Contract matches the RHJ registry. Economic exposure only — not shareholder rights. AP-only primary (BBVI at issuance).
Effective circulating (raw × uiMultiplier) did not increase. Token-rich prints can still be secondary-market only.
Perp OI did not increase materially. Trades can turn over without adding net risk that would need an external cash hedge.
Venue funding is not extreme or persistently one-sided on this window.
Overnight/weekend: 24/7 perps and tokens keep trading while cash is closed. Inventory can gap into Monday.
The monitor does not yet track listed prints after an on-chain event. Do not read the last cash print as confirmation of hedge flow; session state is step 5.
Δ perp OI × direction × assumed cash-hedge fraction. Never a single pretended conversion. Long+short still nets to zero contract supply.
| Up / Up | new long risk |
| Up / Down | short covering |
| Down / Up | new short risk |
| Down / Down | long liq / de-risk |