{
  "kts": "0.2",
  "paramsVersion": "2026-09-22.1",
  "depth": {
    "ladder": [
      "1000",
      "2500",
      "5000",
      "10000",
      "25000",
      "50000",
      "100000",
      "250000"
    ],
    "impactTargets": [
      "0.005",
      "0.01",
      "0.03"
    ],
    "fragmentationFactorMulti": "0.8",
    "stalenessMaxSec": 300,
    "crosscheckMax": "0.25",
    "minVenueC1": "100"
  },
  "mark": {
    "stalenessMaxSec": 300,
    "dispersionMax": "0.02",
    "hDispersion": "0.5",
    "bandRegime": "0.01",
    "twapWindowSec": 900,
    "regimeHaircut": {
      "DEEP": "0",
      "NORMAL": "0.0025",
      "THIN": "0.0075",
      "PRE_TRANSITION": "0.0075",
      "REFERENCE_CLOSED": "0.015",
      "ACTION": "0.025",
      "RECOVERY": "0.0075",
      "STALE": "0.025",
      "HALTED": "0.025",
      "DEFAULT": "0.0075"
    }
  },
  "regime": {
    "stalenessMaxSec": 300,
    "dispersionMax": "0.02",
    "actionCooldownSec": 3600,
    "recoveryCooldownSec": 1800,
    "thinThreshold": "5000",
    "deepThreshold": "20000",
    "spreadMax": "0.01"
  },
  "asymmetry": {
    "recoveryCooldownSec": 1800,
    "nConfirm": 3,
    "maxLoosenStep": "0.02"
  },
  "capacityDefaults": {
    "k": "0.75",
    "buffer": "0.02",
    "liquidationBonus": "0.07",
    "carryMargin": "0.10",
    "sessionMargin": "0.05",
    "positionCapAbs": "25000",
    "positionCapShare": "0.25",
    "referenceLiquidationSize": "10000",
    "stressMultiplier": "2.5",
    "minCarryMargin": "0.05",
    "minSessionMargin": "0.03"
  },
  "stress": {
    "quantile": "0.99",
    "lookbackYears": 5,
    "minBarsForOwnQuantile": 60,
    "minBarsForSufficientHistory": 1260,
    "volWindowDays": 20,
    "volMin": "0.75",
    "volMax": "2"
  },
  "guardrails": {
    "default": {
      "ltvMin": "0.05",
      "ltvMax": "0.50",
      "ceilingMin": "0",
      "ceilingMax": "250000",
      "LT": "0.50"
    },
    "assets": {
      "KOx": {
        "ltvMin": "0.05",
        "ltvMax": "0.65",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.65"
      },
      "BRK.Bx": {
        "ltvMin": "0.05",
        "ltvMax": "0.65",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.65"
      },
      "ICEx": {
        "ltvMin": "0.05",
        "ltvMax": "0.60",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.60"
      },
      "COINx": {
        "ltvMin": "0.05",
        "ltvMax": "0.50",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.50"
      },
      "BMNRx": {
        "ltvMin": "0.05",
        "ltvMax": "0.40",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.40"
      },
      "SLVx": {
        "ltvMin": "0.05",
        "ltvMax": "0.65",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.65"
      },
      "HKEXCx": {
        "ltvMin": "0.05",
        "ltvMax": "0.60",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.60"
      },
      "KUAIx": {
        "ltvMin": "0.05",
        "ltvMax": "0.55",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.55"
      },
      "MIXUx": {
        "ltvMin": "0.05",
        "ltvMax": "0.50",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.50"
      },
      "SHEINx": {
        "ltvMin": "0.05",
        "ltvMax": "0.45",
        "ceilingMin": "0",
        "ceilingMax": "250000",
        "LT": "0.45"
      }
    }
  },
  "note": "Risk configuration, versioned with every bundle so old reports stay reproducible under the parameters they used. LT is fixed per asset at listing; sessions never move it. KTS-0.2 (horizon-bound margins) adds capacityDefaults.stressMultiplier, minCarryMargin and minSessionMargin; carryMargin and sessionMargin are kept for 0.1 bundles and ignored by 0.2."
}