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 80.6 98.7 92.3 70.2
Vol. auth.
80.6
Bk. quality
98.7
Price form.
92.3
Cross-venue
70.2
02 OKX 73.3 87.7 89.8 65.3
Vol. auth.
73.3
Bk. quality
87.7
Price form.
89.8
Cross-venue
65.3
03 Bitget 60.4 94.1 94.4 57.9
Vol. auth.
60.4
Bk. quality
94.1
Price form.
94.4
Cross-venue
57.9
04 Bybit 52.0 80.7 92.0 63.3
Vol. auth.
52.0
Bk. quality
80.7
Price form.
92.0
Cross-venue
63.3
05 Kraken 76.4 80.8 90.2 41.9
Vol. auth.
76.4
Bk. quality
80.8
Price form.
90.2
Cross-venue
41.9
06 Coinbase 66.5 91.2 93.4 40.9
Vol. auth.
66.5
Bk. quality
91.2
Price form.
93.4
Cross-venue
40.9
07 Gate.io 45.1 96.2 96.4 44.4
Vol. auth.
45.1
Bk. quality
96.2
Price form.
96.4
Cross-venue
44.4
08 Binance 39.8 67.8 90.7 51.1
Vol. auth.
39.8
Bk. quality
67.8
Price form.
90.7
Cross-venue
51.1
— HTX — 95.0 79.4 —
Vol. auth.
—
Bk. quality
95.0
Price form.
79.4
Cross-venue
—
— KuCoin — 97.2 96.5 —
Vol. auth.
—
Bk. quality
97.2
Price form.
96.5
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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