Holdsmedian spread 12.1 bp (cap 20.0 bp).
Missesquote uptime 0.0% (target 95.0%); depth per side within 1% $10.8k (target $100.0k); a $50k market order costs 133.7 bp (cap 50.0 bp); 7 quote-pull episodes (target 0).
Measured on 10 venue pairs over 7 full days. This describes the public book, not the contract of any market maker.
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KPI check
| KPI | Target | Measured | Result |
|---|---|---|---|
| Quote uptime ($100k per side within 1%, spread up to 20 bp) | ≥ 95.0% | 0.0% | not met |
| Median spread, bp (median across venue pairs) | ≤ 20.0 bp | 12.1 bp | met |
| Median depth per side within 1% (median across pairs and sides) | ≥ $100.0k | $10.8k | not met |
| Cost of a $50k market order, bp (median across pairs and sides) | ≤ 50.0 bp | 133.7 bp | not met |
| Quote-pull episodes | ≤ 0 | 7 | not met |
Targets source: forum.ssv.network t/1951 and t/2082 (MM Oversight Committee KPI).
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% | 33.4% | 8.2 / 12.5 | $41.3k | $29.5k | $149.4k | 39.0 / 35.0 | 104.3 / 86.2 | 144.1 / 164.9 | 0 | 15.8% |
| Bybit spot | 98.5% | 0.0% | 0.0% | 20.4 / 26.8 | $8.5k | $6.7k | $111.2k | 86.2 / 66.3 | too thin / 122.8 | too thin / 152.5 | 2 | 0.5% |
| OKX spot | 98.5% | 0.0% | 0.0% | 12.1 / 16.4 | $10.6k | $8.6k | $116.2k | 59.8 / 52.8 | too thin / 118.5 | too thin / 153.2 | 0 | 4.2% |
| Gate spot | 98.1% | 0.0% | 0.7% | 15.4 / 23.1 | $14.8k | $15.9k | $61.9k | 54.9 / 49.9 | 814.6 / 208.2 | too thin / too thin | 0 | 1.4% |
| MEXC spot | 98.5% | 0.0% | 0.1% | 7.7 / 8.3 | $12.5k | $10.8k | $24.9k | 38.3 / 34.1 | too thin / 41.8 | too thin / too thin | 1 | n/a |
| KuCoin spot | 98.5% | 0.0% | 0.0% | 20.3 / 27.3 | $7.9k | $6.9k | $35.7k | 65.8 / 65.2 | too thin / too thin | too thin / too thin | 1 | n/a |
| Binance perp | 98.4% | 0.0% | 97.7% | 4.1 / 8.3 | $56.8k | $47.2k | $169.5k | 20.0 / 20.7 | 54.2 / 50.0 | 123.6 / 97.3 | 0 | 56.7% |
| Bybit perp | 98.5% | 0.0% | 0.0% | 12.1 / 16.7 | $5.4k | $5.2k | $151.0k | 90.7 / 88.8 | 134.9 / 133.7 | 209.9 / 183.7 | 1 | 4.4% |
| OKX perp | 98.4% | 0.0% | 33.6% | 8.2 / 12.3 | $25.9k | $24.4k | $78.8k | 32.3 / 32.9 | 388.0 / 113.9 | too thin / 857.3 | 0 | 17.1% |
| Gate perp | 97.9% | 0.0% | 0.0% | 20.6 / 25.1 | $7.0k | $7.3k | $23.2k | 71.5 / 74.3 | too thin / too thin | too thin / too thin | 1 | n/a |
| MEXC perp displayed depth, excluded from totals | 98.5% | 91.1% | 99.9% | 4.0 / 4.2 | $182.6k | $153.1k | $1.42M | 5.2 / 5.3 | 19.1 / 19.8 | 32.7 / 33.0 | 1 | n/a |
By hour
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 |
|---|---|---|---|---|
| 10-24 15:00 | 0.0% | $283.5k | 16.3 | 10 |
| 10-24 14:00 | 0.0% | $294.9k | 16.0 | 10 |
| 10-24 18:00 | 0.0% | $296.6k | 12.2 | 10 |
| 10-24 23:00 | 0.0% | $300.2k | 12.1 | 10 |
| 10-25 00:00 | 0.0% | $300.6k | 12.1 | 10 |
| 10-24 16:00 | 0.0% | $303.4k | 12.3 | 10 |
Quote-pull episodes 7
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 |
|---|---|---|---|---|
| Gate perp | 10-22 08:40 | 10-22 08:54 | 14 | -0.2% |
| Bybit spot | 10-22 08:41 | 10-22 08:54 | 13 | -0.1% |
| KuCoin spot | 10-22 08:41 | 10-22 08:54 | 13 | -0.1% |
| MEXC spot | 10-22 07:15 | 10-22 07:20 | 5 | +0.1% |
| Bybit perp | 10-24 22:03 | 10-24 22:08 | 5 | -0.1% |
| Bybit spot | 10-24 09:57 | 10-24 10:00 | 3 | 0% |
| MEXC perp | 10-24 14:29 | 10-24 14:32 | 3 | +0.2% |
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
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