Period 2026-10-21 00:00 to 2026-10-28 00:00 UTC · Updated 2026-10-28 22:05 UTC
Price 0.04176 / 0.03558 (-14.8%)
KPI met1 of 5
Holdsmedian spread 7.6 bp (cap 20.0 bp).
Missesquote uptime 0.3% (target 95.0%); depth per side within 1% $15.9k (target $100.0k); a $50k market order costs 228.3 bp (cap 50.0 bp); 46 quote-pull episodes (target 0).
Measured on 9 venue pairs over 7 full days. This describes the public book, not the contract of any market maker.
KPI uptime, pooled
0.3%
Uptime at $25k / 20 bp
22.9%
Depth within 1%, both sides, sum of venues
$571.0k
Median spread
7.6 bp
Cost of a $50k order
228.3 bp
Quote-pull episodes
46
Taker turnover, 7 days
$68.12M
Pairs
9
Are you the KAIA team?
Get the full report: every venue, failing hours, who sold into drops, peers, Hyperliquid positioning. The first 7 days are free.
Quote uptime ($100k per side within 1%, spread up to 20 bp)
≥ 95.0%
0.3%
not met
Median spread, bp (median across venue pairs)
≤ 20.0 bp
7.6 bp
met
Median depth per side within 1% (median across pairs and sides)
≥ $100.0k
$15.9k
not met
Cost of a $50k market order, bp (median across pairs and sides)
≤ 50.0 bp
228.3 bp
not met
Quote-pull episodes
≤ 0
46
not met
Targets source: SSV MM Oversight Committee temp check 20.06.2025 (red flags: spread > 20 bp, depth < $100k, uptime < 95%); Lido Growth Committee MM mandate 31.08.2026 (uptime > 95%, depth at 50/100/200 bp per venue).
By venue pair
Uptime at T2/S1 = $100k per side within 1% and spread up to 20 bp; T1/S1 = $25k and 20 bp. Depth = median over the period. Cost = median bp from mid for a market order of that size (buy / sell). Coverage = share of minutes with data for that venue.
Pair
Coverage
Uptime T2/S1
Uptime T1/S1
Spread med / p90, bp
Bid 1%
Ask 1%
Both 2%
Cost $10k
Cost $50k
Cost $100k
Quote pulls
Turnover share
Binance spot
98.5%
0.0%
0.0%
27.4 / 28.9
$35.4k
$23.8k
$95.3k
26.9 / 25.1
101.2 / 67.7
584.6 / 169.4
0
11.6%
Bybit spot
98.4%
0.0%
0.0%
7.6 / 8.7
$13.0k
$10.6k
$36.7k
42.5 / 32.3
too thin / 228.3
too thin / too thin
0
5.5%
OKX spot
98.5%
0.0%
0.5%
8.0 / 11.2
$15.9k
$15.2k
$43.5k
34.5 / 32.3
389.9 / 402.6
too thin / too thin
0
2.8%
Gate spot
97.7%
0.0%
0.0%
5.6 / 7.8
$14.7k
$14.6k
$54.7k
48.0 / 46.9
443.6 / 367.8
too thin / too thin
13
1.7%
MEXC spot
98.5%
0.0%
5.5%
30.7 / 38.3
$37.5k
$27.0k
$115.2k
30.1 / 27.4
83.7 / 64.3
216.8 / 134.2
0
n/a
KuCoin spot
98.5%
0.0%
0.0%
17.0 / 23.2
$7.2k
$6.8k
$24.7k
65.7 / 62.0
too thin / too thin
too thin / too thin
32
n/a
Binance perp
98.2%
2.6%
100.0%
2.8 / 5.5
$111.3k
$75.2k
$434.4k
10.9 / 11.6
35.8 / 33.9
65.7 / 53.3
0
53.7%
Bybit perp
98.4%
0.1%
100.0%
5.0 / 5.8
$73.1k
$53.7k
$274.5k
12.7 / 12.2
43.2 / 34.9
94.3 / 67.8
0
24.7%
Gate perp
97.7%
0.0%
0.1%
2.9 / 5.8
$14.6k
$14.5k
$36.3k
35.7 / 35.7
427.9 / 350.1
too thin / 468.2
1
n/a
MEXC perp
displayed depth, excluded from totals
98.4%
46.1%
100.0%
2.8 / 5.3
$114.6k
$103.0k
$573.6k
6.8 / 7.2
14.1 / 14.3
28.7 / 27.4
0
n/a
By hour
Quote uptime at T2/S1, all pairs pooled, %Median spread across venue pairs, bpDepth within 1%, both sides, sum of venue pairs, USD
Weakest hours
Hours with the lowest pooled uptime, then the lowest total depth.
Hour, UTC
Uptime T2/S1
Depth 1%, both sides
Median spread, bp
Pairs with a book
10-25 04:00
0.0%
$441.0k
8.2
9
10-27 10:00
0.0%
$452.6k
8.8
9
10-27 12:00
0.0%
$464.9k
8.5
9
10-27 08:00
0.0%
$464.9k
8.7
9
10-27 13:00
0.0%
$470.6k
8.5
9
10-27 09:00
0.0%
$474.2k
8.7
9
Quote-pull episodes 46
Longest episodes first. An episode is a sustained stretch in which the book of the pair disappeared, thinned out sharply or its spread widened sharply against its own norm. It describes the visible book, not who caused it.
Pair
Start, UTC
End
Minutes
Price move
KuCoin spot
10-21 09:59
10-21 10:57
58
+0.8%
KuCoin spot
10-26 16:55
10-26 17:10
15
+0.9%
Gate spot
10-24 14:16
10-24 14:30
14
-0.5%
KuCoin spot
10-26 12:28
10-26 12:41
13
-0.4%
KuCoin spot
10-26 13:35
10-26 13:48
13
+0.2%
Gate perp
10-22 08:40
10-22 08:51
11
+0.5%
KuCoin spot
10-21 03:30
10-21 03:40
10
0%
KuCoin spot
10-26 14:16
10-26 14:26
10
0%
Gate spot
10-25 04:42
10-25 04:50
8
-0.8%
KuCoin spot
10-25 04:34
10-25 04:42
8
+0.2%
KuCoin spot
10-26 08:55
10-26 09:03
8
-0.3%
Gate spot
10-26 13:38
10-26 13:45
7
-0.3%
34 more in the full report.
Gaps in our data
Minutes without any snapshot are excluded from every percentage above, never counted as down.
10-27 03:24 to 10-27 05:54 UTC, 150 min: data gap
Are you the KAIA team?
Get the full report: every venue, failing hours, who sold into drops, peers, Hyperliquid positioning. The first 7 days are free.