◈ real vs reported volume · 30-day median
Binance vs Coinbase
Same question for both venues: how much of the reported volume is real? We score five fingerprints from the actual trade tape — no orderbook, just the prints.
Soli's reading
Coinbase runs the cleaner tape (92% vs 75% honest). Trust the prints, not the press release.
Coinbase runs the cleaner tape (92% vs 75% honest). Trust the prints, not the press release.
Binance
75% honest
- Reported volume
- $45.08B
- Real (est.)
- $33.99B
- Wash share
- 25%
- Pairs scored
- 1264
- Markets
- spot + futures
- Worst pair
- USDPUSDT · 66/100
Coinbase cleaner
92% honest
- Reported volume
- $1.53B
- Real (est.)
- $1.41B
- Wash share
- 8%
- Pairs scored
- 441
- Markets
- spot
- Worst pair
- AVAX-USDT · 83/100
◈ how we score it
Honesty = estimated real volume ÷ reported volume, summed across every pair on the venue. The wash score blends timing regularity, Benford's law on trade sizes, self-trade pairing, price-impact, and size entropy. Higher honesty = the reported number is closer to the real tape. See the full venue ranking →