Hyperider

Quoting study · Oct 15, 00:37 UTC

full 6-hour cycle · published automatically by the fleet

Quote Engine v2 · PAPER report

FINAL · 6.00h elapsed · started 2026-10-14T18:37:23.871Z · 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
    0.90
    mk+10s bps
    -0.67
    spread bps
    1.37
    fills/hr
    23.2
    strict fills
    139
    marginal
    0
    replaces
    586
    capture $
    1.248
    inv now $
    300
    mkt $/hr
    $2,567,655
    15% clip cap
    $16636
  • COINsession gate
    capture bps
    1.50
    mk+10s bps
    -0.27
    spread bps
    3.49
    fills/hr
    53.6
    strict fills
    322
    marginal
    1
    replaces
    647
    capture $
    4.841
    inv now $
    100
    mkt $/hr
    $122,696
    15% clip cap
    $343
  • ORCLsession gate
    capture bps
    -0.49
    mk+10s bps
    -0.11
    spread bps
    3.87
    fills/hr
    61.5
    strict fills
    369
    marginal
    12
    replaces
    769
    capture $
    -1.790
    inv now $
    300
    mkt $/hr
    $45,703
    15% clip cap
    $112
  • AAPLsession gate
    capture bps
    0.64
    mk+10s bps
    0.57
    spread bps
    0.87
    fills/hr
    220.4
    strict fills
    1323
    marginal
    20
    replaces
    1460
    capture $
    8.411
    inv now $
    -100
    mkt $/hr
    $602,396
    15% clip cap
    $410
  • SUI
    capture bps
    -1.87
    mk+10s bps
    -4.16
    spread bps
    3.12
    fills/hr
    11.5
    strict fills
    69
    marginal
    0
    replaces
    1036
    capture $
    -1.292
    inv now $
    300
    mkt $/hr
    $17,569
    15% clip cap
    $229
  • NEAR
    capture bps
    0.54
    mk+10s bps
    -1.89
    spread bps
    4.33
    fills/hr
    63.5
    strict fills
    381
    marginal
    4
    replaces
    1536
    capture $
    2.059
    inv now $
    100
    mkt $/hr
    $97,393
    15% clip cap
    $230
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 | 1.37 | 139 | 0 | 23.2 | 586 | 1.248 | 0.90 | -0.67 | 300 | $2,567,655 | $16636 |
| COIN ⏰ | 3.49 | 322 | 1 | 53.6 | 647 | 4.841 | 1.50 | -0.27 | 100 | $122,696 | $343 |
| ORCL ⏰ | 3.87 | 369 | 12 | 61.5 | 769 | -1.790 | -0.49 | -0.11 | 300 | $45,703 | $112 |
| AAPL ⏰ | 0.87 | 1323 | 20 | 220.4 | 1460 | 8.411 | 0.64 | 0.57 | -100 | $602,396 | $410 |
| SUI | 3.12 | 69 | 0 | 11.5 | 1036 | -1.292 | -1.87 | -4.16 | 300 | $17,569 | $229 |
| NEAR | 4.33 | 381 | 4 | 63.5 | 1536 | 2.059 | 0.54 | -1.89 | 100 | $97,393 | $230 |

⏰ = 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 134hyperliquid 0local 5
  • COIN
    binance 0hyperliquid 0local 323
  • ORCL
    binance 0hyperliquid 0local 381
  • AAPL
    binance 0hyperliquid 0local 1343
  • SUI
    binance 68hyperliquid 1local 0
  • NEAR
    binance 385hyperliquid 0local 0

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

  • ANSEM
    spread bps
    327.53
    ratio
    52.18
    trades/min
    0.1 (thin)
    vol1s bps
    6.28
  • SGOV
    spread bps
    1.99
    ratio
    29.89
    trades/min
    0.1 (thin)
    vol1s bps
    0.07
  • RGTI
    spread bps
    50.73
    ratio
    18.06
    trades/min
    0.1 (thin)
    vol1s bps
    2.81
  • AI
    spread bps
    153.39
    ratio
    10.65
    trades/min
    0.1 (thin)
    vol1s bps
    14.40
  • SOFI
    spread bps
    15.59
    ratio
    9.82
    trades/min
    0.1 (thin)
    vol1s bps
    1.59
  • USO
    spread bps
    7.17
    ratio
    8.59
    trades/min
    0.2 (thin)
    vol1s bps
    0.83
  • BABA
    spread bps
    6.31
    ratio
    6.71
    trades/min
    2.4
    vol1s bps
    0.94
  • QBTS
    spread bps
    38.61
    ratio
    5.37
    trades/min
    0.1 (thin)
    vol1s bps
    7.19
  • COIN
    spread bps
    5.22
    ratio
    4.99
    trades/min
    5.6
    vol1s bps
    1.05
  • USELESS
    spread bps
    10.16
    ratio
    4.37
    trades/min
    0.3 (thin)
    vol1s bps
    2.33
  • AMC
    spread bps
    13.97
    ratio
    3.79
    trades/min
    0.4 (thin)
    vol1s bps
    3.68
  • IREN
    spread bps
    8.18
    ratio
    3.78
    trades/min
    0.2 (thin)
    vol1s bps
    2.16
raw table
| market | spread bps | vol1s bps | ratio | trades/min |
|---|---|---|---|---|
| ANSEM | 327.53 | 6.28 | 52.18 | 0.1 (thin) |
| SGOV | 1.99 | 0.07 | 29.89 | 0.1 (thin) |
| RGTI | 50.73 | 2.81 | 18.06 | 0.1 (thin) |
| AI | 153.39 | 14.40 | 10.65 | 0.1 (thin) |
| SOFI | 15.59 | 1.59 | 9.82 | 0.1 (thin) |
| USO | 7.17 | 0.83 | 8.59 | 0.2 (thin) |
| BABA | 6.31 | 0.94 | 6.71 | 2.4 |
| QBTS | 38.61 | 7.19 | 5.37 | 0.1 (thin) |
| COIN | 5.22 | 1.05 | 4.99 | 5.6 |
| USELESS | 10.16 | 2.33 | 4.37 | 0.3 (thin) |
| AMC | 13.97 | 3.68 | 3.79 | 0.4 (thin) |
| IREN | 8.18 | 2.16 | 3.78 | 0.2 (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.