◈ 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 (93% vs 76% honest). Trust the prints, not the press release.
Coinbase runs the cleaner tape (93% vs 76% honest). Trust the prints, not the press release.
Binance
76% honest
- Reported volume
- $47.02B
- Real (est.)
- $36.02B
- Wash share
- 24%
- Pairs scored
- 1061
- Markets
- spot + futures
- Worst pair
- BTCUSDT · 49/100
Coinbase cleaner
93% honest
- Reported volume
- $1.33B
- Real (est.)
- $1.24B
- Wash share
- 7%
- Pairs scored
- 424
- Markets
- spot
- Worst pair
- ATOM-USDT · 74/100
◈ 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 →