Hyperider

Quoting study · Oct 4, 04:35 UTC

cut short after 3.5h, published as a partial · published automatically by the fleet

Quote Engine v2 · PAPER report

interim · 3.53h elapsed · started 2026-10-04T00:48:06.772Z · 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
    0.30
    mk+10s bps
    0.93
    spread bps
    0.87
    fills/hr
    4.3
    strict fills
    15
    marginal
    0
    replaces
    73
    capture $
    0.046
    inv now $
    300
    mkt $/hr
    $1,120,408
    15% clip cap
    $39511
  • COINsession gate
    capture bps
    0.80
    mk+10s bps
    0.59
    spread bps
    2.71
    fills/hr
    34.0
    strict fills
    120
    marginal
    0
    replaces
    188
    capture $
    0.964
    inv now $
    200
    mkt $/hr
    $28,290
    15% clip cap
    $125
  • ORCLsession gate
    capture bps
    0.59
    mk+10s bps
    -0.29
    spread bps
    1.40
    fills/hr
    10.5
    strict fills
    37
    marginal
    1
    replaces
    72
    capture $
    0.216
    inv now $
    0
    mkt $/hr
    $25,185
    15% clip cap
    $360
  • AAPLsession gate
    capture bps
    0.78
    mk+10s bps
    0.85
    spread bps
    1.50
    fills/hr
    161.4
    strict fills
    569
    marginal
    5
    replaces
    577
    capture $
    4.449
    inv now $
    0
    mkt $/hr
    $694,092
    15% clip cap
    $645
  • SUI
    capture bps
    -1.22
    mk+10s bps
    -1.63
    spread bps
    3.57
    fills/hr
    23.5
    strict fills
    83
    marginal
    0
    replaces
    487
    capture $
    -1.015
    inv now $
    -300
    mkt $/hr
    $31,898
    15% clip cap
    $203
  • NEAR
    capture bps
    -1.37
    mk+10s bps
    -0.51
    spread bps
    4.37
    fills/hr
    36.0
    strict fills
    127
    marginal
    0
    replaces
    592
    capture $
    -1.742
    inv now $
    300
    mkt $/hr
    $132,401
    15% clip cap
    $551
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 | 0.87 | 15 | 0 | 4.3 | 73 | 0.046 | 0.30 | 0.93 | 300 | $1,120,408 | $39511 |
| COIN ⏰ | 2.71 | 120 | 0 | 34.0 | 188 | 0.964 | 0.80 | 0.59 | 200 | $28,290 | $125 |
| ORCL ⏰ | 1.40 | 37 | 1 | 10.5 | 72 | 0.216 | 0.59 | -0.29 | 0 | $25,185 | $360 |
| AAPL ⏰ | 1.50 | 569 | 5 | 161.4 | 577 | 4.449 | 0.78 | 0.85 | 0 | $694,092 | $645 |
| SUI | 3.57 | 83 | 0 | 23.5 | 487 | -1.015 | -1.22 | -1.63 | -300 | $31,898 | $203 |
| NEAR | 4.37 | 127 | 0 | 36.0 | 592 | -1.742 | -1.37 | -0.51 | 300 | $132,401 | $551 |

⏰ = 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)

  • BTC
    binance 11hyperliquid 0local 4
  • COIN
    binance 0hyperliquid 0local 120
  • ORCL
    binance 0hyperliquid 0local 38
  • AAPL
    binance 0hyperliquid 0local 574
  • SUI
    binance 76hyperliquid 7local 0
  • NEAR
    binance 127hyperliquid 0local 0

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

  • SHEIN
    spread bps
    47.80
    ratio
    14.38
    trades/min
    0.1 (thin)
    vol1s bps
    3.32
  • WULF
    spread bps
    72.20
    ratio
    13.20
    trades/min
    0.0 (thin)
    vol1s bps
    5.47
  • AMZN
    spread bps
    3.56
    ratio
    12.26
    trades/min
    3.7
    vol1s bps
    0.29
  • USO
    spread bps
    17.06
    ratio
    12.10
    trades/min
    0.2 (thin)
    vol1s bps
    1.41
  • RGTI
    spread bps
    63.83
    ratio
    11.93
    trades/min
    0.1 (thin)
    vol1s bps
    5.35
  • ORCL
    spread bps
    3.51
    ratio
    11.45
    trades/min
    0.2 (thin)
    vol1s bps
    0.31
  • SGOV
    spread bps
    3.98
    ratio
    10.04
    trades/min
    0.1 (thin)
    vol1s bps
    0.40
  • LUNR
    spread bps
    53.85
    ratio
    8.97
    trades/min
    0.1 (thin)
    vol1s bps
    6.00
  • CASHCAT
    spread bps
    26.21
    ratio
    8.67
    trades/min
    0.5 (thin)
    vol1s bps
    3.02
  • SKHY
    spread bps
    4.13
    ratio
    6.86
    trades/min
    2.6
    vol1s bps
    0.60
  • XAG
    spread bps
    2.56
    ratio
    6.79
    trades/min
    2.4
    vol1s bps
    0.38
  • CRCL
    spread bps
    2.91
    ratio
    6.58
    trades/min
    3.5
    vol1s bps
    0.44
raw table
| market | spread bps | vol1s bps | ratio | trades/min |
|---|---|---|---|---|
| SHEIN | 47.80 | 3.32 | 14.38 | 0.1 (thin) |
| WULF | 72.20 | 5.47 | 13.20 | 0.0 (thin) |
| AMZN | 3.56 | 0.29 | 12.26 | 3.7 |
| USO | 17.06 | 1.41 | 12.10 | 0.2 (thin) |
| RGTI | 63.83 | 5.35 | 11.93 | 0.1 (thin) |
| ORCL | 3.51 | 0.31 | 11.45 | 0.2 (thin) |
| SGOV | 3.98 | 0.40 | 10.04 | 0.1 (thin) |
| LUNR | 53.85 | 6.00 | 8.97 | 0.1 (thin) |
| CASHCAT | 26.21 | 3.02 | 8.67 | 0.5 (thin) |
| SKHY | 4.13 | 0.60 | 6.86 | 2.6 |
| XAG | 2.56 | 0.38 | 6.79 | 2.4 |
| CRCL | 2.91 | 0.44 | 6.58 | 3.5 |

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. Interim — numbers move until the run completes.

Quoting study · Oct 4, 04:35 UTC · Hyperider fleet report