feat(strategy): GNews guardrail — clamp news-only shifts to prior±0.25

Post-mortem NVIDIA 631181: one uncorroborated high-weight signal (legacy
Manifold 0.13 at weight 0.6) flipped a 0.845 market to 0.431 and lost.
With Manifold observational-only and macro signals gated behind
is_non_price, GNews (weight 1.5) is the only live signal able to move
politics markets 20-30 pp against the order-book consensus.  This adds a
catastrophic fuse, not a fine calibration:

- apply_news_guardrail(): when |news_lo| >= NEWS_MATERIAL_LOGODDS_THRESHOLD
  (0.10) and every other signal (fg, mom, btc_dom, mfld) is below it,
  clamp the posterior to prior ± MAX_NEWS_ONLY_PROB_SHIFT (0.25).  Any
  corroborating material signal disables the clamp.  Config via env
  (NEWS_GUARDRAIL_ENABLED=true by default).
- edge_gross/edge_net computed from the clamped posterior; raw_final_prob
  preserved in reasoning (persisted via trades.reasoning — no schema
  migration) and in the NEWS_MATERIAL log line.
- guardrail_changed_trade_decision: raw edge crossed the regime gate but
  the clamped edge no longer does (fuse prevented a trade).  Note: with
  the default 0.25 band the clamped edge_net is 0.21, above every regime
  minimum, so the flag only fires with a tighter configured band.
- Observability gated on materiality: NEWS_MATERIAL per-market line and a
  compact NEWS SUMMARY cycle line, only when with_news > 0 — no flood
  from the ~145 news-less markets per cycle.
- 9 deterministic tests (extreme clamp, in-band passthrough, corroboration,
  inclusive threshold, disabled, changed_decision).

No changes to NEWS_LOGODDS_WEIGHT, Manifold flags, edge thresholds,
sizing, payout, resolution, or historical trades.

Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>

.gitea/workflows/ci.yml

@@ -19,15 +19,64 @@ jobs:
         uses: actions/checkout@v4
         with:
           ssl-verify: false
+          # Full history: needed to diff against github.event.before
+          fetch-depth: 0
 
       - name: Set image tag
         id: tag
         run: echo "TAG=${GITHUB_SHA::8}" >> $GITHUB_OUTPUT
 
+      - name: Detect changed components
+        id: changes
+        run: |
+          BEFORE="${{ github.event.before }}"
+          CHANGED=""
+          case "$BEFORE" in
+            ""|0000000000000000000000000000000000000000)
+              echo "First push or unknown base — building all images"
+              CHANGED="__all__"
+              ;;
+            *)
+              if git cat-file -e "$BEFORE" 2>/dev/null; then
+                CHANGED=$(git diff --name-only "$BEFORE" "$GITHUB_SHA")
+              else
+                echo "Base commit $BEFORE not in history (force push?) — building all images"
+                CHANGED="__all__"
+              fi
+              ;;
+          esac
+          echo "Changed files:"
+          echo "$CHANGED"
+
+          if [ "$CHANGED" = "__all__" ]; then
+            BOT=true; API=true; DASH=true
+          else
+            BOT=false; API=false; DASH=false
+            matches() { echo "$CHANGED" | grep -qE "$1"; }
+            # The workflow itself affects every image build
+            if matches '^\.gitea/workflows/ci\.yml$'; then BOT=true; API=true; DASH=true; fi
+            # bot and api images both COPY bot/, api/ and requirements.txt
+            if matches '^(bot/|api/|requirements\.txt$)'; then BOT=true; API=true; fi
+            if matches '^Dockerfile$'; then BOT=true; fi
+            if matches '^Dockerfile\.api$'; then API=true; fi
+            # dashboard image builds from the dashboard/ context only
+            if matches '^dashboard/'; then DASH=true; fi
+          fi
+
+          ANY=false
+          if [ "$BOT" = "true" ] || [ "$API" = "true" ] || [ "$DASH" = "true" ]; then ANY=true; fi
+          echo "build_bot=$BOT"        >> $GITHUB_OUTPUT
+          echo "build_api=$API"        >> $GITHUB_OUTPUT
+          echo "build_dashboard=$DASH" >> $GITHUB_OUTPUT
+          echo "build_any=$ANY"        >> $GITHUB_OUTPUT
+          echo "Will build: bot=$BOT api=$API dashboard=$DASH"
+
       - name: Log in to registry
+        if: steps.changes.outputs.build_any == 'true'
         run: echo "${{ secrets.CI_TOKEN }}" | docker login gitea.gitea.svc.cluster.local:3000 -u chemavx --password-stdin
 
       - name: Create buildx builder
+        if: steps.changes.outputs.build_any == 'true'
         run: |
           cat > /tmp/buildkitd.toml << 'EOF'
           [registry."registry-cache.registry-cache.svc.cluster.local:5000"]
@@ -50,6 +99,7 @@ jobs:
           docker buildx inspect --bootstrap
 
       - name: Build and push bot image
+        if: steps.changes.outputs.build_bot == 'true'
         run: |
           TAG=${{ steps.tag.outputs.TAG }}
           docker buildx build \
@@ -61,6 +111,7 @@ jobs:
             -f Dockerfile .
 
       - name: Build and push API image
+        if: steps.changes.outputs.build_api == 'true'
         run: |
           TAG=${{ steps.tag.outputs.TAG }}
           docker buildx build \
@@ -72,6 +123,7 @@ jobs:
             -f Dockerfile.api .
 
       - name: Build and push dashboard image
+        if: steps.changes.outputs.build_dashboard == 'true'
         run: |
           TAG=${{ steps.tag.outputs.TAG }}
           docker buildx build \
@@ -84,6 +136,7 @@ jobs:
             dashboard
 
       - name: Verify images in registry
+        if: steps.changes.outputs.build_any == 'true'
         run: |
           TAG=${{ steps.tag.outputs.TAG }}
           check_image() {
@@ -98,11 +151,18 @@ jobs:
             fi
             echo "OK: chemavx/${image}:${TAG} verified in registry"
           }
-          check_image polymarket-bot
-          check_image polymarket-bot-api
-          check_image polymarket-bot-dashboard
+          if [ "${{ steps.changes.outputs.build_bot }}" = "true" ]; then
+            check_image polymarket-bot
+          fi
+          if [ "${{ steps.changes.outputs.build_api }}" = "true" ]; then
+            check_image polymarket-bot-api
+          fi
+          if [ "${{ steps.changes.outputs.build_dashboard }}" = "true" ]; then
+            check_image polymarket-bot-dashboard
+          fi
 
       - name: Update k8s manifests
+        if: steps.changes.outputs.build_any == 'true'
         run: |
           pip3 install pyyaml -q
 
@@ -114,12 +174,20 @@ jobs:
           git clone ${{ env.K8S_MANIFESTS_REPO }} /tmp/k8s-manifests
           cd /tmp/k8s-manifests
 
-          sed -i "s|image: .*polymarket-bot[^-].*|image: git.chemavx.xyz/chemavx/polymarket-bot:${TAG}|g" \
-            polymarket-bot/deployment-bot.yaml
-          sed -i "s|image: .*polymarket-bot-api.*|image: git.chemavx.xyz/chemavx/polymarket-bot-api:${TAG}|g" \
-            polymarket-bot/deployment-api.yaml
-          sed -i "s|image: .*polymarket-bot-dashboard.*|image: git.chemavx.xyz/chemavx/polymarket-bot-dashboard:${TAG}|g" \
-            polymarket-bot/deployment-dashboard.yaml
+          # Only bump the tag of images that were actually rebuilt: the others
+          # keep their current (still existing) tag in the registry.
+          if [ "${{ steps.changes.outputs.build_bot }}" = "true" ]; then
+            sed -i "s|image: .*polymarket-bot[^-].*|image: git.chemavx.xyz/chemavx/polymarket-bot:${TAG}|g" \
+              polymarket-bot/deployment-bot.yaml
+          fi
+          if [ "${{ steps.changes.outputs.build_api }}" = "true" ]; then
+            sed -i "s|image: .*polymarket-bot-api.*|image: git.chemavx.xyz/chemavx/polymarket-bot-api:${TAG}|g" \
+              polymarket-bot/deployment-api.yaml
+          fi
+          if [ "${{ steps.changes.outputs.build_dashboard }}" = "true" ]; then
+            sed -i "s|image: .*polymarket-bot-dashboard.*|image: git.chemavx.xyz/chemavx/polymarket-bot-dashboard:${TAG}|g" \
+              polymarket-bot/deployment-dashboard.yaml
+          fi
           sed -i "s|imagePullPolicy: Never|imagePullPolicy: Always|g" \
             polymarket-bot/deployment-bot.yaml \
             polymarket-bot/deployment-api.yaml \
@@ -154,10 +222,21 @@ jobs:
           TAG: ${{ steps.tag.outputs.TAG }}
           JOB_STATUS: ${{ job.status }}
           TELEGRAM_TOKEN: ${{ secrets.TELEGRAM_BOT_TOKEN }}
+          BUILD_BOT: ${{ steps.changes.outputs.build_bot }}
+          BUILD_API: ${{ steps.changes.outputs.build_api }}
+          BUILD_DASH: ${{ steps.changes.outputs.build_dashboard }}
         run: |
           TAG="${TAG:-${GITHUB_SHA:0:8}}"
+          BUILT=""
+          [ "$BUILD_BOT" = "true" ]  && BUILT="${BUILT}bot "
+          [ "$BUILD_API" = "true" ]  && BUILT="${BUILT}api "
+          [ "$BUILD_DASH" = "true" ] && BUILT="${BUILT}dashboard "
           if [ "$JOB_STATUS" = "success" ]; then
-            MSG="✅ Deploy polymarket-bot:${TAG} completado"
+            if [ -n "$BUILT" ]; then
+              MSG="✅ Deploy polymarket-bot:${TAG} completado (imágenes: ${BUILT% })"
+            else
+              MSG="✅ CI polymarket-bot:${TAG} OK — sin cambios de imagen, nada que desplegar"
+            fi
           else
             MSG="❌ Deploy polymarket-bot:${TAG} fallido (status: ${JOB_STATUS})"
           fi

README.md

@@ -0,0 +1,35 @@
+# polymarket-bot
+
+Bot de paper-trading para Polymarket con estrategia bayesiana, API FastAPI y
+dashboard React. Corre en k3s vía GitOps (Gitea Actions → registry → ArgoCD).
+
+## Componentes
+
+| Componente | Código | Imagen | CMD |
+|---|---|---|---|
+| bot | `bot/` | `polymarket-bot` | `python3 -m bot.main` |
+| api | `api/` (+ `bot/` como librería) | `polymarket-bot-api` | `uvicorn api.main:app` |
+| dashboard | `dashboard/` | `polymarket-bot-dashboard` | nginx estático |
+
+Dashboard: https://polymarket.chemavx.xyz
+
+## CI/CD
+
+`.gitea/workflows/ci.yml` construye **solo las imágenes cuyos ficheros
+cambiaron** en el push (diff contra `github.event.before`):
+
+- `bot/`, `api/`, `requirements.txt` → bot + api (ambas imágenes copian las
+  mismas fuentes Python; solo cambia el CMD)
+- `Dockerfile` → bot · `Dockerfile.api` → api · `dashboard/` → dashboard
+- `.gitea/workflows/ci.yml`, primer push o force-push → todas (fallback seguro)
+- `tests/`, docs → ninguna (la CI no construye ni despliega nada)
+
+Las imágenes se tagean con `${GITHUB_SHA::8}`; el CI actualiza solo los
+deployments reconstruidos en `k8s-manifests/polymarket-bot/` y ArgoCD
+sincroniza vía webhook en segundos.
+
+## Tests
+
+```bash
+python3 -m pytest tests/ -q
+```

api/main.py

@@ -11,6 +11,12 @@ from fastapi import FastAPI
 from fastapi.middleware.cors import CORSMiddleware
 
 from bot.data.db import Database
+from bot.executor.paper import cash_available
+from bot.metrics.sharpe import (
+    MIN_DAYS_OBSERVED,
+    MIN_RESOLVED_TRADES,
+    sharpe_with_gate,
+)
 
 # Phase 6 format (Phase 6+): values already in log-odds space.
 # "fg_lo=+0.1200 mom_lo=+0.0000 news_lo=+0.0000 mfld_lo=-0.7483 btc_dom_lo=+0.0000"
@@ -226,6 +232,10 @@ async def get_manifold_matches():
     summary.trades_dominated_by_mfld — non-excluded accepted-match trades where
       feat_mfld_lo is the largest signal (consistent with attribution/features,
       which also exclude excluded_from_metrics trades).
+    summary.unique_markets — distinct-market coverage (per-market, not per-attempt):
+      evaluated      — DISTINCT poly_market_id in manifold_match_audit (all versions)
+      accepted       — DISTINCT poly_market_id accepted by the current matcher
+      coverage_rate  — accepted / evaluated (null when evaluated=0)
 
     recent_matches: last 50 rows from manifold_match_audit, newest first, each
       tagged with matcher_version.
@@ -239,6 +249,32 @@ async def get_manifold_matches():
     return data
 
 
+@app.get("/api/metrics/manifold-coverage")
+async def get_manifold_coverage():
+    """Manifold coverage by semantic market category, counted by UNIQUE market.
+
+    Unlike the raw audit counters (which count per-attempt and are inflated by the
+    trading loop re-evaluating the same markets), this measures real coverage:
+    how many DISTINCT markets in each category the matcher found an accepted
+    Manifold counterpart for. Base table is manifold_match_audit filtered to the
+    current matcher (v3_outcome_guard); category is inferred from trade family_key
+    when available, otherwise from the question text.
+
+    coverage_by_category — one entry per category, ordered by unique_evaluated DESC:
+      category          — gubernatorial | mayoral | senate | primary-republican |
+                          primary-democrat | big-tech | geopolitics | other
+      unique_evaluated  — distinct markets audited in this category
+      unique_accepted   — distinct markets with at least one accepted match
+      unique_rejected   — distinct markets with at least one rejected match
+      unique_no_results — distinct markets with at least one no_results outcome
+      coverage_rate     — unique_accepted / unique_evaluated (null if evaluated=0)
+    summary — total_unique_evaluated, total_unique_accepted, overall_coverage_rate
+      (null if nothing evaluated), categories_with_coverage (categories with
+      unique_accepted > 0).
+    """
+    return await db.get_manifold_coverage_by_category()
+
+
 @app.get("/api/summary")
 async def get_summary():
     """Dashboard summary card data.
@@ -249,28 +285,49 @@ async def get_summary():
     PnL and performance metrics come from the latest metrics_daily snapshot,
     which is written by the bot every cycle via MetricsTracker.update_daily_summary().
     After Fix 3, that snapshot is also DB-computed — not dependent on pod restarts.
+    sharpe_ratio is the exception: it is recomputed live here from the daily
+    PnL-close series (same sharpe_with_gate the tracker uses), so the
+    explanation fields (sharpe_status, days_observed) always match the value.
     """
-    latest_metrics, open_trades, all_trades, inverted, legacy_count = await asyncio.gather(
-        db.get_metrics_history(days=1),
-        db.get_recent_trades(limit=500, status="open"),
-        db.get_recent_trades(limit=500),
-        db.get_recently_closed_inverted(hours=24),
-        db.get_legacy_incomplete_count(),
+    latest_metrics, counts, position_data, inverted, legacy_count, daily_closes = (
+        await asyncio.gather(
+            db.get_metrics_history(days=1),
+            db.compute_metrics_from_db(),
+            db.get_open_position_data(),
+            db.get_recently_closed_inverted(hours=24),
+            db.get_legacy_incomplete_count(),
+            db.get_daily_pnl_closes(),
+        )
     )
 
     latest = latest_metrics[0] if latest_metrics else {}
     paper_bankroll = float(os.getenv("PAPER_BANKROLL", "10000"))
-    total_deployed = sum(t.get("net_cost", 0) for t in open_trades)
+    total_trades = int(counts["total_trades"] or 0)
+    resolved_count = int(counts.get("resolved_count") or 0)
+    # Same source PaperExecutor.initialize() uses to reconstruct cash:
+    # total_net_cost_open = SUM(net_cost) over open trades, uncapped.
+    _, total_net_cost_open = position_data
+    total_deployed = total_net_cost_open
+
+    # Sharpe: computed live from the daily PnL curve (same function the
+    # tracker uses for the snapshot). None + status while the minimum-sample
+    # gate (>=30 days observed, >=10 resolved trades) is not met — a Sharpe
+    # over 1 resolved trade is statistically meaningless.
+    days_observed = len(daily_closes)
+    sharpe, sharpe_status = sharpe_with_gate(daily_closes, paper_bankroll, resolved_count)
+
+    win_rate = latest.get("win_rate")
+    calibration = latest.get("calibration_score")
 
     return {
         # ── Portfolio state (live from DB) ──────────────────────────────────
         "paper_mode":              os.getenv("PAPER_MODE", "true") == "true",
         "paper_bankroll":          paper_bankroll,
-        "total_trades":            len(all_trades),           # exact, from DB
-        "open_trades_count":       len(open_trades),          # exact, from DB
-        "closed_trades_count":     len(all_trades) - len(open_trades),  # exact
+        "total_trades":            total_trades,              # COUNT(*), uncapped
+        "open_trades_count":       int(counts["open_count"] or 0),    # COUNT(*), uncapped
+        "closed_trades_count":     int(counts["closed_count"] or 0),  # COUNT(*), uncapped
         "total_deployed":          total_deployed,            # exact, from DB
-        "cash_available":          max(0.0, paper_bankroll - total_deployed),  # exact
+        "cash_available":          cash_available(paper_bankroll, total_net_cost_open),
         "legacy_incomplete_count": legacy_count,              # exact, from DB
         "reentry_guard_blocks_24h": len(inverted),            # exact, from DB
 
@@ -278,31 +335,41 @@ async def get_summary():
         # unrealized_pnl_est: open positions, edge_net × net_cost − fee.
         #   Estimated — uses model signal, not live price. Source: open trades.
         # realized_pnl: closed positions with known resolution.
-        #   Exact — computed from (resolution − entry_price) × shares.
+        #   Exact — payout − net_cost per trade (net of fee), matches logs/Telegram.
         # total_pnl: sum of both.
         "unrealized_pnl_est": latest.get("unrealized_pnl_est") or 0,
         "realized_pnl":       latest.get("realized_pnl") or 0,
         "total_pnl":          latest.get("total_pnl") or 0,
 
-        # ── Performance metrics (from latest metrics_daily snapshot) ─────────
+        # ── Performance metrics ──────────────────────────────────────────────
         # win_rate: fraction of resolved closed trades where close_pnl > 0.
         #   null if fewer than 5 resolved trades. Source: closed+resolved trades.
-        # sharpe_ratio: 0.0 — requires daily-return time series (not yet tracked).
+        # sharpe_ratio: annualized Sharpe of the daily total_pnl curve, computed
+        #   live from metrics_daily. null while the minimum-sample gate fails
+        #   (sharpe_status explains why). Source: bot/metrics/sharpe.py.
         # calibration_score: 1 − Brier score on resolved trades (higher = better).
         #   null if fewer than 10 resolved trades. Source: closed+resolved trades.
-        "win_rate":           latest.get("win_rate"),         # null if < 5 resolved
-        "sharpe_ratio":       latest.get("sharpe_ratio") or 0,  # 0.0 until tracked
-        "calibration_score":  latest.get("calibration_score"),  # null if < 10 resolved
+        "win_rate":           win_rate,                       # null if < 5 resolved
+        "sharpe_ratio":       sharpe,                         # null if gate fails
+        "sharpe_status":      sharpe_status,  # ok | insufficient_sample | zero_variance
+        "days_observed":      days_observed,
+        "min_days_required":  MIN_DAYS_OBSERVED,
+        "min_resolved_required": MIN_RESOLVED_TRADES,
+        "calibration_score":  calibration,                    # null if < 10 resolved
 
-        # ── Counters from snapshot ───────────────────────────────────────────
-        "resolved_count":     latest.get("resolved_count") or 0,
+        # ── Counters (live from DB) ──────────────────────────────────────────
+        "resolved_count":     resolved_count,
 
         # ── Promotion gate ───────────────────────────────────────────────────
-        # All thresholds must pass; null metrics count as not-ready.
+        # Never promote on a tiny sample: requires the resolved/days minimums
+        # AND non-null metrics AND all thresholds. A single lucky resolved
+        # trade must not flip this to true.
         "promotion_ready": (
-            (latest.get("sharpe_ratio") or 0) >= 0.5
-            and (latest.get("win_rate") or 0) >= 0.52
-            and (latest.get("calibration_score") or 0) >= 0.7
-            and len(all_trades) >= 50
+            resolved_count >= MIN_RESOLVED_TRADES
+            and days_observed >= MIN_DAYS_OBSERVED
+            and win_rate is not None and win_rate >= 0.52
+            and calibration is not None and calibration >= 0.7
+            and sharpe is not None and sharpe >= 0.5
+            and total_trades >= 50
         ),
     }

bot/data/db.py

@@ -152,6 +152,20 @@ class Database:
             """)
             return [dict(r) for r in rows]
 
+    async def get_open_trades_for_market(self, market_id: str) -> list[dict]:
+        """Return direction, shares and net_cost for each open trade in a market.
+
+        Used by PaperExecutor.close_position() to compute the settlement
+        payout per direction (BUY_NO pays out when resolution = 0.0).
+        """
+        async with self._pool.acquire() as conn:
+            rows = await conn.fetch(
+                "SELECT direction, shares, net_cost FROM trades "
+                "WHERE market_id = $1 AND closed_at IS NULL",
+                market_id,
+            )
+            return [dict(r) for r in rows]
+
     async def close_paper_position(
         self, market_id: str, reason: str = "", resolution: Optional[float] = None
     ) -> None:
@@ -159,19 +173,29 @@ class Database:
 
         resolution: 1.0 if YES resolved, 0.0 if NO resolved, None if unknown
         (legacy closes, inversion fixes). When resolution is provided, close_pnl
-        is computed in SQL so it matches the stored entry_price and shares exactly.
+        is computed in SQL per row as payout − net_cost — NET of fee, the single
+        PnL definition shared with PaperExecutor.close_position() (logs/Telegram):
+          BUY_YES: resolution * shares − net_cost
+          BUY_NO:  (1 − resolution) * shares − net_cost
+        paper.py aggregates payout − net_cost over these same open rows, so
+        SUM(close_pnl) per market equals the pnl it reports exactly. The
+        aggregate is intentionally NOT passed in as a parameter: writing it to
+        every row would double-count markets with more than one open trade.
         """
         async with self._pool.acquire() as conn:
+            # $3 is cast on every use: Postgres cannot infer the parameter type
+            # from a bare "$3 IS NOT NULL" and fails the prepare with
+            # AmbiguousParameterError otherwise.
             await conn.execute("""
                 UPDATE trades
                 SET closed_at    = NOW(),
                     close_reason = $2,
-                    resolution   = $3,
+                    resolution   = $3::double precision,
                     close_pnl    = CASE
-                        WHEN $3 IS NOT NULL AND direction = 'BUY_YES'
-                            THEN ($3::double precision - entry_price) * shares
-                        WHEN $3 IS NOT NULL AND direction = 'BUY_NO'
-                            THEN ((1.0 - $3::double precision) - entry_price) * shares
+                        WHEN $3::double precision IS NOT NULL AND direction = 'BUY_YES'
+                            THEN ($3::double precision * shares) - net_cost
+                        WHEN $3::double precision IS NOT NULL AND direction = 'BUY_NO'
+                            THEN ((1.0 - $3::double precision) * shares) - net_cost
                         ELSE NULL
                     END
                 WHERE market_id = $1 AND closed_at IS NULL
@@ -230,8 +254,11 @@ class Database:
                   COUNT(*) FILTER (WHERE closed_at IS NOT NULL)          AS closed_count,
                   -- excluded_from_metrics trades are omitted from resolved_count,
                   -- realized_pnl, wins_realized, and calibration_score.
+                  -- resolved_count does NOT require final_prob: legacy trades
+                  -- without signal data still count as resolved. Calibration
+                  -- below keeps the final_prob requirement (it needs the
+                  -- estimated probability to score).
                   COUNT(*) FILTER (WHERE resolution IS NOT NULL
-                                     AND final_prob IS NOT NULL
                                      AND (excluded_from_metrics IS NOT TRUE)) AS resolved_count,
 
                   COALESCE(SUM(net_cost)
@@ -303,12 +330,42 @@ class Database:
             return result
 
     async def get_metrics_history(self, days: int = 42) -> list[dict]:
+        """Return the closing snapshot of each UTC day, newest day first.
+
+        metrics_daily receives one snapshot per trading cycle (~1/min), so a
+        plain LIMIT over raw rows would cover minutes, not days. DISTINCT ON
+        collapses each calendar day to its last snapshot, making `days` bound
+        actual days. history[0] remains the most recent snapshot overall.
+        """
         async with self._pool.acquire() as conn:
             rows = await conn.fetch(
-                "SELECT * FROM metrics_daily ORDER BY timestamp DESC LIMIT $1", days
+                """
+                SELECT DISTINCT ON (timestamp::date) *
+                FROM metrics_daily
+                ORDER BY timestamp::date DESC, timestamp DESC
+                LIMIT $1
+                """, days
             )
             return [dict(r) for r in rows]
 
+    async def get_daily_pnl_closes(self) -> list[float]:
+        """Return the closing total_pnl of every observed UTC day, oldest first.
+
+        One value per calendar day with at least one metrics_daily snapshot
+        (the day's last snapshot, same collapse rule as get_metrics_history).
+        This is the input series for the Sharpe ratio: len() = days observed,
+        consecutive deltas = daily PnL changes.
+        """
+        async with self._pool.acquire() as conn:
+            rows = await conn.fetch(
+                """
+                SELECT DISTINCT ON (timestamp::date) total_pnl
+                FROM metrics_daily
+                ORDER BY timestamp::date ASC, timestamp DESC
+                """
+            )
+            return [float(r["total_pnl"] or 0) for r in rows]
+
     async def backfill_feature_columns(self) -> int:
         """Back-populate feat_*_lo for trades created before Phase 6.
 
@@ -553,6 +610,46 @@ class Database:
                 poly_outcome_type, mfld_outcome_type, matcher_version,
             )
 
+    async def get_manifold_cooldown(self, poly_market_id: str) -> Optional[dict]:
+        """Return the cooldown row for a market, or None if no cooldown is recorded.
+
+        The caller decides whether the cooldown is still active by comparing
+        now() against retry_after (see bayesian.evaluate()).
+        """
+        async with self._pool.acquire() as conn:
+            row = await conn.fetchrow(
+                "SELECT poly_market_id, last_evaluated_at, last_status, "
+                "retry_after, cooldown_reason FROM manifold_eval_cooldown "
+                "WHERE poly_market_id = $1",
+                poly_market_id,
+            )
+        return dict(row) if row else None
+
+    async def upsert_manifold_cooldown(
+        self,
+        poly_market_id: str,
+        last_status: str,
+        retry_after,
+        cooldown_reason: Optional[str] = None,
+    ) -> None:
+        """Insert or refresh the cooldown for a market after a real evaluation.
+
+        last_evaluated_at is stamped server-side with now(); retry_after is the
+        caller-computed earliest re-evaluation time.
+        """
+        async with self._pool.acquire() as conn:
+            await conn.execute("""
+                INSERT INTO manifold_eval_cooldown (
+                    poly_market_id, last_evaluated_at, last_status,
+                    retry_after, cooldown_reason
+                ) VALUES ($1, now(), $2, $3, $4)
+                ON CONFLICT (poly_market_id) DO UPDATE SET
+                    last_evaluated_at = now(),
+                    last_status       = EXCLUDED.last_status,
+                    retry_after       = EXCLUDED.retry_after,
+                    cooldown_reason   = EXCLUDED.cooldown_reason
+            """, poly_market_id, last_status, retry_after, cooldown_reason)
+
     async def mark_manifold_audit_used(self, audit_id: str) -> None:
         async with self._pool.acquire() as conn:
             await conn.execute(
@@ -592,6 +689,15 @@ class Database:
                 WHERE matcher_version = 'legacy_pre_outcome_guard'
                   AND match_status = 'accepted'
             """)
+            unique_markets = await conn.fetchrow("""
+                SELECT
+                    COUNT(DISTINCT poly_market_id) AS evaluated,
+                    COUNT(DISTINCT poly_market_id) FILTER (
+                        WHERE match_status = 'accepted'
+                          AND matcher_version = $1
+                    ) AS accepted
+                FROM manifold_match_audit
+            """, MANIFOLD_MATCHER_VERSION)
             mfld_dominated = await conn.fetchrow("""
                 SELECT COUNT(*) AS cnt FROM trades
                 WHERE (excluded_from_metrics IS NOT TRUE)
@@ -627,10 +733,125 @@ class Database:
                         int(legacy["accepted_without_outcome_type"] or 0),
                 },
                 "trades_dominated_by_mfld": int(mfld_dominated["cnt"] or 0),
+                "unique_markets": {
+                    "evaluated": int(unique_markets["evaluated"] or 0),
+                    "accepted":  int(unique_markets["accepted"] or 0),
+                    "coverage_rate": (
+                        float(unique_markets["accepted"]) / float(unique_markets["evaluated"])
+                        if unique_markets["evaluated"] else None
+                    ),
+                },
             },
             "recent_matches": [dict(r) for r in rows],
         }
 
+    async def get_manifold_coverage_by_category(self) -> dict:
+        """Manifold coverage by semantic market category, counted by UNIQUE market.
+
+        Base table is manifold_match_audit filtered to the current matcher
+        (v3_outcome_guard).  Each poly_market_id is collapsed to one row first, so
+        a market is counted once regardless of how many audit attempts or trades it
+        has — this measures coverage, not retry volume.
+
+        Category is inferred from the market's trade family_key when available, else
+        from poly_question (LEFT JOIN: audited markets that never produced a trade
+        are kept).  Buckets (accepted/rejected/no_results) are not mutually exclusive
+        at the market level — a market that was no_results then later rejected counts
+        in both — matching COUNT(DISTINCT CASE WHEN status=...) semantics.
+        """
+        async with self._pool.acquire() as conn:
+            rows = await conn.fetch("""
+                WITH audit AS (
+                    SELECT
+                        poly_market_id,
+                        MAX(poly_question)                   AS poly_question,
+                        bool_or(match_status = 'accepted')   AS has_accepted,
+                        bool_or(match_status = 'rejected')   AS has_rejected,
+                        bool_or(match_status = 'no_results') AS has_no_results
+                    FROM manifold_match_audit
+                    WHERE matcher_version = 'v3_outcome_guard'
+                    GROUP BY poly_market_id
+                ),
+                fam AS (
+                    SELECT market_id, MAX(family_key) AS family_key
+                    FROM trades
+                    GROUP BY market_id
+                ),
+                categorized AS (
+                    SELECT
+                        a.has_accepted, a.has_rejected, a.has_no_results,
+                        CASE
+                            WHEN f.family_key ILIKE '%gubernatorial%' THEN 'gubernatorial'
+                            WHEN f.family_key ILIKE '%mayoral%'       THEN 'mayoral'
+                            WHEN f.family_key ILIKE '%senate%'        THEN 'senate'
+                            WHEN f.family_key ILIKE '%republican%'    THEN 'primary-republican'
+                            WHEN f.family_key ILIKE '%democrat%'      THEN 'primary-democrat'
+                            WHEN f.family_key ILIKE '%openai%'
+                              OR f.family_key ILIKE '%nvidia%'
+                              OR f.family_key ILIKE '%anthropic%'     THEN 'big-tech'
+                            -- family_key NULL or unmatched → infer from question
+                            WHEN a.poly_question ILIKE '%governor%'
+                              OR a.poly_question ILIKE '%gubernatorial%' THEN 'gubernatorial'
+                            WHEN a.poly_question ILIKE '%mayor%'
+                              OR a.poly_question ILIKE '%mayoral%'       THEN 'mayoral'
+                            WHEN a.poly_question ILIKE '%senate%'        THEN 'senate'
+                            WHEN a.poly_question ILIKE '%republican primary%' THEN 'primary-republican'
+                            WHEN a.poly_question ILIKE '%democratic primary%'
+                              OR a.poly_question ILIKE '%democrat primary%'   THEN 'primary-democrat'
+                            WHEN a.poly_question ILIKE '%openai%'
+                              OR a.poly_question ILIKE '%nvidia%'
+                              OR a.poly_question ILIKE '%anthropic%'     THEN 'big-tech'
+                            WHEN a.poly_question ILIKE '%russia%'
+                              OR a.poly_question ILIKE '%ukraine%'
+                              OR a.poly_question ILIKE '%israel%'
+                              OR a.poly_question ILIKE '%ceasefire%'
+                              OR a.poly_question ILIKE '%military%'      THEN 'geopolitics'
+                            ELSE 'other'
+                        END AS category
+                    FROM audit a
+                    LEFT JOIN fam f ON f.market_id = a.poly_market_id
+                )
+                SELECT
+                    category,
+                    COUNT(*)                              AS unique_evaluated,
+                    COUNT(*) FILTER (WHERE has_accepted)   AS unique_accepted,
+                    COUNT(*) FILTER (WHERE has_rejected)   AS unique_rejected,
+                    COUNT(*) FILTER (WHERE has_no_results) AS unique_no_results
+                FROM categorized
+                GROUP BY category
+                ORDER BY unique_evaluated DESC
+            """)
+
+        coverage_by_category = []
+        total_evaluated = 0
+        total_accepted = 0
+        categories_with_coverage = 0
+        for r in rows:
+            evaluated = int(r["unique_evaluated"] or 0)
+            accepted = int(r["unique_accepted"] or 0)
+            total_evaluated += evaluated
+            total_accepted += accepted
+            if accepted > 0:
+                categories_with_coverage += 1
+            coverage_by_category.append({
+                "category":          r["category"],
+                "unique_evaluated":  evaluated,
+                "unique_accepted":   accepted,
+                "unique_rejected":   int(r["unique_rejected"] or 0),
+                "unique_no_results": int(r["unique_no_results"] or 0),
+                "coverage_rate":     (accepted / evaluated) if evaluated else None,
+            })
+
+        return {
+            "coverage_by_category": coverage_by_category,
+            "summary": {
+                "total_unique_evaluated":  total_evaluated,
+                "total_unique_accepted":   total_accepted,
+                "overall_coverage_rate":   (total_accepted / total_evaluated) if total_evaluated else None,
+                "categories_with_coverage": categories_with_coverage,
+            },
+        }
+
 
 def _f(v) -> Optional[float]:
     """None-safe float cast for asyncpg Decimal/None values."""

bot/data/news.py

@@ -51,7 +51,11 @@ _DATE_RE = re.compile(
     r"|\bQ[1-4]\b",
     flags=re.IGNORECASE,
 )
-_PUNCT_RE = re.compile(r"[?!\"'.,;:()\[\]{}]")
+# Hyphens/dashes are GNews query operators (a leading '-' means "exclude the
+# next term"), so a token like "El-Sayed" makes the API return HTTP 400.  Strip
+# them to spaces along with the rest of the punctuation so the query stays a
+# plain keyword list.  – = en dash, — = em dash.
+_PUNCT_RE = re.compile(r"[?!\"'.,;:()\[\]{}\-–—]")
 
 
 class NewsClient:
@@ -79,6 +83,18 @@ class NewsClient:
     # Public API
     # ------------------------------------------------------------------
 
+    @property
+    def enabled(self) -> bool:
+        """True only when a GNews API key is configured.
+
+        When False, get_sentiment() is a no-op that returns 0.0 without any
+        network call, so callers must skip GNews entirely — including the
+        per-cycle query budget accounting — instead of "spending" a query that
+        never reaches the API (which inflated gnews_queries_used to a phantom
+        5/5 while the key was missing).
+        """
+        return bool(self._api_key)
+
     async def get_sentiment(self, question: str) -> float:
         """
         Return a sentiment score ∈ [-1.0, +1.0] for the market question.

bot/data/polymarket.py

@@ -211,6 +211,32 @@ class Market:
     category: str = ""
 
 
+@dataclass
+class MarketResolution:
+    """Resolution state of a market, from Gamma API.
+
+    resolution is the final YES outcome price: 1.0 = YES won, 0.0 = NO won.
+    resolved is True only when the outcome is definitive — a market that is
+    closed but still in UMA dispute/proposal reports resolved=False.
+    """
+    resolved: bool
+    resolution: Optional[float] = None
+    resolved_at: Optional[datetime] = None
+
+
+def _parse_resolution_timestamp(raw: Optional[str]) -> Optional[datetime]:
+    """Parse Gamma timestamps: '2026-06-11 13:15:01+00' or '2026-06-11T13:15:01Z'."""
+    if not raw:
+        return None
+    try:
+        dt = datetime.fromisoformat(raw.replace("Z", "+00:00"))
+        if dt.tzinfo is None:
+            dt = dt.replace(tzinfo=timezone.utc)
+        return dt
+    except (ValueError, TypeError):
+        return None
+
+
 @dataclass
 class OrderBook:
     market_id: str
@@ -447,6 +473,74 @@ class PolymarketClient:
         )
         return markets
 
+    async def get_market_resolution(self, market_id: str) -> Optional[MarketResolution]:
+        """Fetch resolution state for a market by Gamma market id.
+
+        Observed Gamma API behaviour (GET /markets/{id}):
+          open market     → closed=false, umaResolutionStatus absent
+          resolved market → closed=true, umaResolutionStatus="resolved",
+                            outcomePrices='["0", "1"]' (final YES price = outcome)
+          unknown id      → HTTP 404
+
+        Returns None on API errors (caller retries next check). A closed market
+        whose outcome prices are not degenerate (0/1) or whose UMA status is not
+        "resolved" yet (proposed/disputed) reports resolved=False — we never
+        settle a position on an ambiguous outcome.
+        """
+        try:
+            resp = await self._client.get(f"{GAMMA_API}/markets/{market_id}")
+            if resp.status_code == 404:
+                log.warning("get_market_resolution: market %s not found (404)", market_id)
+                return None
+            resp.raise_for_status()
+            m = resp.json()
+        except httpx.HTTPError as e:
+            log.warning("get_market_resolution: API error for %s: %s", market_id, e)
+            return None
+
+        if not m.get("closed"):
+            return MarketResolution(resolved=False)
+
+        uma_status = (m.get("umaResolutionStatus") or "").lower()
+        if uma_status and uma_status != "resolved":
+            # Closed but UMA outcome still proposed/disputed — wait for finality
+            return MarketResolution(resolved=False)
+
+        raw_prices = m.get("outcomePrices", [])
+        if isinstance(raw_prices, str):
+            import json as _json
+            try:
+                raw_prices = _json.loads(raw_prices)
+            except ValueError:
+                raw_prices = []
+        try:
+            yes_final = float(raw_prices[0])
+        except (IndexError, TypeError, ValueError):
+            log.warning(
+                "get_market_resolution: market %s closed but outcomePrices "
+                "unparseable: %r", market_id, m.get("outcomePrices"),
+            )
+            return MarketResolution(resolved=False)
+
+        if yes_final >= 0.99:
+            resolution = 1.0
+        elif yes_final <= 0.01:
+            resolution = 0.0
+        else:
+            # Closed but prices not settled at 0/1 (partial / ambiguous outcome)
+            log.warning(
+                "get_market_resolution: market %s closed with non-binary final "
+                "price %.3f — not settling", market_id, yes_final,
+            )
+            return MarketResolution(resolved=False)
+
+        resolved_at = (
+            _parse_resolution_timestamp(m.get("closedTime"))
+            or _parse_resolution_timestamp(m.get("umaEndDate"))
+            or _parse_resolution_timestamp(m.get("endDate"))
+        )
+        return MarketResolution(resolved=True, resolution=resolution, resolved_at=resolved_at)
+
     async def get_order_book(self, token_id: str) -> Optional[OrderBook]:
         """Get order book for a specific token."""
         try:

bot/data/schema.sql

@@ -113,9 +113,10 @@ CREATE INDEX IF NOT EXISTS idx_trades_closed ON trades(closed_at) WHERE closed_a
 -- Fix 3: market resolution and realized P&L per trade
 --
 -- resolution: 1.0 if YES resolved, 0.0 if NO resolved, NULL if not yet settled.
--- close_pnl:  realized P&L in USDC at close time.
---   BUY_YES: (resolution - entry_price) * shares
---   BUY_NO:  ((1 - resolution) - entry_price) * shares
+-- close_pnl:  realized P&L in USDC at close time — NET of fee (payout − net_cost),
+--   the same definition PaperExecutor.close_position() reports in logs/Telegram.
+--   BUY_YES: resolution * shares - net_cost
+--   BUY_NO:  (1 - resolution) * shares - net_cost
 --   NULL if closed without a known resolution (legacy closes, inversion fixes).
 -- ─────────────────────────────────────────────────────────────────────────────
 ALTER TABLE trades ADD COLUMN IF NOT EXISTS close_pnl  DOUBLE PRECISION;
@@ -291,3 +292,29 @@ CREATE TABLE IF NOT EXISTS checkpoint_alerts (
     fired_at        TIMESTAMPTZ NOT NULL,
     last_fired_at   TIMESTAMPTZ
 );
+
+-- ─────────────────────────────────────────────────────────────────────────────
+-- Manifold evaluation cooldown — per-market backoff for the Manifold matcher
+--
+-- The trading loop re-evaluates the same ~stable set of politics/tech markets
+-- every cycle (~60s).  Most resolve to a stable terminal verdict (no Manifold
+-- coverage, low-score, outcome mismatch, conditional market) that will not change
+-- on the next cycle.  Re-querying them every minute floods manifold_match_audit
+-- with redundant rows and makes the metrics uninterpretable.
+--
+-- This table records, per poly_market_id, when the market was last evaluated and
+-- the earliest time it should be evaluated again (retry_after).  evaluate() in
+-- bot/strategy/bayesian.py consults it BEFORE calling the matcher and skips the
+-- call (and the audit write) entirely while now() < retry_after.
+--
+-- last_status / cooldown_reason are stored for observability only.
+-- ─────────────────────────────────────────────────────────────────────────────
+CREATE TABLE IF NOT EXISTS manifold_eval_cooldown (
+    poly_market_id    TEXT PRIMARY KEY,
+    last_evaluated_at TIMESTAMPTZ NOT NULL,
+    last_status       TEXT NOT NULL,
+    retry_after       TIMESTAMPTZ NOT NULL,
+    cooldown_reason   TEXT
+);
+
+CREATE INDEX IF NOT EXISTS idx_mfld_cooldown_retry ON manifold_eval_cooldown(retry_after);

bot/executor/paper.py

@@ -22,6 +22,30 @@ log = logging.getLogger(__name__)
 # NOTE: this is a heuristic — see COMMISSION_RATE in bayesian.py for context.
 POLYMARKET_FEE = 0.02  # 2%
 
+# Strong references to in-flight notification tasks.  The event loop only
+# keeps a weak reference to tasks created via create_task(), so without this
+# set a pending Telegram notification could be garbage-collected before it
+# runs.  Tasks remove themselves from the set on completion.
+_background_tasks: set[asyncio.Task] = set()
+
+
+def _notify_in_background(coro) -> None:
+    """Fire-and-forget a Telegram notification, keeping the task referenced."""
+    task = asyncio.create_task(coro)
+    _background_tasks.add(task)
+    task.add_done_callback(_background_tasks.discard)
+
+
+def cash_available(bankroll: float, total_net_cost_open: float) -> float:
+    """Cash left after the net cost (fees included) of all open positions.
+
+    Single source of truth for the cash figure, shared by
+    PaperExecutor.initialize() and the /api/summary endpoint so both always
+    report the same number for the same DB state.
+    total_net_cost_open comes from Database.get_open_position_data().
+    """
+    return max(0.0, bankroll - total_net_cost_open)
+
 
 @dataclass
 class Trade:
@@ -108,7 +132,7 @@ class PaperExecutor:
 
         positions_value = sum(positions_size.values())
         self._portfolio.positions = positions_size
-        self._portfolio.cash = max(0.0, self._portfolio.cash - total_net_cost)
+        self._portfolio.cash = cash_available(self._portfolio.cash, total_net_cost)
 
         total_value = self._portfolio.cash + positions_value
         exposure_pct = positions_value / total_value if total_value > 0 else 0.0
@@ -205,7 +229,7 @@ class PaperExecutor:
         # Persist to DB
         await self._db.save_trade(trade)
 
-        asyncio.create_task(
+        _notify_in_background(
             telegram.trade_opened(trade.question, trade.direction, trade.size_usdc, trade.edge_net)
         )
 
@@ -226,7 +250,7 @@ class PaperExecutor:
             "LEGACY_CLOSE market=%s | returned $%.2f to cash | %s",
             market_id, cost, reason[:80],
         )
-        asyncio.create_task(
+        _notify_in_background(
             telegram.trade_legacy_closed(question or market_id, cost, reason)
         )
         return cost
@@ -235,24 +259,53 @@ class PaperExecutor:
         """Close a paper position after market resolution.
 
         resolution: 1.0 if YES won, 0.0 if NO won.
-        Persists resolution and close_pnl to DB (computed via SQL from stored
-        entry_price and shares). Returns approximate P&L for logging.
+        Settlement payout per trade:
+          BUY_YES: shares * resolution
+          BUY_NO:  shares * (1 - resolution)
+        pnl = payout - net_cost.
+        Persists resolution and close_pnl to DB. Returns realized P&L for
+        logging, or None if no position is open.
         """
         if market_id not in self._portfolio.positions:
             return None
 
-        position_cost = self._portfolio.positions.pop(market_id)
-        self._portfolio.cash += position_cost * resolution  # pay out winnings
+        position_cost = self._portfolio.positions[market_id]
+        open_trades = await self._db.get_open_trades_for_market(market_id)
 
+        if open_trades:
+            payout = sum(
+                float(t["shares"])
+                * (resolution if t["direction"] == "BUY_YES" else 1.0 - resolution)
+                for t in open_trades
+            )
+            net_cost = sum(float(t["net_cost"]) for t in open_trades)
+            pnl = payout - net_cost
+        else:
+            # In-memory position with no open DB trades: direction/shares are
+            # unknown, so settle at break-even instead of guessing the payout.
+            log.warning(
+                "close_position: no open DB trades for market %s — "
+                "settling at break-even", market_id,
+            )
+            payout = position_cost
+            pnl = 0.0
+
+        # Persist first, mutate memory after: if the DB write fails, the
+        # in-memory portfolio must keep the position so the next resolution
+        # check can retry the close.
         await self._db.close_paper_position(
             market_id,
-            reason=f"market_resolved resolution={resolution:.1f}",
+            reason="resolved",
             resolution=resolution,
         )
-        approx_pnl = position_cost * resolution - position_cost
-        log.info("Closed position in %s, resolution=%.1f", market_id, resolution)
-        asyncio.create_task(
-            telegram.trade_closed(question or market_id, approx_pnl)
+
+        self._portfolio.positions.pop(market_id)
+        self._portfolio.cash += payout
+        log.info(
+            "Closed position in %s, resolution=%.1f payout=$%.2f pnl=%+.2f",
+            market_id, resolution, payout, pnl,
         )
-        # Approximate PnL: settlement value minus cost. Exact value is in close_pnl.
-        return approx_pnl
+        _notify_in_background(
+            telegram.trade_closed(question or market_id, pnl)
+        )
+        return pnl

bot/main.py

@@ -11,7 +11,12 @@ from bot.data.polymarket import PolymarketClient, Market, market_family_key
 from bot.data.external import ExternalDataClient
 from bot.data.news import NewsClient
 from bot.data.manifold import ManifoldClient
-from bot.strategy.bayesian import BayesianStrategy, gnews_priority, MAX_NEWS_QUERIES_PER_CYCLE
+from bot.strategy.bayesian import (
+    BayesianStrategy,
+    gnews_priority,
+    MAX_NEWS_QUERIES_PER_CYCLE,
+    MANIFOLD_SIGNAL_ENABLED,
+)
 from bot.risk.manager import RiskManager
 from bot.executor.paper import PaperExecutor
 from bot.metrics.tracker import MetricsTracker
@@ -22,11 +27,65 @@ logging.basicConfig(
     level=logging.INFO,
     format="%(asctime)s [%(levelname)s] %(name)s: %(message)s",
 )
+# httpx logs every request URL at INFO, and the GNews URL carries the API key as
+# a `?token=` query param — that would leak GNEWS_API_KEY in plaintext into the
+# pod logs.  Raise httpx/httpcore to WARNING so request URLs never reach INFO.
+# The bot's own GNews log lines only print the sanitised query, not the token.
+logging.getLogger("httpx").setLevel(logging.WARNING)
+logging.getLogger("httpcore").setLevel(logging.WARNING)
 log = logging.getLogger("bot.main")
 
 PAPER_MODE = os.getenv("PAPER_MODE", "true").lower() == "true"
 PAPER_BANKROLL = float(os.getenv("PAPER_BANKROLL", "10000"))
 
+# Check open positions for market resolution every N trading cycles (~N minutes
+# at the 60s cycle cadence). Keeps Gamma API load at ~1 request per open
+# position per 10 minutes.
+RESOLUTION_CHECK_INTERVAL = 10
+
+
+async def check_resolutions(
+    poly: PolymarketClient,
+    executor: PaperExecutor,
+    db: Database,
+) -> None:
+    """Detect resolved markets and settle their open paper positions.
+
+    For each open position, asks the Gamma API whether the market resolved.
+    On a definitive resolution, PaperExecutor.close_position() settles the
+    payout, persists close_reason='resolved' + resolution + close_pnl, and
+    sends the Telegram notification.
+    """
+    positions = await db.get_open_position_details()
+    checked = 0
+    resolved = 0
+    for pos in positions:
+        market_id = str(pos["market_id"])
+        try:
+            res = await poly.get_market_resolution(market_id)
+        except Exception as exc:
+            log.warning("Resolution check failed for market %s: %s", market_id, exc)
+            continue
+        checked += 1
+        if res is None or not res.resolved or res.resolution is None:
+            continue
+        try:
+            pnl = await executor.close_position(
+                market_id, res.resolution, question=pos.get("question") or "",
+            )
+        except Exception as exc:
+            log.error("Failed to close resolved market %s: %s", market_id, exc)
+            continue
+        resolved += 1
+        log.info(
+            "MARKET_RESOLVED market_id=%s resolution=%.1f pnl=%s | %s",
+            market_id,
+            res.resolution,
+            f"{pnl:+.2f}" if pnl is not None else "n/a",
+            (pos.get("question") or "")[:60],
+        )
+    log.info("Resolution check: %d positions checked, %d resolved", checked, resolved)
+
 
 async def run_trading_loop(
     poly: PolymarketClient,
@@ -40,9 +99,22 @@ async def run_trading_loop(
     """Main trading loop — runs every 60 seconds."""
     log.info("Trading loop started. PAPER_MODE=%s", PAPER_MODE)
     checkpoint_monitor = CheckpointMonitor()
+    cycle_count = 0
 
     while True:
         try:
+            cycle_count += 1
+
+            # 0. Resolution detector — every RESOLUTION_CHECK_INTERVAL cycles,
+            #    settle paper positions whose market resolved on Polymarket.
+            #    Runs before evaluation so freed cash/families are usable this cycle.
+            if (
+                PAPER_MODE
+                and isinstance(executor, PaperExecutor)
+                and cycle_count % RESOLUTION_CHECK_INTERVAL == 0
+            ):
+                await check_resolutions(poly, executor, db)
+
             # 1. Fetch active markets (90-day window)
             markets = await poly.get_active_markets()
             log.info("Found %d active markets", len(markets))
@@ -138,7 +210,6 @@ async def run_trading_loop(
                 # 7. Execute (paper)
                 trade = await executor.execute(order)
                 if trade:
-                    await metrics.record_trade(trade)
                     log.info("Trade executed: %s", trade)
                     # Block this family for the rest of the cycle (Phase 2)
                     occupied_families.add(signal.family_key)
@@ -160,7 +231,17 @@ async def run_trading_loop(
                 if denom == 0:
                     return "0% (0/0)"
                 return f"{n * 100 // denom}% ({n}/{denom})"
-            gnews_cap = strategy._news_queries_this_cycle  # already updated by reset below
+
+            # The accepted/rejected counters only increment on the active-signal
+            # path, so with the signal disabled they always print 0/0 — say
+            # "disabled" instead of pretending the matcher found nothing.
+            if MANIFOLD_SIGNAL_ENABLED:
+                manifold_summary = (
+                    f"  manifold_matches_accepted:      {stats['manifold_matches_accepted']}\n"
+                    f"  manifold_matches_rejected:      {stats['manifold_matches_rejected']}"
+                )
+            else:
+                manifold_summary = "  manifold_signal:                disabled"
 
             log.info(
                 "[CYCLE SUMMARY]\n"
@@ -178,9 +259,7 @@ async def run_trading_loop(
                 "  gnews_queries_used:             %d/%d\n"
                 "  reentry_guard_blocked:          %d\n"
                 "  legacy_incomplete_seen:         %d\n"
-                "  family_conflicts_prevented:     %d\n"
-                "  manifold_matches_accepted:      %d\n"
-                "  manifold_matches_rejected:      %d",
+                "%s",
                 n_total,
                 n_uncertainty,
                 stats["max_edge_gross"],
@@ -195,11 +274,23 @@ async def run_trading_loop(
                 stats["gnews_queries_used"], MAX_NEWS_QUERIES_PER_CYCLE,
                 reentry_guard_count,
                 legacy_incomplete_count,
-                stats["skip_family"],
-                stats["manifold_matches_accepted"],
-                stats["manifold_matches_rejected"],
+                manifold_summary,
             )
 
+            # NEWS SUMMARY — one compact line, only on cycles where at least
+            # one market had a material GNews contribution (never an empty
+            # section on news-less cycles).
+            if stats["news_with_material"] > 0:
+                log.info(
+                    "NEWS SUMMARY | with_news=%d | avg_shift=%+.2f | "
+                    "max_shift=%+.2f | guardrail_applied=%d | changed_decisions=%d",
+                    stats["news_with_material"],
+                    stats["news_avg_shift"],
+                    stats["news_max_shift"],
+                    stats["news_guardrail_applied"],
+                    stats["news_changed_decisions"],
+                )
+
             # 9. Update daily metrics
             await metrics.update_daily_summary()
 
@@ -223,14 +314,17 @@ async def run_trading_loop(
 async def run_legacy_scan(
     db: Database,
     markets: list,
-    manifold: ManifoldClient,
     executor: PaperExecutor,
     paper_mode: bool,
 ) -> None:
     """
     One-time startup scan: re-key all open DB positions with the current
-    market_family_key() logic, detect contradictions, re-validate Manifold
-    signals, and report KEEP / REVIEW / CLOSE_RECOMMENDED per position.
+    market_family_key() logic, detect family conflicts, and report
+    KEEP / REVIEW / CLOSE_RECOMMENDED per position.
+
+    Manifold is intentionally not consulted here: with
+    MANIFOLD_SIGNAL_ENABLED=false it is observational-only and must not
+    drive position closures.
 
     In paper_mode: auto-closes all CLOSE_RECOMMENDED positions after logging.
     """
@@ -269,8 +363,6 @@ async def run_legacy_scan(
             "family_key_old": old_fk,
             "family_key_new": new_fk,
             "fk_changed": new_fk != old_fk,
-            "manifold_prob_new": None,
-            "manifold_inverted": False,
             "recommendation": "legacy_incomplete" if is_legacy_incomplete else "OK",
             "rec_reason": "edge_net and live market unavailable" if is_legacy_incomplete else "no family conflict",
         })
@@ -308,31 +400,7 @@ async def run_legacy_scan(
                 p["market_id"], p["family_key_old"] or "none", p["family_key_new"],
             )
 
-    # Step 3: Manifold re-query for positions whose family key changed
-    for p in enriched:
-        if p["live_market"] and p["fk_changed"]:
-            prob = await manifold.get_probability(p["question"])
-            p["manifold_prob_new"] = prob
-            if prob is not None:
-                # Detect if original trade direction conflicts with corrected Manifold signal
-                if prob < 0.40 and p["direction"] == "BUY_YES":
-                    p["manifold_inverted"] = True
-                    note = f"Manifold:{prob:.3f} contradicts BUY_YES (inversion bug confirmed)"
-                    if p["recommendation"] in ("OK", "REVIEW"):
-                        p["recommendation"] = "CLOSE_RECOMMENDED"
-                        p["rec_reason"] = note
-                    else:
-                        p["rec_reason"] += f" | {note}"
-                elif prob > 0.60 and p["direction"] == "BUY_NO":
-                    p["manifold_inverted"] = True
-                    note = f"Manifold:{prob:.3f} contradicts BUY_NO (inversion bug confirmed)"
-                    if p["recommendation"] in ("OK", "REVIEW"):
-                        p["recommendation"] = "CLOSE_RECOMMENDED"
-                        p["rec_reason"] = note
-                    else:
-                        p["rec_reason"] += f" | {note}"
-
-    # Step 4: log the full scan report (before any closures)
+    # Step 3: log the full scan report (before any closures)
     n_close    = sum(1 for p in enriched if p["recommendation"] == "CLOSE_RECOMMENDED")
     n_keep     = sum(1 for p in enriched if p["recommendation"] == "KEEP")
     n_ok       = sum(1 for p in enriched if p["recommendation"] == "OK")
@@ -348,7 +416,6 @@ async def run_legacy_scan(
             "  [%-18s] market=%-8s | dir=%-8s | edge_net=%+.3f\n"
             "                        stored_family: %s\n"
             "                        new_family:    %s%s\n"
-            "                        manifold_new:  %s\n"
             "                        reason: %s",
             p["recommendation"],
             p["market_id"], p["direction"],
@@ -356,12 +423,11 @@ async def run_legacy_scan(
             p["family_key_old"] or "none",
             p["family_key_new"],
             " [CHANGED]" if p["fk_changed"] else "",
-            f"{p['manifold_prob_new']:.3f}" if p["manifold_prob_new"] is not None else "n/a",
             p["rec_reason"],
         )
     log.warning("━" * 70)
 
-    # Step 5: auto-close in paper mode
+    # Step 4: auto-close in paper mode
     if paper_mode and n_close > 0 and isinstance(executor, PaperExecutor):
         log.warning("PAPER MODE: auto-closing %d CLOSE_RECOMMENDED position(s)...", n_close)
         for p in enriched:
@@ -414,7 +480,7 @@ async def main() -> None:
     except Exception as e:
         log.warning("Could not fetch markets for legacy scan: %s — scan skipped", e)
         scan_markets = []
-    await run_legacy_scan(db, scan_markets, manifold, executor, PAPER_MODE)
+    await run_legacy_scan(db, scan_markets, executor, PAPER_MODE)
 
     try:
         await run_trading_loop(poly, external, strategy, risk, executor, metrics, db)

bot/metrics/sharpe.py

@@ -0,0 +1,79 @@
+"""
+Sharpe ratio from the paper portfolio's daily PnL curve, with a minimum-sample gate.
+
+The input series is the closing total_pnl of each observed UTC day
+(Database.get_daily_pnl_closes). Daily returns are PnL deltas normalized by
+the paper bankroll:
+
+    r_t = (pnl_t − pnl_{t−1}) / bankroll
+
+Sharpe = mean(r) / sample_std(r) × √365, annualized — prediction markets
+resolve every calendar day, so 365 is used instead of 252 trading days.
+Risk-free rate is taken as 0.
+
+Gate: with a tiny sample (e.g. 1 resolved trade over a flat curve plus one
++299 jump) any Sharpe value is statistically meaningless — artificially huge
+or tiny depending on where the jump lands. So no numeric Sharpe is exposed
+until BOTH minimums are met:
+
+    days observed     >= MIN_DAYS_OBSERVED   (30)
+    resolved trades   >= MIN_RESOLVED_TRADES (10)
+
+Below either minimum the value is None with status "insufficient_sample".
+A perfectly flat curve (zero variance) also yields None ("zero_variance"):
+Sharpe is undefined there, not infinite.
+"""
+from statistics import mean, stdev
+from typing import Optional
+
+MIN_DAYS_OBSERVED = 30
+MIN_RESOLVED_TRADES = 10
+ANNUALIZATION_DAYS = 365
+
+SHARPE_OK = "ok"
+SHARPE_INSUFFICIENT = "insufficient_sample"
+SHARPE_ZERO_VARIANCE = "zero_variance"
+
+
+def daily_returns(daily_pnl_closes: list[float], bankroll: float) -> list[float]:
+    """Bankroll-normalized day-over-day returns from a daily PnL-close series."""
+    return [
+        (curr - prev) / bankroll
+        for prev, curr in zip(daily_pnl_closes, daily_pnl_closes[1:])
+    ]
+
+
+def compute_sharpe(daily_pnl_closes: list[float], bankroll: float) -> Optional[float]:
+    """Annualized Sharpe of the daily PnL curve, or None if undefined.
+
+    None when there are fewer than 2 returns (need 3+ daily closes) or the
+    return series has zero variance. No sample-size gate here — see
+    sharpe_with_gate() for the exposed value.
+    """
+    returns = daily_returns(daily_pnl_closes, bankroll)
+    if len(returns) < 2:
+        return None
+    sd = stdev(returns)
+    if sd == 0:
+        return None
+    return mean(returns) / sd * ANNUALIZATION_DAYS ** 0.5
+
+
+def sharpe_with_gate(
+    daily_pnl_closes: list[float],
+    bankroll: float,
+    resolved_count: int,
+) -> tuple[Optional[float], str]:
+    """Return (sharpe, status) applying the minimum-sample gate.
+
+    status: "ok"                  — sharpe is a meaningful float
+            "insufficient_sample" — sample below minimums, sharpe is None
+            "zero_variance"       — sample OK but flat curve, sharpe is None
+    """
+    days_observed = len(daily_pnl_closes)
+    if days_observed < MIN_DAYS_OBSERVED or resolved_count < MIN_RESOLVED_TRADES:
+        return None, SHARPE_INSUFFICIENT
+    sharpe = compute_sharpe(daily_pnl_closes, bankroll)
+    if sharpe is None:
+        return None, SHARPE_ZERO_VARIANCE
+    return sharpe, SHARPE_OK

bot/metrics/tracker.py

@@ -15,13 +15,16 @@ win_rate            Fraction of resolved closed trades with close_pnl > 0.
                     NULL if fewer than 5 resolved trades.
 calibration_score   1 − AVG((final_prob − resolution)²) on resolved trades.
                     Brier score (higher = better calibration). NULL if < 10 resolved.
-sharpe_ratio        0.0 — requires a daily-return time series, not yet tracked.
+sharpe_ratio        Annualized Sharpe of the daily total_pnl curve (see
+                    bot/metrics/sharpe.py). NULL until the sample gate passes:
+                    >= 30 days observed AND >= 10 resolved trades.
 """
 import logging
+import os
 from datetime import datetime, UTC
 
 from bot.data.db import Database
-from bot.executor.paper import Trade
+from bot.metrics.sharpe import sharpe_with_gate
 
 log = logging.getLogger(__name__)
 
@@ -30,11 +33,6 @@ class MetricsTracker:
     def __init__(self, db: Database) -> None:
         self._db = db
 
-    async def record_trade(self, trade: Trade) -> None:
-        """Persist a trade to the DB. No in-memory accumulation."""
-        await self._db.save_trade(trade)
-        log.info("Trade recorded: %s", trade)
-
     async def update_daily_summary(self) -> None:
         """Compute metrics from DB and write a metrics_daily snapshot.
 
@@ -67,6 +65,12 @@ class MetricsTracker:
 
         avg_edge = total_pnl / total_deployed if total_deployed > 0 else 0.0
 
+        # Sharpe: real value from the daily PnL curve, NULL while the sample
+        # gate (>=30 days observed, >=10 resolved) is not met.
+        bankroll = float(os.getenv("PAPER_BANKROLL", "10000"))
+        daily_closes = await self._db.get_daily_pnl_closes()
+        sharpe, sharpe_status = sharpe_with_gate(daily_closes, bankroll, resolved)
+
         metrics = {
             "timestamp":          datetime.now(UTC),
             "total_trades":       int(raw["total_trades"]),
@@ -80,7 +84,7 @@ class MetricsTracker:
             "total_pnl":          total_pnl,
             "win_rate":           win_rate,
             "avg_edge":           avg_edge,
-            "sharpe_ratio":       0.0,   # requires daily-return series (not yet tracked)
+            "sharpe_ratio":       sharpe,   # NULL until sample gate passes
             "calibration_score":  calibration,
             "paper_mode":         True,
         }
@@ -89,9 +93,10 @@ class MetricsTracker:
         log.info(
             "Daily metrics | trades=%d (open=%d closed=%d resolved=%d) | "
             "unrealized=$%.2f realized=$%.2f total=$%.2f | "
-            "win_rate=%s calibration=%s",
+            "win_rate=%s calibration=%s sharpe=%s",
             metrics["total_trades"], open_count, closed_count, resolved,
             unrealized, realized, total_pnl,
             f"{win_rate:.1%}" if win_rate is not None else "n/a (<5)",
             f"{calibration:.3f}" if calibration is not None else "n/a (<10)",
+            f"{sharpe:.2f}" if sharpe is not None else f"n/a ({sharpe_status})",
         )

bot/strategy/bayesian.py

@@ -12,9 +12,11 @@ Polymarket might reflect in a slow-moving order book.
 """
 import logging
 import math
+import os
+import re
 import uuid
 from dataclasses import dataclass, field
-from datetime import datetime, timezone
+from datetime import datetime, timedelta, timezone
 from typing import Optional, TYPE_CHECKING
 
 from bot.data.polymarket import Market, market_family_key
@@ -61,11 +63,81 @@ NEWS_LOGODDS_WEIGHT = 1.5
 # Weaker than NEWS_LOGODDS_WEIGHT because Manifold can have illiquid/stale markets.
 MANIFOLD_LOGODDS_WEIGHT = 0.6
 
+
+def _env_bool(name: str, default: bool) -> bool:
+    return os.getenv(name, str(default)).strip().lower() in ("1", "true", "yes", "on")
+
+
+# ── Manifold activation flags ──────────────────────────────────────────────────
+# Manifold has been retired as an ACTIVE trading signal: a per-category coverage
+# audit (see /api/metrics/manifold-coverage) showed coverage_rate=0.0 across every
+# category in the bot's current universe, so any edge it produced was false edge.
+#
+# MANIFOLD_SIGNAL_ENABLED (default False): when False, Manifold is observational
+#   only — its probability never touches the edge model: no manifold_log_adj, no
+#   confidence bump, feat_mfld_lo stays 0.0 (so it can never be the dominant
+#   feature), and it never contributes to a trade.
+# MANIFOLD_AUDIT_ENABLED (default True): when True the matcher still runs and
+#   audit/coverage rows + cooldowns are written, preserving the trail so we can
+#   decide later whether to reactivate Manifold in a universe with real coverage.
+# The matcher is only called when at least one flag is on.
+MANIFOLD_SIGNAL_ENABLED = _env_bool("MANIFOLD_SIGNAL_ENABLED", False)
+MANIFOLD_AUDIT_ENABLED  = _env_bool("MANIFOLD_AUDIT_ENABLED", True)
+
+# ── GNews guardrail (catastrophic fuse) ────────────────────────────────────────
+# Post-mortem NVIDIA 631181: a single strong signal (legacy Manifold 0.13 at
+# weight 0.6) flipped a 0.845 market to 0.431 and lost.  With Manifold now
+# observational-only and macro signals gated behind is_non_price, GNews
+# (weight 1.5) is the only live signal that can move politics markets 20-30 pp
+# against the order-book consensus.  This is NOT a fine calibration — it is a
+# fuse against the extreme case: one uncorroborated signal violently inverting
+# the market.
+#
+# NEWS_GUARDRAIL_ENABLED: master switch for the fuse.
+# MAX_NEWS_ONLY_PROB_SHIFT: when GNews is the ONLY material signal, the final
+#   probability is clamped to prior ± this value.  0.25 still allows a 25 pp
+#   move (edge_net 0.21 after costs) — trades still happen, sizing is bounded.
+# NEWS_MATERIAL_LOGODDS_THRESHOLD: a signal counts as *material* iff its
+#   |log-odds contribution| >= this value.  Below it, a signal is noise and
+#   does NOT count as corroboration.  If ANY other signal (fg, momentum,
+#   btc_dom, manifold) is material, the fuse does not apply.
+NEWS_GUARDRAIL_ENABLED = _env_bool("NEWS_GUARDRAIL_ENABLED", True)
+MAX_NEWS_ONLY_PROB_SHIFT = float(os.getenv("MAX_NEWS_ONLY_PROB_SHIFT", "0.25"))
+NEWS_MATERIAL_LOGODDS_THRESHOLD = float(os.getenv("NEWS_MATERIAL_LOGODDS_THRESHOLD", "0.10"))
+
 # GNews free tier: 100 req/day.  We limit to 5 queries per trading cycle
 # (politics markets only) and rely on 6 h cache to stay within budget.
 MAX_NEWS_QUERIES_PER_CYCLE = 5
 
 
+# ─────────────────────────────────────────────────────────────────────────────
+# Manifold evaluation cooldown
+#
+# Per-market backoff so the trading loop stops re-querying Manifold (and flooding
+# manifold_match_audit) for markets whose verdict is stable.  Computed from the
+# match result; longer for verdicts that essentially never change.
+#   no_results            → 24 h  (Manifold has no market on this topic)
+#   rejected/low_score    → 24 h  (best candidate below Jaccard threshold)
+#   rejected/outcome_mism. → 24 h  (outcome types differ)
+#   rejected/ambiguous    → 24 h  (party named but inversion unverifiable)
+#   rejected/conditional  →  7 d  (premise-gated market; structural, won't change)
+#   accepted              →  1 h  (signal is live; refresh probability hourly)
+# ─────────────────────────────────────────────────────────────────────────────
+def _cooldown_for(result: ManifoldMatchResult) -> tuple[timedelta, str]:
+    """Map a Manifold match result to (retry_delay, cooldown_reason)."""
+    if result.status == "accepted":
+        return timedelta(hours=1), "accepted"
+    if result.status == "no_results":
+        return timedelta(hours=24), "no_results"
+    # rejected — classify by the reason text the matcher produced
+    reason = result.match_reason or "rejected"
+    if "conditional_market" in reason:
+        return timedelta(days=7), reason
+    # outcome_mismatch, ambiguous_inversion, and low_score (jaccard<threshold)
+    # all settle in 24 h.
+    return timedelta(hours=24), reason
+
+
 # ─────────────────────────────────────────────────────────────────────────────
 # Phase 4 — Regime-based minimum edge (uses edge_NET, not edge_gross)
 # ─────────────────────────────────────────────────────────────────────────────
@@ -109,10 +181,61 @@ def _days_to_resolution(end_date: str) -> int:
         return 30
 
 
+def has_token(text: str, token: str) -> bool:
+    """
+    True if `token` appears in `text` as a standalone word.
+
+    Short crypto tickers (eth, sol, ada, …) must NOT match inside ordinary
+    words — "Seth", "dissolved", "Canada" — but must still match the usual
+    market phrasings: "ETH", "$ETH", "ETH/USD", "SOL reach $200".  Boundaries
+    are any non-alphanumeric character (or start/end of string), so "$" and
+    "/" delimit correctly.
+    """
+    return re.search(
+        rf"(?<![A-Za-z0-9]){re.escape(token)}(?![A-Za-z0-9])", text, re.IGNORECASE
+    ) is not None
+
+
 # ─────────────────────────────────────────────────────────────────────────────
 # Phase 3 — GNews priority scoring
 # ─────────────────────────────────────────────────────────────────────────────
 
+def apply_news_guardrail(
+    prior: float,
+    raw_final_prob: float,
+    feat_news_lo: float,
+    other_feats_lo: tuple[float, ...],
+) -> tuple[float, bool]:
+    """
+    GNews guardrail (catastrophic fuse).
+
+    Clamp raw_final_prob to prior ± MAX_NEWS_ONLY_PROB_SHIFT when ALL hold:
+      1. NEWS_GUARDRAIL_ENABLED
+      2. |feat_news_lo| >= NEWS_MATERIAL_LOGODDS_THRESHOLD (news is material)
+      3. every other signal's |log-odds contribution| is below the threshold
+         (GNews is the ONLY material signal — no corroboration)
+
+    Returns (final_prob, guardrail_applied).  guardrail_applied is True only
+    when the clamp actually changed the value; a raw_final_prob already inside
+    the band passes through untouched with applied=False.
+
+    Module globals are read at call time so tests can monkeypatch them.
+    """
+    if not NEWS_GUARDRAIL_ENABLED:
+        return raw_final_prob, False
+    if abs(feat_news_lo) < NEWS_MATERIAL_LOGODDS_THRESHOLD:
+        return raw_final_prob, False
+    if any(abs(v) >= NEWS_MATERIAL_LOGODDS_THRESHOLD for v in other_feats_lo):
+        return raw_final_prob, False  # corroborated — fuse does not apply
+    clamped = min(
+        max(raw_final_prob, prior - MAX_NEWS_ONLY_PROB_SHIFT),
+        prior + MAX_NEWS_ONLY_PROB_SHIFT,
+    )
+    if clamped == raw_final_prob:
+        return raw_final_prob, False
+    return clamped, True
+
+
 def gnews_priority(market: Market, news: "NewsClient") -> float:
     """
     Score a market for GNews query priority (higher = more valuable to query).
@@ -234,6 +357,10 @@ class BayesianStrategy:
         # (edge_gross, edge_net, regime_min) for every market that reached the
         # edge computation stage (passed prior-extreme, family, unsupported filters)
         self._evaluated_edges: list[tuple[float, float, float]] = []
+        # GNews guardrail observability — only markets with material news
+        self._news_shifts: list[float] = []       # final_prob - prior, signed
+        self._news_guardrail_applied: int = 0
+        self._news_changed_decisions: int = 0
 
     def reset_cycle(self) -> None:
         """Call once at the start of each trading cycle to reset per-cycle counters."""
@@ -245,6 +372,9 @@ class BayesianStrategy:
         self._manifold_fetched = 0
         self._manifold_on_trade = 0
         self._evaluated_edges = []
+        self._news_shifts = []
+        self._news_guardrail_applied = 0
+        self._news_changed_decisions = 0
 
     def get_cycle_stats(self) -> dict:
         """Return per-cycle counters for the [CYCLE SUMMARY] log block."""
@@ -264,6 +394,14 @@ class BayesianStrategy:
             "gross_gt_004": sum(1 for g in all_gross if g > 0.04),
             "manifold_matches_accepted": self._manifold_on_trade,
             "manifold_matches_rejected": self._manifold_fetched - self._manifold_on_trade,
+            # GNews guardrail — markets with |news_lo| >= NEWS_MATERIAL_LOGODDS_THRESHOLD
+            "news_with_material":     len(self._news_shifts),
+            "news_avg_shift":         (sum(self._news_shifts) / len(self._news_shifts))
+                                      if self._news_shifts else 0.0,
+            "news_max_shift":         max(self._news_shifts, key=abs)
+                                      if self._news_shifts else 0.0,
+            "news_guardrail_applied": self._news_guardrail_applied,
+            "news_changed_decisions": self._news_changed_decisions,
         }
 
     async def evaluate(
@@ -295,13 +433,18 @@ class BayesianStrategy:
             "below", "under", "less than", "lower", "drop",
         ])
 
-        is_btc = "btc" in question_lower or "bitcoin" in question_lower
-        is_eth = "eth" in question_lower or "ethereum" in question_lower
-        is_sol = "sol" in question_lower or "solana" in question_lower
-        is_xrp = "xrp" in question_lower or "ripple" in question_lower
-        is_doge = "doge" in question_lower or "dogecoin" in question_lower
+        # Short tickers need word boundaries: "Seth" contains "eth",
+        # "dissolved" contains "sol", "Canada" contains "ada".  Long
+        # unambiguous names (bitcoin, ethereum, …) stay as substrings.
+        is_btc = has_token(question_lower, "btc") or "bitcoin" in question_lower
+        is_eth = has_token(question_lower, "eth") or "ethereum" in question_lower
+        is_sol = has_token(question_lower, "sol") or "solana" in question_lower
+        is_xrp = has_token(question_lower, "xrp") or "ripple" in question_lower
+        is_doge = has_token(question_lower, "doge") or "dogecoin" in question_lower
         is_altcoin = is_sol or is_xrp or is_doge or any(
-            w in question_lower for w in ["ltc", "litecoin", "bnb", "ada", "cardano", "avax", "avalanche"]
+            has_token(question_lower, t) for t in ["ltc", "bnb", "ada", "avax"]
+        ) or any(
+            w in question_lower for w in ["litecoin", "cardano", "avalanche"]
         )
         is_general_crypto = any(
             w in question_lower for w in ["crypto", "market cap", "total market", "altcoin", "defi"]
@@ -369,63 +512,79 @@ class BayesianStrategy:
         sources: list[str] = [f"Prior=poly({prior:.3f})"]
         adjustments: list[float] = []
 
-        # Signal 1: price momentum (asset-specific or BTC as sentiment proxy)
-        if is_btc:
-            momentum = ext.btc_change_24h
-            asset_label = "BTC"
-        elif is_eth:
-            momentum = ext.eth_change_24h
-            asset_label = "ETH"
-        elif is_politics or is_tech or is_events:
-            momentum = ext.btc_change_24h
-            asset_label = "BTC(sentiment)"
-        else:
-            momentum = ext.total_market_cap_change
-            asset_label = "total mktcap"
+        # Momentum and Fear & Greed only make sense for price markets, where
+        # is_price_above gives the adjustment a meaningful sign.  For
+        # politics/tech/events there is no above/below notion — is_price_above
+        # defaults to False (or flips on accidental wording like "reach"), so
+        # applying these signals just injected sign noise.  Skip them entirely;
+        # their contributions stay 0.0 → feat_mom_lo / feat_fg_lo = 0.0.
+        is_non_price = is_politics or is_tech or is_events
 
+        # Signal 1: price momentum (asset-specific; price markets only)
         _momentum_contribution = 0.0
-        if abs(momentum) > 2:
-            momentum_adj = math.tanh(momentum / 20) * 0.15
-            if is_politics or is_tech or is_events:
-                momentum_adj *= 0.5
-            _momentum_contribution = momentum_adj if is_price_above else -momentum_adj
-            adjustments.append(_momentum_contribution)
-            sources.append(f"{asset_label} 24h: {momentum:+.1f}%")
+        if not is_non_price:
+            if is_btc:
+                momentum = ext.btc_change_24h
+                asset_label = "BTC"
+            elif is_eth:
+                momentum = ext.eth_change_24h
+                asset_label = "ETH"
+            else:
+                momentum = ext.total_market_cap_change
+                asset_label = "total mktcap"
 
-        # Signal 2: Fear & Greed
-        fg = ext.fear_greed_index
-        if fg > 70:
-            fg_adj = 0.06
-            sources.append(f"Fear&Greed: {fg} (greed)")
-        elif fg < 30:
-            fg_adj = -0.06
-            sources.append(f"Fear&Greed: {fg} (fear)")
-        else:
-            fg_adj = (fg - 50) / 50 * 0.04
-            sources.append(f"Fear&Greed: {fg} (neutral)")
-        _fg_contribution = fg_adj if is_price_above else -fg_adj
-        adjustments.append(_fg_contribution)
+            if abs(momentum) > 2:
+                momentum_adj = math.tanh(momentum / 20) * 0.15
+                _momentum_contribution = momentum_adj if is_price_above else -momentum_adj
+                adjustments.append(_momentum_contribution)
+                sources.append(f"{asset_label} 24h: {momentum:+.1f}%")
 
-        # Signal 3: BTC dominance — hurts altcoins when high
+        # Signal 2: Fear & Greed (price markets only)
+        _fg_contribution = 0.0
+        if not is_non_price:
+            fg = ext.fear_greed_index
+            if fg > 70:
+                fg_adj = 0.06
+                sources.append(f"Fear&Greed: {fg} (greed)")
+            elif fg < 30:
+                fg_adj = -0.06
+                sources.append(f"Fear&Greed: {fg} (fear)")
+            else:
+                fg_adj = (fg - 50) / 50 * 0.04
+                sources.append(f"Fear&Greed: {fg} (neutral)")
+            _fg_contribution = fg_adj if is_price_above else -fg_adj
+            adjustments.append(_fg_contribution)
+
+        # Signal 3: BTC dominance — hurts altcoins when high (price markets only)
+        # Like momentum and Fear & Greed above: no demonstrated causality for
+        # politics/tech/events, even when they legitimately mention a ticker
+        # ("Will the ETH ETF be approved?").  For non-price markets the
+        # contribution stays 0.0 → feat_btc_dom_lo = 0.0.
         _btc_dom_contribution = 0.0
-        if (is_eth or is_altcoin or is_general_crypto) and ext.btc_dominance > 55:
-            _btc_dom_contribution = -0.03 if is_price_above else 0.03
-            adjustments.append(_btc_dom_contribution)
-            sources.append(f"BTC dom: {ext.btc_dominance:.1f}% (high → alt pressure)")
-        elif (is_eth or is_altcoin or is_general_crypto) and ext.btc_dominance < 45:
-            _btc_dom_contribution = 0.03 if is_price_above else -0.03
-            adjustments.append(_btc_dom_contribution)
-            sources.append(f"BTC dom: {ext.btc_dominance:.1f}% (low → alt season)")
+        if not is_non_price:
+            if (is_eth or is_altcoin or is_general_crypto) and ext.btc_dominance > 55:
+                _btc_dom_contribution = -0.03 if is_price_above else 0.03
+                adjustments.append(_btc_dom_contribution)
+                sources.append(f"BTC dom: {ext.btc_dominance:.1f}% (high → alt pressure)")
+            elif (is_eth or is_altcoin or is_general_crypto) and ext.btc_dominance < 45:
+                _btc_dom_contribution = 0.03 if is_price_above else -0.03
+                adjustments.append(_btc_dom_contribution)
+                sources.append(f"BTC dom: {ext.btc_dominance:.1f}% (low → alt season)")
 
         # Signal 4: GNews sentiment (politics only, budget-gated)
         # Phase 3: caller has pre-sorted markets by gnews_priority() so the
         # highest-value markets reach this block first.
         news_log_adj = 0.0
-        if is_politics and self._news is not None:
+        news_sentiment = 0.0
+        # self._news.enabled gates the whole block: with no GNews API key the
+        # client is a no-op, so we must not consume (or report) query budget for
+        # it — see NewsClient.enabled.
+        if is_politics and self._news is not None and self._news.enabled:
             if self._news_queries_this_cycle < MAX_NEWS_QUERIES_PER_CYCLE:
                 self._news_queries_this_cycle += 1
                 sentiment = await self._news.get_sentiment(market.question)
                 if abs(sentiment) > 0.05:
+                    news_sentiment = sentiment
                     news_log_adj = sentiment * NEWS_LOGODDS_WEIGHT
                     sources.append(f"GNews: {sentiment:+.2f}")
             else:
@@ -443,69 +602,123 @@ class BayesianStrategy:
         manifold_result: Optional[ManifoldMatchResult] = None
         audit_id: Optional[str] = None
 
-        if (is_politics or is_tech) and self._manifold is not None:
-            manifold_result = await self._manifold.get_match(market.question)
-
-            # Persist audit record for ALL outcomes (accepted / rejected / no_results)
-            if self._db is not None:
-                if not market.id:
-                    log.error(
-                        "MANIFOLD_AUDIT: market.id is None/empty — skipping audit save | "
-                        "question=%r", market.question[:60],
+        if ((is_politics or is_tech) and self._manifold is not None
+                and (MANIFOLD_AUDIT_ENABLED or MANIFOLD_SIGNAL_ENABLED)):
+            # ── Cooldown gate ────────────────────────────────────────────────
+            # Skip markets whose Manifold verdict was recently settled to a
+            # stable value.  A skip is equivalent to a no-signal: the matcher is
+            # NOT called and NO manifold_match_audit row is written, so only real
+            # evaluations are recorded.  See _cooldown_for() and the
+            # manifold_eval_cooldown table.
+            in_cooldown = False
+            if self._db is not None and market.id:
+                try:
+                    cd = await self._db.get_manifold_cooldown(market.id)
+                except Exception as exc:
+                    log.warning("Failed to read manifold cooldown: %s", exc)
+                    cd = None
+                if cd is not None and datetime.now(timezone.utc) < cd["retry_after"]:
+                    in_cooldown = True
+                    log.info(
+                        "MANIFOLD_COOLDOWN skip market=%s | last_status=%s "
+                        "retry_after=%s | %s",
+                        market.id, cd["last_status"],
+                        cd["retry_after"].isoformat(), market.question[:50],
                     )
-                else:
-                    audit_id = str(uuid.uuid4())
-                    try:
-                        await self._db.save_manifold_audit(
-                            audit_id=audit_id,
-                            poly_market_id=market.id,
-                            poly_question=market.question,
-                            search_query=manifold_result.search_query,
-                            mfld_market_id=manifold_result.market_id,
-                            mfld_market_title=manifold_result.market_title,
-                            mfld_market_url=manifold_result.market_url,
-                            prob_raw=manifold_result.prob_raw,
-                            prob_final=manifold_result.prob_final,
-                            inverted=manifold_result.inverted,
-                            match_score=manifold_result.match_score,
-                            match_reason=manifold_result.match_reason,
-                            match_status=manifold_result.status,
-                            poly_outcome_type=manifold_result.poly_outcome_type,
-                            mfld_outcome_type=manifold_result.mfld_outcome_type,
-                            matcher_version=MANIFOLD_MATCHER_VERSION,
+
+            if not in_cooldown:
+                manifold_result = await self._manifold.get_match(market.question)
+
+                # Persist audit record for ALL outcomes (accepted / rejected / no_results).
+                # Gated by MANIFOLD_AUDIT_ENABLED so the audit/coverage trail and
+                # cooldowns can be kept even while Manifold is observational-only.
+                if MANIFOLD_AUDIT_ENABLED and self._db is not None:
+                    if not market.id:
+                        log.error(
+                            "MANIFOLD_AUDIT: market.id is None/empty — skipping audit save | "
+                            "question=%r", market.question[:60],
                         )
-                    except Exception as exc:
-                        log.warning("Failed to save manifold audit: %s", exc)
-                        audit_id = None
+                    else:
+                        audit_id = str(uuid.uuid4())
+                        try:
+                            await self._db.save_manifold_audit(
+                                audit_id=audit_id,
+                                poly_market_id=market.id,
+                                poly_question=market.question,
+                                search_query=manifold_result.search_query,
+                                mfld_market_id=manifold_result.market_id,
+                                mfld_market_title=manifold_result.market_title,
+                                mfld_market_url=manifold_result.market_url,
+                                prob_raw=manifold_result.prob_raw,
+                                prob_final=manifold_result.prob_final,
+                                inverted=manifold_result.inverted,
+                                match_score=manifold_result.match_score,
+                                match_reason=manifold_result.match_reason,
+                                match_status=manifold_result.status,
+                                poly_outcome_type=manifold_result.poly_outcome_type,
+                                mfld_outcome_type=manifold_result.mfld_outcome_type,
+                                matcher_version=MANIFOLD_MATCHER_VERSION,
+                            )
+                        except Exception as exc:
+                            log.warning("Failed to save manifold audit: %s", exc)
+                            audit_id = None
 
-            # Structured log — both forms for compatibility
-            log.info(
-                "MANIFOLD_MATCH poly='%s' mfld='%s' score=%s raw=%s final=%s"
-                " inverted=%s status=%s reason=%s",
-                market.question, manifold_result.market_title,
-                manifold_result.match_score, manifold_result.prob_raw,
-                manifold_result.prob_final, manifold_result.inverted,
-                manifold_result.status, manifold_result.match_reason,
-            )
-            log.info("MANIFOLD_MATCH", extra={
-                "poly_question": market.question,
-                "mfld_title":    manifold_result.market_title,
-                "score":         manifold_result.match_score,
-                "prob_raw":      manifold_result.prob_raw,
-                "prob_final":    manifold_result.prob_final,
-                "inverted":      manifold_result.inverted,
-                "status":        manifold_result.status,
-                "reason":        manifold_result.match_reason,
-            })
+                    # Record the cooldown so this market is not re-queried every
+                    # cycle.  Written even if the audit save above failed — we
+                    # still performed a real evaluation.
+                    if market.id:
+                        delay, cd_reason = _cooldown_for(manifold_result)
+                        try:
+                            await self._db.upsert_manifold_cooldown(
+                                poly_market_id=market.id,
+                                last_status=manifold_result.status,
+                                retry_after=datetime.now(timezone.utc) + delay,
+                                cooldown_reason=cd_reason,
+                            )
+                        except Exception as exc:
+                            log.warning("Failed to save manifold cooldown: %s", exc)
 
-            if manifold_result.status == "accepted" and manifold_result.prob_final is not None:
-                manifold_used = True
-                self._manifold_fetched += 1
-                m_clamped = max(0.05, min(0.95, manifold_result.prob_final))
-                m_log = math.log(m_clamped / (1 - m_clamped))
-                p_log = math.log(prior / (1 - prior))
-                manifold_log_adj = (m_log - p_log) * MANIFOLD_LOGODDS_WEIGHT
-                sources.append(f"Manifold:{manifold_result.prob_final:.2f}")
+                # Structured log — both forms for compatibility
+                log.info(
+                    "MANIFOLD_MATCH poly='%s' mfld='%s' score=%s raw=%s final=%s"
+                    " inverted=%s status=%s reason=%s",
+                    market.question, manifold_result.market_title,
+                    manifold_result.match_score, manifold_result.prob_raw,
+                    manifold_result.prob_final, manifold_result.inverted,
+                    manifold_result.status, manifold_result.match_reason,
+                )
+                log.info("MANIFOLD_MATCH", extra={
+                    "poly_question": market.question,
+                    "mfld_title":    manifold_result.market_title,
+                    "score":         manifold_result.match_score,
+                    "prob_raw":      manifold_result.prob_raw,
+                    "prob_final":    manifold_result.prob_final,
+                    "inverted":      manifold_result.inverted,
+                    "status":        manifold_result.status,
+                    "reason":        manifold_result.match_reason,
+                })
+
+                if (MANIFOLD_SIGNAL_ENABLED
+                        and manifold_result.status == "accepted"
+                        and manifold_result.prob_final is not None):
+                    # ACTIVE signal path — only when explicitly enabled.
+                    manifold_used = True
+                    self._manifold_fetched += 1
+                    m_clamped = max(0.05, min(0.95, manifold_result.prob_final))
+                    m_log = math.log(m_clamped / (1 - m_clamped))
+                    p_log = math.log(prior / (1 - prior))
+                    manifold_log_adj = (m_log - p_log) * MANIFOLD_LOGODDS_WEIGHT
+                    sources.append(f"Manifold:{manifold_result.prob_final:.2f}")
+                elif not MANIFOLD_SIGNAL_ENABLED:
+                    # Observational-only: matched/audited but NEVER fed to the edge
+                    # model.  manifold_log_adj stays 0.0 → no confidence bump,
+                    # feat_mfld_lo=0.0 (cannot be dominant), no trade contribution.
+                    log.info(
+                        "Manifold: observational_only — signal disabled "
+                        "(MANIFOLD_SIGNAL_ENABLED=false) | market=%s status=%s",
+                        market.id, manifold_result.status,
+                    )
+                    sources.append("Manifold: observational_only")
 
         # Confidence cap: macro/politics/tech signals are weaker proxies
         confidence_cap = 0.65 if (is_macro or is_politics or is_tech or is_events) else 0.90
@@ -513,8 +726,31 @@ class BayesianStrategy:
         # Posterior via log-odds updating
         log_odds_prior = math.log(prior / (1 - prior))
         total_adj = sum(adjustments)
-        estimated_prob = _sigmoid(log_odds_prior + total_adj * 2 + news_log_adj + manifold_log_adj)
-        estimated_prob = max(0.05, min(0.95, estimated_prob))
+        # raw_final_prob: posterior BEFORE the news guardrail.
+        raw_final_prob = _sigmoid(log_odds_prior + total_adj * 2 + news_log_adj + manifold_log_adj)
+        raw_final_prob = max(0.05, min(0.95, raw_final_prob))
+
+        # Per-feature log-odds contributions (Phase 6) — computed here (not
+        # after the edge gate) because the guardrail below needs them to decide
+        # signal materiality.
+        # fg / mom / btc_dom: probability-delta × 2 → log-odds.
+        # news / mfld: already log-odds (LOGODDS_WEIGHT already applied).
+        feat_fg_lo      = _fg_contribution * 2
+        feat_mom_lo     = _momentum_contribution * 2
+        feat_news_lo    = news_log_adj
+        feat_mfld_lo    = manifold_log_adj
+        feat_btc_dom_lo = _btc_dom_contribution * 2
+
+        # ── GNews guardrail (catastrophic fuse) ──────────────────────────────
+        # When GNews is the ONLY material signal, clamp the posterior to
+        # prior ± MAX_NEWS_ONLY_PROB_SHIFT.  estimated_prob (post-guardrail) is
+        # what edge/trading uses; raw_final_prob is kept for observability.
+        estimated_prob, news_guardrail_applied = apply_news_guardrail(
+            prior,
+            raw_final_prob,
+            feat_news_lo,
+            (feat_fg_lo, feat_mom_lo, feat_btc_dom_lo, feat_mfld_lo),
+        )
 
         # ── Phase 1: edge_gross and edge_net ─────────────────────────────────
         raw_edge = estimated_prob - market.yes_price
@@ -536,15 +772,6 @@ class BayesianStrategy:
         if manifold_log_adj != 0.0:
             confidence = min(confidence_cap, confidence + 0.08)
 
-        # Per-feature log-odds contributions (Phase 6).
-        # fg / mom / btc_dom: probability-delta × 2 → log-odds.
-        # news / mfld: already log-odds (LOGODDS_WEIGHT already applied).
-        feat_fg_lo      = _fg_contribution * 2
-        feat_mom_lo     = _momentum_contribution * 2
-        feat_news_lo    = news_log_adj
-        feat_mfld_lo    = manifold_log_adj
-        feat_btc_dom_lo = _btc_dom_contribution * 2
-
         feat_str = (
             f"fg_lo={feat_fg_lo:+.4f} mom_lo={feat_mom_lo:+.4f} "
             f"news_lo={feat_news_lo:+.4f} mfld_lo={feat_mfld_lo:+.4f} "
@@ -556,6 +783,48 @@ class BayesianStrategy:
         passed_net = edge_net >= regime_min
         can_trade = passed_net and confidence >= MIN_CONFIDENCE
 
+        # ── Guardrail decision impact ────────────────────────────────────────
+        # True when the un-clamped posterior's edge crossed the regime gate but
+        # the clamped one no longer does — i.e. the fuse PREVENTED a trade.
+        # Confidence is invariant under the clamp (it depends only on signal
+        # agreement), so the edge gate is the only component that can flip.
+        guardrail_changed_trade_decision = False
+        if news_guardrail_applied:
+            raw_edge_net = abs(raw_final_prob - market.yes_price) - TOTAL_COST_RATE
+            guardrail_changed_trade_decision = (
+                raw_edge_net >= regime_min and edge_net < regime_min
+            )
+
+        # ── Guardrail observability — ONLY markets with material news ───────
+        # Gated on materiality so the ~145 markets/cycle without news don't
+        # flood the logs.  posterior_before_news = everything except GNews.
+        news_is_material = abs(feat_news_lo) >= NEWS_MATERIAL_LOGODDS_THRESHOLD
+        if news_is_material:
+            posterior_before_news = max(0.05, min(0.95, _sigmoid(
+                log_odds_prior + total_adj * 2 + manifold_log_adj
+            )))
+            self._news_shifts.append(estimated_prob - prior)
+            if news_guardrail_applied:
+                self._news_guardrail_applied += 1
+            if guardrail_changed_trade_decision:
+                self._news_changed_decisions += 1
+            log.info(
+                "NEWS_MATERIAL      %-50s | cat=%-12s | family=%-28s | "
+                "prior=%.3f | before_news=%.3f | raw=%.3f | final=%.3f | "
+                "sent=%+.2f | news_lo=%+.4f | "
+                "edge_before_news=%.3f | edge_after_raw=%.3f | edge_after_guardrail=%.3f | "
+                "guardrail=%s | changed_decision=%s | max_shift=%.2f",
+                market.question[:50], category, family,
+                prior, posterior_before_news, raw_final_prob, estimated_prob,
+                news_sentiment, feat_news_lo,
+                abs(posterior_before_news - market.yes_price),
+                abs(raw_final_prob - market.yes_price),
+                edge_gross,
+                "applied" if news_guardrail_applied else "none",
+                str(guardrail_changed_trade_decision).lower(),
+                MAX_NEWS_ONLY_PROB_SHIFT,
+            )
+
         if not can_trade:
             # Increment the appropriate edge-net counter
             if edge_net <= 0:
@@ -584,8 +853,21 @@ class BayesianStrategy:
             )
             return None
 
+        # When GNews participated, expose raw vs final and the guardrail verdict
+        # (Task 4 of the guardrail spec); otherwise keep the legacy format.
+        if news_log_adj != 0.0:
+            prob_part = (
+                f"Prior=poly({prior:.3f}) → raw={raw_final_prob:.3f} "
+                f"→ final={estimated_prob:.3f} | "
+                f"GNews sent={news_sentiment:+.2f} | "
+                f"guardrail={'applied' if news_guardrail_applied else 'none'} | "
+                f"changed_decision={str(guardrail_changed_trade_decision).lower()} | "
+                f"max_shift={MAX_NEWS_ONLY_PROB_SHIFT:.2f} | "
+            )
+        else:
+            prob_part = f"Prior=poly({prior:.3f}) → estimate={estimated_prob:.3f} | "
         reasoning = (
-            f"Prior=poly({prior:.3f}) → estimate={estimated_prob:.3f} | "
+            prob_part +
             f"Poly price={market.yes_price:.3f} | "
             f"edge_gross={edge_gross:+.3f} | edge_net={edge_net:+.3f} | "
             f"regime_min={regime_min:.2f} | days={days} | "
@@ -635,8 +917,12 @@ class BayesianStrategy:
             feat_news_lo=feat_news_lo,
             feat_mfld_lo=feat_mfld_lo,
             feat_btc_dom_lo=feat_btc_dom_lo,
-            # Manifold match audit — propagated through Order → Trade → DB
-            mfld_audit_id=audit_id,
+            # Manifold match audit — propagated through Order → Trade → DB.
+            # mfld_audit_id is the hook main.py uses to flip the audit row's
+            # used_in_trade=TRUE; suppress it when observational so the trail
+            # truthfully shows Manifold drove no trades. The mfld_* fields below
+            # stay as observational record (feat_mfld_lo is already 0.0).
+            mfld_audit_id=(audit_id if MANIFOLD_SIGNAL_ENABLED else None),
             mfld_market_id=manifold_result.market_id if manifold_result else None,
             mfld_market_title=manifold_result.market_title if manifold_result else None,
             mfld_market_url=manifold_result.market_url if manifold_result else None,

dashboard/src/App.jsx

@@ -200,8 +200,12 @@ export default function App() {
         <MetricCard
           title="Sharpe"
           value={fmt(summary.sharpe_ratio)}
-          subtitle="Objetivo ≥ 0.5"
-          progress={Math.min(1, summary.sharpe_ratio / 2)}
+          subtitle={
+            summary.sharpe_ratio == null
+              ? `Muestra insuficiente: ${summary.resolved_count}/${summary.min_resolved_required} resueltos, ${summary.days_observed}/${summary.min_days_required} días`
+              : 'Objetivo ≥ 0.5'
+          }
+          progress={summary.sharpe_ratio == null ? 0 : Math.min(1, summary.sharpe_ratio / 2)}
           progressColor={summary.sharpe_ratio >= 0.5 ? 'var(--green)' : 'var(--amber)'}
         />
         <MetricCard
@@ -216,6 +220,12 @@ export default function App() {
           value={fmtUSD(summary.total_deployed)}
           subtitle={`${summary.total_trades} trades`}
         />
+        <MetricCard
+          title="Cash Disponible"
+          value={fmtUSD(summary.cash_available)}
+          subtitle={`${fmtPct(summary.cash_available / summary.paper_bankroll)} del bankroll`}
+          progress={summary.cash_available / summary.paper_bankroll}
+        />
       </div>
 
       {/* Performance chart */}

requirements.txt

@@ -2,7 +2,7 @@
 asyncpg==0.29.0
 httpx==0.27.0
 fastapi==0.111.0
-uvicorn[standard]==0.49.0
+uvicorn[standard]==0.29.0
 pydantic==2.7.0
 
 # Polymarket (install from PyPI when ready for real trading)

tests/conftest.py

@@ -0,0 +1,10 @@
+"""Test environment shims.
+
+The bot runs on python:3.11-slim in production; local dev machines may have
+3.10, which lacks datetime.UTC (added in 3.11). Alias it so modules using
+`from datetime import UTC` import cleanly under 3.10.
+"""
+import datetime
+
+if not hasattr(datetime, "UTC"):
+    datetime.UTC = datetime.timezone.utc

tests/test_api_summary_consistency.py

@@ -0,0 +1,106 @@
+"""
+Tests for bug #7 — /api/summary must agree with the executor's cash model.
+
+Regression: /api/summary computed total_trades as len() over a LIMIT-500
+query (capped once history grows) and reimplemented cash as
+bankroll - sum(net_cost of open trades) from that same capped query.
+
+Fix: counts come from COUNT(*) (compute_metrics_from_db) and cash comes from
+cash_available() — the same helper PaperExecutor.initialize() uses — fed by
+the same source (get_open_position_data). This test runs both consumers
+against one fake DB state and asserts they report identical cash.
+"""
+import asyncio
+
+import pytest
+
+import api.main as api_main
+from bot.executor.paper import PaperExecutor, cash_available
+
+
+BANKROLL = 10_000.0  # PAPER_BANKROLL default used by both bot and API
+
+
+class FakeDB:
+    """One DB state served to both the API endpoint and the executor."""
+
+    def __init__(self, positions: dict[str, float], total_net_cost: float,
+                 total_trades: int, open_count: int):
+        self._positions = positions
+        self._total_net_cost = total_net_cost
+        self._total = total_trades
+        self._open = open_count
+
+    # Shared source: executor.initialize() and /api/summary both call this.
+    async def get_open_position_data(self):
+        return dict(self._positions), self._total_net_cost
+
+    # /api/summary only:
+    async def get_metrics_history(self, days=1):
+        return []
+
+    async def compute_metrics_from_db(self):
+        return {
+            "total_trades": self._total,
+            "open_count": self._open,
+            "closed_count": self._total - self._open,
+            "resolved_count": 0,
+        }
+
+    async def get_recently_closed_inverted(self, hours=24):
+        return set()
+
+    async def get_legacy_incomplete_count(self):
+        return 0
+
+    async def get_daily_pnl_closes(self):
+        return []
+
+
+def _run(db: FakeDB, monkeypatch) -> tuple[dict, PaperExecutor]:
+    monkeypatch.setattr(api_main, "db", db)
+    monkeypatch.delenv("PAPER_BANKROLL", raising=False)
+
+    async def run():
+        summary = await api_main.get_summary()
+        ex = PaperExecutor(db=db, bankroll=BANKROLL)
+        await ex.initialize()
+        return summary, ex
+
+    return asyncio.run(run())
+
+
+def test_api_and_executor_report_same_cash(monkeypatch):
+    db = FakeDB(
+        positions={"m1": 100.0, "m2": 80.0},
+        total_net_cost=183.60,   # 180 + fees
+        total_trades=12,
+        open_count=2,
+    )
+    summary, ex = _run(db, monkeypatch)
+    assert summary["cash_available"] == pytest.approx(ex.get_portfolio().cash)
+    assert summary["cash_available"] == pytest.approx(
+        cash_available(BANKROLL, 183.60)
+    )
+    assert summary["total_deployed"] == pytest.approx(183.60)
+
+
+def test_total_trades_not_capped_by_query_limit(monkeypatch):
+    """700 trades in DB: the old len(LIMIT 500) reported 500."""
+    db = FakeDB(
+        positions={"m1": 100.0},
+        total_net_cost=102.0,
+        total_trades=700,
+        open_count=1,
+    )
+    summary, _ = _run(db, monkeypatch)
+    assert summary["total_trades"] == 700
+    assert summary["open_trades_count"] == 1
+    assert summary["closed_trades_count"] == 699
+
+
+def test_cash_consistency_with_no_open_positions(monkeypatch):
+    db = FakeDB(positions={}, total_net_cost=0.0, total_trades=0, open_count=0)
+    summary, ex = _run(db, monkeypatch)
+    assert summary["cash_available"] == pytest.approx(BANKROLL)
+    assert ex.get_portfolio().cash == pytest.approx(BANKROLL)

tests/test_bayesian_asset_detection.py

@@ -0,0 +1,159 @@
+"""
+Tests for FASE 4 — crypto ticker detection must use word boundaries.
+
+Regression: short tickers were detected with substring matching over
+question_lower, so non-crypto markets triggered crypto flags:
+
+  "Israeli parliament dissolved"  contains "sol" → is_sol / is_altcoin
+  "Will Canada win Group B"       contains "ada" → is_altcoin
+  "Will Seth Moulton be the nominee" contains "eth" → is_eth
+
+Those flags armed the BTC-dominance signal (btc_dom_lo=+0.06 observed in
+production on politics markets).  The fix routes short tickers (btc, eth,
+sol, xrp, doge, ltc, bnb, ada, avax) through has_token(), which requires
+non-alphanumeric boundaries; long unambiguous names (bitcoin, ethereum,
+solana, cardano, …) remain substrings.
+
+The is_* flags are internal to evaluate(), so the integration tests assert
+on btc_dom_lo parsed from the structured audit log (same technique as
+test_bayesian_macro_signals.py), with btc_dominance=60 so the signal fires
+whenever an ETH/altcoin flag is set.
+"""
+import asyncio
+import logging
+import re
+
+import pytest
+
+from bot.data.external import ExternalSignals
+from bot.data.polymarket import Market
+from bot.strategy.bayesian import BayesianStrategy, has_token
+
+BTC_DOM_RE = re.compile(r"btc_dom_lo=([+-]\d+\.\d+)")
+
+
+def _make_market(question: str, category: str) -> Market:
+    return Market(
+        id="mkt-test-1",
+        condition_id="cond-test-1",
+        question=question,
+        yes_token_id="yes-tok",
+        no_token_id="no-tok",
+        yes_price=0.50,
+        no_price=0.50,
+        volume_24h=50_000.0,
+        end_date="2026-07-15T00:00:00Z",
+        active=True,
+        category=category,
+    )
+
+
+def _make_signals() -> ExternalSignals:
+    # btc_dominance=60 (>55) arms the BTC-dominance signal for any market
+    # flagged as ETH / altcoin / general-crypto.
+    return ExternalSignals(
+        btc_price=100_000.0,
+        btc_change_24h=10.0,
+        eth_price=4_000.0,
+        eth_change_24h=8.0,
+        btc_dominance=60.0,
+        fear_greed_index=80,
+        fear_greed_label="greed",
+        total_market_cap_change=5.0,
+        valid=True,
+    )
+
+
+def _evaluate_and_parse_btc_dom(question: str, category: str, caplog) -> float:
+    """Run BayesianStrategy.evaluate and return btc_dom_lo from the audit log."""
+    strategy = BayesianStrategy(news=None, manifold=None, db=None)
+    market = _make_market(question, category)
+    with caplog.at_level(logging.INFO, logger="bot.strategy.bayesian"):
+        asyncio.run(
+            strategy.evaluate(market, _make_signals(), occupied_families=set())
+        )
+    for record in caplog.records:
+        m = BTC_DOM_RE.search(record.getMessage())
+        if m:
+            return float(m.group(1))
+    pytest.fail(
+        "No SKIP_EDGE_NET/TRADE log line with btc_dom_lo found; "
+        f"got: {[r.getMessage() for r in caplog.records]}"
+    )
+
+
+# ── has_token unit tests ─────────────────────────────────────────────────────
+
+def test_has_token_rejects_substrings_inside_words():
+    assert has_token("israeli parliament dissolved by june 30?", "sol") is False
+    assert has_token("will canada win group b?", "ada") is False
+    assert has_token("will seth moulton be the nominee?", "eth") is False
+
+def test_has_token_matches_common_market_formats():
+    assert has_token("will eth hit $5000?", "eth") is True
+    assert has_token("$eth above $5000?", "eth") is True
+    assert has_token("eth/usd above 5000?", "eth") is True
+    assert has_token("will sol reach $200?", "sol") is True
+    assert has_token("will ada reach $1?", "ada") is True
+    assert has_token("BTC to $150k?", "btc") is True  # case-insensitive
+
+
+# ── Regression: false positives must not arm the BTC-dominance signal ───────
+
+def test_israeli_parliament_market_is_not_sol(caplog):
+    """'dissolved' contains 'sol' — must NOT flag is_sol/is_altcoin."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Israeli parliament dissolved by June 30?", "politics", caplog
+    )
+    assert btc_dom_lo == 0.0
+
+def test_canada_market_is_not_ada(caplog):
+    """'Canada' contains 'ada' — must NOT flag is_altcoin."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Will Canada win Group B?", "events", caplog
+    )
+    assert btc_dom_lo == 0.0
+
+def test_seth_moulton_market_is_not_eth(caplog):
+    """'Seth' contains 'eth' — must NOT flag is_eth."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Will Seth Moulton be the nominee?", "politics", caplog
+    )
+    assert btc_dom_lo == 0.0
+
+
+# ── Real ticker mentions must keep working ───────────────────────────────────
+
+def test_eth_market_detected(caplog):
+    """Standalone 'ETH' still flags is_eth: BTC-dom fires and momentum uses ETH."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Will ETH hit $5000?", "crypto/finance", caplog
+    )
+    assert btc_dom_lo != 0.0
+    # Momentum picks the ETH branch only when is_eth is True.
+    full_log = "\n".join(r.getMessage() for r in caplog.records)
+    assert "ETH 24h: +8.0%" in full_log
+
+def test_dollar_eth_market_detected(caplog):
+    """'$ETH' format still flags is_eth."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "$ETH above $5000?", "crypto/finance", caplog
+    )
+    assert btc_dom_lo != 0.0
+    full_log = "\n".join(r.getMessage() for r in caplog.records)
+    assert "ETH 24h: +8.0%" in full_log
+
+def test_sol_market_detected(caplog):
+    """'SOL reach $200' still flags is_sol → is_altcoin → BTC-dom signal."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Will SOL reach $200?", "crypto/finance", caplog
+    )
+    # 'reach' → is_price_above, dominance 60 → -0.03 contribution → -0.06 log-odds
+    assert btc_dom_lo == pytest.approx(-0.06, abs=1e-4)
+
+def test_ada_market_detected(caplog):
+    """'ADA reach $1' still flags is_altcoin."""
+    btc_dom_lo = _evaluate_and_parse_btc_dom(
+        "Will ADA reach $1?", "crypto/finance", caplog
+    )
+    assert btc_dom_lo == pytest.approx(-0.06, abs=1e-4)

tests/test_bayesian_btc_dom_gate.py

@@ -0,0 +1,130 @@
+"""
+Tests for FASE 5 — BTC-dominance signal must not apply to non-price markets.
+
+FASE 3 gated momentum and Fear & Greed behind is_non_price (politics / tech /
+events); FASE 4 fixed ticker detection so non-crypto questions no longer flag
+crypto assets by accident.  But a non-price market that LEGITIMATELY mentions
+a ticker ("Will the ETH ETF be approved?") still armed the BTC-dominance
+signal, which has no demonstrated causality for non-price outcomes.  FASE 5
+applies the same is_non_price gate to that signal.
+
+Note: the dominance signal only fires for is_eth / is_altcoin /
+is_general_crypto markets — a pure-BTC question never receives it, so the
+pro-Bitcoin test below is a regression guard rather than a gate exercise;
+the ETH-ETF test is the one that fails without the gate.
+
+Same caplog technique as test_bayesian_asset_detection.py: btc_dom_lo is
+parsed from the structured audit log, with btc_dominance=65 (>55) so the
+signal fires whenever it is allowed to.
+"""
+import asyncio
+import logging
+import re
+
+import pytest
+
+from bot.data.external import ExternalSignals
+from bot.data.polymarket import Market
+from bot.strategy.bayesian import BayesianStrategy
+
+BTC_DOM_RE = re.compile(r"btc_dom_lo=([+-]\d+\.\d+)")
+
+
+def _make_market(question: str, category: str) -> Market:
+    return Market(
+        id="mkt-test-1",
+        condition_id="cond-test-1",
+        question=question,
+        yes_token_id="yes-tok",
+        no_token_id="no-tok",
+        yes_price=0.50,
+        no_price=0.50,
+        volume_24h=50_000.0,
+        end_date="2026-07-15T00:00:00Z",
+        active=True,
+        category=category,
+    )
+
+
+def _make_signals() -> ExternalSignals:
+    # btc_dominance=65 (>55) arms the dominance signal wherever it is allowed.
+    # Momentum kept below the 2% threshold so price-market tests isolate the
+    # dominance contribution.
+    return ExternalSignals(
+        btc_price=100_000.0,
+        btc_change_24h=1.0,
+        eth_price=4_000.0,
+        eth_change_24h=1.0,
+        btc_dominance=65.0,
+        fear_greed_index=50,
+        fear_greed_label="neutral",
+        total_market_cap_change=1.0,
+        valid=True,
+    )
+
+
+def _evaluate(question: str, category: str, caplog) -> tuple[float, str]:
+    """Run evaluate() and return (btc_dom_lo, full_log) from the audit log."""
+    strategy = BayesianStrategy(news=None, manifold=None, db=None)
+    market = _make_market(question, category)
+    with caplog.at_level(logging.INFO, logger="bot.strategy.bayesian"):
+        asyncio.run(
+            strategy.evaluate(market, _make_signals(), occupied_families=set())
+        )
+    full_log = "\n".join(r.getMessage() for r in caplog.records)
+    for record in caplog.records:
+        m = BTC_DOM_RE.search(record.getMessage())
+        if m:
+            return float(m.group(1)), full_log
+    pytest.fail(
+        "No SKIP_EDGE_NET/TRADE log line with btc_dom_lo found; "
+        f"got: {[r.getMessage() for r in caplog.records]}"
+    )
+
+
+# ── Non-price markets: gate must zero the signal ─────────────────────────────
+
+def test_politics_market_mentioning_eth_gets_no_btc_dom(caplog):
+    """Legitimate ETH mention in a politics market → btc_dom_lo == 0.0."""
+    btc_dom_lo, full_log = _evaluate(
+        "Will the ETH ETF be approved?", "politics", caplog
+    )
+    assert btc_dom_lo == 0.0
+    assert "BTC dom" not in full_log
+
+def test_politics_market_mentioning_bitcoin_gets_no_btc_dom(caplog):
+    """Legitimate Bitcoin mention in a politics market → btc_dom_lo == 0.0."""
+    btc_dom_lo, full_log = _evaluate(
+        "Will a pro-Bitcoin candidate win the election?", "politics", caplog
+    )
+    assert btc_dom_lo == 0.0
+    assert "BTC dom" not in full_log
+
+def test_tech_and_events_markets_get_no_btc_dom(caplog):
+    for category in ("tech", "events"):
+        caplog.clear()
+        btc_dom_lo, full_log = _evaluate(
+            "Will the ETH foundation launch the product?", category, caplog
+        )
+        assert btc_dom_lo == 0.0, f"BTC dominance applied to {category} market"
+        assert "BTC dom" not in full_log
+
+
+# ── Price markets: current behavior preserved ───────────────────────────────
+
+def test_eth_price_market_keeps_btc_dom(caplog):
+    """ETH price market with dominance 65 → signal fires as before."""
+    btc_dom_lo, full_log = _evaluate(
+        "Will ETH be above $5000?", "crypto/finance", caplog
+    )
+    # 'above' → is_price_above, dominance 65 > 55 → -0.03 → -0.06 log-odds
+    assert btc_dom_lo == pytest.approx(-0.06, abs=1e-4)
+    assert "BTC dom: 65.0% (high → alt pressure)" in full_log
+
+def test_altcoin_price_market_keeps_btc_dom(caplog):
+    """SOL price market with dominance 65 → signal fires as before."""
+    btc_dom_lo, full_log = _evaluate(
+        "Will SOL reach $200?", "crypto/finance", caplog
+    )
+    assert btc_dom_lo == pytest.approx(-0.06, abs=1e-4)
+    assert "BTC dom: 65.0% (high → alt pressure)" in full_log

tests/test_bayesian_macro_signals.py

@@ -0,0 +1,123 @@
+"""
+Tests for FASE 3 — macro signals (momentum, Fear & Greed) must not apply to
+non-price markets (politics / tech / events).
+
+Regression: for "Will X win the election?"-style questions, is_price_above is
+False, so positive BTC momentum and high Fear & Greed were sign-flipped into
+evidence AGAINST the YES outcome. The fix skips both signals entirely for
+politics/tech/events, leaving their contributions (and feat_mom_lo /
+feat_fg_lo) at 0.0.
+
+evaluate_market only returns a TradingSignal on the TRADE path; on skips it
+returns None but always emits a structured log line containing the per-feature
+log-odds (fg_lo=… mom_lo=…). The tests parse that line via caplog.
+"""
+import asyncio
+import logging
+import math
+import re
+
+import pytest
+
+from bot.data.external import ExternalSignals
+from bot.data.polymarket import Market
+from bot.strategy.bayesian import BayesianStrategy
+
+FEAT_RE = re.compile(r"fg_lo=([+-]\d+\.\d+) mom_lo=([+-]\d+\.\d+)")
+
+
+def _make_market(question: str, category: str) -> Market:
+    return Market(
+        id="mkt-test-1",
+        condition_id="cond-test-1",
+        question=question,
+        yes_token_id="yes-tok",
+        no_token_id="no-tok",
+        yes_price=0.50,
+        no_price=0.50,
+        volume_24h=50_000.0,
+        end_date="2026-07-15T00:00:00Z",
+        active=True,
+        category=category,
+    )
+
+
+def _make_signals() -> ExternalSignals:
+    # Strong bullish macro environment: BTC +10%, extreme greed.
+    return ExternalSignals(
+        btc_price=100_000.0,
+        btc_change_24h=10.0,
+        eth_price=4_000.0,
+        eth_change_24h=8.0,
+        btc_dominance=50.0,
+        fear_greed_index=80,
+        fear_greed_label="greed",
+        total_market_cap_change=5.0,
+        valid=True,
+    )
+
+
+def _evaluate_and_parse_feats(question: str, category: str, caplog) -> tuple[float, float]:
+    """Run BayesianStrategy.evaluate and return (feat_fg_lo, feat_mom_lo) from the audit log."""
+    strategy = BayesianStrategy(news=None, manifold=None, db=None)
+    market = _make_market(question, category)
+    with caplog.at_level(logging.INFO, logger="bot.strategy.bayesian"):
+        asyncio.run(
+            strategy.evaluate(market, _make_signals(), occupied_families=set())
+        )
+    for record in caplog.records:
+        m = FEAT_RE.search(record.getMessage())
+        if m:
+            return float(m.group(1)), float(m.group(2))
+    pytest.fail(
+        "No SKIP_EDGE_NET/TRADE log line with feature contributions found; "
+        f"got: {[r.getMessage() for r in caplog.records]}"
+    )
+
+
+def test_politics_market_ignores_momentum_and_fear_greed(caplog):
+    """Political market with BTC +10% and F&G=80 → both contributions 0.0."""
+    feat_fg_lo, feat_mom_lo = _evaluate_and_parse_feats(
+        "Will John Smith win the election?", "politics", caplog
+    )
+    assert feat_mom_lo == 0.0
+    assert feat_fg_lo == 0.0
+    # The signal sources must not mention momentum or Fear & Greed either.
+    full_log = "\n".join(r.getMessage() for r in caplog.records)
+    assert "Fear&Greed" not in full_log
+    assert "24h" not in full_log
+
+
+def test_tech_and_events_markets_ignore_macro_signals(caplog):
+    for category in ("tech", "events"):
+        caplog.clear()
+        feat_fg_lo, feat_mom_lo = _evaluate_and_parse_feats(
+            "Will the product launch happen this quarter?", category, caplog
+        )
+        assert feat_mom_lo == 0.0, f"momentum applied to {category} market"
+        assert feat_fg_lo == 0.0, f"Fear&Greed applied to {category} market"
+
+
+def test_btc_market_keeps_momentum_and_fear_greed(caplog):
+    """BTC price market with BTC +10% and F&G=80 → current behavior preserved."""
+    feat_fg_lo, feat_mom_lo = _evaluate_and_parse_feats(
+        "Will Bitcoin be above $150,000 on July 1?", "crypto/finance", caplog
+    )
+    assert feat_mom_lo > 0
+    assert feat_fg_lo > 0
+    # Exact values: is_price_above=True ("above"), so contributions are positive.
+    # momentum: tanh(10/20) * 0.15, ×2 → log-odds.  F&G>70: +0.06, ×2 → log-odds.
+    assert feat_mom_lo == pytest.approx(math.tanh(10 / 20) * 0.15 * 2, abs=1e-4)
+    assert feat_fg_lo == pytest.approx(0.06 * 2, abs=1e-4)
+    full_log = "\n".join(r.getMessage() for r in caplog.records)
+    assert "Fear&Greed: 80 (greed)" in full_log
+    assert "BTC 24h: +10.0%" in full_log
+
+
+def test_btc_below_market_sign_flip_preserved(caplog):
+    """'below' market: bullish macro lowers YES probability (sign flip intact)."""
+    feat_fg_lo, feat_mom_lo = _evaluate_and_parse_feats(
+        "Will Bitcoin drop below $50,000 by August?", "crypto/finance", caplog
+    )
+    assert feat_mom_lo < 0
+    assert feat_fg_lo < 0

tests/test_news_guardrail.py

@@ -0,0 +1,247 @@
+"""
+Tests for the GNews guardrail (catastrophic fuse).
+
+Post-mortem NVIDIA 631181: one uncorroborated signal at high weight flipped a
+0.845 market to 0.431.  With Manifold observational-only and macro signals
+gated behind is_non_price, GNews is the only live signal able to move politics
+markets 20-30 pp against the order-book consensus.  The fuse clamps the
+posterior to prior ± MAX_NEWS_ONLY_PROB_SHIFT when GNews is the ONLY material
+signal (|log-odds| >= NEWS_MATERIAL_LOGODDS_THRESHOLD); any other material
+signal counts as corroboration and disables the clamp.
+
+Politics markets have no macro adjustments, so full-path tests exercise the
+"GNews only" branch naturally; the corroboration branch is tested through the
+pure helper apply_news_guardrail().
+
+evaluate() emits a NEWS_MATERIAL log line for every market whose news
+contribution is material (trade or skip); tests parse it via caplog.
+"""
+import asyncio
+import logging
+import math
+import re
+
+import pytest
+
+import bot.strategy.bayesian as bayesian
+from bot.data.external import ExternalSignals
+from bot.data.polymarket import Market
+from bot.strategy.bayesian import (
+    NEWS_LOGODDS_WEIGHT,
+    BayesianStrategy,
+    apply_news_guardrail,
+)
+
+NEWS_MATERIAL_RE = re.compile(
+    r"NEWS_MATERIAL.*raw=(\d+\.\d+) \| final=(\d+\.\d+).*"
+    r"guardrail=(applied|none) \| changed_decision=(true|false)"
+)
+
+
+def _logodds(p: float) -> float:
+    return math.log(p / (1 - p))
+
+
+def _sentiment_for(prior: float, target_raw: float) -> float:
+    """Sentiment that moves `prior` to exactly `target_raw` via GNews alone."""
+    return (_logodds(target_raw) - _logodds(prior)) / NEWS_LOGODDS_WEIGHT
+
+
+class FakeNews:
+    """Deterministic NewsClient stub returning a fixed sentiment."""
+
+    enabled = True
+
+    def __init__(self, sentiment: float) -> None:
+        self._sentiment = sentiment
+
+    async def get_sentiment(self, question: str) -> float:
+        return self._sentiment
+
+    def get_freshness(self, question: str) -> float:
+        return 1.0
+
+
+def _make_market(yes_price: float) -> Market:
+    return Market(
+        id="mkt-guardrail-1",
+        condition_id="cond-guardrail-1",
+        question="Will John Smith win the election?",
+        yes_token_id="yes-tok",
+        no_token_id="no-tok",
+        yes_price=yes_price,
+        no_price=1.0 - yes_price,
+        volume_24h=50_000.0,
+        end_date="2026-07-15T00:00:00Z",  # politics <30 d → regime_min 0.08
+        active=True,
+        category="politics",
+    )
+
+
+def _make_signals() -> ExternalSignals:
+    # Neutral macro environment; irrelevant for politics (gated) but explicit.
+    return ExternalSignals(
+        btc_price=100_000.0,
+        btc_change_24h=0.0,
+        eth_price=4_000.0,
+        eth_change_24h=0.0,
+        btc_dominance=50.0,
+        fear_greed_index=50,
+        fear_greed_label="neutral",
+        total_market_cap_change=0.0,
+        valid=True,
+    )
+
+
+def _evaluate(yes_price: float, sentiment: float, caplog) -> tuple[
+    BayesianStrategy, tuple[float, float, str, str]
+]:
+    """Run evaluate() on a politics market and parse the NEWS_MATERIAL line."""
+    strategy = BayesianStrategy(news=FakeNews(sentiment), manifold=None, db=None)
+    market = _make_market(yes_price)
+    with caplog.at_level(logging.INFO, logger="bot.strategy.bayesian"):
+        asyncio.run(strategy.evaluate(market, _make_signals(), occupied_families=set()))
+    for record in caplog.records:
+        m = NEWS_MATERIAL_RE.search(record.getMessage())
+        if m:
+            return strategy, (
+                float(m.group(1)), float(m.group(2)), m.group(3), m.group(4)
+            )
+    pytest.fail(
+        "No NEWS_MATERIAL log line found; got: "
+        f"{[r.getMessage() for r in caplog.records]}"
+    )
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# Test 1 — extreme uncorroborated shift: clamp to prior - MAX_NEWS_ONLY_PROB_SHIFT
+# ─────────────────────────────────────────────────────────────────────────────
+
+def test_extreme_news_only_shift_is_clamped(caplog):
+    """prior=0.845, raw 0.431 (NVIDIA signature) → final clamped to 0.595."""
+    strategy, (raw, final, guardrail, _) = _evaluate(
+        yes_price=0.845, sentiment=_sentiment_for(0.845, 0.431), caplog=caplog
+    )
+    assert raw == pytest.approx(0.431, abs=1e-3)
+    assert guardrail == "applied"
+    assert final >= 0.595
+    assert final == pytest.approx(0.845 - bayesian.MAX_NEWS_ONLY_PROB_SHIFT, abs=1e-3)
+    assert strategy.get_cycle_stats()["news_guardrail_applied"] == 1
+    assert strategy.get_cycle_stats()["news_with_material"] == 1
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# Test 2 — moderate shift inside the band: passes through untouched
+# ─────────────────────────────────────────────────────────────────────────────
+
+def test_moderate_news_shift_inside_band_not_clamped(caplog):
+    """prior=0.50, raw 0.62 → within ±0.25 band → final=0.62, no clamp."""
+    strategy, (raw, final, guardrail, _) = _evaluate(
+        yes_price=0.50, sentiment=_sentiment_for(0.50, 0.62), caplog=caplog
+    )
+    assert raw == pytest.approx(0.62, abs=1e-3)
+    assert final == pytest.approx(0.62, abs=1e-3)
+    assert guardrail == "none"
+    assert strategy.get_cycle_stats()["news_guardrail_applied"] == 0
+    # Still counted as a material-news market for the NEWS SUMMARY.
+    assert strategy.get_cycle_stats()["news_with_material"] == 1
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# Test 3 — corroboration: any other material signal disables the fuse
+# ─────────────────────────────────────────────────────────────────────────────
+
+def test_corroborated_news_not_clamped():
+    """GNews material + another signal >= threshold → raw passes without clamp."""
+    news_lo = _logodds(0.20) - _logodds(0.50)  # ≈ -1.386, clearly material
+    final, applied = apply_news_guardrail(
+        prior=0.50,
+        raw_final_prob=0.20,
+        feat_news_lo=news_lo,
+        other_feats_lo=(0.0, 0.15, 0.0, 0.0),  # one corroborating signal
+    )
+    assert final == 0.20
+    assert applied is False
+
+
+def test_corroboration_threshold_is_inclusive():
+    """|other| == threshold exactly counts as corroboration (>=, not >)."""
+    final, applied = apply_news_guardrail(
+        prior=0.50,
+        raw_final_prob=0.20,
+        feat_news_lo=-1.386,
+        other_feats_lo=(bayesian.NEWS_MATERIAL_LOGODDS_THRESHOLD, 0.0, 0.0, 0.0),
+    )
+    assert final == 0.20
+    assert applied is False
+
+
+def test_uncorroborated_helper_clamps():
+    """Same shift with only noise elsewhere → clamped to prior - 0.25."""
+    final, applied = apply_news_guardrail(
+        prior=0.50,
+        raw_final_prob=0.20,
+        feat_news_lo=-1.386,
+        other_feats_lo=(0.05, -0.09, 0.0, 0.0),  # all below threshold → noise
+    )
+    assert final == pytest.approx(0.25)
+    assert applied is True
+
+
+def test_sub_material_news_never_clamped():
+    """|news_lo| below threshold → fuse not armed, whatever the shift."""
+    final, applied = apply_news_guardrail(
+        prior=0.50,
+        raw_final_prob=0.10,
+        feat_news_lo=0.09,
+        other_feats_lo=(0.0, 0.0, 0.0, 0.0),
+    )
+    assert final == 0.10
+    assert applied is False
+
+
+def test_guardrail_disabled_passthrough(monkeypatch):
+    monkeypatch.setattr(bayesian, "NEWS_GUARDRAIL_ENABLED", False)
+    final, applied = apply_news_guardrail(
+        prior=0.845,
+        raw_final_prob=0.431,
+        feat_news_lo=-1.974,
+        other_feats_lo=(0.0, 0.0, 0.0, 0.0),
+    )
+    assert final == 0.431
+    assert applied is False
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# Test 4 — changed_decision: the clamp moves the edge from tradeable to not
+# ─────────────────────────────────────────────────────────────────────────────
+
+def test_guardrail_changed_trade_decision(monkeypatch, caplog):
+    """
+    With max_shift=0.10 the clamped edge (0.10 gross, 0.06 net) falls below the
+    politics <30 d regime gate (0.08) while the raw edge (0.414 gross, 0.374
+    net) crossed it → the fuse prevented the trade → changed_decision=true.
+
+    (With the default 0.25 the clamped edge_net is 0.21, above every regime
+    minimum, so the flag can only fire with a tighter configured band.)
+    """
+    monkeypatch.setattr(bayesian, "MAX_NEWS_ONLY_PROB_SHIFT", 0.10)
+    strategy, (raw, final, guardrail, changed) = _evaluate(
+        yes_price=0.845, sentiment=_sentiment_for(0.845, 0.431), caplog=caplog
+    )
+    assert raw == pytest.approx(0.431, abs=1e-3)
+    assert final == pytest.approx(0.745, abs=1e-3)
+    assert guardrail == "applied"
+    assert changed == "true"
+    stats = strategy.get_cycle_stats()
+    assert stats["news_changed_decisions"] == 1
+    assert stats["news_guardrail_applied"] == 1
+
+
+def test_default_band_does_not_change_decision(caplog):
+    """Default 0.25 band: clamp binds but edge_net 0.21 still crosses the gate."""
+    _, (_, _, guardrail, changed) = _evaluate(
+        yes_price=0.845, sentiment=_sentiment_for(0.845, 0.431), caplog=caplog
+    )
+    assert guardrail == "applied"
+    assert changed == "false"

tests/test_news_query.py

@@ -0,0 +1,77 @@
+"""Tests for the GNews layer minor fixes.
+
+Two faults found during the GNews capture/prioritisation diagnostic:
+
+1. Hyphens/dashes in a market question reached the GNews query verbatim and,
+   because '-' is GNews's exclusion operator, produced HTTP 400
+   (e.g. "Abdul El-Sayed Michigan Democratic Primary").
+
+2. The per-cycle GNews budget counter incremented in evaluate() *before*
+   get_sentiment() checked the API key, so with no key configured the
+   [CYCLE SUMMARY] reported a phantom "gnews_queries_used: 5/5" even though
+   zero real requests left the process.
+"""
+import asyncio
+
+from bot.data.news import NewsClient
+from bot.data.external import ExternalSignals
+from bot.data.polymarket import Market
+from bot.strategy.bayesian import BayesianStrategy
+
+
+# ── Fix 1: query sanitisation ────────────────────────────────────────────────
+
+def test_build_query_strips_hyphen_that_breaks_gnews():
+    q = NewsClient._build_query(
+        "Will Abdul El-Sayed win the 2026 Michigan Democratic Primary?"
+    )
+    assert "-" not in q              # the exclusion operator must be gone
+    assert "El-Sayed" not in q
+    assert "Sayed" in q             # the meaningful token survives as its own word
+
+
+def test_build_query_strips_unicode_dashes():
+    q = NewsClient._build_query("Trump–Putin summit — final outcome")
+    assert "–" not in q and "—" not in q
+    assert "Trump" in q and "Putin" in q
+
+
+# ── Fix 2: enabled property + budget accounting ──────────────────────────────
+
+def test_enabled_reflects_api_key(monkeypatch):
+    monkeypatch.delenv("GNEWS_API_KEY", raising=False)
+    assert NewsClient().enabled is False
+    monkeypatch.setenv("GNEWS_API_KEY", "deadbeefdeadbeefdeadbeefdeadbeef")
+    assert NewsClient().enabled is True
+
+
+def _politics_market() -> Market:
+    return Market(
+        id="m1", condition_id="c1",
+        question="Will candidate X win the 2026 governor election?",
+        yes_token_id="y", no_token_id="n",
+        yes_price=0.50, no_price=0.50, volume_24h=10_000.0,
+        end_date="2026-07-15T00:00:00Z", active=True, category="politics",
+    )
+
+
+def _signals() -> ExternalSignals:
+    return ExternalSignals(
+        btc_price=1.0, btc_change_24h=0.0, eth_price=1.0, eth_change_24h=0.0,
+        btc_dominance=50.0, fear_greed_index=50, fear_greed_label="neutral",
+        total_market_cap_change=0.0, valid=True,
+    )
+
+
+def test_disabled_news_consumes_no_gnews_budget(monkeypatch):
+    """Regression: no API key → gnews_queries_used stays 0 (was a phantom 1+)."""
+    monkeypatch.delenv("GNEWS_API_KEY", raising=False)
+    news = NewsClient()
+    assert news.enabled is False
+
+    strategy = BayesianStrategy(news=news, manifold=None, db=None)
+    strategy.reset_cycle()
+    asyncio.run(
+        strategy.evaluate(_politics_market(), _signals(), occupied_families=set())
+    )
+    assert strategy.get_cycle_stats()["gnews_queries_used"] == 0

tests/test_paper_close.py

@@ -0,0 +1,130 @@
+"""
+Tests for PaperExecutor.close_position() settlement payout.
+
+Regression: the old code computed cash += position_cost * resolution, which
+ignores direction — a winning BUY_NO (resolution = 0.0) paid out $0.
+
+Correct settlement:
+  BUY_YES: payout = shares * resolution
+  BUY_NO:  payout = shares * (1 - resolution)
+  pnl = payout - net_cost
+"""
+import asyncio
+
+import pytest
+
+from bot.executor import paper
+from bot.executor.paper import PaperExecutor
+
+
+class FakeDB:
+    """Minimal Database stub for close_position()."""
+
+    def __init__(self, trades_by_market: dict[str, list[dict]]):
+        self._trades = trades_by_market
+        self.closed: list[tuple] = []
+
+    async def get_open_trades_for_market(self, market_id: str) -> list[dict]:
+        return self._trades.get(market_id, [])
+
+    async def close_paper_position(self, market_id, reason="", resolution=None):
+        self.closed.append((market_id, reason, resolution))
+
+
+def _close(direction: str, resolution: float):
+    """Open one paper trade (size $100 @ 0.5 → 200 shares, net_cost $102)
+    and settle it at `resolution`. Returns (pnl, executor, notifications)."""
+    notifications: list[tuple] = []
+
+    async def fake_trade_closed(question, pnl):
+        notifications.append((question, pnl))
+
+    async def run():
+        db = FakeDB({
+            "mkt1": [{"direction": direction, "shares": 200.0, "net_cost": 102.0}],
+        })
+        ex = PaperExecutor(db=db, bankroll=1000.0)
+        ex._portfolio.cash = 898.0           # 1000 - net_cost spent at entry
+        ex._portfolio.positions["mkt1"] = 100.0  # size_usdc, as execute() stores it
+
+        original = paper.telegram.trade_closed
+        paper.telegram.trade_closed = fake_trade_closed
+        try:
+            pnl = await ex.close_position("mkt1", resolution, question="Test market?")
+            await asyncio.sleep(0)  # let the notification task run
+        finally:
+            paper.telegram.trade_closed = original
+        return pnl, ex, db
+
+    pnl, ex, db = asyncio.run(run())
+    return pnl, ex, db, notifications
+
+
+def test_buy_yes_wins():
+    pnl, ex, db, notif = _close("BUY_YES", resolution=1.0)
+    assert pnl == pytest.approx(200.0 - 102.0)   # payout = 200 * 1.0
+    assert pnl > 0
+    assert ex._portfolio.cash == pytest.approx(898.0 + 200.0)
+    assert notif[0][1] > 0                        # Telegram reports a win
+
+
+def test_buy_yes_loses():
+    pnl, ex, db, notif = _close("BUY_YES", resolution=0.0)
+    assert pnl == pytest.approx(-102.0)           # payout = 0
+    assert pnl < 0
+    assert ex._portfolio.cash == pytest.approx(898.0)
+    assert notif[0][1] < 0                        # Telegram reports a loss
+
+
+def test_buy_no_wins():
+    pnl, ex, db, notif = _close("BUY_NO", resolution=0.0)
+    assert pnl == pytest.approx(200.0 - 102.0)   # payout = 200 * (1 - 0.0)
+    assert pnl > 0
+    assert ex._portfolio.cash == pytest.approx(898.0 + 200.0)
+    assert notif[0][1] > 0                        # win despite resolution = 0.0
+
+
+def test_buy_no_loses():
+    pnl, ex, db, notif = _close("BUY_NO", resolution=1.0)
+    assert pnl == pytest.approx(-102.0)           # payout = 200 * (1 - 1.0) = 0
+    assert pnl < 0
+    assert ex._portfolio.cash == pytest.approx(898.0)
+    assert notif[0][1] < 0                        # loss despite resolution = 1.0
+
+
+def test_position_is_removed_and_persisted():
+    pnl, ex, db, notif = _close("BUY_YES", resolution=1.0)
+    assert "mkt1" not in ex._portfolio.positions
+    assert db.closed == [("mkt1", "resolved", 1.0)]
+
+
+def test_unknown_market_returns_none():
+    async def run():
+        ex = PaperExecutor(db=FakeDB({}), bankroll=1000.0)
+        return await ex.close_position("nope", 1.0)
+    assert asyncio.run(run()) is None
+
+
+def test_db_failure_keeps_position_for_retry():
+    """Regression: a DB error during close must not mutate the in-memory
+    portfolio — otherwise the next resolution check skips the market
+    (not in positions) and the DB row stays open forever."""
+
+    class FailingDB(FakeDB):
+        async def close_paper_position(self, market_id, reason="", resolution=None):
+            raise RuntimeError("db down")
+
+    async def run():
+        db = FailingDB({
+            "mkt1": [{"direction": "BUY_YES", "shares": 200.0, "net_cost": 102.0}],
+        })
+        ex = PaperExecutor(db=db, bankroll=1000.0)
+        ex._portfolio.cash = 898.0
+        ex._portfolio.positions["mkt1"] = 100.0
+        with pytest.raises(RuntimeError):
+            await ex.close_position("mkt1", 1.0)
+        return ex
+
+    ex = asyncio.run(run())
+    assert ex._portfolio.positions == {"mkt1": 100.0}   # still open in memory
+    assert ex._portfolio.cash == pytest.approx(898.0)   # payout not credited

tests/test_resolution_detector.py

@@ -0,0 +1,219 @@
+"""
+Tests for the automatic market-resolution detector (Phase 2).
+
+Covers:
+  - PolymarketClient.get_market_resolution() parsing of real Gamma API shapes
+    (resolved YES/NO, still open, UMA-disputed, ambiguous prices, 404, errors).
+  - check_resolutions() in bot/main.py: a resolved market settles the open
+    paper position via PaperExecutor.close_position() and persists
+    close_reason='resolved' with the resolution value.
+"""
+import asyncio
+import json
+
+import httpx
+import pytest
+
+from bot.data.polymarket import PolymarketClient, MarketResolution
+from bot.executor import paper
+from bot.executor.paper import PaperExecutor
+from bot.main import check_resolutions
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# get_market_resolution() — Gamma API response parsing
+# ─────────────────────────────────────────────────────────────────────────────
+
+class FakeResponse:
+    def __init__(self, status_code: int, payload: dict | None = None):
+        self.status_code = status_code
+        self._payload = payload or {}
+
+    def json(self):
+        return self._payload
+
+    def raise_for_status(self):
+        if self.status_code >= 400:
+            raise httpx.HTTPStatusError(
+                f"HTTP {self.status_code}", request=None, response=None
+            )
+
+
+class FakeHTTPClient:
+    def __init__(self, response):
+        self._response = response
+        self.requested_urls: list[str] = []
+
+    async def get(self, url, **kwargs):
+        self.requested_urls.append(url)
+        if isinstance(self._response, Exception):
+            raise self._response
+        return self._response
+
+
+def _resolution_for(response) -> MarketResolution | None:
+    client = PolymarketClient()
+    client._client = FakeHTTPClient(response)
+    return asyncio.run(client.get_market_resolution("12345"))
+
+
+def _gamma_market(closed: bool, yes_price: str, no_price: str,
+                  uma_status: str | None = "resolved") -> dict:
+    """Mirror the real Gamma /markets/{id} payload shape (observed 2026-06-11)."""
+    m = {
+        "id": "12345",
+        "question": "Test market?",
+        "closed": closed,
+        "active": True,
+        "outcomePrices": json.dumps([yes_price, no_price]),
+        "closedTime": "2026-06-11 13:15:01+00" if closed else None,
+        "umaEndDate": "2026-06-11T13:15:01Z" if closed else None,
+        "endDate": "2026-06-11T13:00:00Z",
+    }
+    if uma_status is not None:
+        m["umaResolutionStatus"] = uma_status
+    return m
+
+
+def test_resolution_no_won():
+    res = _resolution_for(FakeResponse(200, _gamma_market(True, "0", "1")))
+    assert res.resolved is True
+    assert res.resolution == 0.0
+    assert res.resolved_at is not None
+
+
+def test_resolution_yes_won():
+    res = _resolution_for(FakeResponse(200, _gamma_market(True, "1", "0")))
+    assert res.resolved is True
+    assert res.resolution == 1.0
+
+
+def test_open_market_not_resolved():
+    res = _resolution_for(FakeResponse(
+        200, _gamma_market(False, "0.51", "0.49", uma_status=None)
+    ))
+    assert res.resolved is False
+    assert res.resolution is None
+
+
+def test_closed_but_uma_disputed_not_settled():
+    res = _resolution_for(FakeResponse(
+        200, _gamma_market(True, "0", "1", uma_status="disputed")
+    ))
+    assert res.resolved is False
+
+
+def test_closed_with_ambiguous_prices_not_settled():
+    res = _resolution_for(FakeResponse(200, _gamma_market(True, "0.6", "0.4")))
+    assert res.resolved is False
+
+
+def test_market_not_found_returns_none():
+    assert _resolution_for(FakeResponse(404)) is None
+
+
+def test_api_error_returns_none():
+    assert _resolution_for(httpx.ConnectError("boom")) is None
+
+
+# ─────────────────────────────────────────────────────────────────────────────
+# check_resolutions() — detector loop settles paper positions
+# ─────────────────────────────────────────────────────────────────────────────
+
+class FakeDB:
+    """Database stub: one open BUY_NO paper position."""
+
+    def __init__(self, trades_by_market: dict[str, list[dict]]):
+        self._trades = trades_by_market
+        self.closed: list[tuple] = []
+
+    async def get_open_position_details(self) -> list[dict]:
+        return [
+            {"market_id": mid, "question": t[0].get("question", ""),
+             "direction": t[0]["direction"]}
+            for mid, t in self._trades.items()
+        ]
+
+    async def get_open_trades_for_market(self, market_id: str) -> list[dict]:
+        return self._trades.get(market_id, [])
+
+    async def close_paper_position(self, market_id, reason="", resolution=None):
+        self.closed.append((market_id, reason, resolution))
+
+
+class FakePoly:
+    def __init__(self, resolutions: dict[str, MarketResolution | None]):
+        self._resolutions = resolutions
+        self.checked: list[str] = []
+
+    async def get_market_resolution(self, market_id: str):
+        self.checked.append(market_id)
+        return self._resolutions.get(market_id)
+
+
+def _run_check(resolutions: dict, trades: dict):
+    notifications: list[tuple] = []
+
+    async def fake_trade_closed(question, pnl):
+        notifications.append((question, pnl))
+
+    async def run():
+        db = FakeDB(trades)
+        ex = PaperExecutor(db=db, bankroll=1000.0)
+        for mid, t in trades.items():
+            ex._portfolio.positions[mid] = sum(x["net_cost"] for x in t) - 2.0
+        ex._portfolio.cash = 898.0
+        poly = FakePoly(resolutions)
+
+        original = paper.telegram.trade_closed
+        paper.telegram.trade_closed = fake_trade_closed
+        try:
+            await check_resolutions(poly, ex, db)
+            await asyncio.sleep(0)  # let notification task run
+        finally:
+            paper.telegram.trade_closed = original
+        return db, ex, poly
+
+    db, ex, poly = asyncio.run(run())
+    return db, ex, poly, notifications
+
+
+BUY_NO_TRADE = {
+    "mkt1": [{
+        "direction": "BUY_NO", "shares": 200.0, "net_cost": 102.0,
+        "question": "Will X happen?",
+    }],
+}
+
+
+def test_resolved_buy_no_position_is_closed():
+    """BUY_NO position + market resolved NO (resolution=0.0) → winning close."""
+    db, ex, poly, notif = _run_check(
+        {"mkt1": MarketResolution(resolved=True, resolution=0.0)},
+        BUY_NO_TRADE,
+    )
+    assert poly.checked == ["mkt1"]
+    # close_paper_position called with close_reason='resolved' and the resolution
+    assert db.closed == [("mkt1", "resolved", 0.0)]
+    # Position removed and payout credited: 200 shares * (1 - 0.0) = $200
+    assert "mkt1" not in ex._portfolio.positions
+    assert ex._portfolio.cash == pytest.approx(898.0 + 200.0)
+    # Telegram notified with positive pnl (200 - 102)
+    assert notif == [("Will X happen?", pytest.approx(98.0))]
+
+
+def test_unresolved_position_stays_open():
+    db, ex, poly, notif = _run_check(
+        {"mkt1": MarketResolution(resolved=False)},
+        BUY_NO_TRADE,
+    )
+    assert poly.checked == ["mkt1"]
+    assert db.closed == []
+    assert "mkt1" in ex._portfolio.positions
+    assert notif == []
+
+
+def test_api_failure_leaves_position_open():
+    db, ex, poly, notif = _run_check({"mkt1": None}, BUY_NO_TRADE)
+    assert db.closed == []
+    assert "mkt1" in ex._portfolio.positions

tests/test_sharpe_gate.py

@@ -0,0 +1,242 @@
+"""
+Tests for the real Sharpe ratio with minimum-sample gate.
+
+Regression: sharpe_ratio was hardcoded to 0.0 in MetricsTracker and exposed
+as `latest.get("sharpe_ratio") or 0` in /api/summary, and promotion_ready
+could in principle flip on a statistically meaningless sample (e.g. 1
+resolved trade over ~40 days of flat PnL plus a single +299 jump).
+
+Fix: bot/metrics/sharpe.py computes an annualized Sharpe from the daily
+total_pnl close series, gated to None ("insufficient_sample") below 30 days
+observed / 10 resolved trades. /api/summary exposes the value plus an
+explanation (sharpe_status, days_observed, min_* fields), and
+promotion_ready additionally requires the sample minimums and non-null
+metrics.
+"""
+import asyncio
+from statistics import mean, stdev
+
+import pytest
+
+import api.main as api_main
+from bot.metrics.sharpe import (
+    MIN_DAYS_OBSERVED,
+    MIN_RESOLVED_TRADES,
+    SHARPE_INSUFFICIENT,
+    SHARPE_OK,
+    SHARPE_ZERO_VARIANCE,
+    compute_sharpe,
+    daily_returns,
+    sharpe_with_gate,
+)
+from bot.metrics.tracker import MetricsTracker
+
+
+BANKROLL = 10_000.0
+
+
+def _closes_from_deltas(deltas: list[float], start: float = 0.0) -> list[float]:
+    closes = [start]
+    for d in deltas:
+        closes.append(closes[-1] + d)
+    return closes
+
+
+# ── Pure computation ─────────────────────────────────────────────────────────
+
+def test_daily_returns_are_bankroll_normalized_deltas():
+    closes = [0.0, 100.0, 50.0, 50.0]
+    assert daily_returns(closes, BANKROLL) == pytest.approx([0.01, -0.005, 0.0])
+
+
+def test_compute_sharpe_matches_manual_formula():
+    deltas = [10.0, 14.0, 8.0, 12.0, 6.0, 13.0, 9.0]
+    closes = _closes_from_deltas(deltas)
+    rets = [d / BANKROLL for d in deltas]
+    expected = mean(rets) / stdev(rets) * 365 ** 0.5
+    assert compute_sharpe(closes, BANKROLL) == pytest.approx(expected)
+    assert compute_sharpe(closes, BANKROLL) > 0
+
+
+def test_compute_sharpe_undefined_cases_return_none():
+    assert compute_sharpe([], BANKROLL) is None
+    assert compute_sharpe([0.0], BANKROLL) is None
+    assert compute_sharpe([0.0, 50.0], BANKROLL) is None      # only 1 return
+    assert compute_sharpe([0.0] * 40, BANKROLL) is None        # zero variance
+
+
+# ── Minimum-sample gate ───────────────────────────────────────────────────────
+
+def test_gate_blocks_current_situation_one_resolved_trade():
+    """~40 flat days plus a single +299 jump, 1 resolved trade → no Sharpe."""
+    closes = [0.0] * 35 + [299.06] * 5
+    sharpe, status = sharpe_with_gate(closes, BANKROLL, resolved_count=1)
+    assert sharpe is None
+    assert status == SHARPE_INSUFFICIENT
+    # The raw (ungated) value would exist and be wildly misleading:
+    assert compute_sharpe(closes, BANKROLL) is not None
+
+
+def test_gate_blocks_too_few_days_even_with_enough_resolved():
+    closes = _closes_from_deltas([10.0, -5.0] * 10)  # 21 days < 30
+    sharpe, status = sharpe_with_gate(closes, BANKROLL, resolved_count=15)
+    assert sharpe is None
+    assert status == SHARPE_INSUFFICIENT
+
+
+def test_gate_passes_with_sufficient_sample():
+    deltas = [10.0, 14.0, 8.0, 12.0, 6.0] * 8  # 40 returns → 41 days
+    closes = _closes_from_deltas(deltas)
+    sharpe, status = sharpe_with_gate(closes, BANKROLL, resolved_count=MIN_RESOLVED_TRADES)
+    assert status == SHARPE_OK
+    assert sharpe == pytest.approx(compute_sharpe(closes, BANKROLL))
+
+
+def test_gate_flat_curve_with_sufficient_sample_is_zero_variance():
+    sharpe, status = sharpe_with_gate([0.0] * 40, BANKROLL, resolved_count=12)
+    assert sharpe is None
+    assert status == SHARPE_ZERO_VARIANCE
+
+
+# ── /api/summary ─────────────────────────────────────────────────────────────
+
+class FakeDB:
+    def __init__(self, daily_closes, resolved_count, total_trades=60,
+                 win_rate=0.6, calibration=0.8):
+        self._closes = daily_closes
+        self._resolved = resolved_count
+        self._total = total_trades
+        self._win_rate = win_rate
+        self._calibration = calibration
+
+    async def get_metrics_history(self, days=1):
+        return [{
+            "win_rate": self._win_rate,
+            "calibration_score": self._calibration,
+            "unrealized_pnl_est": 0.0,
+            "realized_pnl": 299.06,
+            "total_pnl": 299.06,
+        }]
+
+    async def compute_metrics_from_db(self):
+        return {
+            "total_trades": self._total,
+            "open_count": self._total - self._resolved,
+            "closed_count": self._resolved,
+            "resolved_count": self._resolved,
+        }
+
+    async def get_open_position_data(self):
+        return {}, 0.0
+
+    async def get_recently_closed_inverted(self, hours=24):
+        return set()
+
+    async def get_legacy_incomplete_count(self):
+        return 0
+
+    async def get_daily_pnl_closes(self):
+        return list(self._closes)
+
+
+def _summary(db, monkeypatch) -> dict:
+    monkeypatch.setattr(api_main, "db", db)
+    monkeypatch.delenv("PAPER_BANKROLL", raising=False)
+    return asyncio.run(api_main.get_summary())
+
+
+def test_api_insufficient_sample_returns_null_with_explanation(monkeypatch):
+    """Current prod situation: 1 resolved, ~40 days → null Sharpe, not ready."""
+    db = FakeDB(daily_closes=[0.0] * 35 + [299.06] * 5, resolved_count=1)
+    s = _summary(db, monkeypatch)
+    assert s["sharpe_ratio"] is None
+    assert s["sharpe_status"] == SHARPE_INSUFFICIENT
+    assert s["resolved_count"] == 1
+    assert s["min_resolved_required"] == MIN_RESOLVED_TRADES == 10
+    assert s["days_observed"] == 40
+    assert s["min_days_required"] == MIN_DAYS_OBSERVED == 30
+    # One lucky resolved trade must never promote, even with perfect
+    # win_rate/calibration and 50+ trades.
+    assert s["promotion_ready"] is False
+
+
+def test_api_sharpe_appears_with_sufficient_sample(monkeypatch):
+    deltas = [10.0, 14.0, 8.0, 12.0, 6.0] * 8
+    db = FakeDB(daily_closes=_closes_from_deltas(deltas), resolved_count=12)
+    s = _summary(db, monkeypatch)
+    assert s["sharpe_status"] == SHARPE_OK
+    assert s["sharpe_ratio"] == pytest.approx(
+        compute_sharpe(_closes_from_deltas(deltas), BANKROLL)
+    )
+    assert s["sharpe_ratio"] >= 0.5
+    assert s["promotion_ready"] is True
+
+
+def test_api_not_ready_when_sharpe_below_threshold(monkeypatch):
+    # Zero-drift curve: mean return ~0 → Sharpe ≈ 0 < 0.5
+    deltas = [50.0, -50.0] * 20
+    db = FakeDB(daily_closes=_closes_from_deltas(deltas), resolved_count=12)
+    s = _summary(db, monkeypatch)
+    assert s["sharpe_status"] == SHARPE_OK
+    assert s["sharpe_ratio"] < 0.5
+    assert s["promotion_ready"] is False
+
+
+def test_api_not_ready_when_metrics_null(monkeypatch):
+    db = FakeDB(
+        daily_closes=_closes_from_deltas([10.0, 14.0, 8.0, 12.0, 6.0] * 8),
+        resolved_count=12,
+        win_rate=None,
+        calibration=None,
+    )
+    s = _summary(db, monkeypatch)
+    assert s["sharpe_status"] == SHARPE_OK
+    assert s["promotion_ready"] is False
+
+
+# ── MetricsTracker: no hardcoded 0.0 in the snapshot ─────────────────────────
+
+class FakeTrackerDB:
+    def __init__(self, daily_closes, resolved_count):
+        self._closes = daily_closes
+        self._resolved = resolved_count
+        self.saved = None
+
+    async def compute_metrics_from_db(self):
+        return {
+            "total_trades": 60,
+            "open_count": 40,
+            "closed_count": 20,
+            "resolved_count": self._resolved,
+            "wins_realized": self._resolved,
+            "unrealized_pnl_est": 0.0,
+            "realized_pnl": 100.0,
+            "total_deployed": 1000.0,
+            "total_fees": 20.0,
+            "calibration_score": 0.8,
+        }
+
+    async def get_daily_pnl_closes(self):
+        return list(self._closes)
+
+    async def save_daily_metrics(self, metrics):
+        self.saved = metrics
+
+
+def test_tracker_stores_null_sharpe_below_gate(monkeypatch):
+    monkeypatch.delenv("PAPER_BANKROLL", raising=False)
+    db = FakeTrackerDB(daily_closes=[0.0] * 35 + [299.06] * 5, resolved_count=1)
+    asyncio.run(MetricsTracker(db).update_daily_summary())
+    assert db.saved is not None
+    assert db.saved["sharpe_ratio"] is None
+
+
+def test_tracker_stores_real_sharpe_above_gate(monkeypatch):
+    monkeypatch.delenv("PAPER_BANKROLL", raising=False)
+    closes = _closes_from_deltas([10.0, 14.0, 8.0, 12.0, 6.0] * 8)
+    db = FakeTrackerDB(daily_closes=closes, resolved_count=12)
+    asyncio.run(MetricsTracker(db).update_daily_summary())
+    assert db.saved["sharpe_ratio"] == pytest.approx(
+        compute_sharpe(closes, BANKROLL)
+    )
+    assert db.saved["sharpe_ratio"] != 0.0