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 79.5 99.1 91.3 89.8
Vol. auth.
79.5
Bk. quality
99.1
Price form.
91.3
Cross-venue
89.8
02 Bitget 62.1 94.4 94.5 89.9
Vol. auth.
62.1
Bk. quality
94.4
Price form.
94.5
Cross-venue
89.9
03 OKX 70.9 84.6 92.8 84.4
Vol. auth.
70.9
Bk. quality
84.6
Price form.
92.8
Cross-venue
84.4
04 Coinbase 64.0 90.8 92.3 64.7
Vol. auth.
64.0
Bk. quality
90.8
Price form.
92.3
Cross-venue
64.7
05 Bybit 53.7 81.3 94.5 80.0
Vol. auth.
53.7
Bk. quality
81.3
Price form.
94.5
Cross-venue
80.0
06 Kraken 74.7 79.4 89.3 54.2
Vol. auth.
74.7
Bk. quality
79.4
Price form.
89.3
Cross-venue
54.2
07 Gate.io 46.5 95.9 91.6 57.2
Vol. auth.
46.5
Bk. quality
95.9
Price form.
91.6
Cross-venue
57.2
08 Binance 36.2 65.6 89.4 60.6
Vol. auth.
36.2
Bk. quality
65.6
Price form.
89.4
Cross-venue
60.6
— HTX — 96.2 92.4 —
Vol. auth.
—
Bk. quality
96.2
Price form.
92.4
Cross-venue
—
— KuCoin — 97.5 96.7 —
Vol. auth.
—
Bk. quality
97.5
Price form.
96.7
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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