[Exclusive] Coinbase Transaction Data Shows 100 Million Trades Misrepresented... Data Analysis Firm Corrects Errors

An image depicting errors in trade direction and duplicate aggregation that occurred during the analysis of virtual asset market data. Source: ChatGPT

Laevitas, a virtual asset (digital asset) market data analysis firm, has confirmed that it provided the buy and sell directions for over 100 million Coinbase spot trades in reverse. Additionally, approximately 1.96 million Binance options trades did not accurately reflect price evaluation information and risk indicators, and over 300,000 option trade records from various exchanges, including Bybit, were found to be duplicated.

On the 15th, an analysis of Laevitas's change history revealed that the company publicly acknowledged these errors and corrected the related data on the 3rd and 7th.

The issues arose from the spot and options trading data and related statistics provided by Laevitas. The corrections included trade direction, trade volume by buy and sell, option premiums, nominal values, and risk indicators.

Coinbase's 100,866,2979 Trades Had Buy and Sell Directions Reversed

The largest error was identified in the Coinbase spot trading data.

According to the correction record released by Laevitas on the 3rd, the company corrected the buy and sell directions for 100,866,2979 Coinbase spot trades. The corrections spanned 56 trading days.

The error stemmed from differences in the criteria used to distinguish trade directions.

Coinbase's trading information is based on the buy and sell directions of the maker who submitted the original order. In contrast, Laevitas applied a different criterion based on the taker's buy and sell directions, who executes trades with new orders.

Laevitas explained, "By not converting Coinbase's trading information to the taker standard before storing it, we displayed buys and sells in reverse."

For example, if a new buy order is matched with an existing sell order, it is a buy trade from the taker's perspective but a sell trade from the maker's perspective. Laevitas failed to account for this difference.

The error affected not only individual trade records but also the statistics for trade volume by buy and sell.

Laevitas also corrected the buy and sell trade volumes, trading amounts, and trade counts for the 37,814,842 one-minute candles aggregated from Coinbase spot trades between March 6 and October 2.

However, the trading prices, total trading volume, volume-weighted average price (VWAP), and total trade counts were not affected. The issues were specifically with trade direction and aggregated information by buy and sell.

Approximately 1.96 Million Binance Options Analysis Errors

Significant errors were also confirmed in the Binance options trading data.

According to the correction record released by Laevitas on the 7th, the option evaluation information and risk indicators were not accurately reflected in 1,961,141 Binance options trades.

The options trading data provided by Binance does not include implied volatility (IV) and the underlying asset index price. Therefore, Laevitas has been using separately obtained Binance market data to calculate the option trading price evaluation information and risk indicators.

However, at certain points, Laevitas was unable to secure the necessary market data, resulting in the option premiums, nominal values, and risk indicators being recorded as zero.

In February and March of this year, errors occurred in 9-12% of Binance options trades. After April, the proportion of trades with errors increased monthly to between 24-55%.

As a result, the flow and summary statistics of Binance options trading provided by Laevitas showed underreported premiums and nominal values, and some risk indicator totals were distorted.

Through this correction work, Laevitas restored the analysis values for 1,949,336 out of the 1,961,141 trades where issues were identified. They recalculated the values using Binance market data from the same minute when the trades occurred, employing the same calculation methods as before.

However, for 11,805 trades, Laevitas could not secure the market data at the time of the trade, leaving the risk indicators that show how much the option prices vary based on market conditions still at zero. This includes delta, gamma, vega, and theta, which indicate changes in the underlying asset price, volatility changes, and time decay of option value. The problematic trades were primarily concentrated in December 2025.

300,000 Duplicate Option Trade Records... Focused on Bybit's April Trades

It was also revealed that option trade records were duplicated.

Laevitas stated in a separate correction record released on the 7th that it deleted 301,485 duplicate trade records that had the same trade number and execution time.

The most duplicates were found in Bybit.

In April, 281,043 duplicate records were confirmed in Bybit options trades alone. According to the company, this accounted for about 11% of the options trades at that time.

Additionally, 14,393 duplicates were found in Binance, 3,859 in Deribit, 2,116 in Bybit's May trades, 59 in OKX, and 15 in Derive.

The period during which duplicate records were confirmed includes April trades from Bybit, Binance, Deribit, and OKX, May trades from Bybit, and trades from Derive in July and August.

Laevitas explained that the same trade was recorded twice, resulting in duplicate data in the options trading history, and the same trades were reflected twice in the totals for volume, premiums, and risk indicators.

In this correction, only the duplicate records were deleted. The company maintained all distinct individual trades and ensured that only one trade with the same trade number and execution time remained in all affected monthly data after the correction.

Laevitas Recommends Recollecting Data for Periods of Errors

Laevitas advised users who had secured related data before the corrections to recollect the data for the periods when errors occurred.

In the case of Coinbase, this applies to users utilizing trade direction or trade volume by buy and sell. The company guided them to re-secure the trade history, price candle data, and trading volume data.

For Binance options, users utilizing risk indicators, premiums, nominal values, and implied volatility were advised to recollect trade history, trading flow, and summary statistics from November 13, 2025, to October 6 of this year.

The issue of duplicate aggregation in options trading also applies to the trade records, trading flow, and summary statistics from affected exchanges and periods.

This correction record pertains to the data and related statistics provided by Laevitas and does not address whether errors occurred in the exchanges' order executions themselves.