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 75.4 99.3 69.8 81.5
Vol. auth.
75.4
Bk. quality
99.3
Price form.
69.8
Cross-venue
81.5
02 Bitget 69.0 99.1 64.3 80.1
Vol. auth.
69.0
Bk. quality
99.1
Price form.
64.3
Cross-venue
80.1
03 OKX 61.1 88.1 63.7 60.8
Vol. auth.
61.1
Bk. quality
88.1
Price form.
63.7
Cross-venue
60.8
04 Bybit 51.4 77.6 63.7 70.0
Vol. auth.
51.4
Bk. quality
77.6
Price form.
63.7
Cross-venue
70.0
05 Kraken 66.7 86.6 66.3 39.7
Vol. auth.
66.7
Bk. quality
86.6
Price form.
66.3
Cross-venue
39.7
06 Coinbase 68.9 90.1 47.9 47.0
Vol. auth.
68.9
Bk. quality
90.1
Price form.
47.9
Cross-venue
47.0
07 Gate.io 42.2 96.5 65.6 50.2
Vol. auth.
42.2
Bk. quality
96.5
Price form.
65.6
Cross-venue
50.2
08 Binance 39.1 71.0 62.5 50.9
Vol. auth.
39.1
Bk. quality
71.0
Price form.
62.5
Cross-venue
50.9
09 HTX 9.6 99.1 49.1 36.3
Vol. auth.
9.6
Bk. quality
99.1
Price form.
49.1
Cross-venue
36.3
10 KuCoin 0.7 96.2 49.4 35.0
Vol. auth.
0.7
Bk. quality
96.2
Price form.
49.4
Cross-venue
35.0

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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