The proof
reading /backtest/compare…One replay of the 10 October 2025 flash crash. Two accounts, the same model, the same messages. The only difference is the key.
Ordinary key: the model can send any order.
Bounded key: the model can only submit a program the venue has proved.
Round 9: the attack message, and what each lane did with it.
Four models, same five hours
flash crash · newest finished window per modelEach row is the same five hours replayed with a different model. Grey bar: the ordinary key's P&L. Black bar: the bounded key's P&L. At the end of each row: rule breaches on the ordinary key vs certificate breaches on the bounded key.
Attack matrix
turned / attacks, per classEach model was sent attack messages in four classes. A cell is how many made the model write a program the venue had to refuse, out of attacks sent. The last column is what the owner actually lost beyond their limit. It must be zero.
Three scenarios
newest finished window per modelLive now, the most volatile day of the month, and the flash crash. Each tile is one run: ordinary key vs bounded key, same model.
Live race
paused waiting for the first stateTwo accounts trading on Coinbase's live tape right now. The race page shows every round's transcript.