CMC News & Updates

CoinMarketCap Wraps Up First Phase of Exchange Ranking Algorithm Change

[Update as of June 20: Please be reminded that the exchange ranking algorithm change below applies for spot market pairs and exchanges only. A separate ranking page for derivative exchanges is available here, sorted by volumes for now. As derivative market pairs differ vastly in nature from spot market pairs, our team is working on a comprehensive new model for liquidity score to ensure that we can provide more accurate data for our users that is reflective of derivative markets. We aim to launch this in the near future.]


Following the last exchange ranking update on May 14, we have just implemented a new algorithm to replace the previous default ranking of exchanges by Web Traffic Factor.

This concludes our first phase of changes to the exchange ranking that amalgamates all existing metrics in an exhaustive manner. The previous default ranking of exchanges by Web Traffic Factor was only an intermediate step in the development of this comprehensive solution.

To check out the new Exchange Ranking page, 🙌 click here 🙌!

The new algorithm now takes into account exchanges’ spot market pair rankings and the respective spot market pair’s Confidence scoreboth recently rolled out on May 29. 

  • The market pair ranking is based on a combination of reported trading volume, liquidity and an estimation of an exchange’s user base (via the proprietary Web Traffic Factor).
  • Each market pair is then scored by the Confidence indicator that reflects the level of confidence that CoinMarketCap has in the veracity of the reported volume of the market pair reported by the exchange.

I believe this new ranking of exchanges will provide our users with an accurate reflection of the trading venues, as they are scored on a triage of factors that provide a complete picture. Our machine learning algorithm will improve and adapt to volume, liquidity and traffic changes over time.

Carylyne Chan, interim CEO, CoinMarketCap

Our users can expect this new ranking to be the staple for the next few months. Our team plans to continue to improve this ranking in a second phase — in which we will be including more pertinent factors that our users and DATA partners have previously suggested.

In the meantime, if you’d like more details regarding the methodologies behind the new exchange ranking system, the market pairs ranking system, and the Confidence indicator, please click here!

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