Borrow availability and fees, financing, corporate actions, market-status replay and fill modelling decide whether a paper edge survives contact.
This cluster is about the distance between a decision and a fill. Every strategy in this book generates a target position; what it actually earns depends on the spread it crossed, the fee it paid, the borrow it needed, the financing it was charged, whether the venue was open, and how long it waited. Those quantities are not a haircut applied at the end. They are part of the mechanism, and for slower and smaller signals they are most of it.
The recurring finding is that costs are usually modelled as the wrong kind of quantity rather than at the wrong level. Latency represented as a flat basis-point addition is treated as a microstructure effect. An order submitted after the close and filled at the next open instead holds unhedged overnight exposure with a fat-tailed distribution. Getting the size right cannot fix the wrong term.
What can and cannot be checked is published together. The one fully verifiable component, crypto commission, matched exactly: five basis points measured against five modelled. Equity slippage could not be computed because recorded fills carry a padded marketable limit rather than the decision price. The evidence supports no cost-parameter change. It supports adding one field to turn an unanswerable question into a daily measurement.
The borrow, financing, corporate-action and market-status contracts here exist so that this layer is specified rather than assumed, and each is enforced by a guard rather than by a convention. Where the answer is that the record cannot yet support a conclusion, that is published as the result, because a noisy estimate presented as a measurement is a worse outcome than an honest not yet.
Use the local paper execution MCP workflow to connect supplied sizing, pre-trade checks, signed journals and source-bound exports. Its repository package is private and Unreleased; synthetic statements do not establish broker fills or forward outcomes.
The execution and market structure documents
- A hash-bound prospective test of cross-sectional perpetual-futures carryThis paper reports the first ALPHAC crypto-carry identity whose data decision, code, environment, trial parameters, and private execution inputs were frozen…
- Dated-futures execution foundationAlphaForge can now represent a dated futures contract as a first-class FUTURE instrument and make deterministic lifecycle decisions without using information…
- Equity Momentum (with Margin Costs): a killed candidateMargin financing costs erode the momentum edge below the frozen k30dn63 baseline. This tested one specific construction choice inside the momentum family.
- Execution realism and model boundaryThis page describes what AlphaForge actually models as of 2026-08-18. It is an engineering capability statement, not evidence of investment performance.
- Options dispersion: locked no-return data and execution-feasibility protocolCan one point-in-time S&P 500 index-versus-constituent option book be reconstructed with enough quote, membership, corporate-action, settlement, and…
- Point-in-time cash and collateral financing replayAlphaForge can now accrue explicit cash-credit, margin-debit, and short-collateral rates inside the event-driven backtester. This is engineering evidence, not…
- Point-in-time crowding and stressed capacityAlphaForge now has a coverage-aware crowding gate in the shared pre-trade path. It keeps institutional ownership, short interest, borrow utilization, fund…
- Point-in-time options execution foundationAlphaForge now has tested domain primitives for option terms, quote snapshots, displayed-size package execution, fee assessment, internal scenario margin…
- Point-in-time securities-borrow foundationAlphaForge now has tested primitives for security-level borrow availability, locates, fees, recalls, and forced-buy-in deadlines, plus optional event-driven…
- When Crypto Carry Became Crash Exposure: The LABUSDT IncidentAlphaForge bought LABUSDT at a paper fill of 16.150421 USDT on 5 July 2026 while its point-in-time funding signal was negative. This distinction matters.