# Fee-aware Anti-chase Run Review — 2026-06-13

## Verdict

The 6h run output is **not valid performance evidence**. It exposed a simulator bug: the first implementation recorded synthetic profitable exits every tick instead of holding paper positions and waiting for real exit conditions. That manufactured 1,444 wins and +209 USDC model PnL. Treat that whole run as invalid.

## Safety status

- Live/Mainnet signed actions: false
- Paper trading only: true
- Process now: completed, not running
- Existing live-entry block/kill-switch remains the correct posture

## Invalidated run

- Strategy ID: `candidate_v76_fee_aware_anti_chase`
- Invalid run PID: 189592
- Invalid output pattern: 4 synthetic trades per iteration, all winners
- Invalidated runtime archived to: `runtime/experiments/candidate_v76_fee_aware_anti_chase.invalid_synthetic_20260613_185952`

## Fix applied

The anti-chase paper runtime now:

- writes `entry` events for accepted paper positions instead of instant profitable `exit` rows
- persists `state.open_positions`
- blocks re-entry on the same coin with `blocked:already_open`
- keeps `mainnet_signed_action=false`

Regression test added:

- `test_fee_aware_anti_chase_does_not_reopen_same_coin_every_tick`

## Verification

- Focused runtime/strategy tests: passed
- Full test suite: `199 passed in 7.72s`
- Compile check: clean

## Fixed sanity run

After archiving the invalid run, a 2-iteration sanity run produced:

- Iteration 1: 4 paper entries opened: BTC, ETH, SOL, LINK
- Iteration 2: 0 new entries; BTC/ETH/SOL/LINK blocked by `already_open`
- WLD/SUI/ENA/BCH remained blocked by `no_setup_or_no_reclaim`

Current clean runtime:

- `runtime/experiments/candidate_v76_fee_aware_anti_chase/`
- trade journal rows: 4 entry rows
- signal journal rows: 16
- open paper positions: BTC, ETH, SOL, LINK

## Next step

Do **not** use the invalid +209 USDC result. The next meaningful step is a corrected paper run with real hold/exit accounting, then mark-to-market and stop/time exits before any live-readiness discussion.