Are there really two transfer markets in football?
Yes. Football has a small fee market and a much larger free market. In 2025, only 1,214 of the 5,283 clubs active in international transfers paid any fee, and deals above USD 20 million took nearly half of all fee money. Most clubs recruit in the second market, on free transfers and modest wages.
On this page
The fee market is small and concentrated
Of the 5,283 clubs active in international transfers in 2025, 1,214 paid any transfer fee at all (FIFA Global Transfer Report 2025, p. 7). Fewer than a quarter.
Within that, a few very large deals dominate. Transfers above USD 20 million were 3.8 per cent of transfers with a fee but took 48.5 per cent of all fee money (FIFA Global Transfer Report 2025, p. 9). That is the market the headlines cover.
The other market is where most clubs live
Most clubs replace a large part of their squad every year. Across 48 top divisions, 44.2 per cent of squad players had joined their club within the previous year (CIES Football Observatory, Monthly Report 89, November 2023).
They mostly sign players who are out of contract, on short deals and modest wages. In 2025, 47.3 per cent of players who moved between countries signed for USD 25,000 a year or less in fixed pay, loans excluded (FIFA Global Transfer Report 2025, p. 19).
| Fee market | Free market | |
|---|---|---|
| Who is in it | A minority of clubs | Most clubs |
| How a player moves | A transfer fee | Out of contract, free transfer or loan |
| What decides it | Who can pay the most | Who knew about the player first |
| Tools that pay for themselves | Data subscriptions, scouting departments | Anything that costs next to nothing |
Nobody is outbid in the second market
When no fee changes hands, the player goes to the club that knew about him and made an offer he would take. The competition is for information, not money.
Our own analysis of Transfermarkt records says the same from another direction: below the second division, a stated transfer fee appears on only seven in a thousand arrivals from another league. The full method is in our report on the transfer market below the top division.
Below the top division, the deal is found, not bought.
FTBL Exchange puts a club's request in front of the agents and players who can answer it. Free for players, agents and clubs.
Register freeAlready registered? Sign in
Questions people also ask
What share of transfers have a fee?
In 2025, 17.7 per cent of international transfers in men's professional football involved a fee, a record high (FIFA Global Transfer Report 2025).
Why does this matter for a small club?
Because its recruiting problem is rarely money for a fee. It is hearing about available players in time and judging them quickly.
Sources
- FIFA Global Transfer Report 2025 (opens in a new tab)
- CIES Football Observatory, Monthly Report 89, November 2023 (opens in a new tab)
- Transfermarkt transfer records, seasons 2023/24 to 2025/26, assembled August 2026