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 73.9 99.1 85.2 79.1
Vol. auth.
73.9
Bk. quality
99.1
Price form.
85.2
Cross-venue
79.1
02 Bitget 57.2 96.9 87.7 79.1
Vol. auth.
57.2
Bk. quality
96.9
Price form.
87.7
Cross-venue
79.1
03 OKX 70.4 87.8 84.0 67.8
Vol. auth.
70.4
Bk. quality
87.8
Price form.
84.0
Cross-venue
67.8
04 Kraken 75.2 87.5 83.4 40.2
Vol. auth.
75.2
Bk. quality
87.5
Price form.
83.4
Cross-venue
40.2
05 Coinbase 63.6 90.0 84.7 42.4
Vol. auth.
63.6
Bk. quality
90.0
Price form.
84.7
Cross-venue
42.4
06 Bybit 49.0 75.9 86.2 59.7
Vol. auth.
49.0
Bk. quality
75.9
Price form.
86.2
Cross-venue
59.7
07 Gate.io 39.2 96.8 84.1 42.4
Vol. auth.
39.2
Bk. quality
96.8
Price form.
84.1
Cross-venue
42.4
08 Binance 41.0 70.1 80.5 47.2
Vol. auth.
41.0
Bk. quality
70.1
Price form.
80.5
Cross-venue
47.2
09 HTX 11.6 95.4 81.2 36.8
Vol. auth.
11.6
Bk. quality
95.4
Price form.
81.2
Cross-venue
36.8
10 KuCoin 1.6 93.0 85.0 33.0
Vol. auth.
1.6
Bk. quality
93.0
Price form.
85.0
Cross-venue
33.0

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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