto income covers the honest yield options.
FAQ
Is stablecoin market-making profitable?
It can be gross-positive, but realized returns are much lower than the raw spread math because of adverse selection, competition from pro market makers, and infrastructure costs. Maker rebates are usually what tip it into worthwhile territory — and those favor large, established players.
What's the biggest risk?
A de-peg. Because you hold inventory of the stablecoin, a loss of the peg can cause a sharp, real loss that dwarfs the pennies-per-trade you earn from the spread.
Can a retail trader do this?
Technically yes, but you're competing with firms that have rebates, colocation, and full-time infrastructure. Without those, adverse selection tends to erode the thin edge. Go in with realistic expectations, not the gross number.
Get the honest money playbook
One email when we find something actually worth your time — a platform that pays, a deal worth doing, or a trap to avoid. No spam, unsubscribe anytime.
More free calculators
No sign-up — each one shows its full working and an honest verdict.
Crypto Arbitrage Calculator
See whether a price gap between two exchanges actually clears fees — or quietly loses money.
Debt Payoff Calculator
How fast you'll be debt-free, the total interest, and what an extra payment really saves.
Rental Arbitrage Calculator
Model Airbnb rental arbitrage: rent + costs vs projected nightly income = real monthly profit.
Investment Growth Calculator
Watch a starting balance + monthly contributions compound over time at a given return.
Cashback Stacking Calculator
Add up card rewards + portal cashback + app rebates on the same purchase.
Offer-Wall $/Hour Calculator
Is that Freecash/Earnlab offer worth your time? Convert coins + time into a real hourly rate.
Funding Rate Arbitrage Calculator
Long spot, short the perp: estimate the funding you collect, delta-neutral, after fees.
Triangular Arbitrage Calculator
Three-pair loop on one exchange — see whether the cycle actually clears trading fees.
Perp Arbitrage Calculator
Long/short to convergence: estimate P&L as a perpetual's premium or discount closes.
Estimates only and gross of adverse selection, slippage, downtime, and de-peg risk. Crypto is volatile and not FDIC-insured. Not financial advice.