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 78.8 98.7 91.7 95.3
Vol. auth.
78.8
Bk. quality
98.7
Price form.
91.7
Cross-venue
95.3
02 Bitget 63.0 95.3 95.1 93.2
Vol. auth.
63.0
Bk. quality
95.3
Price form.
95.1
Cross-venue
93.2
03 OKX 70.1 87.5 90.5 89.1
Vol. auth.
70.1
Bk. quality
87.5
Price form.
90.5
Cross-venue
89.1
04 Coinbase 69.9 92.3 92.6 62.0
Vol. auth.
69.9
Bk. quality
92.3
Price form.
92.6
Cross-venue
62.0
05 Bybit 53.6 81.1 93.7 81.7
Vol. auth.
53.6
Bk. quality
81.1
Price form.
93.7
Cross-venue
81.7
06 Kraken 68.5 83.0 75.0 52.5
Vol. auth.
68.5
Bk. quality
83.0
Price form.
75.0
Cross-venue
52.5
07 Gate.io 39.1 96.9 95.3 55.7
Vol. auth.
39.1
Bk. quality
96.9
Price form.
95.3
Cross-venue
55.7
08 Binance 42.0 67.9 88.1 67.3
Vol. auth.
42.0
Bk. quality
67.9
Price form.
88.1
Cross-venue
67.3
— HTX — 96.0 83.6 —
Vol. auth.
—
Bk. quality
96.0
Price form.
83.6
Cross-venue
—
— KuCoin — 97.2 96.6 —
Vol. auth.
—
Bk. quality
97.2
Price form.
96.6
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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