OperatorInspect the q_exec execution-cost model — expected fill price, slippage decomposition, maker vs taker split.When: When fill ratio drops, when slippage error widens, or when sizing into a new cluster.
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What this page is forInspect the q_exec execution-cost model — expected fill price, slippage decomposition, maker vs taker split.
When to use itWhen fill ratio drops, when slippage error widens, or when sizing into a new cluster.
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Execution Estimate — q_exec, slippage, and fill probability
For every sized order, the execution engine returns expected fill price (q_exec), slippage vs mid, fee, fill probability, and time-to-fill. book_hash anchors the estimate to the exact book snapshot it was computed on.
| Market | Side | Size | Mid | q_exec | Slippage | Fee | P(fill) | t_fill | book_hash | Warnings |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 US Senate control | BUY | 2,500 | 0.491 | 0.494 | +6 bps | 0.20% | 0.74 | 12s | 0xab12cd | clean |
| Fed funds rate · Q2 2026 | BUY | 3,200 | 0.618 | 0.621 | +5 bps | 0.20% | 0.78 | 8s | 0x5cf099 | clean |
| Fed funds rate · Q3 2026 | BUY | 2,100 | 0.589 | 0.592 | +5 bps | 0.20% | 0.81 | 7s | 0x12bf5e | clean |
| NBA Finals 2026 winner | BUY | 1,100 | 0.222 | 0.225 | +13 bps | 0.20% | 0.66 | 18s | 0x8a1b2c | clean |
| BTC > $150k by EOY 2026 | BUY | 1,900 | 0.418 | 0.420 | +5 bps | 0.20% | 0.69 | 22s | 0xe2904f | spread thin |
| Next frontier model released | BUY | 500 | 0.531 | 0.534 | +6 bps | 0.20% | 0.48 | 45s | 0x0c61ff | book stale 22s |
| UEFA Champions League 2026 | SELL | 650 | 0.291 | 0.288 | +10 bps | 0.20% | 0.58 | 28s | 0xb67c00 | clean |
| Trade war escalation · Q2 | BUY | 900 | 0.351 | 0.354 | +9 bps | 0.20% | 0.52 | 35s | 0xba7700 | news window open |
What this page is for
Once Fair Value givesp̂, the execution engine (PDF pg 9) tells you what you’ll actually get. q_exec is the expected fill price computed on the live book; slippage is predicted slippage vs mid; P(fill) and t_fill are the time-to-fill model’s outputs; book_hash is the canonical book digest the estimate was computed on (so the OMS can refuse the order if the book has moved). Warnings flag anything that should make you hesitate. All numbers synthetic — not a forecast.