{
 "status": "ok",
 "fields": {
  "per_run_fields_found": [
   "id",
   "submissionId",
   "winner",
   "submissionPnl",
   "baselinePnl",
   "submissionEdge",
   "baselineEdge",
   "arbVolumeY",
   "retailVolumeY",
   "averageBidFee",
   "averageAskFee"
  ],
  "submission_level_fields": [
   "id",
   "author",
   "name",
   "createdAt",
   "wins",
   "losses",
   "draws",
   "totalSimulations",
   "avgPnl",
   "avgPnlVsBaseline",
   "avgEdge",
   "avgEdgeVsBaseline",
   "matches"
  ],
  "mapping": {
   "total_edge": "submissionEdge (exact)",
   "retail_edge": "NOT AVAILABLE; proxy feerev = meanFee*retailVolumeY (time-averaged fee times retail Y volume)",
   "arb_edge": "NOT AVAILABLE; proxy resid = submissionEdge - feerev (arb losses plus retail spread/mispricing capture beyond the time-averaged fee)",
   "mean_fee": "(averageBidFee+averageAskFee)/2; per simulator source this is a per-step time average over n_steps, NOT volume-weighted",
   "retail_volume": "retailVolumeY (exact, Y units, this AMM's routed retail)",
   "arb_volume": "arbVolumeY (exact)",
   "realised_volatility": "NOT AVAILABLE; no per-run sigma field. arbVolumeY of V2 used as a weak volatility proxy",
   "epv": "submissionEdge/retailVolumeY*1e4 (edge per 10k retail volume)",
   "base": "baselineEdge (the 30bps normalizer in the same market; it differs per entry because flow is shared)"
  }
 },
 "ids": {
  "V2": {
   "id": "e436f91a-8732-48ad-93e1-e9b21b777dab",
   "rank": 29,
   "name": "imd.fun swarm (seat #827)",
   "avgEdge": "519.6816729770098"
  },
  "first": {
   "id": "52df1e42-4219-4931-b014-586d91720298",
   "rank": 1,
   "name": "Curvance.com",
   "author": "@0xMai",
   "avgEdge": "528.3992637207809"
  },
  "tenth": {
   "id": "65573db6-d287-47b1-928a-bd65eaa4b7a9",
   "rank": 10,
   "name": "mevmogger",
   "author": "@frok_ai",
   "avgEdge": "524.6579809037318"
  },
  "leaderboard_fetched": "2026-11-08, total 744 entries"
 },
 "alignment_check": "Runs aligned by index: across entries corr(baselinePnl)=1.0000, corr(retailVolumeY)>=0.998, corr(submissionEdge)=0.9999; with a 1-run shift corr ~0.00-0.03. baselineEdge values are not identical across entries (shared retail routing), so pairing relies on index order.",
 "tables": {
  "low": {
   "n": 333,
   "V2_retailVolume_range": [
    "56547.1",
    "69833.7"
   ],
   "V2": {
    "edge": "423.6911",
    "rv": "64377.8349",
    "av": "20964.3836",
    "fee": "0.003473",
    "feerev": "223.8085",
    "resid": "199.8826",
    "epv": "65.7427",
    "base": "286.423"
   },
   "first": {
    "edge": "430.9841",
    "rv": "65347.5457",
    "av": "21183.5177",
    "fee": "0.00342",
    "feerev": "223.6113",
    "resid": "207.3728",
    "epv": "65.913",
    "base": "281.049"
   },
   "tenth": {
    "edge": "427.855",
    "rv": "65339.8672",
    "av": "22173.5178",
    "fee": "0.003411",
    "feerev": "223.0892",
    "resid": "204.7658",
    "epv": "65.4254",
    "base": "281.7581"
   },
   "first_minus_V2": {
    "edge": {
     "mean": "7.293",
     "se": "0.0784"
    },
    "rv": {
     "mean": "969.7108",
     "se": "30.6112"
    },
    "av": {
     "mean": "219.1341",
     "se": "27.8582"
    },
    "fee": {
     "mean": "-5.31e-05",
     "se": "3.7e-06"
    },
    "feerev": {
     "mean": "-0.1972",
     "se": "0.1806"
    },
    "resid": {
     "mean": "7.4902",
     "se": "0.2102"
    },
    "epv": {
     "mean": "0.1703",
     "se": "0.0285"
    },
    "base": {
     "mean": "-5.374",
     "se": "0.1342"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "2.0475"
   },
   "tenth_minus_V2": {
    "edge": {
     "mean": "4.1639",
     "se": "0.0676"
    },
    "rv": {
     "mean": "962.0323",
     "se": "24.1429"
    },
    "av": {
     "mean": "1209.1341",
     "se": "21.9018"
    },
    "fee": {
     "mean": "-6.13e-05",
     "se": "3.8e-06"
    },
    "feerev": {
     "mean": "-0.7193",
     "se": "0.1951"
    },
    "resid": {
     "mean": "4.8831",
     "se": "0.2149"
    },
    "epv": {
     "mean": "-0.3173",
     "se": "0.0222"
    },
    "base": {
     "mean": "-4.6649",
     "se": "0.1064"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "0.1861"
   }
  },
  "mid": {
   "n": 334,
   "V2_retailVolume_range": [
    "69878.3",
    "81000.7"
   ],
   "V2": {
    "edge": "516.8903",
    "rv": "75267.081",
    "av": "22328.632",
    "fee": "0.003675",
    "feerev": "276.8134",
    "resid": "240.077",
    "epv": "68.662",
    "base": "352.8674"
   },
   "first": {
    "edge": "525.6086",
    "rv": "77587.4031",
    "av": "23639.4309",
    "fee": "0.003542",
    "feerev": "274.8787",
    "resid": "250.7299",
    "epv": "67.77",
    "base": "341.6544"
   },
   "tenth": {
    "edge": "521.9052",
    "rv": "77523.4434",
    "av": "24382.1652",
    "fee": "0.00354",
    "feerev": "274.5012",
    "resid": "247.404",
    "epv": "67.3362",
    "base": "342.7173"
   },
   "first_minus_V2": {
    "edge": {
     "mean": "8.7183",
     "se": "0.0879"
    },
    "rv": {
     "mean": "2320.3221",
     "se": "42.0061"
    },
    "av": {
     "mean": "1310.7989",
     "se": "34.0246"
    },
    "fee": {
     "mean": "-0.0001331",
     "se": "3.7e-06"
    },
    "feerev": {
     "mean": "-1.9347",
     "se": "0.1935"
    },
    "resid": {
     "mean": "10.653",
     "se": "0.2167"
    },
    "epv": {
     "mean": "-0.8919",
     "se": "0.0297"
    },
    "base": {
     "mean": "-11.213",
     "se": "0.184"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "4.8297"
   },
   "tenth_minus_V2": {
    "edge": {
     "mean": "5.0149",
     "se": "0.0694"
    },
    "rv": {
     "mean": "2256.3624",
     "se": "35.09"
    },
    "av": {
     "mean": "2053.5332",
     "se": "29.8815"
    },
    "fee": {
     "mean": "-0.0001352",
     "se": "4e-06"
    },
    "feerev": {
     "mean": "-2.3122",
     "se": "0.2274"
    },
    "resid": {
     "mean": "7.327",
     "se": "0.2349"
    },
    "epv": {
     "mean": "-1.3258",
     "se": "0.0261"
    },
    "base": {
     "mean": "-10.1501",
     "se": "0.153"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "1.4751"
   }
  },
  "high": {
   "n": 333,
   "V2_retailVolume_range": [
    "81012.2",
    "98211.9"
   ],
   "V2": {
    "edge": "618.4719",
    "rv": "86834.8566",
    "av": "23690.9512",
    "fee": "0.003879",
    "feerev": "337.1277",
    "resid": "281.3442",
    "epv": "71.15",
    "base": "426.4621"
   },
   "first": {
    "edge": "628.6135",
    "rv": "90700.308",
    "av": "26172.6076",
    "fee": "0.003663",
    "feerev": "332.3968",
    "resid": "296.2166",
    "epv": "69.2692",
    "base": "408.5721"
   },
   "tenth": {
    "edge": "624.222",
    "rv": "90922.2921",
    "av": "26911.1841",
    "fee": "0.003637",
    "feerev": "330.8935",
    "resid": "293.3285",
    "epv": "68.5995",
    "base": "408.6115"
   },
   "first_minus_V2": {
    "edge": {
     "mean": "10.1415",
     "se": "0.0992"
    },
    "rv": {
     "mean": "3865.4513",
     "se": "49.841"
    },
    "av": {
     "mean": "2481.6564",
     "se": "37.4413"
    },
    "fee": {
     "mean": "-0.0002162",
     "se": "3.7e-06"
    },
    "feerev": {
     "mean": "-4.7309",
     "se": "0.2313"
    },
    "resid": {
     "mean": "14.8724",
     "se": "0.263"
    },
    "epv": {
     "mean": "-1.8808",
     "se": "0.0315"
    },
    "base": {
     "mean": "-17.89",
     "se": "0.2129"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "4.139"
   },
   "tenth_minus_V2": {
    "edge": {
     "mean": "5.7501",
     "se": "0.0825"
    },
    "rv": {
     "mean": "4087.4355",
     "se": "40.1606"
    },
    "av": {
     "mean": "3220.2329",
     "se": "29.6406"
    },
    "fee": {
     "mean": "-0.0002421",
     "se": "3.5e-06"
    },
    "feerev": {
     "mean": "-6.2342",
     "se": "0.2337"
    },
    "resid": {
     "mean": "11.9843",
     "se": "0.2479"
    },
    "epv": {
     "mean": "-2.5505",
     "se": "0.0287"
    },
    "base": {
     "mean": "-17.8507",
     "se": "0.1703"
    },
    "share_runs_beating_V2": "0.997",
    "worst_edge_diff": "-0.2769"
   }
  },
  "all": {
   "n": 1000,
   "V2_retailVolume_range": [
    "56547.1",
    "98211.9"
   ],
   "V2": {
    "edge": "519.6817",
    "rv": "75493.0313",
    "av": "22327.9896",
    "fee": "0.003676",
    "feerev": "279.2474",
    "resid": "240.4342",
    "epv": "68.5184",
    "base": "355.2485"
   },
   "first": {
    "edge": "528.3993",
    "rv": "77878.1279",
    "av": "23665.1597",
    "fee": "0.003542",
    "feerev": "276.9602",
    "resid": "251.4391",
    "epv": "67.6508",
    "base": "343.7564"
   },
   "tenth": {
    "edge": "524.658",
    "rv": "77928.1292",
    "av": "24488.8489",
    "fee": "0.003529",
    "feerev": "276.1597",
    "resid": "248.4983",
    "epv": "67.1206",
    "base": "344.3607"
   },
   "first_minus_V2": {
    "edge": {
     "mean": "8.7176",
     "se": "0.0631"
    },
    "rv": {
     "mean": "2385.0966",
     "se": "44.4378"
    },
    "av": {
     "mean": "1337.1701",
     "se": "34.9776"
    },
    "fee": {
     "mean": "-0.0001341",
     "se": "3e-06"
    },
    "feerev": {
     "mean": "-2.2873",
     "se": "0.1311"
    },
    "resid": {
     "mean": "11.0048",
     "se": "0.1641"
    },
    "epv": {
     "mean": "-0.8675",
     "se": "0.0316"
    },
    "base": {
     "mean": "-11.4921",
     "se": "0.1922"
    },
    "share_runs_beating_V2": "1.0",
    "worst_edge_diff": "2.0475"
   },
   "tenth_minus_V2": {
    "edge": {
     "mean": "4.9763",
     "se": "0.0471"
    },
    "rv": {
     "mean": "2435.0978",
     "se": "44.9905"
    },
    "av": {
     "mean": "2160.8593",
     "se": "30.4892"
    },
    "fee": {
     "mean": "-0.0001462",
     "se": "3.2e-06"
    },
    "feerev": {
     "mean": "-3.0878",
     "se": "0.1462"
    },
    "resid": {
     "mean": "8.0641",
     "se": "0.1635"
    },
    "epv": {
     "mean": "-1.3978",
     "se": "0.0325"
    },
    "base": {
     "mean": "-10.8878",
     "se": "0.1906"
    },
    "share_runs_beating_V2": "0.999",
    "worst_edge_diff": "-0.2769"
   }
  }
 },
 "tables_notes": "Terciles by V2 per-run retailVolumeY (sorted ascending, 333/334/333 runs). Per entry: mean of edge, rv (retailVolumeY), av (arbVolumeY), fee (mean of bid/ask avg fee, fraction), feerev (fee*rv proxy), resid (edge-feerev), epv, base. *_minus_V2: paired mean and se over runs in the tercile, share of runs with higher edge than V2, worst paired edge diff.",
 "slopes": {
  "first_minus_V2_edge_per_10k_V2_retailVolume": {
   "slope": "1.2504",
   "se": "0.0508"
  },
  "first_minus_V2_edge_per_1k_V2_arbVolume_(vol_proxy)": {
   "slope": "0.6138",
   "se": "0.0363"
  },
  "first_minus_V2_edge_corr_with_V2_retailVolume": "0.6147",
  "tenth_minus_V2_edge_per_10k_V2_retailVolume": {
   "slope": "0.6921",
   "se": "0.0428"
  },
  "tenth_minus_V2_edge_per_1k_V2_arbVolume_(vol_proxy)": {
   "slope": "0.3313",
   "se": "0.0289"
  },
  "tenth_minus_V2_edge_corr_with_V2_retailVolume": "0.456",
  "meanFee_per_10k_own_retailVolume_V2": {
   "slope_bps": "1.8299",
   "se_bps": "0.0273"
  },
  "meanFee_per_10k_V2_retailVolume_V2": {
   "slope_bps": "1.8299",
   "se_bps": "0.0273"
  },
  "meanFee_per_1k_own_arbVolume_V2": {
   "slope_bps": "1.052",
   "se_bps": "0.0239"
  },
  "meanFee_per_10k_own_retailVolume_first": {
   "slope_bps": "0.9359",
   "se_bps": "0.0352"
  },
  "meanFee_per_10k_V2_retailVolume_first": {
   "slope_bps": "1.1135",
   "se_bps": "0.0382"
  },
  "meanFee_per_1k_own_arbVolume_first": {
   "slope_bps": "0.4421",
   "se_bps": "0.0166"
  },
  "meanFee_per_10k_own_retailVolume_tenth": {
   "slope_bps": "0.8911",
   "se_bps": "0.0249"
  },
  "meanFee_per_10k_V2_retailVolume_tenth": {
   "slope_bps": "1.0288",
   "se_bps": "0.0279"
  },
  "meanFee_per_1k_own_arbVolume_tenth": {
   "slope_bps": "0.4893",
   "se_bps": "0.0102"
  }
 },
 "slopes_notes": "OLS over 1000 runs. (entry-V2) edge regressed on V2 retailVolumeY (per 10k) and on V2 arbVolumeY (per 1k, volatility proxy; no realised-vol field). Mean fee slopes in bps per 10k retail volume (own or V2's) and per 1k own arb volume.",
 "share_first_beats_V2": "1.0 (1000/1000); tenth beats V2 in 999/1000 (worst -0.2769, high tercile)",
 "targets": {
  "low": {
   "to_reach_10th": {
    "total_edge_add": "4.1639",
    "retail_feeRevenue_proxy_add": "-0.7193",
    "arb_and_mispricing_residual_add": "4.8831",
    "retailVolume_add": "962.0323",
    "arbVolume_add": "1209.1341",
    "meanFee_change": "-6.13e-05"
   },
   "to_reach_1st": {
    "total_edge_add": "7.293",
    "retail_feeRevenue_proxy_add": "-0.1972",
    "arb_and_mispricing_residual_add": "7.4902",
    "retailVolume_add": "969.7108",
    "arbVolume_add": "219.1341",
    "meanFee_change": "-5.31e-05"
   }
  },
  "mid": {
   "to_reach_10th": {
    "total_edge_add": "5.0149",
    "retail_feeRevenue_proxy_add": "-2.3122",
    "arb_and_mispricing_residual_add": "7.327",
    "retailVolume_add": "2256.3624",
    "arbVolume_add": "2053.5332",
    "meanFee_change": "-0.0001352"
   },
   "to_reach_1st": {
    "total_edge_add": "8.7183",
    "retail_feeRevenue_proxy_add": "-1.9347",
    "arb_and_mispricing_residual_add": "10.653",
    "retailVolume_add": "2320.3221",
    "arbVolume_add": "1310.7989",
    "meanFee_change": "-0.0001331"
   }
  },
  "high": {
   "to_reach_10th": {
    "total_edge_add": "5.7501",
    "retail_feeRevenue_proxy_add": "-6.2342",
    "arb_and_mispricing_residual_add": "11.9843",
    "retailVolume_add": "4087.4355",
    "arbVolume_add": "3220.2329",
    "meanFee_change": "-0.0002421"
   },
   "to_reach_1st": {
    "total_edge_add": "10.1415",
    "retail_feeRevenue_proxy_add": "-4.7309",
    "arb_and_mispricing_residual_add": "14.8724",
    "retailVolume_add": "3865.4513",
    "arbVolume_add": "2481.6564",
    "meanFee_change": "-0.0002162"
   }
  },
  "all": {
   "to_reach_10th": {
    "total_edge_add": "4.9763",
    "retail_feeRevenue_proxy_add": "-3.0878",
    "arb_and_mispricing_residual_add": "8.0641",
    "retailVolume_add": "2435.0978",
    "arbVolume_add": "2160.8593",
    "meanFee_change": "-0.0001462"
   },
   "to_reach_1st": {
    "total_edge_add": "8.7176",
    "retail_feeRevenue_proxy_add": "-2.2873",
    "arb_and_mispricing_residual_add": "11.0048",
    "retailVolume_add": "2385.0966",
    "arbVolume_add": "1337.1701",
    "meanFee_change": "-0.0001341"
   }
  }
 },
 "target_volume_vs_margin_split": {
  "note": "Exact identity: d_edge = d_rv*epv_V2/1e4 (volume effect) + rv_entry*d_epv/1e4 (margin effect), using tercile means (differs slightly from paired mean)",
  "low": {
   "first": {
    "volume": "6.375",
    "margin": "1.113"
   },
   "tenth": {
    "volume": "6.325",
    "margin": "-2.073"
   }
  },
  "mid": {
   "first": {
    "volume": "15.932",
    "margin": "-6.921"
   },
   "tenth": {
    "volume": "15.493",
    "margin": "-10.278"
   }
  },
  "high": {
   "first": {
    "volume": "27.503",
    "margin": "-17.059"
   },
   "tenth": {
    "volume": "29.082",
    "margin": "-23.19"
   }
  },
  "all": {
   "first": {
    "volume": "16.342",
    "margin": "-6.757"
   },
   "tenth": {
    "volume": "16.685",
    "margin": "-10.893"
   }
  }
 },
 "notes": [
  "Board gap: 1st-V2 = +8.7176 (se 0.0631), 10th-V2 = +4.9763 (se 0.0471), paired over the 1000 board runs; matches the brief's +8.7 / +5.0.",
  "The gap grows with retail volume: low/mid/high tercile 1st-V2 = +7.29/+8.72/+10.14; 10th-V2 = +4.16/+5.01/+5.75. Slope of (1st-V2) on V2 retail volume = +1.25 per 10k (se 0.05), corr 0.61.",
  "Leaders charge LOWER time-averaged fees than V2 (-1.34 bps overall for 1st, -1.46 bps for 10th), and the cut is largest in high-volume runs (-2.16/-2.42 bps). V2's mean fee rises 1.83 bps per 10k retail volume; 1st only 0.94, 10th 0.89 (own volume). V2 over-raises fees in busy/volatile runs.",
  "Leaders win more retail volume (+2385 Y for 1st, +3.2%) and take more arb volume (+1337 Y), yet their fee*volume proxy is slightly lower (-2.29) while the residual (edge minus fee*volume) is +11.0 higher: they lose less to arbitrage per unit and/or capture more spread on retail trades than a flat time-average suggests. Consistent with fees that are low on average but asymmetric/state-dependent at the moment of trades (e.g. spread widened only on the side arbs hit). This is inference; the board has no retail/arb edge split.",
  "Retail vs arb edge are not published per run; the 'retail' and 'arb' targets are the fee*volume proxy and residual defined in fields.mapping. Because averageBidFee/averageAskFee are per-step time averages, not trade-weighted, the proxy understates actual retail fee revenue and the split should be read as directional only.",
  "Baseline (normalizer) edge is ~11.5 lower against 1st than against V2: the leaders take flow from the 30bps baseline.",
  "No realised-volatility field exists; arbVolumeY is used as a proxy (slope of 1st-V2 edge +0.61 per 1k V2 arb volume, se 0.04).",
  "Data fetched from the Paradigm API on 2026-11-08; leaderboard ranks can change after this date."
 ]
}