In a hybrid wireless network that combines a mobile ad-hoc network and an infrastructure network, efficient and reliable data routing is important for high throughput. Existing routing schemes that simply combine ad-hoc and infrastructure routings inherit the drawbacks of ad-hoc routing including congestion and high overhead for route discovery and maintenance. Although current reputation systems help increase routing reliability, they rely on local information exchanges between nodes to evaluate node reputations, so they are not sufficiently effective and efficient. A challenge here is if we can coordinately develop an efficient routing algorithm and effective cooperation incentives for reliable routing. To handle this challenge, this paper presents a peer-to-peer (P2P)-based Market-guided Distributed Routing mechanism (MDR). MDR takes advantage of widespread base stations to coordinately realize highly efficient data routing, and effective reputation management and trading market management for reliable data routing. The packets from a source node are distributively transmitted to base stations directly or indirectly, and then they are transmitted to the destination. The base stations form a P2P structure for reputation collection and querying to avoid local information exchanges, and for managing the service transactions between nodes in the trading market. By leveraging the single-relay transmission feature, base stations can monitor the actual transmitted packets of relay nodes to more accurately and efficiently evaluate their reputations and execute trading market management, as well as detect falsely reported reputation information. We further propose market-based policies to strengthen cooperation incentives. Simulation results show that MDR outperforms the traditional hybrid routing schemes and reputation systems in achieving high throughput.