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 81.1 99.3 92.5 85.7
Vol. auth.
81.1
Bk. quality
99.3
Price form.
92.5
Cross-venue
85.7
02 OKX 71.1 88.5 93.0 69.0
Vol. auth.
71.1
Bk. quality
88.5
Price form.
93.0
Cross-venue
69.0
03 Bybit 58.9 81.4 90.5 81.9
Vol. auth.
58.9
Bk. quality
81.4
Price form.
90.5
Cross-venue
81.9
04 Bitget 61.1 93.3 93.3 56.1
Vol. auth.
61.1
Bk. quality
93.3
Price form.
93.3
Cross-venue
56.1
05 Coinbase 61.4 89.3 91.3 53.6
Vol. auth.
61.4
Bk. quality
89.3
Price form.
91.3
Cross-venue
53.6
06 Gate.io 53.4 96.6 97.1 49.9
Vol. auth.
53.4
Bk. quality
96.6
Price form.
97.1
Cross-venue
49.9
07 Kraken 71.5 85.5 89.2 46.1
Vol. auth.
71.5
Bk. quality
85.5
Price form.
89.2
Cross-venue
46.1
08 Binance 42.1 68.5 93.7 52.2
Vol. auth.
42.1
Bk. quality
68.5
Price form.
93.7
Cross-venue
52.2
HTX 96.5 87.0
Vol. auth.
Bk. quality
96.5
Price form.
87.0
Cross-venue
KuCoin 97.8 97.5
Vol. auth.
Bk. quality
97.8
Price form.
97.5
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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