Quoting study · Oct 17, 17:42 UTC
full 6-hour cycle · published automatically by the fleet
Quote Engine v2 · PAPER report
FINAL · 6.00h elapsed · started 2026-10-17T11:41:58.321Z · 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
- -7.65
- mk+10s bps
- 0.28
- spread bps
- 1.17
- fills/hr
- 2.2
- strict fills
- 13
- marginal
- 0
- replaces
- 233
- capture $
- -0.994
- inv now $
- 300
- mkt $/hr
- $1,951,516
- 15% clip cap
- $135196
- COINsession gate
- capture bps
- 0.19
- mk+10s bps
- -0.29
- spread bps
- 3.49
- fills/hr
- 42.1
- strict fills
- 253
- marginal
- 3
- replaces
- 496
- capture $
- 0.476
- inv now $
- 0
- mkt $/hr
- $41,499
- 15% clip cap
- $148
- ORCLsession gate
- capture bps
- 2.62
- mk+10s bps
- -2.46
- spread bps
- 4.70
- fills/hr
- 11.7
- strict fills
- 70
- marginal
- 1
- replaces
- 253
- capture $
- 1.832
- inv now $
- 300
- mkt $/hr
- $18,714
- 15% clip cap
- $241
- AAPLsession gate
- capture bps
- 0.66
- mk+10s bps
- 0.48
- spread bps
- 0.58
- fills/hr
- 85.8
- strict fills
- 515
- marginal
- 7
- replaces
- 566
- capture $
- 3.405
- inv now $
- 0
- mkt $/hr
- $1,373,779
- 15% clip cap
- $2402
- SUI
- capture bps
- -16.41
- mk+10s bps
- -4.26
- spread bps
- 2.26
- fills/hr
- 8.5
- strict fills
- 51
- marginal
- 0
- replaces
- 804
- capture $
- -8.368
- inv now $
- 300
- mkt $/hr
- $37,232
- 15% clip cap
- $657
- NEAR
- capture bps
- -4.40
- mk+10s bps
- -1.06
- spread bps
- 2.88
- fills/hr
- 51.6
- strict fills
- 310
- marginal
- 3
- replaces
- 1243
- capture $
- -13.648
- inv now $
- 300
- mkt $/hr
- $136,766
- 15% clip cap
- $397
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 | 1.17 | 13 | 0 | 2.2 | 233 | -0.994 | -7.65 | 0.28 | 300 | $1,951,516 | $135196 | | COIN ⏰ | 3.49 | 253 | 3 | 42.1 | 496 | 0.476 | 0.19 | -0.29 | 0 | $41,499 | $148 | | ORCL ⏰ | 4.70 | 70 | 1 | 11.7 | 253 | 1.832 | 2.62 | -2.46 | 300 | $18,714 | $241 | | AAPL ⏰ | 0.58 | 515 | 7 | 85.8 | 566 | 3.405 | 0.66 | 0.48 | 0 | $1,373,779 | $2402 | | SUI | 2.26 | 51 | 0 | 8.5 | 804 | -8.368 | -16.41 | -4.26 | 300 | $37,232 | $657 | | NEAR | 2.88 | 310 | 3 | 51.6 | 1243 | -13.648 | -4.40 | -1.06 | 300 | $136,766 | $397 |
⏰ = 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 12hyperliquid 0local 1
- COINbinance 0hyperliquid 0local 256
- ORCLbinance 0hyperliquid 0local 71
- AAPLbinance 0hyperliquid 0local 522
- SUIbinance 51hyperliquid 0local 0
- NEARbinance 308hyperliquid 5local 0
Ranking at launch (spread-to-1s-vol)
- USO
- spread bps
- 14.23
- ratio
- 13.80
- trades/min
- 0.4 (thin)
- vol1s bps
- 1.03
- CLSK
- spread bps
- 66.52
- ratio
- 13.26
- trades/min
- 0.0 (thin)
- vol1s bps
- 5.02
- LUNR
- spread bps
- 70.12
- ratio
- 13.11
- trades/min
- 0.2 (thin)
- vol1s bps
- 5.35
- QBTS
- spread bps
- 59.91
- ratio
- 7.14
- trades/min
- 0.0 (thin)
- vol1s bps
- 8.40
- PLTR
- spread bps
- 3.19
- ratio
- 6.72
- trades/min
- 0.6 (thin)
- vol1s bps
- 0.47
- SHEIN
- spread bps
- 45.22
- ratio
- 5.96
- trades/min
- 0.4 (thin)
- vol1s bps
- 7.58
- BABA
- spread bps
- 5.51
- ratio
- 5.89
- trades/min
- 0.3 (thin)
- vol1s bps
- 0.93
- GOOGL
- spread bps
- 1.18
- ratio
- 5.56
- trades/min
- 4.4
- vol1s bps
- 0.21
- XAG
- spread bps
- 0.96
- ratio
- 5.45
- trades/min
- 2.3
- vol1s bps
- 0.18
- ANSEM
- spread bps
- 98.23
- ratio
- 5.12
- trades/min
- 0.0 (thin)
- vol1s bps
- 19.17
- IREN
- spread bps
- 9.15
- ratio
- 5.11
- trades/min
- 0.1 (thin)
- vol1s bps
- 1.79
- RGTI
- spread bps
- 70.70
- ratio
- 4.91
- trades/min
- 0.1 (thin)
- vol1s bps
- 14.40
raw table
| market | spread bps | vol1s bps | ratio | trades/min | |---|---|---|---|---| | USO | 14.23 | 1.03 | 13.80 | 0.4 (thin) | | CLSK | 66.52 | 5.02 | 13.26 | 0.0 (thin) | | LUNR | 70.12 | 5.35 | 13.11 | 0.2 (thin) | | QBTS | 59.91 | 8.40 | 7.14 | 0.0 (thin) | | PLTR | 3.19 | 0.47 | 6.72 | 0.6 (thin) | | SHEIN | 45.22 | 7.58 | 5.96 | 0.4 (thin) | | BABA | 5.51 | 0.93 | 5.89 | 0.3 (thin) | | GOOGL | 1.18 | 0.21 | 5.56 | 4.4 | | XAG | 0.96 | 0.18 | 5.45 | 2.3 | | ANSEM | 98.23 | 19.17 | 5.12 | 0.0 (thin) | | IREN | 9.15 | 1.79 | 5.11 | 0.1 (thin) | | RGTI | 70.70 | 14.40 | 4.91 | 0.1 (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.