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 72.7 98.9 90.3 95.7
Vol. auth.
72.7
Bk. quality
98.9
Price form.
90.3
Cross-venue
95.7
02 Bitget 68.7 99.5 89.7 95.0
Vol. auth.
68.7
Bk. quality
99.5
Price form.
89.7
Cross-venue
95.0
03 OKX 74.6 89.5 87.3 89.8
Vol. auth.
74.6
Bk. quality
89.5
Price form.
87.3
Cross-venue
89.8
04 Coinbase 63.0 89.7 87.7 57.9
Vol. auth.
63.0
Bk. quality
89.7
Price form.
87.7
Cross-venue
57.9
05 Bybit 52.7 78.1 73.9 81.2
Vol. auth.
52.7
Bk. quality
78.1
Price form.
73.9
Cross-venue
81.2
06 Kraken 72.8 88.6 73.5 46.5
Vol. auth.
72.8
Bk. quality
88.6
Price form.
73.5
Cross-venue
46.5
07 Gate.io 40.0 96.8 95.3 56.8
Vol. auth.
40.0
Bk. quality
96.8
Price form.
95.3
Cross-venue
56.8
08 Binance 43.6 70.8 90.4 68.4
Vol. auth.
43.6
Bk. quality
70.8
Price form.
90.4
Cross-venue
68.4
09 HTX 15.8 97.5 95.1 45.8
Vol. auth.
15.8
Bk. quality
97.5
Price form.
95.1
Cross-venue
45.8
10 KuCoin 0.8 96.7 95.6 45.9
Vol. auth.
0.8
Bk. quality
96.7
Price form.
95.6
Cross-venue
45.9

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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