FILLABLE - EXCHANGE TEST: HOW IT IS SCORED
Written 30 Sep 2026, before any result of the test was computed and before the test window closes (1 Oct 2026, 24:00 UTC).
It fills in the details that the registration (rwa/CEX_REGISTRATION.txt, 24 Sep 2026) left open. It does not change any claim.
The scorer is cex_score.py. This file and that code are fingerprinted in the daily proof lists from 30 Sep 2026 on (fillable.ai/proof).

DATA
- Exchange order books: rwa/cex-2026-09-25.jsonl to rwa/cex-2026-10-01.jsonl.
- Stocks page (on-chain market and Kraken Pro): rwa/xstocks-2026-09-25.jsonl to rwa/xstocks-2026-10-01.jsonl, read by rwa_report.py unchanged.
- Before scoring, every one of these files is checked against its fingerprint in the stamped daily lists (proofs/2026-09-25.txt
  to proofs/2026-10-01.txt). If any file differs, or a list is missing, nothing is scored.
- Sessions: rwa_report.py's session() in New York time, applied to the time each exchange run started.

READINGS AND MEDIANS
- A reading is one run's round-trip cost for one book at one size, before fees.
- A run in which a book could not fill the size is not a reading. The share of runs that filled is shown next to every number,
  and a winning book that filled in fewer than 90% of its runs is flagged. A book that could not be fetched in a run is counted
  as a fetch error, not as a run.
- A median needs at least 20 readings, as registered. A stock that has no median on a side it needs counts against the
  claim, never for it.
- "The cheapest big-exchange book" is the lowest median among all books of that stock on Bybit, Bitget, OKX, Gate and MEXC,
  over every token version and quote currency.

C1 - US market hours, $10k, AAPL, GOOGL, META and COIN
- Each stock's cheapest big-exchange book against the stocks page's on-chain market median for the same stock, session, size
  and window, both before fees.
- C1 holds if the exchange book is cheaper for at least 3 of the 4.

C2 - US market hours, $10k, all 10 stocks, all-in
- Exchange all-in cost: book median plus the taker fee on both legs, from rwa/CEX_FEES.jsonl: Bybit 0.20%, Bitget 0.05%,
  Gate 0.20% and MEXC 0.05% per leg. OKX has no published fee and is left out, as registered.
- The routes to beat are the stocks page's all-in routes: the on-chain market through jup.ag at the LOW end of its published
  fee (0.05% per swap), and Kraken Pro (its figure already includes its 0.10% fee). Phantom (0.85%) is never cheaper than
  jup.ag. Solflare (fee not verified) and the Kraken app (spread not published) are left out, as on the page. Kraken Pro is
  one of the routes to beat, not one of the five exchanges being tested.
- C2 holds if a big exchange is the cheapest all-in route for at least 4 of the 10.
- Also reported, without changing the verdict: Bitget at its 0.10% list rate (as the fee table's note says) and jup.ag at the
  high end of its fee (0.10% per swap).

C3 - $100k, overnight against US market hours, all 10 stocks
- For each stock: the cheapest book overnight against the cheapest book in US market hours, each session's cheapest taken on
  its own (what a trader choosing the best book at that time would get).
- C3 holds if overnight costs at least twice as much for at least 5 of the 10.
- Also reported, without changing the verdict: the same comparison following the one book that was cheapest in US hours.

PRINTED WITH THE RESULTS
- Bitget's fee note says that on US trading days its rToken orders route to the underlying market, so its book may not be what
  an order in US hours actually gets.
- These are quotes from public order books, not fills.