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 80.9 98.9 93.9 89.6
Vol. auth.
80.9
Bk. quality
98.9
Price form.
93.9
Cross-venue
89.6
02 OKX 71.0 87.9 87.4 93.6
Vol. auth.
71.0
Bk. quality
87.9
Price form.
87.4
Cross-venue
93.6
03 Bitget 63.6 97.2 93.3 85.5
Vol. auth.
63.6
Bk. quality
97.2
Price form.
93.3
Cross-venue
85.5
04 Coinbase 65.8 91.1 95.3 61.4
Vol. auth.
65.8
Bk. quality
91.1
Price form.
95.3
Cross-venue
61.4
05 Bybit 58.7 82.6 95.3 77.8
Vol. auth.
58.7
Bk. quality
82.6
Price form.
95.3
Cross-venue
77.8
06 Gate.io 51.7 96.6 93.2 55.2
Vol. auth.
51.7
Bk. quality
96.6
Price form.
93.2
Cross-venue
55.2
07 Kraken 65.2 83.1 90.4 49.8
Vol. auth.
65.2
Bk. quality
83.1
Price form.
90.4
Cross-venue
49.8
08 Binance 46.0 70.8 92.1 59.9
Vol. auth.
46.0
Bk. quality
70.8
Price form.
92.1
Cross-venue
59.9
— HTX — 96.7 92.6 —
Vol. auth.
—
Bk. quality
96.7
Price form.
92.6
Cross-venue
—
— KuCoin — 97.6 97.7 —
Vol. auth.
—
Bk. quality
97.6
Price form.
97.7
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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