OPEN · ETH-23MAY26-perp
Covered-Call Recycler on ETH · regime LOW_VOL_COMPRESSION · decided in 1187.06 ms of a 5000 ms budget.
Model snapshot at decision time
SleeveCR.2 — Covered-Call Recycler
Decided at2026-05-23T21:48:17.798Z
UnderlyingETH
Spot$3,170.98
IV percentile 90d86.6%
IV–RV spread3,347 bps
RegimeLOW_VOL_COMPRESSION
Confidence40.0%
Expected edge128 bps
Expected payoff$2,920
Capital at risk$224,734
Latency budget5000 ms
Decided within1187.057 ms
Rationale tree · 3 of 3 rules fired
CR2.SELL_CALL_WHEN_IV_RICHweight 40% · v1.4
iv_percentile_90d >= 0.8 (obs 0.8661)
IV percentile 0.87 ≥ 0.80 threshold
CR2.IV_RV_SPREAD_POSITIVEweight 25% · v1.4
iv_rv_spread_bps >= 1500 (obs 3347)
IV-RV spread 3347 bps ≥ 1500 bps
CR2.REGIME_GATEweight 20% · v1.4
regime in ["LOW_VOL_COMPRESSION","RANGE_BOUND"] (obs LOW_VOL_COMPRESSION)
Regime LOW_VOL_COMPRESSION matches sleeve playbook
Resulting order intent
SELL · 5.86 · ETH-23MAY26-perp
Side
SELL
Qty
5.86
Limit
$3,170.98
Fill
$3,170.98