I am planning to launch a cryptocurrency exchange and need to choose a reliable liquidity provider that will provide stable trading volume a

I understand that without high-quality liquidity, trading on the exchange will suffer - users will face delays in order execution, slippage and high volatility. Now I am analyzing different liquidity providers, but it is difficult for me to understand what metrics to consider: trading volume, order book depth, average spread, response speed. I have also heard that some LPs use "deliberate delay" practices or manipulate the market. I would like to understand how to properly evaluate a provider before entering into a contract, are there proven companies with a transparent reputation and what legal aspects should be taken into account when collaborating?