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 82.0 99.2 93.5 98.7
Vol. auth.
82.0
Bk. quality
99.2
Price form.
93.5
Cross-venue
98.7
02 Bitget 65.5 97.6 95.1 93.9
Vol. auth.
65.5
Bk. quality
97.6
Price form.
95.1
Cross-venue
93.9
03 OKX 70.4 88.5 92.0 90.3
Vol. auth.
70.4
Bk. quality
88.5
Price form.
92.0
Cross-venue
90.3
04 Coinbase 72.2 90.5 80.0 63.9
Vol. auth.
72.2
Bk. quality
90.5
Price form.
80.0
Cross-venue
63.9
05 Bybit 49.8 80.5 94.8 81.0
Vol. auth.
49.8
Bk. quality
80.5
Price form.
94.8
Cross-venue
81.0
06 Kraken 62.6 77.8 93.8 58.1
Vol. auth.
62.6
Bk. quality
77.8
Price form.
93.8
Cross-venue
58.1
07 Gate.io 42.4 95.2 97.3 59.6
Vol. auth.
42.4
Bk. quality
95.2
Price form.
97.3
Cross-venue
59.6
08 Binance 44.7 66.3 94.3 66.8
Vol. auth.
44.7
Bk. quality
66.3
Price form.
94.3
Cross-venue
66.8
— HTX — 96.0 92.5 —
Vol. auth.
—
Bk. quality
96.0
Price form.
92.5
Cross-venue
—
— KuCoin — 96.9 97.9 —
Vol. auth.
—
Bk. quality
96.9
Price form.
97.9
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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