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 72.0 99.3 93.7 92.1
Vol. auth.
72.0
Bk. quality
99.3
Price form.
93.7
Cross-venue
92.1
02 Bitget 70.8 99.5 91.9 93.4
Vol. auth.
70.8
Bk. quality
99.5
Price form.
91.9
Cross-venue
93.4
03 OKX 71.7 85.9 93.9 76.8
Vol. auth.
71.7
Bk. quality
85.9
Price form.
93.9
Cross-venue
76.8
04 Kraken 74.1 83.6 92.1 61.1
Vol. auth.
74.1
Bk. quality
83.6
Price form.
92.1
Cross-venue
61.1
05 Coinbase 64.9 91.7 93.7 57.1
Vol. auth.
64.9
Bk. quality
91.7
Price form.
93.7
Cross-venue
57.1
06 Bybit 51.6 76.9 94.0 77.3
Vol. auth.
51.6
Bk. quality
76.9
Price form.
94.0
Cross-venue
77.3
07 Gate.io 43.0 96.4 96.5 60.9
Vol. auth.
43.0
Bk. quality
96.4
Price form.
96.5
Cross-venue
60.9
08 Binance 43.0 70.2 85.6 61.4
Vol. auth.
43.0
Bk. quality
70.2
Price form.
85.6
Cross-venue
61.4
09 HTX 14.6 96.0 94.7 49.0
Vol. auth.
14.6
Bk. quality
96.0
Price form.
94.7
Cross-venue
49.0
10 KuCoin 1.7 97.7 96.7 48.7
Vol. auth.
1.7
Bk. quality
97.7
Price form.
96.7
Cross-venue
48.7

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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