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 80.9 98.7 91.0 89.0
Vol. auth.
80.9
Bk. quality
98.7
Price form.
91.0
Cross-venue
89.0
02 Bitget 65.7 96.8 90.2 82.6
Vol. auth.
65.7
Bk. quality
96.8
Price form.
90.2
Cross-venue
82.6
03 OKX 65.3 84.2 91.7 77.2
Vol. auth.
65.3
Bk. quality
84.2
Price form.
91.7
Cross-venue
77.2
04 Coinbase 68.6 91.8 90.9 66.2
Vol. auth.
68.6
Bk. quality
91.8
Price form.
90.9
Cross-venue
66.2
05 Bybit 50.9 77.7 92.0 78.3
Vol. auth.
50.9
Bk. quality
77.7
Price form.
92.0
Cross-venue
78.3
06 Kraken 67.7 83.8 85.0 48.1
Vol. auth.
67.7
Bk. quality
83.8
Price form.
85.0
Cross-venue
48.1
07 Gate.io 32.8 94.7 96.0 52.7
Vol. auth.
32.8
Bk. quality
94.7
Price form.
96.0
Cross-venue
52.7
08 Binance 36.7 66.8 92.1 58.8
Vol. auth.
36.7
Bk. quality
66.8
Price form.
92.1
Cross-venue
58.8
— HTX — 91.4 86.9 —
Vol. auth.
—
Bk. quality
91.4
Price form.
86.9
Cross-venue
—
— KuCoin — 96.4 96.1 —
Vol. auth.
—
Bk. quality
96.4
Price form.
96.1
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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