Except top exchanges, rest of Most of exchanges will list your project even shitcoins if you give them money.
Obviously new and upcoming exchanges are gonna need more funding than top exchanges do. So they will get any money they can get. I mean even top exchanges gather sponsors to get the money required for development and improvement of their software.
But since top exchanges will not easily fold over little money they are seen as more credible but in the end money is always the king that can order anyone around.