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 80.6 98.0 92.3 79.9
Vol. auth.
80.6
Bk. quality
98.0
Price form.
92.3
Cross-venue
79.9
02 OKX 72.7 88.7 86.7 72.8
Vol. auth.
72.7
Bk. quality
88.7
Price form.
86.7
Cross-venue
72.8
03 Bybit 62.9 79.1 93.9 76.2
Vol. auth.
62.9
Bk. quality
79.1
Price form.
93.9
Cross-venue
76.2
04 Bitget 60.1 95.7 93.6 60.8
Vol. auth.
60.1
Bk. quality
95.7
Price form.
93.6
Cross-venue
60.8
05 Coinbase 66.9 90.3 95.3 49.7
Vol. auth.
66.9
Bk. quality
90.3
Price form.
95.3
Cross-venue
49.7
06 Kraken 71.6 84.9 92.7 45.6
Vol. auth.
71.6
Bk. quality
84.9
Price form.
92.7
Cross-venue
45.6
07 Gate.io 47.7 96.2 97.7 48.2
Vol. auth.
47.7
Bk. quality
96.2
Price form.
97.7
Cross-venue
48.2
08 Binance 40.7 68.8 91.8 51.6
Vol. auth.
40.7
Bk. quality
68.8
Price form.
91.8
Cross-venue
51.6
— HTX — 96.3 84.9 —
Vol. auth.
—
Bk. quality
96.3
Price form.
84.9
Cross-venue
—
— KuCoin — 97.5 97.3 —
Vol. auth.
—
Bk. quality
97.5
Price form.
97.3
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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