Quoting study · Oct 13, 11:18 UTC
full 6-hour cycle · published automatically by the fleet
Quote Engine v2 · PAPER report
FINAL · 6.00h elapsed · started 2026-10-13T05:18:18.074Z · clip $100 · halfSpread 1bps · leadMove 1.5bps · maxInv $300
NO ORDERS WERE SENT — simulated quoting against the live RH tape. Strict fills = the tape printed THROUGH our price (certain regardless of queue); marginal = printed AT it (queue-dependent, excluded from capture).
- BTC
- capture bps
- -0.25
- mk+10s bps
- 0.40
- spread bps
- 0.01
- fills/hr
- 30.2
- strict fills
- 181
- marginal
- 0
- replaces
- 616
- capture $
- -0.456
- inv now $
- 300
- mkt $/hr
- $3,033,595
- 15% clip cap
- $15090
- COINsession gate
- capture bps
- 0.74
- mk+10s bps
- -0.35
- spread bps
- 2.77
- fills/hr
- 98.5
- strict fills
- 591
- marginal
- 7
- replaces
- 1134
- capture $
- 4.359
- inv now $
- -200
- mkt $/hr
- $100,167
- 15% clip cap
- $153
- ORCLsession gate
- capture bps
- 0.27
- mk+10s bps
- 0.72
- spread bps
- 2.21
- fills/hr
- 71.0
- strict fills
- 426
- marginal
- 15
- replaces
- 773
- capture $
- 1.151
- inv now $
- 100
- mkt $/hr
- $64,821
- 15% clip cap
- $137
- AAPLsession gate
- capture bps
- 0.69
- mk+10s bps
- 0.49
- spread bps
- 0.29
- fills/hr
- 288.5
- strict fills
- 1732
- marginal
- 18
- replaces
- 1865
- capture $
- 12.024
- inv now $
- 0
- mkt $/hr
- $826,571
- 15% clip cap
- $430
- SUI
- capture bps
- -9.36
- mk+10s bps
- -0.16
- spread bps
- 2.23
- fills/hr
- 18.7
- strict fills
- 112
- marginal
- 0
- replaces
- 887
- capture $
- -10.484
- inv now $
- 0
- mkt $/hr
- $19,070
- 15% clip cap
- $153
- NEAR
- capture bps
- -1.94
- mk+10s bps
- -2.44
- spread bps
- 3.97
- fills/hr
- 105.1
- strict fills
- 631
- marginal
- 2
- replaces
- 1538
- capture $
- -12.230
- inv now $
- 300
- mkt $/hr
- $166,044
- 15% clip cap
- $237
raw table
| market | spread bps | strict fills | marginal | fills/hr | replaces | capture $ | capture bps | mk+10s bps | inv now $ | mkt $/hr | 15% clip cap | |---|---|---|---|---|---|---|---|---|---|---|---| | BTC | 0.01 | 181 | 0 | 30.2 | 616 | -0.456 | -0.25 | 0.40 | 300 | $3,033,595 | $15090 | | COIN ⏰ | 2.77 | 591 | 7 | 98.5 | 1134 | 4.359 | 0.74 | -0.35 | -200 | $100,167 | $153 | | ORCL ⏰ | 2.21 | 426 | 15 | 71.0 | 773 | 1.151 | 0.27 | 0.72 | 100 | $64,821 | $137 | | AAPL ⏰ | 0.29 | 1732 | 18 | 288.5 | 1865 | 12.024 | 0.69 | 0.49 | 0 | $826,571 | $430 | | SUI | 2.23 | 112 | 0 | 18.7 | 887 | -10.484 | -9.36 | -0.16 | 0 | $19,070 | $153 | | NEAR | 3.97 | 631 | 2 | 105.1 | 1538 | -12.230 | -1.94 | -2.44 | 300 | $166,044 | $237 |
⏰ = stock-token under the SESSION GATE: quotes only while the underlying is closed (gate 13:00–21:00 UTC Mon–Fri, inventory force-flattened at gate-in; flattens so far: COIN 0 · ORCL 0 · AAPL 0).
Fair-value source mix (fills by source)
- BTCbinance 166hyperliquid 0local 15
- COINbinance 0hyperliquid 0local 598
- ORCLbinance 0hyperliquid 0local 441
- AAPLbinance 0hyperliquid 0local 1750
- SUIbinance 112hyperliquid 0local 0
- NEARbinance 629hyperliquid 4local 0
Ranking at launch (spread-to-1s-vol)
- CLSK
- spread bps
- 58.13
- ratio
- 66.27
- trades/min
- 0.0 (thin)
- vol1s bps
- 0.88
- LUNR
- spread bps
- 61.13
- ratio
- 51.20
- trades/min
- 0.0 (thin)
- vol1s bps
- 1.19
- SGOV
- spread bps
- 2.99
- ratio
- 42.55
- trades/min
- 0.2 (thin)
- vol1s bps
- 0.07
- AI
- spread bps
- 161.21
- ratio
- 18.22
- trades/min
- 0.2 (thin)
- vol1s bps
- 8.85
- ANSEM
- spread bps
- 81.32
- ratio
- 11.22
- trades/min
- 0.4 (thin)
- vol1s bps
- 7.25
- WULF
- spread bps
- 143.78
- ratio
- 8.82
- trades/min
- 0.2 (thin)
- vol1s bps
- 16.31
- CASHCAT
- spread bps
- 21.46
- ratio
- 7.74
- trades/min
- 0.6 (thin)
- vol1s bps
- 2.77
- IREN
- spread bps
- 10.80
- ratio
- 7.08
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.53
- BE
- spread bps
- 8.91
- ratio
- 6.81
- trades/min
- 0.4 (thin)
- vol1s bps
- 1.31
- SMCI
- spread bps
- 12.92
- ratio
- 6.71
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.92
- SLV
- spread bps
- 4.75
- ratio
- 6.49
- trades/min
- 0.5 (thin)
- vol1s bps
- 0.73
- BABA
- spread bps
- 7.32
- ratio
- 5.31
- trades/min
- 0.6 (thin)
- vol1s bps
- 1.38
raw table
| market | spread bps | vol1s bps | ratio | trades/min | |---|---|---|---|---| | CLSK | 58.13 | 0.88 | 66.27 | 0.0 (thin) | | LUNR | 61.13 | 1.19 | 51.20 | 0.0 (thin) | | SGOV | 2.99 | 0.07 | 42.55 | 0.2 (thin) | | AI | 161.21 | 8.85 | 18.22 | 0.2 (thin) | | ANSEM | 81.32 | 7.25 | 11.22 | 0.4 (thin) | | WULF | 143.78 | 16.31 | 8.82 | 0.2 (thin) | | CASHCAT | 21.46 | 2.77 | 7.74 | 0.6 (thin) | | IREN | 10.80 | 1.53 | 7.08 | 0.1 (thin) | | BE | 8.91 | 1.31 | 6.81 | 0.4 (thin) | | SMCI | 12.92 | 1.92 | 6.71 | 0.1 (thin) | | SLV | 4.75 | 0.73 | 6.49 | 0.5 (thin) | | BABA | 7.32 | 1.38 | 5.31 | 0.6 (thin) |
Verdict inputs: capture bps = mark-to-fair PnL per strict-filled notional; net expected bps ≈ capture + mk+10s (drift after our fills). Deploy only where BOTH are ≥ 0 across a full day.