Pulling the tape… 0s
Waiting on the live overlay. Empty rows are not filled with fixture numbers.
Pulling the tape… 0s
Waiting on the live overlay. Empty rows are not filled with fixture numbers.
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.
No Coinbase B20 listing for QQQ. Coinbase tokens and RHJ tokens are different official wrappers — never one inventory.
Overnight/weekend/holiday: 24/7 perps and tokens keep trading while cash is closed. Inventory can gap into the next cash open.
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.
Counted liquidation USD from venues whose public tape covered the Δ window (Lighter usd_amount). Unmeasured venues are omitted. Forced = that sum / OI of the same venues.
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 |
OI × price is a pattern, not a liquidation print. Live Forced USD is the public Lighter tape (GET /api/v1/trades?type=liquidation, usd_amount) when that tape covers the Δ window. Arcus trades are not flagged. A missing or unmeasured 0 is not “no liquidations.”