§ WATCH

What the rat is watching

Every tokenised equity the desk tracks, its independent reference price, and what the best pool would actually pay for it right now. A row without a usable reference is quarantined, and the reason is on the row.

Chain unreachable

§01

Instruments

Spread vs reference is computed from the best executable quote, not from the price a pool displays. Those are different numbers and only one of them is tradable.

Watchlist — not trading yetThe desk has not been connected to a live feed. Nothing has been observed, so nothing is reported here.This panel fills in from the chain the moment the desk starts. No figure on this site is ever estimated or placeheld.

§02

Why a row gets quarantined

The desk declines to trade far more often than it trades. These are the conditions under which it will not act, regardless of how large the apparent spread is.

Stale reference

The reference price is older than the heartbeat for its market session. A price from a closed session is not evidence about the current one.

Halted

The underlying equity is halted. A halted instrument is never traded automatically, at any spread.

No executable depth

A probe ladder found no size at which the quoted edge survives. The displayed pool price is irrelevant if nothing can be filled against it.

Feed disagreement

Two sources for the same instrument disagree by more than the tolerance. The desk does not pick a winner.

Unverified token

The token's symbol, decimals, or multiplier did not match what the registry says they should be.

Session closed

Outside regular hours, sizing is reduced or suspended depending on the instrument's configuration.