Rethinking Best Execution in Digital Assets

The industry’s first Execution Quality framework for digital asset markets

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Rethinking Best Execution in Digital Assets

The industry’s first Execution Quality framework for digital asset markets
Solidus Labs Research
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What is wash trading, and why does it happen in crypto?

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Your Best Execution obligations don’t disappear when dealing with a new asset class - but the means to demonstrate and operationalize them do.. 

Read our latest report to learn more about the Execution Quality (EQ) framework and how to bridge the gap between traditional BestEx principles and the hyper-fragmented reality of digital assets..

In our report you’ll find:

  • The Four Structural Gaps: A detailed breakdown of why Price, Symbols, Venues, and Routing prevent a one-to-one transfer of traditional BestEx logic to digital asset markets.
  • The $20B "Whale" Case Study: A data-driven analysis of the October 2025 market stress event, revealing how BTC price divergence reached 4% between trading pairs on a single exchange.
  • The Solidus EQ Product: The industry’s first purpose-built toolkit designed to translate traditional BestEx principles into digital asset markets, where fairness must be actively demonstrated through analysis, not presumed through infrastructure.

Who This Is For

The transition from legacy BestEx to Execution Quality (EQ) is a cross-functional shift. This report provides a strategic roadmap for:

  • Chief Compliance Officers (CCOs): To bridge the "SIP Gap" and establish a defensible, audit-ready oversight framework that satisfies evolving global regulatory mandates.
  • Heads of Institutional Trading: To gain visibility into cross-venue price divergence and optimize execution strategies in a market without a consolidated tape or protected quotations.
  • Best Execution Committees: To modernize internal policies with quantitative benchmarks designed specifically for the fragmented liquidity of digital asset markets.
  • Regulatory & Legal Counsel: To understand the jurisdictional shift toward "active demonstration" of fairness under frameworks like MiCA, the SEC, and the MAS.

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Trusted by compliance teams and regulators globally

Built for Data Complexity

Normalizes non-standard feeds and on/off-ramp data into one real-time schema, while crypto-native models cut through volatility to flag wash trades, spoofing, and insider flow, even amid extreme price swings or cross-venue price gaps.

Future-Proofed for Evolving Crypto-Specific Schemes

Monitors manipulation across both on- and offchain, from insider trading on DEXs, cross-venue schemes spanning spot/derivatives or CeFi/DeFi to native onchain threats throughout the asset life cycle.

Real-Time Intervention Before Risk Escalates

Real-time alerting surfaces risk instantly, enabling timely intervention in a global, 24/7 “always-on” market and instant settlement that legacy batch processing can’t offer

See Risk Across Trades, Transactions & KYC

Unifies trades, transactions, KYC, and behavioral signals in one view—uncovering risks siloed systems miss like account takeovers, new-account scams, and transactions that appear legitimate in isolation but raise suspicion when analyzed against broader trading behavior.

Crowd-Driven Crypto Sentiment Intelligence

Machine-learning sentiment analysis distills signals from messy, unstructured data across Reddit, X, Telegram, and news sources – flagging symbol-level sentiment shifts in real time.

Venue-Agnostic Data Architecture

Venue-agnostic approach to market data delivers high speed and scalability across all digital and traditional asset classes, with fallback mechanisms for uninterrupted surveillance even without full order-book depth.
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