Market microstructure integrity scoring

As of

Shadow mode is active during the initial calibration window. Composite scores and band assignments will publish once sufficient peer baseline history has accumulated. Dimension scores are live.

# Exchange Vol. auth. Bk. quality Price form. Cross-venue 30d
01 MEXC 82.1 98.8 92.8 81.2
Vol. auth.
82.1
Bk. quality
98.8
Price form.
92.8
Cross-venue
81.2
02 OKX 70.6 89.8 89.7 86.6
Vol. auth.
70.6
Bk. quality
89.8
Price form.
89.7
Cross-venue
86.6
03 Bitget 64.9 96.4 92.7 78.4
Vol. auth.
64.9
Bk. quality
96.4
Price form.
92.7
Cross-venue
78.4
04 Coinbase 73.5 91.6 95.7 57.9
Vol. auth.
73.5
Bk. quality
91.6
Price form.
95.7
Cross-venue
57.9
05 Bybit 52.5 78.7 94.1 63.7
Vol. auth.
52.5
Bk. quality
78.7
Price form.
94.1
Cross-venue
63.7
06 Gate.io 47.9 96.3 97.6 47.9
Vol. auth.
47.9
Bk. quality
96.3
Price form.
97.6
Cross-venue
47.9
07 Kraken 58.8 84.2 94.4 45.3
Vol. auth.
58.8
Bk. quality
84.2
Price form.
94.4
Cross-venue
45.3
08 Binance 45.8 70.9 93.1 55.5
Vol. auth.
45.8
Bk. quality
70.9
Price form.
93.1
Cross-venue
55.5
— HTX — 96.0 93.3 —
Vol. auth.
—
Bk. quality
96.0
Price form.
93.3
Cross-venue
—
— KuCoin — 97.2 97.4 —
Vol. auth.
—
Bk. quality
97.2
Price form.
97.4
Cross-venue
—

Insufficient data for this scoring run. Scores will populate as the data collection window completes.

What does this score measure?

Ten observable microstructure metrics across four dimensions: volume authenticity, order book quality, price formation integrity, and cross-venue consistency. Scores describe observed market behaviour, not intent or fraud, and are regime-sensitive. No self-reported data, no exchange cooperation required.

Read the full methodology →

Commission a written report

In-depth written analysis of an exchange's market data quality. Peer comparison, 30-day trend, notable findings. Pricing per engagement; quote on request.

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