BASIS // SPREAD
Engine 02

The treasury.

The instrument finds mispricings; the treasury trades them. It is funded by half of every dollar the project earns and begins trading at $50,000. This page shows its balance from the chain, what the published mandate would do with the readings on screen right now, and a minute-by-minute record of what it has seen.

Balance · read from chainNOT YET FUNDED
—

No treasury wallet is configured on this deployment. The balance shown is nothing, not a number. When the wallet exists its address goes into this deployment's configuration and the balance is read every minute from the chain, with the block and the time of the read stamped beside it. Nothing here is ever typed in.

The published mandate
ASSETS canonical Stock Tokens and USDG only — never launchpad tokens
SIZE at most 5% of the shallower pool per position
EXPOSURE at most 20% of the treasury in one token
LEVERAGE none · no borrowing, no perps
PROFIT half compounds here · half buys and burns
LOSS stays inside the treasury · the burn never covers it
ORDER publish first, then trade the published number

The last line is the one that keeps the feed honest. A service that publishes gaps and also trades them can front-run its readers. Fills will appear here beside the reading they were published from, timestamped, so the ordering is checkable. It costs the treasury its best fills. That is the price of the feed being worth reading.

What the mandate would do right nowOvernight session · reference thin · 21 Sep 2026 · 04:46 UTC
SIMULATED — signals at quoted prices under the published mandate. No capital deployed, no fill, not executable size. Sized against the $50,000 threshold, not a real balance. Fees assumed at 30 bps a leg — the pool tier is not in the index data.
TokenBuy atSell atSpreadSizeNet at quote
NVDA$222.11uniswap/USDG · $10k$224.01alandale/WETH · $14k+86 bps$497pool cap$1.28
SPY$760.83uniswap/ETH · $5k$766.40uniswap/ETH · $685k+73 bps$232pool cap$0.31
AMC$2.69uniswap/WETH · $104k$2.85uniswap/ETH · $21k+595 bps$1,073pool cap$57.38
MSFT$490.75uniswap/ETH · $44k$495.32ramses/USDG · $4k+93 bps$178pool cap$0.59
GME$22.90uniswap/USDG · $17k$23.17uniswap/USDG · $1.11M+118 bps$868pool cap$5.03
SGOV$100.43uniswap/WETH · $143k$101.06uniswap/USDG · $8k+62 bps$412pool cap$0.10
MSTR$155.31uniswap/WETH · $63k$160.54uniswap/USDG · $34k+337 bps$1,706pool cap$47.21
[ 5 of 12 quiet — why ]
AAPL · Spread 22 bps does not clear the assumed 60 bps round trip.
QQQ · Spread 22 bps does not clear the assumed 60 bps round trip.
TSLA · Spread 55 bps does not clear the assumed 60 bps round trip.
CRWD · Only one tradeable pool — nothing to trade it against.
PLTR · Spread 43 bps does not clear the assumed 60 bps round trip.
The ledger · one row a minute1,129 minutes recorded · since 2026-09-15 16:21 UTC
Minutes shown
60
With a signal
60
Net at quote, summed
$2240.44
simulated · not realised
Fills from chain
0
none yet · nothing has traded
Minute · UTCSessionSignalsBestNet at quote
2026-09-21 04:46overnight7AMC +595 bps$111.85
2026-09-21 04:45overnight7AMC +595 bps$112.47
2026-09-21 04:14overnight5MSTR +342 bps$55.20
2026-09-21 04:13overnight5MSTR +342 bps$55.61
2026-09-21 04:12overnight5MSTR +342 bps$22.93
2026-09-21 04:11overnight5MSTR +342 bps$22.93
2026-09-21 04:10overnight5MSTR +342 bps$22.93
2026-09-21 04:09overnight5MSTR +342 bps$22.93
2026-09-21 04:08overnight5MSTR +342 bps$22.93
2026-09-21 03:04overnight7MSTR +314 bps$8.47
2026-09-21 03:03overnight7MSTR +314 bps$8.47
2026-09-21 03:02overnight8QQQ +75 bps$23.15
2026-09-21 03:01overnight8QQQ +75 bps$23.15
2026-09-21 03:00overnight8QQQ +75 bps$23.08
2026-09-21 02:59overnight8QQQ +75 bps$26.45
2026-09-21 02:58overnight8QQQ +75 bps$26.45
2026-09-21 02:57overnight8QQQ +75 bps$23.24
2026-09-21 02:56overnight8QQQ +75 bps$23.24
2026-09-21 02:55overnight8QQQ +75 bps$23.78
2026-09-21 02:54overnight8QQQ +75 bps$23.78
2026-09-21 02:53overnight8QQQ +75 bps$23.78
2026-09-21 02:52overnight8QQQ +75 bps$23.90
2026-09-21 02:51overnight8QQQ +75 bps$23.90
2026-09-21 02:50overnight8QQQ +75 bps$24.02
2026-09-21 02:49overnight8QQQ +75 bps$23.89
2026-09-21 02:48overnight8QQQ +75 bps$23.89
2026-09-21 02:47overnight8QQQ +75 bps$23.81
2026-09-21 02:46overnight8QQQ +75 bps$23.81
2026-09-21 02:45overnight8QQQ +75 bps$23.81
2026-09-21 02:44overnight8QQQ +75 bps$23.81
2026-09-21 02:43overnight8QQQ +75 bps$23.81
2026-09-21 02:42overnight9QQQ +75 bps$24.18
2026-09-21 02:41overnight9QQQ +75 bps$24.18
2026-09-21 02:40overnight9QQQ +75 bps$24.18
2026-09-21 02:39overnight10MSTR +283 bps$61.81
2026-09-21 02:38overnight10MSTR +283 bps$61.81
2026-09-21 02:37overnight10MSTR +278 bps$61.38
2026-09-21 02:36overnight10MSTR +278 bps$61.38
2026-09-21 02:35overnight9MSTR +280 bps$60.91
2026-09-21 00:47overnight4MSTR +133 bps$9.62
2026-09-21 00:23overnight8QQQ +105 bps$73.18
2026-09-21 00:22overnight8QQQ +105 bps$73.18
2026-09-21 00:21overnight7QQQ +87 bps$52.88
2026-09-21 00:20overnight7QQQ +87 bps$52.88
2026-09-21 00:19overnight8AMC +149 bps$72.07
2026-09-21 00:18overnight8AMC +149 bps$72.07
2026-09-21 00:17overnight10QQQ +88 bps$82.13
2026-09-21 00:16overnight10QQQ +88 bps$82.13
2026-09-21 00:15overnight6MSTR +204 bps$30.71
2026-09-21 00:14overnight7MSTR +204 bps$30.92
2026-09-21 00:13overnight6MSTR +204 bps$31.38
2026-09-21 00:12overnight6MSTR +204 bps$29.77
2026-09-21 00:11overnight6MSTR +204 bps$29.77
2026-09-21 00:10overnight6MSTR +204 bps$29.77
2026-09-21 00:09overnight6MSTR +208 bps$48.97
2026-09-20 22:15closed3MSTR +234 bps$34.85
2026-09-20 22:14closed3MSTR +234 bps$34.85
2026-09-20 22:13closed4MSTR +248 bps$9.83
2026-09-20 22:12closed5MSTR +248 bps$17.09
2026-09-20 22:11closed5MSTR +248 bps$17.09

Weekend reversion and corporate-action windows — the mandate's other two trades — need a position held across time and are not simulated yet. The ledger records only what can be evaluated the instant a reading exists. Saying so beats approximating them.

Mechanics, the switch-on conditions and the arithmetic: the token document. The API: /api/v1/treasury.