The Relay Market for LLM Tokens
Open Source Software Enables the Market
The software powering these proxies is open source. Two main projects are involved: one-api and its more actively developed fork, new-api. Both are legitimate API proxy products that can load balance requests across a pool of API credentials. The resellers use these tools to manage their token pools.
Buyer Motivations
Buyers in this market have several motivations. They seek cheap tokens to reduce their costs. They also want to avoid geo-restrictions that may block access to certain LLM services from their region. In some cases, buyers collect data for model distillation, a process where a smaller model learns from a larger one.
Implications for Developers
Stay ahead of the AI curve
The most important updates, news, and content — delivered weekly.
No spam. Unsubscribe anytime.
Simon Willison, who shared the investigation, expressed caution about exposing his own LLM-driven applications publicly. He fears abuse could lead to large token bills. The existence of this marketplace makes him even more cautious. There is now an entire ecosystem that can profit from finding a new unprotected endpoint to exploit.
Willison called on LLM vendors to improve their offerings by providing strict caps for API keys. He wants his LLM apps to stop working the moment they hit a dollar threshold he has set for a period of time. This would help prevent runaway costs from abuse.
Source of the Investigation
The investigation by Matt Lenhard drew on a Chinese language forum thread that served as the principal source for his article. The thread provided insights into how the market operates and the techniques used by resellers.
Willison posted the link on 26th July 2026. He also mentioned a sponsorship option for $10 per month that provides a curated email digest of the month's most important LLM developments.