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 79.8 99.1 94.0 70.3
Vol. auth.
79.8
Bk. quality
99.1
Price form.
94.0
Cross-venue
70.3
02 OKX 71.4 84.8 91.2 71.2
Vol. auth.
71.4
Bk. quality
84.8
Price form.
91.2
Cross-venue
71.2
03 Bybit 60.0 79.6 89.3 73.0
Vol. auth.
60.0
Bk. quality
79.6
Price form.
89.3
Cross-venue
73.0
04 Coinbase 66.8 92.1 92.9 47.7
Vol. auth.
66.8
Bk. quality
92.1
Price form.
92.9
Cross-venue
47.7
05 Bitget 57.2 93.2 92.5 54.1
Vol. auth.
57.2
Bk. quality
93.2
Price form.
92.5
Cross-venue
54.1
06 Gate.io 45.9 96.6 92.5 44.1
Vol. auth.
45.9
Bk. quality
96.6
Price form.
92.5
Cross-venue
44.1
07 Binance 42.5 69.3 91.6 50.1
Vol. auth.
42.5
Bk. quality
69.3
Price form.
91.6
Cross-venue
50.1
08 Kraken 56.3 82.4 87.4 31.3
Vol. auth.
56.3
Bk. quality
82.4
Price form.
87.4
Cross-venue
31.3
— HTX — 96.4 89.2 —
Vol. auth.
—
Bk. quality
96.4
Price form.
89.2
Cross-venue
—
— KuCoin — 97.4 97.1 —
Vol. auth.
—
Bk. quality
97.4
Price form.
97.1
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.

View report details →