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 73.3 99.1 83.3 82.7
Vol. auth.
73.3
Bk. quality
99.1
Price form.
83.3
Cross-venue
82.7
02 Bitget 64.4 98.8 84.6 78.2
Vol. auth.
64.4
Bk. quality
98.8
Price form.
84.6
Cross-venue
78.2
03 OKX 72.6 87.2 78.4 76.3
Vol. auth.
72.6
Bk. quality
87.2
Price form.
78.4
Cross-venue
76.3
04 Coinbase 68.5 91.9 84.0 53.8
Vol. auth.
68.5
Bk. quality
91.9
Price form.
84.0
Cross-venue
53.8
05 Bybit 47.5 75.7 78.5 70.8
Vol. auth.
47.5
Bk. quality
75.7
Price form.
78.5
Cross-venue
70.8
06 Kraken 74.0 83.9 67.9 44.4
Vol. auth.
74.0
Bk. quality
83.9
Price form.
67.9
Cross-venue
44.4
07 Gate.io 39.4 96.8 81.3 48.1
Vol. auth.
39.4
Bk. quality
96.8
Price form.
81.3
Cross-venue
48.1
08 Binance 38.1 69.7 77.7 51.3
Vol. auth.
38.1
Bk. quality
69.7
Price form.
77.7
Cross-venue
51.3
09 HTX 4.3 87.4 77.5 34.1
Vol. auth.
4.3
Bk. quality
87.4
Price form.
77.5
Cross-venue
34.1
10 KuCoin 0.8 98.4 77.7 34.0
Vol. auth.
0.8
Bk. quality
98.4
Price form.
77.7
Cross-venue
34.0

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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