From 40e1dd0bd2ee5282136df67a8808527f857a5f45 Mon Sep 17 00:00:00 2001 From: Codex Date: Tue, 14 Jul 2026 22:14:49 +0200 Subject: [PATCH] =?UTF-8?q?spec(exec=20=C2=A70):=20record=20measured=202.0?= =?UTF-8?q?0=20bps=20maker=20fee=20=E2=80=94=20refutes=201bp=20assumption,?= =?UTF-8?q?=20no=20rebate?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit Co-Authored-By: Claude Opus 4.8 --- prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md | 7 +++++-- 1 file changed, 5 insertions(+), 2 deletions(-) diff --git a/prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md b/prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md index 988144c..01657e4 100644 --- a/prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md +++ b/prod/docs/SPEC_UNIFIED_EXEC_LAYER_20260714.md @@ -21,8 +21,11 @@ asset, a size, and a prayer"** (operator's words, now doctrine §2) — so that this factory ever produces (BLUE, UV/BLUE-PRIME flights, VIOLET, VIBRASS children, MALKHUT, things not yet named) executes through the *same* battle-tested body. The economics that justify its existence are measured, not hoped: taker round-trip ≈ 10 bps -(5.016 bps/side over 1,455 live fills) vs maker-both ≈ 4 bps *if* the assumed 1 bp maker -fee survives measurement (§17-Q1 — still the cheapest high-stakes experiment we have); +(5.016 bps/side over 1,455 live fills) vs maker-both ≈ 4 bps — **maker side now MEASURED at +2.00 bps** (VST GTX fill 2026-07-14, `BINGX_MAKER_FEE_MEASURED_20260714.md`; = BingX's +published 0.02% rate). The earlier "1 bp maker" assumption is **refuted** (real is 2×, a +cost not a rebate — the negative-commission sign is a debit); the ~6 bp/RT saving still +holds and the case stands (§17-Q1 — the cheapest high-stakes experiment we had); UV's own audit showed the identical brain losing −758 USDT on friction alone while BLUE netted +2.5%/day — **execution is where the parity gap is made of money.**