After the last update of CoinMarketCap that introduced the „trust factor“ to classify exchanges, users are having problems with the perceived injustices against popular platforms.

A Twitter user pseudonym by the name of Cosmonaut contradicted CoinMarketCap by placing BitMEX, one of the most popular derivatives exchanges, in 175th place.

Such a low position would seem unusual in CoinMarketCap’s new rankings, where web traffic is one of the main factors. This update comes after a period of several weeks in which the exchanges were ranked solely by web traffic, which also generated criticism.

CoinMarketCap presents another algorithm update… and Binance remains in first place

According to CoinMarketCap, Bitcoin Lifestyle has a near-perfect web traffic score of 960, just 40 points short of the Binance maximum of 1000. However, the BitMEX liquidity score is zero.

The metric only includes spot figures for now
While BitMEX was selected by the community, other popular derivative platforms such as Deribit and Bybit share their neighborhood, with rankings at the time of publication of 177 and 179, respectively.

In fact, you can see a sharp change from position 175, after which all exchanges have liquidity scores of zero. Decentralized exchanges such as Bancor and Uniswap can also be found below in the rankings.

Cryptomoney exchanges talk while Binance takes first place in CoinMarketCap

When contacted by Cointelegraph, a CoinMarketCap representative explained that the current ranking only takes into account spot exchanges, while promising that derivatives platforms will soon be ranked as well.

However, as Cosmonaut pointed out, several exchanges in the top 50, such as CoinDCX and Huobi Russia, also have liquidity scores of zero, making it difficult to interpret the new ranking mechanism.

One notable exception in the ranking of derivatives platforms is FTX, which ranks 74th. The price aggregator has often been criticized for creating rankings that favor its new owner, Binance. While Binance is a FTX investor, the discrepancy can be explained by the fact that the platform has several spot markets that may be defining its position.

OKEx executive calls Binance’s CoinMarketCap ranking „embarrassing

More work to be done
Previously rejected web traffic metrics have been questioned as a reliable predictor. Exchanges that rely heavily on professional API traders can be at a disadvantage, while the figures themselves can also be manipulated by unscrupulous companies.

As Cointelegraph reported earlier, CoinMarketCap has taken an iterative approach to improve its ranking. Recent criticism suggests that the aggregator’s journey towards more realistic rankings is not yet complete.