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5) It is much better than their volume metric: only about 30% of the top exchanges by liquidity are fake, vs literally 95% fake for volume. But that says more about their volume metric than their liquidity metric.
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6) The liquidity metric still does no better than the "just rank exchanges by age" metric. The important _spot_ exchanges are almost all either Binance's age or older.
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8) I refuse to believe that the $35 wide HitBTC BTC/EURS market deserves higher weight than the Binance BTC/USDT market.
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9) I suspect that this mysterious liquidity algorithm is putting too much weight on lower volume coins. It seems implausible to me that Binance/Huobi/OKEx should only be getting a few % of their total liquidity from their BTC/USDT markets worth 30% of their volume.
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