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 79.0 98.9 89.7 91.4
Vol. auth.
79.0
Bk. quality
98.9
Price form.
89.7
Cross-venue
91.4
02 Bitget 65.9 96.8 95.6 90.5
Vol. auth.
65.9
Bk. quality
96.8
Price form.
95.6
Cross-venue
90.5
03 OKX 72.0 85.6 88.0 84.3
Vol. auth.
72.0
Bk. quality
85.6
Price form.
88.0
Cross-venue
84.3
04 Coinbase 69.0 92.1 92.4 62.8
Vol. auth.
69.0
Bk. quality
92.1
Price form.
92.4
Cross-venue
62.8
05 Bybit 55.0 81.2 94.9 83.3
Vol. auth.
55.0
Bk. quality
81.2
Price form.
94.9
Cross-venue
83.3
06 Kraken 75.4 82.1 92.9 48.5
Vol. auth.
75.4
Bk. quality
82.1
Price form.
92.9
Cross-venue
48.5
07 Gate.io 43.7 95.6 94.8 54.5
Vol. auth.
43.7
Bk. quality
95.6
Price form.
94.8
Cross-venue
54.5
08 Binance 36.9 67.8 91.3 58.6
Vol. auth.
36.9
Bk. quality
67.8
Price form.
91.3
Cross-venue
58.6
— HTX — 96.2 90.7 —
Vol. auth.
—
Bk. quality
96.2
Price form.
90.7
Cross-venue
—
— KuCoin — 96.6 97.1 —
Vol. auth.
—
Bk. quality
96.6
Price form.
97.1
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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