About Assay

Assay is an independent exchange quality rating service for the crypto spot market. Every day, public trade data and order book snapshots from a defined set of major spot venues are ingested, eleven metrics across four dimensions are computed, and a composite score for each exchange is published.

What we measure

Assay measures how prices, spreads, depth, and trades behave in practice, not how they are reported. Scores are derived entirely from public REST and WebSocket feeds. No exchange cooperation is required, no self-reported figures are used as inputs, and no proprietary data is purchased.

Methodology

The methodology is published in full. Every metric is described at the formula level, with its inputs, transformation logic, and the reasoning behind it. Specific calibration parameters (the numerical thresholds used to normalise raw values to 0-100 scores) are held proprietary to preserve scoring integrity. Everything else is open. An independent researcher with access to the same public exchange data can reproduce all raw metric values from the published methodology. Final scores will differ only due to the proprietary calibration.

Who it is for

Anyone who needs an independent assessment of exchange market quality:

  • Token projects evaluating listing venues
  • Funds and trading desks assessing execution quality
  • Institutions performing exchange due diligence
  • Researchers and analysts studying market structure

Exchanges have a natural incentive to present their own data favourably. Assay provides an independent benchmark.

What it is not

Assay evaluates only the observable quality of exchange market data. It does not assess custody security, asset segregation, or proof of reserves. It does not cover regulatory standing, licensing, or jurisdictional posture. It does not evaluate user experience, fiat on/off-ramp infrastructure, or support quality.

These are legitimate considerations for anyone evaluating an exchange. They require different data sources and different methods. Assay does not attempt to cover them and does not factor them into scores.

Independence

Assay does not accept commissions from exchanges to produce reports on themselves or their competitors. Assay maintains no commercial partnerships or consulting arrangements with the exchanges it covers. Scores are produced without exchange cooperation or compensation.

Revenue comes exclusively from data licence subscriptions. While an exchange may subscribe to the data, this grants no influence over methodology, scoring, or findings.