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 82.1 99.4 90.1 91.1
Vol. auth.
82.1
Bk. quality
99.4
Price form.
90.1
Cross-venue
91.1
02 OKX 71.5 89.1 88.9 92.7
Vol. auth.
71.5
Bk. quality
89.1
Price form.
88.9
Cross-venue
92.7
03 Bybit 63.1 83.0 91.8 91.2
Vol. auth.
63.1
Bk. quality
83.0
Price form.
91.8
Cross-venue
91.2
04 Coinbase 68.8 89.2 95.1 66.8
Vol. auth.
68.8
Bk. quality
89.2
Price form.
95.1
Cross-venue
66.8
05 Bitget 62.5 94.4 95.7 68.7
Vol. auth.
62.5
Bk. quality
94.4
Price form.
95.7
Cross-venue
68.7
06 Gate.io 58.2 96.9 94.8 59.0
Vol. auth.
58.2
Bk. quality
96.9
Price form.
94.8
Cross-venue
59.0
07 Kraken 68.7 84.0 92.4 48.8
Vol. auth.
68.7
Bk. quality
84.0
Price form.
92.4
Cross-venue
48.8
08 Binance 42.4 69.6 93.3 62.8
Vol. auth.
42.4
Bk. quality
69.6
Price form.
93.3
Cross-venue
62.8
— HTX — 96.7 92.2 —
Vol. auth.
—
Bk. quality
96.7
Price form.
92.2
Cross-venue
—
— KuCoin — 97.8 97.0 —
Vol. auth.
—
Bk. quality
97.8
Price form.
97.0
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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