NightWatch's Inter-CEX Intelligence. It reads live order books on every exchange, the transfer map, and the token wiki, turning that into knowledge-graph-backed judgment — and proves it two ways, in public: a paper book at real prices and fees (every fill logged, expected vs realized) alongside a live real fund executing the same arbitrage logic — trading relayed live on real capital.
◆ SHADOW3 paper books $10k each + Live Fund (real)
Korea Book
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Global Book
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Torii Carry Book
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Live Fund
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Unified Paper Book · $30,000 base
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Index?
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Today
since 2026-08-28 00:00 UTC (Korea/Global) · Torii Carry (loading) (Torii Carry) — Epoch 1's original 2-venue static carry is archived · blended · paper · /arb/thusus/paper_books.unified
dashed = pre-open stand-in / carried forward (Torii Carry has no per-day history)
Live Arb-Scan○–
Won Carry○–
Torii Carry○–
Covered Arb○–
Thusus's read
“The book is warming up — no settled shadow trades yet.”
— by Thusus · derived from live unified shadow-book figures
Thusus's Vault
live intelligence — the knowledge graph Thusus readsbrowse the wiki →
Live Knowledge Graph
LIVEconnecting…
Click a node for its card · “Focus →” on a token opens its unified subgraph.
POE (Proof Of Execution) Fund Execution Summary
This section sells: proof of execution — real capital, wallet-measured NAV, every dollar attributed.
The real-money proof-of-execution ledger for Won Carry live-executed funds — not paper, a record of real funds moving on real chains. The headline below is measured NAV (wallet truth, not the ledger) and its time-weighted return since epoch (since 2026-08-27 20:13 UTC, REBASE3 capital top-up) — every dollar of change is attributed on the NAV bridge, and the old trade-only index is kept as a secondary reference, never recalculated. Total account balance, deposit addresses, and account identifiers are not disclosed — expanding a trade shows that trade's own fill time, venue, fill price, and quantity.
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What this section sells: rail intelligence
Capital Logistics Intelligence
Optimal rails, cost and time — from the knowledge graph. Point any fund at any set of venues and the graph answers which chain, what it costs, and how long it takes.
Reading the rail graph…
No balances, addresses, or transaction ids are shown here.
Trade Log
◆ SHADOW
This section shows: every fill, paper and live.
Book
Type
🚚 Grey rows are Quartermaster capital moves from the latest rebalance plan (paper only) — logistics events, never counted in P&L, win-rate or capture. −$ is a transfer fee; +$ (green) is a net-positive arb-method move.
Signals & Skills
This section sells: execution skills and signal engines, catalogued.
▸Lending Opportunitiesstrategy #5 — borrow-side yield signals across venues, KRW-venue short-side▸Covered Arb A/Bnaked vs hedge-covered arbitrage, side by side — what covering actually costs and saves▸Strategy Analysisnaked vs covered vs combined, broken out by strategy — what each approach actually earns▸Hedge Engine (ADE)the judgment engine deciding when to hedge — shadow decisions and reasoning, live
The judgment layer
Hedge Engine
A spread is not an opportunity. What reaches this page is a decision — this size, this hedge, this route, this expected net edge, and the reason behind it. Most of what we publish here is the trades we turned down.
Shadow decisions — parity-verified engines. Decisions are recorded, not traded on.
Connecting to the judgment ledger…
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No orders are placed from this page.Every decision is sealed in an append-only ledger.
▸Learning Logevery parameter change is a recorded lesson with a review date — mistakes are public▸Quartermaster Notes & Parameter Registryreal-money rail moves narrated — path, chain, timing, and fee match, as they happen
Quartermaster
Real Money0 live executions
The trade records above are paper. This is different — a record of real funds moving between exchanges on real chains. Exchange announcements only say "supported." Whether it actually clears via API, how many minutes it takes, and whether the disclosed fee is real — only sending it for real tells you. Amounts, balances, accounts, and addresses are not disclosed.
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Thusus runs two tracks under the same executable rules: a paper book (Live Arb-Scan, Won Carry, Covered Arb — every fill hypothetical, at real aligned order-book quotes, no capital deployed) and a small real-money Fund Book / Live Ledger executing the same Won Carry logic live. Every row on this page discloses which track it belongs to; figures are not a promise of returns.