> The larger the volumes an exchange publishes, even if fake or gamed, the more relevant an exchange appears. Only to unsophisticated traders, since past volum

> The larger the volumes an exchange publishes, even if fake or gamed, the more relevant an exchange appears. Only to unsophisticated traders, since past volume (liquidity) isn’t worth anything right now. What you really want to look at is market depth, ie. the quantity of outstanding open orders in the order book. > Users must blindly trust whatever data exchanges can manufacture. Contrary to past volume, open order book orders need not be trusted. Users can test this figure by executing a market order against it and observing the execution price. If there’s always a discrepancy between the two then either the exchange is lying about its order book depth or is susceptible to front running.