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 80.5 99.3 91.4 80.3
Vol. auth.
80.5
Bk. quality
99.3
Price form.
91.4
Cross-venue
80.3
02 Bitget 57.3 95.1 95.3 82.3
Vol. auth.
57.3
Bk. quality
95.1
Price form.
95.3
Cross-venue
82.3
03 Bybit 61.9 82.9 96.1 74.7
Vol. auth.
61.9
Bk. quality
82.9
Price form.
96.1
Cross-venue
74.7
04 Coinbase 71.6 92.4 95.6 52.3
Vol. auth.
71.6
Bk. quality
92.4
Price form.
95.6
Cross-venue
52.3
05 OKX 57.1 83.7 89.4 74.2
Vol. auth.
57.1
Bk. quality
83.7
Price form.
89.4
Cross-venue
74.2
06 Gate.io 53.0 97.2 97.6 57.3
Vol. auth.
53.0
Bk. quality
97.2
Price form.
97.6
Cross-venue
57.3
07 Kraken 65.0 80.8 91.1 49.4
Vol. auth.
65.0
Bk. quality
80.8
Price form.
91.1
Cross-venue
49.4
08 Binance 45.6 69.5 91.8 77.9
Vol. auth.
45.6
Bk. quality
69.5
Price form.
91.8
Cross-venue
77.9
— HTX — 96.7 88.9 —
Vol. auth.
—
Bk. quality
96.7
Price form.
88.9
Cross-venue
—
— KuCoin — 97.9 97.6 —
Vol. auth.
—
Bk. quality
97.9
Price form.
97.6
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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