DeFi · Category ranking
Best OTC Marketplaces in 2026
8 OTC Marketplaces ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 8
- Reviewed
- 8
- Page
- 1/1
OTC marketplaces are platforms where people trade tokens directly with a counterparty at an agreed price, instead of going through a public order book or an automated liquidity pool. In crypto, this is most useful for large orders, thinly traded tokens and assets that are not yet listed on major venues. The category here is small, with four dApps, and they take quite different approaches.
Some work as peer-to-peer swap networks. AirSwap, live since 2017, uses request-for-quote and on-chain atomic settlement across five networks, and OTSea lets users trade ERC-20 tokens on Ethereum, Base and Blast. Others sit closer to a conventional exchange: Figure Markets Exchange runs on Provenance and adds crypto-backed loans and real-world-asset yield, while Unich focuses on pre-launch points and tokens. Revenue usually comes from trading or order fees, from adjacent products like lending, or from a native token that the platform ties into its model.
When comparing them, start with custody and settlement: whether a smart contract swaps tokens atomically or a company holds your assets. Then look at supported chains and tokens, fee structure, and how much liquidity or TVL the platform has. Figure Markets Exchange has the largest TVL in our data, at about $129 million at the time of writing, while OTSea's is far smaller. Also check the legal position in your country, any age or identity requirements (18+ in most places, 21+ where required), and how well-documented the platform's risks are. Higher-risk venues such as pre-launch trading are best left to experienced traders.
OTC Marketplaces at a glance
- Tracked
- 8
- Reviewed
- 8
- Total TVL
- $126M
- Avg. score
- 6.0/10
Largest by TVL
- 1
Figure Markets Exchange$125M
- 2
Whales Market$614K
- 3
OTSea$528K
- 4
WhaleSwap$1.73K
Highest rated
- 1
- 2
AirSwap6.6
- 3
- 4
Ape Bond6.2
- 5
| Chains | |||||
|---|---|---|---|---|---|
| 1 | Figure Markets ExchangeReviewed | Other | $125M | +1.3% | 7.3 |
| 2 | AirSwapReviewed | Ethereum, BNB Chain +3 | — | — | 6.6 |
| 3 | Whales MarketReviewed | Ethereum, Solana +9 | $614K | −2.6% | 6.2 |
| 4 | Ape BondReviewed | BNB Chain, Polygon | — | — | 6.2 |
| 5 | OTSeaReviewed | Ethereum, Base +1 | $528K | −1.0% | 5.5 |
| 6 | UnichReviewed | — | — | — | 4.5 |
| 7 | WhaleSwapReviewed | BNB Chain, Avalanche +5 | $1.73K | +0.3% | — |
| 8 | Over The CounterReviewed | — | — | — | — |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
Where they run
OTC Marketplaces by chain
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Frequently asked questions
What is an OTC marketplace in crypto?
An OTC marketplace lets two parties trade tokens directly, at a price they agree on, instead of buying from a public order book or liquidity pool. In the dApps listed here, this happens either through a smart contract that settles the swap on-chain or through a platform that matches buyers and sellers. It is mainly used for larger trades, illiquid tokens and pre-launch assets.
Why would someone use OTC instead of a normal exchange or DEX?
Large orders on a regular exchange or AMM can move the price against you through slippage. An OTC trade fixes the price up front, so the size of the order does not change the rate. It also keeps big transfers off public order books, which some traders prefer.
Are OTC marketplaces on this list fully decentralized?
Not necessarily. AirSwap and OTSea settle trades through smart contracts, so you keep control of your tokens until the swap executes. Figure Markets Exchange is a different model: it is an exchange on the Provenance chain with custody, loans and yield products, so you rely on the company's custody arrangements. Check how each platform handles funds before using it.
What are the main risks of OTC trading?
Counterparty risk, pricing mistakes and scams are the main ones. Illiquid or pre-launch tokens can be hard to value, and an asset you buy may never reach the price you paid or may not be deliverable as promised. Smart contract bugs are also possible. Unich, which deals in pre-launch points and tokens, is aimed at experienced traders who accept high risk.
How do OTC marketplace dApps make money?
These platforms usually earn from small trading fees, from fees on specific order types, or from related products such as lending and yield, as with Figure Markets Exchange. Some projects also have a native token, like OTSea with its OTSEA token. Fee details change, so read each platform's current terms.
Is it legal to use these platforms, and is there an age limit?
Gambling is not the focus here, but legal and age rules still matter for trading in general. Rules on trading, and on securities-like assets, vary by country and platform, and some services restrict certain regions or require identity checks. Confirm that the service is permitted where you live and meet its age requirements, normally 18 or older. Do not try to get around geo-restrictions or verification steps.
What is the largest OTC marketplace by TVL?
Figure Markets Exchange is the largest OTC marketplace by total value locked, with $125M. It is followed by Whales Market ($614K) and OTSea ($528K). TVL figures come from DefiLlama and change daily.
Which OTC marketplace has the highest DappsAtlas score?
Figure Markets Exchange has the highest score at 7.3/10, ahead of AirSwap (6.6) and Whales Market (6.2). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many OTC marketplaces does DappsAtlas track?
DappsAtlas tracks 8 OTC marketplaces. Of these, 8 have a full review and 4 report value locked, $126M in total.
What chains do most OTC marketplaces run on?
Which OTC marketplaces grew the most this week?
Among OTC marketplaces with at least $1M locked, Figure Markets Exchange had the biggest 7-day TVL gain (+1.3%). Combined TVL moved +1.3% over the same seven days.
What is the average score for OTC marketplaces?
The 6 rated OTC marketplaces average 6.0 out of 10. Of these, 0 score 8 or higher and 1 score below 5.