Hyperider

Quoting study · Sep 30, 15:39 UTC

full 6-hour cycle · published automatically by the fleet

Quote Engine v2 · PAPER report

FINAL · 6.01h elapsed · started 2026-09-30T09:38:39.863Z · 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
    0.39
    mk+10s bps
    -0.83
    spread bps
    0.42
    fills/hr
    200.6
    strict fills
    1205
    marginal
    0
    replaces
    1987
    capture $
    4.643
    inv now $
    300
    mkt $/hr
    $6,585,348
    15% clip cap
    $4924
  • COINsession gate
    capture bps
    2.31
    mk+10s bps
    -0.60
    spread bps
    5.62
    fills/hr
    66.3
    strict fills
    398
    marginal
    6
    replaces
    715
    capture $
    9.182
    inv now $
    0
    mkt $/hr
    $29,662
    15% clip cap
    $67
  • ORCLsession gate
    capture bps
    -0.28
    mk+10s bps
    -1.54
    spread bps
    5.83
    fills/hr
    41.3
    strict fills
    248
    marginal
    2
    replaces
    547
    capture $
    -0.703
    inv now $
    0
    mkt $/hr
    $26,351
    15% clip cap
    $96
  • AAPLsession gate
    capture bps
    0.76
    mk+10s bps
    0.53
    spread bps
    1.81
    fills/hr
    152.7
    strict fills
    917
    marginal
    8
    replaces
    1040
    capture $
    6.976
    inv now $
    0
    mkt $/hr
    $364,471
    15% clip cap
    $358
  • SUI
    capture bps
    -1.32
    mk+10s bps
    -2.92
    spread bps
    6.00
    fills/hr
    99.1
    strict fills
    595
    marginal
    0
    replaces
    1864
    capture $
    -7.833
    inv now $
    100
    mkt $/hr
    $34,102
    15% clip cap
    $52
  • NEAR
    capture bps
    -0.03
    mk+10s bps
    -3.25
    spread bps
    7.28
    fills/hr
    216.3
    strict fills
    1299
    marginal
    7
    replaces
    2644
    capture $
    -0.433
    inv now $
    200
    mkt $/hr
    $345,740
    15% clip cap
    $240
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 | 0.42 | 1205 | 0 | 200.6 | 1987 | 4.643 | 0.39 | -0.83 | 300 | $6,585,348 | $4924 |
| COIN ⏰ | 5.62 | 398 | 6 | 66.3 | 715 | 9.182 | 2.31 | -0.60 | 0 | $29,662 | $67 |
| ORCL ⏰ | 5.83 | 248 | 2 | 41.3 | 547 | -0.703 | -0.28 | -1.54 | 0 | $26,351 | $96 |
| AAPL ⏰ | 1.81 | 917 | 8 | 152.7 | 1040 | 6.976 | 0.76 | 0.53 | 0 | $364,471 | $358 |
| SUI | 6.00 | 595 | 0 | 99.1 | 1864 | -7.833 | -1.32 | -2.92 | 100 | $34,102 | $52 |
| NEAR | 7.28 | 1299 | 7 | 216.3 | 2644 | -0.433 | -0.03 | -3.25 | 200 | $345,740 | $240 |

⏰ = 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 1 · ORCL 1 · AAPL 1).

Fair-value source mix (fills by source)

  • BTC
    binance 1194hyperliquid 0local 11
  • COIN
    binance 0hyperliquid 0local 404
  • ORCL
    binance 0hyperliquid 0local 250
  • AAPL
    binance 0hyperliquid 0local 925
  • SUI
    binance 595hyperliquid 0local 0
  • NEAR
    binance 1306hyperliquid 0local 0

Ranking at launch (spread-to-1s-vol)

  • LUNR
    spread bps
    61.89
    ratio
    44.63
    trades/min
    0.0 (thin)
    vol1s bps
    1.39
  • SGOV
    spread bps
    15.93
    ratio
    43.48
    trades/min
    0.0 (thin)
    vol1s bps
    0.37
  • AI
    spread bps
    75.29
    ratio
    19.85
    trades/min
    0.4 (thin)
    vol1s bps
    3.79
  • SOFI
    spread bps
    25.43
    ratio
    19.62
    trades/min
    0.0 (thin)
    vol1s bps
    1.30
  • USAR
    spread bps
    13.42
    ratio
    10.94
    trades/min
    0.0 (thin)
    vol1s bps
    1.23
  • AMC
    spread bps
    28.69
    ratio
    10.76
    trades/min
    0.2 (thin)
    vol1s bps
    2.67
  • ANSEM
    spread bps
    66.66
    ratio
    8.46
    trades/min
    1.0 (thin)
    vol1s bps
    7.88
  • IREN
    spread bps
    11.26
    ratio
    7.58
    trades/min
    0.4 (thin)
    vol1s bps
    1.49
  • WULF
    spread bps
    121.05
    ratio
    6.76
    trades/min
    0.0 (thin)
    vol1s bps
    17.90
  • SMCI
    spread bps
    17.26
    ratio
    6.65
    trades/min
    0.1 (thin)
    vol1s bps
    2.59
  • AAPL
    spread bps
    2.73
    ratio
    6.59
    trades/min
    9.1
    vol1s bps
    0.41
  • USO
    spread bps
    11.74
    ratio
    6.23
    trades/min
    0.7 (thin)
    vol1s bps
    1.88
raw table
| market | spread bps | vol1s bps | ratio | trades/min |
|---|---|---|---|---|
| LUNR | 61.89 | 1.39 | 44.63 | 0.0 (thin) |
| SGOV | 15.93 | 0.37 | 43.48 | 0.0 (thin) |
| AI | 75.29 | 3.79 | 19.85 | 0.4 (thin) |
| SOFI | 25.43 | 1.30 | 19.62 | 0.0 (thin) |
| USAR | 13.42 | 1.23 | 10.94 | 0.0 (thin) |
| AMC | 28.69 | 2.67 | 10.76 | 0.2 (thin) |
| ANSEM | 66.66 | 7.88 | 8.46 | 1.0 (thin) |
| IREN | 11.26 | 1.49 | 7.58 | 0.4 (thin) |
| WULF | 121.05 | 17.90 | 6.76 | 0.0 (thin) |
| SMCI | 17.26 | 2.59 | 6.65 | 0.1 (thin) |
| AAPL | 2.73 | 0.41 | 6.59 | 9.1 |
| USO | 11.74 | 1.88 | 6.23 | 0.7 (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.

Quoting study · Sep 30, 15:39 UTC · Hyperider fleet report