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 82.2 98.7 89.9 91.0
Vol. auth.
82.2
Bk. quality
98.7
Price form.
89.9
Cross-venue
91.0
02 OKX 69.3 87.7 91.6 76.1
Vol. auth.
69.3
Bk. quality
87.7
Price form.
91.6
Cross-venue
76.1
03 Bybit 57.2 80.7 95.9 89.5
Vol. auth.
57.2
Bk. quality
80.7
Price form.
95.9
Cross-venue
89.5
04 Bitget 60.6 92.7 86.5 80.1
Vol. auth.
60.6
Bk. quality
92.7
Price form.
86.5
Cross-venue
80.1
05 Coinbase 63.5 91.7 95.8 57.7
Vol. auth.
63.5
Bk. quality
91.7
Price form.
95.8
Cross-venue
57.7
06 Gate.io 55.5 97.0 97.5 60.3
Vol. auth.
55.5
Bk. quality
97.0
Price form.
97.5
Cross-venue
60.3
07 Kraken 70.4 86.3 92.6 53.6
Vol. auth.
70.4
Bk. quality
86.3
Price form.
92.6
Cross-venue
53.6
08 Binance 40.1 69.9 89.7 61.1
Vol. auth.
40.1
Bk. quality
69.9
Price form.
89.7
Cross-venue
61.1
— HTX — 96.8 93.1 —
Vol. auth.
—
Bk. quality
96.8
Price form.
93.1
Cross-venue
—
— KuCoin — 97.6 97.4 —
Vol. auth.
—
Bk. quality
97.6
Price form.
97.4
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.

View report details →