◈ 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 74% honest). Trust the prints, not the press release.
Coinbase runs the cleaner tape (93% vs 74% honest). Trust the prints, not the press release.
Binance
74% honest
- Reported volume
- $50.77B
- Real (est.)
- $38.02B
- Wash share
- 26%
- Pairs scored
- 1157
- Markets
- spot + futures
- Worst pair
- BTCUSDT · 48/100
Coinbase cleaner
93% honest
- Reported volume
- $1.33B
- Real (est.)
- $1.25B
- Wash share
- 7%
- Pairs scored
- 432
- Markets
- spot
- Worst pair
- DOT-USDT · 80/100
◈ 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 →