mean only a portion is given to exchanges for listing... like hitbtc is charging 42BTC to listing.. then how the per token price is decided if funds are not in circulation.
I think that there's some sort of vault where it indicates the market cap of that coin.
Exchanges aren't responsible for holding the total market cap of that coin but it sums up each of them on how much is the volume of that coin per exchange if there's variety where they are listed but if not I guess the developers itself identifies it's total market cap.