Quoting study · Oct 16, 07:43 UTC
full 6-hour cycle · published automatically by the fleet
Quote Engine v2 · PAPER report
FINAL · 6.00h elapsed · started 2026-10-16T01:42:53.153Z · 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
- 0.46
- mk+10s bps
- 0.21
- spread bps
- 0.49
- fills/hr
- 22.5
- strict fills
- 135
- marginal
- 0
- replaces
- 533
- capture $
- 0.624
- inv now $
- 300
- mkt $/hr
- $2,441,585
- 15% clip cap
- $16286
- COINsession gate
- capture bps
- 0.53
- mk+10s bps
- -0.14
- spread bps
- 2.21
- fills/hr
- 100.4
- strict fills
- 603
- marginal
- 9
- replaces
- 1143
- capture $
- 3.201
- inv now $
- -200
- mkt $/hr
- $47,585
- 15% clip cap
- $71
- ORCLsession gate
- capture bps
- -0.62
- mk+10s bps
- 0.58
- spread bps
- 2.98
- fills/hr
- 17.0
- strict fills
- 102
- marginal
- 0
- replaces
- 483
- capture $
- -0.630
- inv now $
- -200
- mkt $/hr
- $21,159
- 15% clip cap
- $187
- AAPLsession gate
- capture bps
- 0.63
- mk+10s bps
- 0.28
- spread bps
- 0.58
- fills/hr
- 120.1
- strict fills
- 721
- marginal
- 14
- replaces
- 780
- capture $
- 4.555
- inv now $
- -100
- mkt $/hr
- $1,135,036
- 15% clip cap
- $1418
- SUI
- capture bps
- 5.64
- mk+10s bps
- -0.07
- spread bps
- 2.78
- fills/hr
- 24.5
- strict fills
- 147
- marginal
- 0
- replaces
- 958
- capture $
- 8.288
- inv now $
- 300
- mkt $/hr
- $13,562
- 15% clip cap
- $83
- NEAR
- capture bps
- -0.58
- mk+10s bps
- -2.45
- spread bps
- 3.07
- fills/hr
- 127.3
- strict fills
- 764
- marginal
- 12
- replaces
- 1701
- capture $
- -4.434
- inv now $
- 200
- mkt $/hr
- $129,687
- 15% clip cap
- $153
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 | 0.49 | 135 | 0 | 22.5 | 533 | 0.624 | 0.46 | 0.21 | 300 | $2,441,585 | $16286 | | COIN ⏰ | 2.21 | 603 | 9 | 100.4 | 1143 | 3.201 | 0.53 | -0.14 | -200 | $47,585 | $71 | | ORCL ⏰ | 2.98 | 102 | 0 | 17.0 | 483 | -0.630 | -0.62 | 0.58 | -200 | $21,159 | $187 | | AAPL ⏰ | 0.58 | 721 | 14 | 120.1 | 780 | 4.555 | 0.63 | 0.28 | -100 | $1,135,036 | $1418 | | SUI | 2.78 | 147 | 0 | 24.5 | 958 | 8.288 | 5.64 | -0.07 | 300 | $13,562 | $83 | | NEAR | 3.07 | 764 | 12 | 127.3 | 1701 | -4.434 | -0.58 | -2.45 | 200 | $129,687 | $153 |
⏰ = 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 119hyperliquid 0local 16
- COINbinance 0hyperliquid 0local 612
- ORCLbinance 0hyperliquid 0local 102
- AAPLbinance 0hyperliquid 0local 735
- SUIbinance 147hyperliquid 0local 0
- NEARbinance 776hyperliquid 0local 0
Ranking at launch (spread-to-1s-vol)
- RGTI
- spread bps
- 90.89
- ratio
- 15.38
- trades/min
- 0.2 (thin)
- vol1s bps
- 5.91
- AI
- spread bps
- 270.95
- ratio
- 13.40
- trades/min
- 0.2 (thin)
- vol1s bps
- 20.22
- CLSK
- spread bps
- 51.31
- ratio
- 13.40
- trades/min
- 0.0 (thin)
- vol1s bps
- 3.83
- USAR
- spread bps
- 15.12
- ratio
- 11.09
- trades/min
- 0.4 (thin)
- vol1s bps
- 1.36
- SHEIN
- spread bps
- 29.85
- ratio
- 10.58
- trades/min
- 0.1 (thin)
- vol1s bps
- 2.82
- QBTS
- spread bps
- 55.49
- ratio
- 9.07
- trades/min
- 0.0 (thin)
- vol1s bps
- 6.12
- LUNR
- spread bps
- 52.62
- ratio
- 9.03
- trades/min
- 0.1 (thin)
- vol1s bps
- 5.83
- SOFI
- spread bps
- 12.56
- ratio
- 8.43
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.49
- WULF
- spread bps
- 42.77
- ratio
- 6.36
- trades/min
- 0.1 (thin)
- vol1s bps
- 6.72
- ANSEM
- spread bps
- 218.77
- ratio
- 5.78
- trades/min
- 0.0 (thin)
- vol1s bps
- 37.84
- SLV
- spread bps
- 3.29
- ratio
- 5.58
- trades/min
- 0.2 (thin)
- vol1s bps
- 0.59
- ORCL
- spread bps
- 5.22
- ratio
- 4.77
- trades/min
- 0.4 (thin)
- vol1s bps
- 1.09
raw table
| market | spread bps | vol1s bps | ratio | trades/min | |---|---|---|---|---| | RGTI | 90.89 | 5.91 | 15.38 | 0.2 (thin) | | AI | 270.95 | 20.22 | 13.40 | 0.2 (thin) | | CLSK | 51.31 | 3.83 | 13.40 | 0.0 (thin) | | USAR | 15.12 | 1.36 | 11.09 | 0.4 (thin) | | SHEIN | 29.85 | 2.82 | 10.58 | 0.1 (thin) | | QBTS | 55.49 | 6.12 | 9.07 | 0.0 (thin) | | LUNR | 52.62 | 5.83 | 9.03 | 0.1 (thin) | | SOFI | 12.56 | 1.49 | 8.43 | 0.1 (thin) | | WULF | 42.77 | 6.72 | 6.36 | 0.1 (thin) | | ANSEM | 218.77 | 37.84 | 5.78 | 0.0 (thin) | | SLV | 3.29 | 0.59 | 5.58 | 0.2 (thin) | | ORCL | 5.22 | 1.09 | 4.77 | 0.4 (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.