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 81.7 99.2 91.6 87.7
Vol. auth.
81.7
Bk. quality
99.2
Price form.
91.6
Cross-venue
87.7
02 OKX 67.9 87.9 88.0 81.0
Vol. auth.
67.9
Bk. quality
87.9
Price form.
88.0
Cross-venue
81.0
03 Bybit 58.5 82.3 95.6 82.4
Vol. auth.
58.5
Bk. quality
82.3
Price form.
95.6
Cross-venue
82.4
04 Bitget 61.9 94.2 91.9 69.3
Vol. auth.
61.9
Bk. quality
94.2
Price form.
91.9
Cross-venue
69.3
05 Kraken 70.8 85.6 90.0 54.6
Vol. auth.
70.8
Bk. quality
85.6
Price form.
90.0
Cross-venue
54.6
06 Coinbase 59.7 89.6 92.7 57.2
Vol. auth.
59.7
Bk. quality
89.6
Price form.
92.7
Cross-venue
57.2
07 Gate.io 51.4 96.9 93.4 57.8
Vol. auth.
51.4
Bk. quality
96.9
Price form.
93.4
Cross-venue
57.8
08 Binance 41.3 69.2 88.9 58.6
Vol. auth.
41.3
Bk. quality
69.2
Price form.
88.9
Cross-venue
58.6
— HTX — 96.9 93.9 —
Vol. auth.
—
Bk. quality
96.9
Price form.
93.9
Cross-venue
—
— KuCoin — 97.4 97.1 —
Vol. auth.
—
Bk. quality
97.4
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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