Hyperider

Quoting study · Oct 14, 18:24 UTC

full 6-hour cycle · published automatically by the fleet

Quote Engine v2 · PAPER report

FINAL · 6.00h elapsed · started 2026-10-14T12:24:08.721Z · 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
    -0.02
    mk+10s bps
    -1.19
    spread bps
    1.16
    fills/hr
    250.1
    strict fills
    1501
    marginal
    0
    replaces
    2355
    capture $
    -0.367
    inv now $
    300
    mkt $/hr
    $6,735,671
    15% clip cap
    $4039
  • COINsession gate
    capture bps
    -2.11
    mk+10s bps
    -1.25
    spread bps
    2.80
    fills/hr
    23.2
    strict fills
    139
    marginal
    1
    replaces
    219
    capture $
    -2.936
    inv now $
    0
    mkt $/hr
    $27,712
    15% clip cap
    $179
  • ORCLsession gate
    capture bps
    -4.73
    mk+10s bps
    2.30
    spread bps
    3.58
    fills/hr
    14.3
    strict fills
    86
    marginal
    1
    replaces
    162
    capture $
    -4.069
    inv now $
    0
    mkt $/hr
    $15,137
    15% clip cap
    $158
  • AAPLsession gate
    capture bps
    0.86
    mk+10s bps
    0.13
    spread bps
    2.32
    fills/hr
    82.5
    strict fills
    495
    marginal
    10
    replaces
    561
    capture $
    4.245
    inv now $
    0
    mkt $/hr
    $123,789
    15% clip cap
    $225
  • SUI
    capture bps
    -0.89
    mk+10s bps
    -2.50
    spread bps
    0.88
    fills/hr
    37.2
    strict fills
    223
    marginal
    0
    replaces
    1652
    capture $
    -1.985
    inv now $
    300
    mkt $/hr
    $72,962
    15% clip cap
    $295
  • NEAR
    capture bps
    -0.12
    mk+10s bps
    -0.08
    spread bps
    1.66
    fills/hr
    276.3
    strict fills
    1658
    marginal
    5
    replaces
    3325
    capture $
    -1.910
    inv now $
    300
    mkt $/hr
    $439,346
    15% clip cap
    $239
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 | 1.16 | 1501 | 0 | 250.1 | 2355 | -0.367 | -0.02 | -1.19 | 300 | $6,735,671 | $4039 |
| COIN ⏰ | 2.80 | 139 | 1 | 23.2 | 219 | -2.936 | -2.11 | -1.25 | 0 | $27,712 | $179 |
| ORCL ⏰ | 3.58 | 86 | 1 | 14.3 | 162 | -4.069 | -4.73 | 2.30 | 0 | $15,137 | $158 |
| AAPL ⏰ | 2.32 | 495 | 10 | 82.5 | 561 | 4.245 | 0.86 | 0.13 | 0 | $123,789 | $225 |
| SUI | 0.88 | 223 | 0 | 37.2 | 1652 | -1.985 | -0.89 | -2.50 | 300 | $72,962 | $295 |
| NEAR | 1.66 | 1658 | 5 | 276.3 | 3325 | -1.910 | -0.12 | -0.08 | 300 | $439,346 | $239 |

⏰ = 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 1494hyperliquid 0local 7
  • COIN
    binance 0hyperliquid 0local 140
  • ORCL
    binance 0hyperliquid 0local 87
  • AAPL
    binance 0hyperliquid 0local 505
  • SUI
    binance 223hyperliquid 0local 0
  • NEAR
    binance 1663hyperliquid 0local 0

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

  • BABA
    spread bps
    4.42
    ratio
    10.99
    trades/min
    0.7 (thin)
    vol1s bps
    0.40
  • TSM
    spread bps
    5.18
    ratio
    9.84
    trades/min
    1.1
    vol1s bps
    0.53
  • USO
    spread bps
    10.38
    ratio
    8.81
    trades/min
    2.3
    vol1s bps
    1.18
  • PLTR
    spread bps
    4.17
    ratio
    4.59
    trades/min
    3.9
    vol1s bps
    0.91
  • CASHCAT
    spread bps
    23.46
    ratio
    4.38
    trades/min
    0.7 (thin)
    vol1s bps
    5.36
  • VVV
    spread bps
    8.19
    ratio
    3.99
    trades/min
    1.3
    vol1s bps
    2.05
  • USAR
    spread bps
    11.64
    ratio
    3.89
    trades/min
    0.4 (thin)
    vol1s bps
    2.99
  • LIT
    spread bps
    4.51
    ratio
    3.39
    trades/min
    33.4
    vol1s bps
    1.33
  • META
    spread bps
    2.24
    ratio
    3.15
    trades/min
    8.7
    vol1s bps
    0.71
  • COIN
    spread bps
    2.75
    ratio
    3.00
    trades/min
    2.1
    vol1s bps
    0.92
  • CRCL
    spread bps
    2.73
    ratio
    2.87
    trades/min
    13.3
    vol1s bps
    0.95
  • TSLA
    spread bps
    2.66
    ratio
    2.78
    trades/min
    13.9
    vol1s bps
    0.96
raw table
| market | spread bps | vol1s bps | ratio | trades/min |
|---|---|---|---|---|
| BABA | 4.42 | 0.40 | 10.99 | 0.7 (thin) |
| TSM | 5.18 | 0.53 | 9.84 | 1.1 |
| USO | 10.38 | 1.18 | 8.81 | 2.3 |
| PLTR | 4.17 | 0.91 | 4.59 | 3.9 |
| CASHCAT | 23.46 | 5.36 | 4.38 | 0.7 (thin) |
| VVV | 8.19 | 2.05 | 3.99 | 1.3 |
| USAR | 11.64 | 2.99 | 3.89 | 0.4 (thin) |
| LIT | 4.51 | 1.33 | 3.39 | 33.4 |
| META | 2.24 | 0.71 | 3.15 | 8.7 |
| COIN | 2.75 | 0.92 | 3.00 | 2.1 |
| CRCL | 2.73 | 0.95 | 2.87 | 13.3 |
| TSLA | 2.66 | 0.96 | 2.78 | 13.9 |

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.