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 79.1 99.2 89.3 68.5
Vol. auth.
79.1
Bk. quality
99.2
Price form.
89.3
Cross-venue
68.5
02 OKX 68.9 87.9 87.2 73.7
Vol. auth.
68.9
Bk. quality
87.9
Price form.
87.2
Cross-venue
73.7
03 Bybit 62.6 80.3 95.6 69.5
Vol. auth.
62.6
Bk. quality
80.3
Price form.
95.6
Cross-venue
69.5
04 Coinbase 68.7 91.6 91.8 48.2
Vol. auth.
68.7
Bk. quality
91.6
Price form.
91.8
Cross-venue
48.2
05 Bitget 55.7 93.9 89.1 55.9
Vol. auth.
55.7
Bk. quality
93.9
Price form.
89.1
Cross-venue
55.9
06 Gate.io 45.8 96.6 94.7 40.8
Vol. auth.
45.8
Bk. quality
96.6
Price form.
94.7
Cross-venue
40.8
07 Kraken 63.9 84.7 92.6 28.2
Vol. auth.
63.9
Bk. quality
84.7
Price form.
92.6
Cross-venue
28.2
08 Binance 43.0 68.7 91.6 48.3
Vol. auth.
43.0
Bk. quality
68.7
Price form.
91.6
Cross-venue
48.3
— HTX — 96.2 89.8 —
Vol. auth.
—
Bk. quality
96.2
Price form.
89.8
Cross-venue
—
— KuCoin — 97.6 96.8 —
Vol. auth.
—
Bk. quality
97.6
Price form.
96.8
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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