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 81.2 98.1 93.4 64.9
Vol. auth.
81.2
Bk. quality
98.1
Price form.
93.4
Cross-venue
64.9
02 OKX 76.8 88.0 92.6 70.4
Vol. auth.
76.8
Bk. quality
88.0
Price form.
92.6
Cross-venue
70.4
03 Bitget 61.8 94.8 94.6 52.6
Vol. auth.
61.8
Bk. quality
94.8
Price form.
94.6
Cross-venue
52.6
04 Bybit 62.2 79.6 96.6 56.6
Vol. auth.
62.2
Bk. quality
79.6
Price form.
96.6
Cross-venue
56.6
05 Coinbase 56.6 90.1 95.5 36.8
Vol. auth.
56.6
Bk. quality
90.1
Price form.
95.5
Cross-venue
36.8
06 Gate.io 51.3 96.7 97.5 30.9
Vol. auth.
51.3
Bk. quality
96.7
Price form.
97.5
Cross-venue
30.9
07 Kraken 68.7 81.6 94.2 27.6
Vol. auth.
68.7
Bk. quality
81.6
Price form.
94.2
Cross-venue
27.6
08 Binance 47.4 68.9 93.8 35.0
Vol. auth.
47.4
Bk. quality
68.9
Price form.
93.8
Cross-venue
35.0
— HTX — 94.6 73.2 —
Vol. auth.
—
Bk. quality
94.6
Price form.
73.2
Cross-venue
—
— KuCoin — 97.6 97.5 —
Vol. auth.
—
Bk. quality
97.6
Price form.
97.5
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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