Evidence of Best Execution in Crypto and Tokenized Stocks.

Execution Quality in Crypto: How to Know You Got a Fair Price

Every firm that executes in crypto should be able to answer one question after every trade: was that a fair price? Most can't, because there is no consolidated tape and no official reference to measure a fill against. This article covers what the MiFID II and FINRA definitions actually require, why measuring against your own liquidity provider proves nothing, how pre-trade and post-trade benchmarks work, why the best displayed price is not the executable price, and where real-time market data changes the answer.

29 September 2026

What Is Price Accuracy in Crypto? The Accuracy Triangle Explained

In a market without a consolidated tape, "the price" is an estimate, and different sources produce different estimates at the same moment. This article defines price accuracy, introduces the Accuracy Triangle of breadth, depth and latency, shows how to measure deviation in basis points, and walks through two documented failures, Pyth in 2021 and Mango Markets in 2022, to show which side of the triangle broke.

Real-Time Crypto Data Aggregation: How It Works

Every provider claims real-time data. Almost none explain what it means when the same asset trades on seventy exchanges at once, each with its own format, its own limits and its own clock. This article walks through the engineering: what a single exchange feed actually sends, why seventy of them don't simply add up, how much reported volume is real, which filters remove bad prints and drifting venues, and why the fastest price is never the most complete one.