diff --git a/prod/clean_arch/runtime/pink_direct.py b/prod/clean_arch/runtime/pink_direct.py
index d835a89..61dcb67 100644
--- a/prod/clean_arch/runtime/pink_direct.py
+++ b/prod/clean_arch/runtime/pink_direct.py
@@ -296,12 +296,15 @@ class PinkDirectRuntime:
                     await result
             except Exception as exc:
                 self.logger.warning("Venue connect failed: %s", exc)
-        _reconcile_position_slot(self.kernel, initial_capital, slot_id=0)
+        # BingX is the ledger of record. Fetch wallet balance BEFORE seeding
+        # the kernel so set_seed_capital() and reconcile agree with the exchange.
+        # Using a hardcoded fallback (e.g. 25000) while the VST account holds
+        # 100K+ would cause a ~75K reconcile delta → capital_frozen=True.
+        live_capital = await self._fetch_exchange_wallet_balance(initial_capital)
+        _reconcile_position_slot(self.kernel, live_capital, slot_id=0)
 
         # Seed the kernel's atomic K-account from exchange truth.
-        # This is the crash/restart recovery point: if the kernel restarted
-        # it re-reads exchange state here before accepting any ENTERs.
-        self.kernel.set_seed_capital(initial_capital)
+        self.kernel.set_seed_capital(live_capital)
         await self._seed_account_from_exchange()
 
         # Restore fee calibration + account state from the previous session if the
@@ -340,6 +343,46 @@ class PinkDirectRuntime:
         "funding_interval_secs": 28_800,  # 8 h BingX perps
     })
 
+    async def _fetch_exchange_wallet_balance(self, fallback: float) -> float:
+        """Query BingX for the current wallet balance to use as the capital seed.
+
+        BingX VST (and live) is the ledger of record. Seeding the kernel from
+        a hardcoded constant while the exchange holds a different balance causes
+        a large reconcile delta → capital_frozen=True on every startup.
+
+        Falls back to *fallback* if the HTTP client is unavailable or the
+        request fails, logging a WARNING so operators know sizing is approximate.
+        """
+        http_client = self._venue_http_client()
+        if http_client is None:
+            self.logger.warning(
+                "No HTTP client — capital seeded from fallback=%.2f (BingX unreachable)",
+                fallback,
+            )
+            return fallback
+        try:
+            from prod.clean_arch.dita_v2.bingx_user_stream import BingxUserStream
+            stream = BingxUserStream(http_client=http_client, ws_base_url="")
+            ev = await stream.account_snapshot()
+            balance = float(ev.wallet_balance or 0.0)
+            if balance <= 0:
+                self.logger.warning(
+                    "BingX returned wallet_balance=%.2f ≤ 0 — using fallback=%.2f",
+                    balance, fallback,
+                )
+                return fallback
+            self.logger.info(
+                "Capital seeded from BingX ledger: wallet=%.2f (fallback was %.2f)",
+                balance, fallback,
+            )
+            return balance
+        except Exception as exc:
+            self.logger.warning(
+                "BingX wallet fetch failed (%s) — capital seeded from fallback=%.2f",
+                exc, fallback,
+            )
+            return fallback
+
     async def _seed_account_from_exchange(self) -> None:
         """
         Startup/crash-recovery: