Quoting study · Oct 15, 06:50 UTC
full 6-hour cycle · published automatically by the fleet
Quote Engine v2 · PAPER report
FINAL · 6.00h elapsed · started 2026-10-15T00:50:50.247Z · 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
- 0.40
- mk+10s bps
- -2.10
- spread bps
- 0.01
- fills/hr
- 142.8
- strict fills
- 857
- marginal
- 0
- replaces
- 1530
- capture $
- 3.389
- inv now $
- 300
- mkt $/hr
- $5,172,344
- 15% clip cap
- $5432
- COINsession gate
- capture bps
- -0.07
- mk+10s bps
- -2.23
- spread bps
- 3.54
- fills/hr
- 121.7
- strict fills
- 730
- marginal
- 5
- replaces
- 1462
- capture $
- -0.535
- inv now $
- -300
- mkt $/hr
- $63,771
- 15% clip cap
- $79
- ORCLsession gate
- capture bps
- 0.88
- mk+10s bps
- -0.50
- spread bps
- 4.69
- fills/hr
- 83.0
- strict fills
- 498
- marginal
- 6
- replaces
- 1195
- capture $
- 4.399
- inv now $
- -200
- mkt $/hr
- $33,773
- 15% clip cap
- $61
- AAPLsession gate
- capture bps
- 0.62
- mk+10s bps
- 0.45
- spread bps
- 1.16
- fills/hr
- 250.7
- strict fills
- 1504
- marginal
- 26
- replaces
- 1686
- capture $
- 9.320
- inv now $
- 0
- mkt $/hr
- $903,896
- 15% clip cap
- $541
- SUI
- capture bps
- -1.71
- mk+10s bps
- -3.05
- spread bps
- 4.17
- fills/hr
- 50.3
- strict fills
- 302
- marginal
- 0
- replaces
- 1221
- capture $
- -5.170
- inv now $
- 0
- mkt $/hr
- $40,851
- 15% clip cap
- $122
- NEAR
- capture bps
- -2.30
- mk+10s bps
- -5.14
- spread bps
- 4.33
- fills/hr
- 122.8
- strict fills
- 737
- marginal
- 6
- replaces
- 1712
- capture $
- -16.975
- inv now $
- -300
- mkt $/hr
- $222,231
- 15% clip cap
- $271
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 | 0.01 | 857 | 0 | 142.8 | 1530 | 3.389 | 0.40 | -2.10 | 300 | $5,172,344 | $5432 | | COIN ⏰ | 3.54 | 730 | 5 | 121.7 | 1462 | -0.535 | -0.07 | -2.23 | -300 | $63,771 | $79 | | ORCL ⏰ | 4.69 | 498 | 6 | 83.0 | 1195 | 4.399 | 0.88 | -0.50 | -200 | $33,773 | $61 | | AAPL ⏰ | 1.16 | 1504 | 26 | 250.7 | 1686 | 9.320 | 0.62 | 0.45 | 0 | $903,896 | $541 | | SUI | 4.17 | 302 | 0 | 50.3 | 1221 | -5.170 | -1.71 | -3.05 | 0 | $40,851 | $122 | | NEAR | 4.33 | 737 | 6 | 122.8 | 1712 | -16.975 | -2.30 | -5.14 | -300 | $222,231 | $271 |
⏰ = 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 852hyperliquid 0local 5
- COINbinance 0hyperliquid 0local 735
- ORCLbinance 0hyperliquid 0local 504
- AAPLbinance 0hyperliquid 0local 1530
- SUIbinance 302hyperliquid 0local 0
- NEARbinance 743hyperliquid 0local 0
Ranking at launch (spread-to-1s-vol)
- ANSEM
- spread bps
- 288.95
- ratio
- 51.82
- trades/min
- 0.0 (thin)
- vol1s bps
- 5.58
- RGTI
- spread bps
- 57.64
- ratio
- 23.08
- trades/min
- 0.1 (thin)
- vol1s bps
- 2.50
- WULF
- spread bps
- 135.89
- ratio
- 21.46
- trades/min
- 0.1 (thin)
- vol1s bps
- 6.33
- SOFI
- spread bps
- 20.51
- ratio
- 13.27
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.55
- SHEIN
- spread bps
- 45.13
- ratio
- 10.94
- trades/min
- 0.0 (thin)
- vol1s bps
- 4.13
- LUNR
- spread bps
- 68.37
- ratio
- 10.01
- trades/min
- 0.1 (thin)
- vol1s bps
- 6.83
- SMCI
- spread bps
- 15.85
- ratio
- 9.40
- trades/min
- 0.0 (thin)
- vol1s bps
- 1.69
- QBTS
- spread bps
- 52.38
- ratio
- 8.24
- trades/min
- 0.1 (thin)
- vol1s bps
- 6.35
- USAR
- spread bps
- 11.72
- ratio
- 7.65
- trades/min
- 0.4 (thin)
- vol1s bps
- 1.53
- SGOV
- spread bps
- 3.98
- ratio
- 4.45
- trades/min
- 0.2 (thin)
- vol1s bps
- 0.89
- BABA
- spread bps
- 3.63
- ratio
- 4.18
- trades/min
- 0.9 (thin)
- vol1s bps
- 0.87
- USELESS
- spread bps
- 8.35
- ratio
- 3.63
- trades/min
- 0.2 (thin)
- vol1s bps
- 2.30
raw table
| market | spread bps | vol1s bps | ratio | trades/min | |---|---|---|---|---| | ANSEM | 288.95 | 5.58 | 51.82 | 0.0 (thin) | | RGTI | 57.64 | 2.50 | 23.08 | 0.1 (thin) | | WULF | 135.89 | 6.33 | 21.46 | 0.1 (thin) | | SOFI | 20.51 | 1.55 | 13.27 | 0.1 (thin) | | SHEIN | 45.13 | 4.13 | 10.94 | 0.0 (thin) | | LUNR | 68.37 | 6.83 | 10.01 | 0.1 (thin) | | SMCI | 15.85 | 1.69 | 9.40 | 0.0 (thin) | | QBTS | 52.38 | 6.35 | 8.24 | 0.1 (thin) | | USAR | 11.72 | 1.53 | 7.65 | 0.4 (thin) | | SGOV | 3.98 | 0.89 | 4.45 | 0.2 (thin) | | BABA | 3.63 | 0.87 | 4.18 | 0.9 (thin) | | USELESS | 8.35 | 2.30 | 3.63 | 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.