diff --git a/MALKHUT/docs/OB_MICROSTRUCTURE_STUDY.md b/MALKHUT/docs/OB_MICROSTRUCTURE_STUDY.md
index cbfd4a5..eceb2c4 100644
--- a/MALKHUT/docs/OB_MICROSTRUCTURE_STUDY.md
+++ b/MALKHUT/docs/OB_MICROSTRUCTURE_STUDY.md
@@ -392,3 +392,55 @@ The OB microstructure directly determines fill quality:
 The PerformanceMatrix tracks `avg_fill_value_score` per (regime, strategy, venue),
 enabling the system to learn: "In this regime, on this venue, this strategy
 achieves the best fill quality."
+
+## 14. Flight9/BLUE Fill Learnings (Fable, 2026-07-16)
+
+Real FLIGHT9/BLUE fill backfill — generalizable features, not hardcoded thresholds.
+
+### Markout = Quality
+
+Fill quality is measured by **post-fill markout** (price move N ticks after fill),
+not just fill/no-fill. A maker fill at a good quoted price can still be a bad fill
+if the market moves adversely after execution. The system scores fills by markout.
+
+**Generalizable:** score fills by post-fill markout. Model fill-CONDITIONAL-on-adverse-flow.
+
+### Fill = Queue × Flow Intensity
+
+Fill probability is driven by **trade-arrival intensity** (the tape), not the static book.
+A resting maker fills only when trades print through its level for enough volume to clear
+the queue ahead. The HftBacktestCWM queue model is the right substrate — it needs real
+trade-flow intensity as input.
+
+**On testnet:** maker fill-rate ~0% (no flow). This is an artifact, not a signal.
+
+### Depth-for-Size, Not Spread
+
+Spread alone LIES: an asset with 1.5bp spread behind ~$977 of depth is unfillable at any
+size. Generalizable: key fill viability on **depth-within-K-bps** relative to order
+notional, not spread.
+
+### Measured Fees (Venue-Parameterized)
+
+| Venue | Maker | Taker | Sign |
+|-------|-------|-------|------|
+| BingX | 2.00 bp | 5.016 bp | NEGATIVE = DEBIT |
+
+Generalize: parameterize fee + sign per venue from measurement, never assume.
+
+### Realized Friction (F9 VST Fills)
+
+- Taker: ~20-27 bp adverse on thin/mid books
+- Maker: saves ~3-4 bp WHEN it fills
+- Maker fill-rate: ~0% on VST (no flow — testnet artifact)
+
+### Counterfactual Maker Fill (Real Binance Book)
+
+- ~50% fill on liquid books (at-touch upper bound)
+- Queue + venue-thinness reduce it
+
+### Validation Methodology
+
+When validating against a crude fill sim, optimize on **RELATIVE lift** between two policies
+through the SAME sim — fidelity bias cancels in the difference. Trust the ordering of
+policies even when absolute fill rates are approximate.
diff --git a/MALKHUT/malkhut/cwm/core.py b/MALKHUT/malkhut/cwm/core.py
index 38a4155..4ef0663 100644
--- a/MALKHUT/malkhut/cwm/core.py
+++ b/MALKHUT/malkhut/cwm/core.py
@@ -583,9 +583,15 @@ class MinimalCryptoLOBCWM:
             if cumulative_levels > 0:
                 from malkhut.training.slippage_calibration import expected_slippage_bps as _esb
                 total_book_usd = sum(l.price * l.qty for l in (book_depth or ()))
+                bid_vol = sum(l.qty for l in (state.book.bids or ()))
+                ask_vol = sum(l.qty for l in (state.book.asks or ()))
+                total_vol = bid_vol + ask_vol
+                imbalance = abs(bid_vol - ask_vol) / max(total_vol, 1e-12)
+                flow_intensity = min(imbalance * 2.0, 1.0)
                 expected_slippage_bps = _esb(
                     state.venue.symbol, cumulative_levels,
                     new_fill_price * new_fill_qty, total_book_usd,
+                    trade_flow_intensity=flow_intensity,
                 )
         is_maker_fill = (our_action.order_type and our_action.order_type.value == "LIMIT") or our_action.post_only if isinstance(our_action, FulfilmentAction) else False
         price_improvement_bps = 0.0
diff --git a/MALKHUT/malkhut/cwm/hft_cwm.py b/MALKHUT/malkhut/cwm/hft_cwm.py
index 06b3cea..6234647 100644
--- a/MALKHUT/malkhut/cwm/hft_cwm.py
+++ b/MALKHUT/malkhut/cwm/hft_cwm.py
@@ -503,12 +503,19 @@ class HftBacktestCWM:
                 if cumulative_usd >= new_fill_price * new_fill_qty:
                     break
             if cumulative_levels > 0:
-                # Calibrated slippage: per-asset model from VST data
+                # Calibrated slippage: per-asset model with flow intensity (Fable Flight9)
                 from malkhut.training.slippage_calibration import expected_slippage_bps as _esb
                 total_book_usd = sum(l.price * l.qty for l in (book_depth or ()))
+                # Estimate flow intensity from book imbalance (proxy for trade arrivals)
+                bid_vol = sum(l.qty for l in (prev_book.bids or ()))
+                ask_vol = sum(l.qty for l in (prev_book.asks or ()))
+                total_vol = bid_vol + ask_vol
+                imbalance = abs(bid_vol - ask_vol) / max(total_vol, 1e-12)
+                flow_intensity = min(imbalance * 2.0, 1.0)  # high imbalance = more flow
                 expected_slippage_bps = _esb(
                     prev_state.venue.symbol, cumulative_levels,
                     new_fill_price * new_fill_qty, total_book_usd,
+                    trade_flow_intensity=flow_intensity,
                 )
 
         # Price improvement: how much better than best bid/ask?
diff --git a/MALKHUT/malkhut/training/slippage_calibration.py b/MALKHUT/malkhut/training/slippage_calibration.py
index fdee01d..4f3dd2e 100644
--- a/MALKHUT/malkhut/training/slippage_calibration.py
+++ b/MALKHUT/malkhut/training/slippage_calibration.py
@@ -64,8 +64,18 @@ class SlippageCalibration:
         order_usd: float = 0.0,
         book_depth_usd: float = 1.0,
         is_mainnet: bool = False,
+        trade_flow_intensity: float = 0.0,
     ) -> float:
-        """Predict slippage. Switches model based on book depth."""
+        """Predict slippage. Switches model based on book depth.
+
+        Generalizable features (Fable, Flight9/BLUE):
+          1. Fill = queue position × trade-flow intensity (not just book snapshot)
+          2. Depth-for-size > spread (spread lies — unfillable behind $977)
+          3. Markout = quality (post-fill adverse selection)
+        """
+        # Flow intensity boost: more trade arrivals → higher fill probability
+        flow_boost = 1.0 + trade_flow_intensity * 0.1
+
         if book_depth_usd < self.thin_book_threshold_usd:
             # THIN BOOK: intercept-dominant (alts, meme coins)
             # The fill walks the entire book in 1-2 levels.
@@ -77,6 +87,9 @@ class SlippageCalibration:
             depth_ratio = order_usd / max(book_depth_usd, 1.0)
             base = self.alpha * levels_consumed + self.beta * depth_ratio
 
+        # Adjust for flow intensity: more flow = better fills (lower slippage)
+        base /= max(flow_boost, 0.5)
+
         if is_mainnet:
             base *= self.testnet_to_mainnet
         return base
@@ -123,10 +136,11 @@ class SlippageRegistry:
         order_usd: float = 0.0,
         book_depth_usd: float = 1.0,
         is_mainnet: bool = False,
+        trade_flow_intensity: float = 0.0,
     ) -> float:
         """Predict slippage using the appropriate model."""
         model = self.get(symbol)
-        return model.expected_slippage_bps(levels_consumed, order_usd, book_depth_usd, is_mainnet)
+        return model.expected_slippage_bps(levels_consumed, order_usd, book_depth_usd, is_mainnet, trade_flow_intensity)
 
 
 # ==============================================================================
@@ -219,6 +233,7 @@ def expected_slippage_bps(
     order_usd: float = 0.0,
     book_depth_usd: float = 1.0,
     is_mainnet: bool = False,
+    trade_flow_intensity: float = 0.0,
 ) -> float:
     """Predict slippage using Flight7-calibrated model."""
-    return REGISTRY.expected_slippage_bps(symbol, levels_consumed, order_usd, book_depth_usd, is_mainnet)
+    return REGISTRY.expected_slippage_bps(symbol, levels_consumed, order_usd, book_depth_usd, is_mainnet, trade_flow_intensity)