◈ real vs reported volume · 30-day median
Where to trade MERL
Same coin, different tapes. We rank the venues that list MERL by how much of their reported volume is actually real — so you trade where the book isn't faked.
Soli's reading
OKX runs the cleanest MERL tape — 90% honest on $2.8M real volume. Trust the prints.
OKX runs the cleanest MERL tape — 90% honest on $2.8M real volume. Trust the prints.
◈ how we score it
Honesty = estimated real volume ÷ reported volume for MERL on each venue, from five trade-tape fingerprints (timing, Benford, self-trade pairing, price-impact, size entropy). Pick the venue with the deepest real book, not the loudest reported number. How to buy MERL → · how to sell MERL → · full venue ranking → · compare two venues →