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 Bitget 73.3 99.3 94.0 92.5
Vol. auth.
73.3
Bk. quality
99.3
Price form.
94.0
Cross-venue
92.5
02 MEXC 73.1 99.0 93.7 86.3
Vol. auth.
73.1
Bk. quality
99.0
Price form.
93.7
Cross-venue
86.3
03 Bybit 54.6 78.6 92.3 77.7
Vol. auth.
54.6
Bk. quality
78.6
Price form.
92.3
Cross-venue
77.7
04 OKX 54.7 83.4 88.3 74.3
Vol. auth.
54.7
Bk. quality
83.4
Price form.
88.3
Cross-venue
74.3
05 Coinbase 56.5 90.2 96.1 54.2
Vol. auth.
56.5
Bk. quality
90.2
Price form.
96.1
Cross-venue
54.2
06 Gate.io 53.5 97.0 95.5 53.0
Vol. auth.
53.5
Bk. quality
97.0
Price form.
95.5
Cross-venue
53.0
07 Kraken 64.6 89.6 95.7 43.5
Vol. auth.
64.6
Bk. quality
89.6
Price form.
95.7
Cross-venue
43.5
08 Binance 45.9 73.2 91.0 59.3
Vol. auth.
45.9
Bk. quality
73.2
Price form.
91.0
Cross-venue
59.3
09 HTX 15.1 96.7 96.2 47.0
Vol. auth.
15.1
Bk. quality
96.7
Price form.
96.2
Cross-venue
47.0
10 KuCoin 1.0 96.4 95.7 41.5
Vol. auth.
1.0
Bk. quality
96.4
Price form.
95.7
Cross-venue
41.5

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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