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 80.2 98.4 90.2 89.9
Vol. auth.
80.2
Bk. quality
98.4
Price form.
90.2
Cross-venue
89.9
02 OKX 70.6 89.7 91.0 88.7
Vol. auth.
70.6
Bk. quality
89.7
Price form.
91.0
Cross-venue
88.7
03 Bitget 57.9 96.9 96.0 90.9
Vol. auth.
57.9
Bk. quality
96.9
Price form.
96.0
Cross-venue
90.9
04 Coinbase 72.2 92.3 95.9 53.3
Vol. auth.
72.2
Bk. quality
92.3
Price form.
95.9
Cross-venue
53.3
05 Bybit 51.8 81.1 95.8 82.5
Vol. auth.
51.8
Bk. quality
81.1
Price form.
95.8
Cross-venue
82.5
06 Gate.io 50.0 96.9 97.1 54.9
Vol. auth.
50.0
Bk. quality
96.9
Price form.
97.1
Cross-venue
54.9
07 Kraken 64.2 76.7 95.3 51.2
Vol. auth.
64.2
Bk. quality
76.7
Price form.
95.3
Cross-venue
51.2
08 Binance 45.5 68.2 91.2 60.7
Vol. auth.
45.5
Bk. quality
68.2
Price form.
91.2
Cross-venue
60.7
— HTX — 97.0 89.3 —
Vol. auth.
—
Bk. quality
97.0
Price form.
89.3
Cross-venue
—
— KuCoin — 97.8 97.2 —
Vol. auth.
—
Bk. quality
97.8
Price form.
97.2
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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