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 72.2 99.6 90.7 77.0
Vol. auth.
72.2
Bk. quality
99.6
Price form.
90.7
Cross-venue
77.0
02 Bitget 68.8 99.8 86.6 75.6
Vol. auth.
68.8
Bk. quality
99.8
Price form.
86.6
Cross-venue
75.6
03 OKX 67.3 88.7 85.3 81.2
Vol. auth.
67.3
Bk. quality
88.7
Price form.
85.3
Cross-venue
81.2
04 Coinbase 63.7 90.8 84.7 50.3
Vol. auth.
63.7
Bk. quality
90.8
Price form.
84.7
Cross-venue
50.3
05 Bybit 50.1 77.5 86.2 62.0
Vol. auth.
50.1
Bk. quality
77.5
Price form.
86.2
Cross-venue
62.0
06 Kraken 68.8 87.0 86.3 38.8
Vol. auth.
68.8
Bk. quality
87.0
Price form.
86.3
Cross-venue
38.8
07 Gate.io 41.6 96.8 90.3 41.2
Vol. auth.
41.6
Bk. quality
96.8
Price form.
90.3
Cross-venue
41.2
08 Binance 42.9 71.2 83.6 52.5
Vol. auth.
42.9
Bk. quality
71.2
Price form.
83.6
Cross-venue
52.5
09 HTX 9.1 98.4 87.8 33.4
Vol. auth.
9.1
Bk. quality
98.4
Price form.
87.8
Cross-venue
33.4
10 KuCoin 0.9 98.9 90.0 29.4
Vol. auth.
0.9
Bk. quality
98.9
Price form.
90.0
Cross-venue
29.4

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.

View report details →