Market maker

Also called MM · liquidity provider

A trader who quotes both sides of a book continuously, earning the spread rather than taking a view.

Market makers are the reason a book exists at all, and the reason naive leaderboards mislead. Their flow is continuous, two-sided and close to breakeven per trade, so it inflates volume enormously while implying nothing about opinion. A wallet at the top of a volume table is as likely to be quoting as forecasting.

Rather than ignore the pattern, this site screens for it. A wallet with high turnover and negligible per-trade edge is flagged as bot-like: past thirty settled positions, if more than seventy percent of them land within roughly two percent either side of breakeven, that is the signature of quoting or reward farming rather than of a view being expressed. The flag is a caution on the row, not a judgment about the person.

The published methodology also states the limit honestly: maker-shaped wallets are not yet filtered out of the leaderboard automatically, and that detection ships with the historical database rather than existing today. So when a very large print looks like information, the first question to ask is whether it is simply inventory — a leg of a two-sided quote that will be offset within minutes.

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Definitions describe how Polymarket and Kalshi behave and how WhaleTracks models them; venue rules and fee schedules can change, so confirm anything you size a position on with the venue itself. WhaleTracks is informational analytics, not financial advice. Past performance does not guarantee future results.