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 78.6 98.4 91.5 64.5
Vol. auth.
78.6
Bk. quality
98.4
Price form.
91.5
Cross-venue
64.5
02 OKX 66.6 83.0 90.5 67.9
Vol. auth.
66.6
Bk. quality
83.0
Price form.
90.5
Cross-venue
67.9
03 Bitget 56.1 92.8 94.2 65.8
Vol. auth.
56.1
Bk. quality
92.8
Price form.
94.2
Cross-venue
65.8
04 Bybit 60.7 78.7 95.7 69.3
Vol. auth.
60.7
Bk. quality
78.7
Price form.
95.7
Cross-venue
69.3
05 Kraken 69.3 78.8 92.7 52.4
Vol. auth.
69.3
Bk. quality
78.8
Price form.
92.7
Cross-venue
52.4
06 Coinbase 61.0 89.9 92.7 50.1
Vol. auth.
61.0
Bk. quality
89.9
Price form.
92.7
Cross-venue
50.1
07 Gate.io 45.4 96.2 95.1 54.8
Vol. auth.
45.4
Bk. quality
96.2
Price form.
95.1
Cross-venue
54.8
08 Binance 40.3 65.2 92.0 71.1
Vol. auth.
40.3
Bk. quality
65.2
Price form.
92.0
Cross-venue
71.1
— HTX — 96.2 87.9 —
Vol. auth.
—
Bk. quality
96.2
Price form.
87.9
Cross-venue
—
— KuCoin — 97.5 96.3 —
Vol. auth.
—
Bk. quality
97.5
Price form.
96.3
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.

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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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