Quoting study · Oct 14, 12:10 UTC
full 6-hour cycle · published automatically by the fleet
Quote Engine v2 · PAPER report
FINAL · 6.01h elapsed · started 2026-10-14T06:10:35.726Z · 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
- 1.22
- mk+10s bps
- —
- spread bps
- 0.51
- fills/hr
- 43.5
- strict fills
- 261
- marginal
- 0
- replaces
- 643
- capture $
- 3.180
- inv now $
- 300
- mkt $/hr
- $2,965,833
- 15% clip cap
- $10237
- COINsession gate
- capture bps
- 0.83
- mk+10s bps
- -0.28
- spread bps
- 2.75
- fills/hr
- 64.9
- strict fills
- 390
- marginal
- 6
- replaces
- 808
- capture $
- 3.222
- inv now $
- 200
- mkt $/hr
- $60,261
- 15% clip cap
- $139
- ORCLsession gate
- capture bps
- 0.43
- mk+10s bps
- 0.85
- spread bps
- 4.92
- fills/hr
- 47.0
- strict fills
- 282
- marginal
- 8
- replaces
- 675
- capture $
- 1.203
- inv now $
- 200
- mkt $/hr
- $17,762
- 15% clip cap
- $57
- AAPLsession gate
- capture bps
- 0.60
- mk+10s bps
- 0.16
- spread bps
- 0.58
- fills/hr
- 238.9
- strict fills
- 1435
- marginal
- 19
- replaces
- 1552
- capture $
- 8.644
- inv now $
- 0
- mkt $/hr
- $1,426,989
- 15% clip cap
- $896
- SUI
- capture bps
- 6.01
- mk+10s bps
- -5.81
- spread bps
- 2.73
- fills/hr
- 7.2
- strict fills
- 43
- marginal
- 0
- replaces
- 794
- capture $
- 2.585
- inv now $
- 300
- mkt $/hr
- $28,870
- 15% clip cap
- $605
- NEAR
- capture bps
- 0.65
- mk+10s bps
- -1.22
- spread bps
- 3.32
- fills/hr
- 103.7
- strict fills
- 623
- marginal
- 6
- replaces
- 1501
- capture $
- 4.026
- inv now $
- 300
- mkt $/hr
- $82,724
- 15% clip cap
- $120
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 | 0.51 | 261 | 0 | 43.5 | 643 | 3.180 | 1.22 | — | 300 | $2,965,833 | $10237 | | COIN ⏰ | 2.75 | 390 | 6 | 64.9 | 808 | 3.222 | 0.83 | -0.28 | 200 | $60,261 | $139 | | ORCL ⏰ | 4.92 | 282 | 8 | 47.0 | 675 | 1.203 | 0.43 | 0.85 | 200 | $17,762 | $57 | | AAPL ⏰ | 0.58 | 1435 | 19 | 238.9 | 1552 | 8.644 | 0.60 | 0.16 | 0 | $1,426,989 | $896 | | SUI | 2.73 | 43 | 0 | 7.2 | 794 | 2.585 | 6.01 | -5.81 | 300 | $28,870 | $605 | | NEAR | 3.32 | 623 | 6 | 103.7 | 1501 | 4.026 | 0.65 | -1.22 | 300 | $82,724 | $120 |
⏰ = 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 246hyperliquid 0local 15
- COINbinance 0hyperliquid 0local 396
- ORCLbinance 0hyperliquid 0local 290
- AAPLbinance 0hyperliquid 0local 1454
- SUIbinance 43hyperliquid 0local 0
- NEARbinance 629hyperliquid 0local 0
Ranking at launch (spread-to-1s-vol)
- LUNR
- spread bps
- 73.22
- ratio
- 85.07
- trades/min
- 0.0 (thin)
- vol1s bps
- 0.86
- QBTS
- spread bps
- 49.90
- ratio
- 68.51
- trades/min
- 0.0 (thin)
- vol1s bps
- 0.73
- SGOV
- spread bps
- 3.98
- ratio
- 57.73
- trades/min
- 0.2 (thin)
- vol1s bps
- 0.07
- WULF
- spread bps
- 133.40
- ratio
- 48.04
- trades/min
- 0.0 (thin)
- vol1s bps
- 2.78
- USO
- spread bps
- 9.81
- ratio
- 11.25
- trades/min
- 0.6 (thin)
- vol1s bps
- 0.87
- USAR
- spread bps
- 12.39
- ratio
- 9.98
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.24
- AI
- spread bps
- 335.42
- ratio
- 8.40
- trades/min
- 0.6 (thin)
- vol1s bps
- 39.92
- ORCL
- spread bps
- 5.60
- ratio
- 7.39
- trades/min
- 2.2
- vol1s bps
- 0.76
- CRWV
- spread bps
- 10.37
- ratio
- 7.25
- trades/min
- 0.3 (thin)
- vol1s bps
- 1.43
- IREN
- spread bps
- 11.23
- ratio
- 5.90
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.90
- BABA
- spread bps
- 9.70
- ratio
- 5.86
- trades/min
- 3.5
- vol1s bps
- 1.65
- MSFT
- spread bps
- 2.38
- ratio
- 5.15
- trades/min
- 12.7
- vol1s bps
- 0.46
raw table
| market | spread bps | vol1s bps | ratio | trades/min | |---|---|---|---|---| | LUNR | 73.22 | 0.86 | 85.07 | 0.0 (thin) | | QBTS | 49.90 | 0.73 | 68.51 | 0.0 (thin) | | SGOV | 3.98 | 0.07 | 57.73 | 0.2 (thin) | | WULF | 133.40 | 2.78 | 48.04 | 0.0 (thin) | | USO | 9.81 | 0.87 | 11.25 | 0.6 (thin) | | USAR | 12.39 | 1.24 | 9.98 | 0.1 (thin) | | AI | 335.42 | 39.92 | 8.40 | 0.6 (thin) | | ORCL | 5.60 | 0.76 | 7.39 | 2.2 | | CRWV | 10.37 | 1.43 | 7.25 | 0.3 (thin) | | IREN | 11.23 | 1.90 | 5.90 | 0.1 (thin) | | BABA | 9.70 | 1.65 | 5.86 | 3.5 | | MSFT | 2.38 | 0.46 | 5.15 | 12.7 |
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.