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 78.9 99.3 74.1 97.5
Vol. auth.
78.9
Bk. quality
99.3
Price form.
74.1
Cross-venue
97.5
02 Bitget 68.3 99.1 72.5 99.0
Vol. auth.
68.3
Bk. quality
99.1
Price form.
72.5
Cross-venue
99.0
03 OKX 71.2 89.1 69.3 89.5
Vol. auth.
71.2
Bk. quality
89.1
Price form.
69.3
Cross-venue
89.5
04 Coinbase 75.0 92.6 80.2 63.4
Vol. auth.
75.0
Bk. quality
92.6
Price form.
80.2
Cross-venue
63.4
05 Kraken 71.3 87.3 78.8 55.2
Vol. auth.
71.3
Bk. quality
87.3
Price form.
78.8
Cross-venue
55.2
06 Bybit 53.4 78.1 64.5 84.3
Vol. auth.
53.4
Bk. quality
78.1
Price form.
64.5
Cross-venue
84.3
07 Gate.io 42.0 96.7 68.2 62.8
Vol. auth.
42.0
Bk. quality
96.7
Price form.
68.2
Cross-venue
62.8
08 Binance 42.4 71.4 70.4 64.7
Vol. auth.
42.4
Bk. quality
71.4
Price form.
70.4
Cross-venue
64.7
— HTX — 98.2 62.1 —
Vol. auth.
—
Bk. quality
98.2
Price form.
62.1
Cross-venue
—
— KuCoin — 97.7 61.4 —
Vol. auth.
—
Bk. quality
97.7
Price form.
61.4
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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