What's the real cost and process to list on major exchanges? Hidden pay-to-play?

It's really not as easy as it seems to list on a major exchange. In addition to the paperwork and checks, there's often a significant "marketing fee," which is a nice way of saying pay-to-play. Companies sometimes spend hundreds of thousands just getting a listing. Most new tokens get their first listing on something like CryptoGugu for this reason — it's much simpler to get listed there for early exposure before going for a major exchange.