{ "schemaVersion": "vultax-public-research-data-v1", "articleUrl": "https://vultax.com/research/order-book-spoofing-what-it-looks-like", "datasets": [ { "title": "A first measurement: 30 minutes on three exchanges", "columns": [ { "name": "Venue", "unit": null }, { "name": "Walls", "unit": null }, { "name": "Pulled", "unit": null }, { "name": "Share", "unit": null }, { "name": "Median life", "unit": null } ], "rows": [ [ "Coinbase", "241", "241", "100%", "30 seconds" ], [ "Kraken", "554", "407", "73%", "18 seconds" ], [ "Binance", "65", "24", "37%", "12 seconds" ], [ "All three", "860", "672", "78%", "" ] ], "measurementContext": "Price levels holding $500,000 or more within 0.5% of the Bitcoin price, 2 October 2026, 21:19 to 21:49 UTC. Walls: levels that appeared and ended in the window. Pulled: size fell below half its peak while more than 5 basis points behind the best price in the readings before and after. Median life: time from appearing to ending.", "sources": [ { "label": "CFTC — JPMorgan ordered to pay $920.2 million for spoofing and manipulation", "url": "https://www.cftc.gov/PressRoom/PressReleases/8260-20", "note": "Largest monetary relief imposed by the CFTC; conduct spanning at least eight years and hundreds of thousands of orders" }, { "label": "CFTC — Tower Research Capital ordered to pay $67.4 million", "url": "https://www.cftc.gov/PressRoom/PressReleases/8074-19", "note": "Orders placed with intent to cancel prior to execution, March 2012 to December 2013" }, { "label": "Protecting Retail Investors from Order Book Spoofing (arXiv 2110.03687)", "url": "https://arxiv.org/pdf/2110.03687", "note": "GRU-based sequence model for detecting spoofing in limit-order-book data" }, { "label": "Learning the Spoofability of Limit Order Books (arXiv 2504.15908)", "url": "https://arxiv.org/pdf/2504.15908", "note": "Interpretable probabilistic models of which order-book states are susceptible to spoofing" }, { "label": "Bookmap — detecting deceptive trading practices", "url": "https://bookmap.com/blog/unmasking-spoofing-detecting-and-navigating-deceptive-trading-practices", "note": "Practitioner account of the observable components: rapid placement and cancellation, disproportionate size, avoidance of execution" }, { "label": "Cointelegraph Research — Spoofing Order Books in the Crypto Market", "url": "https://web.archive.org/web/20240423174942/https://research.cointelegraph.com/articles/spoofing-order-books-in-the-crypto-market", "note": "Crypto-specific overview, including why episodes are typically only identifiable retrospectively. Archived copy: the research.cointelegraph.com host was retired in 2026" }, { "label": "Vultax methodology", "url": "https://vultax.com/methodology", "note": "How order-book imbalance and cancellation-pressure context feed the Vi IQ market-quality domain" }, { "label": "Moore & Van Allen — Latest DOJ spoofing settlement (Treasuries, Sep 2025)", "url": "https://www.mvalaw.com/investigations-and-regulatory-advice/latest-doj-spoofing-settlement", "note": "Two traders at a large institution placed more than 1,000 spoof orders in Treasuries and related futures between 2014 and 2020; the resolution turned on intent to cancel, not on order size." }, { "label": "CFTC — Enforcement Division issues Prediction Markets Advisory (25 Feb 2026)", "url": "https://www.cftc.gov/PressRoom/PressReleases/9185-26", "note": "Names insider trading, fraud and manipulation, wash sales and pre-arranged trading, and disruptive trading as conduct the Commission polices on any designated contract market, and reminds venues of their duty to keep audit trails and surveil." }, { "label": "Binance: order book endpoint (BTCUSDT)", "url": "https://developers.binance.com/docs/binance-spot-api-docs/rest-api/market-data-endpoints", "note": "Public depth snapshots and one-second candles used in the 2 October reading" }, { "label": "Coinbase Exchange: product book (BTC-USD)", "url": "https://docs.cdp.coinbase.com/exchange/reference/exchangerestapi_getproductbook", "note": "Public aggregated order book used in the 2 October reading" }, { "label": "Kraken: order book (XBT/USD)", "url": "https://docs.kraken.com/api/docs/rest-api/get-order-book", "note": "Public order book used in the 2 October reading" } ], "measurement": { "kind": "observed", "temporalCoverage": "2026-10-02T21:19Z/2026-10-02T21:49Z", "population": "860 walls on three exchanges", "methodology": "Public order-book snapshots every 3 to 4 seconds (Binance BTCUSDT, Coinbase BTC-USD, Kraken XBT/USD). Walls already standing in the first reading and walls still standing in the last are left out. On Binance, one-second candles confirmed the price did not touch a pulled level between readings." }, "id": "wall-measurement-table", "kind": "published-table", "description": "Spoofing is defined by intent, which no market-data feed can observe. Here are the order-book patterns that stand in for it, and where they fail.", "articleUrl": "https://vultax.com/research/order-book-spoofing-what-it-looks-like", "sectionUrl": "https://vultax.com/research/order-book-spoofing-what-it-looks-like#wall-measurement", "publishedAt": "2026-09-02", "modifiedAt": "2026-10-02", "version": "2bcc720cf566afd781da1b4a3a0f17cfa77a0949924d16431218dd21f4321e63", "isLive": false, "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Order-book screens describe observable behaviour and produce probabilistic risk readings. They cannot establish intent, and nothing in this article is an allegation that any exchange, venue, firm or account holder has engaged in spoofing or manipulation. Enforcement outcomes cited are matters of public record. Nothing here is financial advice.", "downloads": { "json": "https://vultax.com/research/order-book-spoofing-what-it-looks-like/data.json?dataset=wall-measurement-table", "csv": "https://vultax.com/research/order-book-spoofing-what-it-looks-like/data.csv?dataset=wall-measurement-table" } } ] }