{
  "author": "Arhan Canli",
  "claim_boundary": "Forensic description of one paper-traded LABUSDT episode. It spends zero return hypotheses, does not estimate Sharpe or expected performance, does not authorize a strategy change, and does not rewrite the published equity record.",
  "content_hash": "sha256:7afd370ac570341463c730a34d29c7f89a731c9335ce1f5a5f36df00a16358ef",
  "decision": "PRESERVE_LOSS_NO_PRICE_JUMP_GUARD_NO_WEIGHT_CHANGE",
  "execution_sequence": {
    "long_close": {
      "client_order_id": "rb-1785369600000-BINANCE:PERP:LABUSDT-close",
      "fee_quote": 0.0088521,
      "instrument_id": "BINANCE:PERP:LABUSDT",
      "price": 0.1553,
      "qty": 114.0,
      "side": "sell",
      "ts": 1785369600000
    },
    "long_entry": {
      "client_order_id": "rb-1783267200000-BINANCE:PERP:LABUSDT",
      "fee_quote": 0.920574,
      "instrument_id": "BINANCE:PERP:LABUSDT",
      "price": 16.15042105263158,
      "qty": 114.0,
      "side": "buy",
      "ts": 1783267200000
    },
    "short_reversal": {
      "client_order_id": "rb-1785369600000-BINANCE:PERP:LABUSDT-open",
      "fee_quote": 0.42451255000000004,
      "instrument_id": "BINANCE:PERP:LABUSDT",
      "price": 0.1553,
      "qty": 5467.0,
      "side": "sell",
      "ts": 1785369600000
    }
  },
  "forward_record_relation": {
    "classification": "PRE_FLAGSHIP_WINDOW_DOES_NOT_EXPLAIN_CURRENT_FORWARD_LOSS",
    "flagship_forward_record_starts": "2026-08-07",
    "lab_long_closed_utc": "2026-07-30T00:00:00Z"
  },
  "funding_regime_while_held": {
    "first_nonnegative_settlement": "2026-07-08T06:00:00Z",
    "interpretation": "The carry signal entered long during negative funding; funding later changed sign and the scheduled rebalance closed the long and opened a short.",
    "maximum_rate": 0.0007515,
    "mean_rate": -0.0017057643438914028,
    "minimum_rate": -0.02,
    "negative_observations": 68,
    "nonnegative_observations": 153,
    "observations": 221
  },
  "independent_market_context": [
    {
      "supports": "independent dated prices during the July 2026 collapse",
      "url": "https://chartexchange.com/symbol/crypto-labusdt/historical/"
    },
    {
      "supports": "contemporaneous venue response to LABUSDT market risk",
      "url": "https://phemex.com/announcements/phemex-will-delist-labusdt694"
    }
  ],
  "instrument": "BINANCE:PERP:LABUSDT",
  "long_episode": {
    "absolute_gross_price_loss_quote_rounded_2dp": 1823.44,
    "absolute_net_price_loss_quote_rounded_2dp": 1824.37,
    "close_price": 0.1553,
    "entry_and_close_fees_quote": 0.9294261,
    "entry_price": 16.15042105263158,
    "gross_price_pnl_quote": -1823.4438,
    "gross_price_pnl_quote_rounded_2dp": -1823.44,
    "net_price_pnl_after_entry_and_close_fees_quote": -1824.3732261,
    "net_price_pnl_after_entry_and_close_fees_quote_rounded_2dp": -1824.37,
    "price_return": -0.990384151627137,
    "quantity": 114.0
  },
  "observability_correction": {
    "historical_gap": "Position snapshots retained quantity and average entry but not the exact cycle mark or instrument-level unrealized PnL. Historical attribution cannot be fabricated from aggregate equity.",
    "prospective_fix": "Future paper cycles persist exact order-book mark, mark source, market value, and unrealized PnL through an additive nullable schema migration."
  },
  "schema": "canli.alphac-crypto-lab-carry-crash-incident.v1",
  "source_bindings": {
    "paper_execution_database": {
      "path": "var/trading_crypto_perp.sqlite",
      "sha256": "b5d117cf821735f8b0f5d7d6f8a6750b4f601f60f3408aa5c4d60f2588eab266"
    },
    "point_in_time_funding": {
      "path": "data/lake/funding/instrument_id=BINANCE:PERP:LABUSDT/year=2026/data.parquet",
      "sha256": "909f472cbf8cfaa57cd9a852183dfd9b20d3600d8f497c8e1908bc069dcf01c0"
    }
  },
  "verdict": "GENUINE_MARKET_CRASH_NOT_CONTRACT_IDENTITY_DEFECT"
}