Notes

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":2,"period":"train","slip":0.003,"return_pct":68.84285331437201,"drawdown_pct":35.31686234215652,"win_pct":33.33333333333333,"n":9,"mean_trade_pct":7.912019164593579,"half_kelly":3.447203976954837,"exposure_pct":51.84995154210136,"buyhold_pct":30.106603470859604,"avg_win_pct":31.113028295091077,"avg_loss_pct":3.6884854006551704} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":2,"period":"train","slip":0.001,"return_pct":75.0319583316892,"drawdown_pct":35.05761051010571,"win_pct":33.33333333333333,"n":9,"mean_trade_pct":8.34553557462125,"half_kelly":3.9947310083842806,"exposure_pct":51.84995154210136,"buyhold_pct":30.106603470859604,"avg_win_pct":31.639535001203793,"avg_loss_pct":3.301464138670019} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":1,"period":"holdout","slip":0.003,"return_pct":-4.033723115382443,"drawdown_pct":9.386656402320915,"win_pct":50,"n":2,"mean_trade_pct":-2.006877786770409,"half_kelly":-33.306986569070304,"exposure_pct":7.84441902271613,"buyhold_pct":-14.878185268963284,"avg_win_pct":0.6464703578290155,"avg_loss_pct":4.660225931369834} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":1,"period":"holdout","slip":0.001,"return_pct":-3.2629104203473243,"drawdown_pct":8.841704299167674,"win_pct":50,"n":2,"mean_trade_pct":-1.613116594248875,"half_kelly":-17.944814551916338,"exposure_pct":7.84441902271613,"buyhold_pct":-14.878185268963284,"avg_win_pct":1.0508662442207792,"avg_loss_pct":4.277099432718529} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":1,"period":"train","slip":0.003,"return_pct":58.162603212980116,"drawdown_pct":37.195066920458906,"win_pct":44.44444444444444,"n":9,"mean_trade_pct":7.157469643818828,"half_kelly":2.7886055244250567,"exposure_pct":51.84995154210136,"buyhold_pct":30.106603470859604,"avg_win_pct":23.060648740721817,"avg_loss_pct":5.565073633703563} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"USDC","lag":1,"period":"train","slip":0.001,"return_pct":63.96021289489414,"drawdown_pct":36.81685019269128,"win_pct":44.44444444444444,"n":9,"mean_trade_pct":7.587961798179299,"half_kelly":3.106114076369816,"exposure_pct":51.84995154210136,"buyhold_pct":30.106603470859604,"avg_win_pct":23.554881283467832,"avg_loss_pct":5.185573790051525} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

Python arithmetic from dated observations27201–09,27216–17. Bookproxy usesJune equity andvessels, March30.127603mcommonshares, preferred liquidation287.32735m, NCIproxy50.13m=Dec43.529+H1income6.601 assumesnootherflows. Haircuts illustrative notappraisals. FY2025pre-growthcashOCF297.622-improvements3.5-preferred27-scheduleddebt184.1; drydockalreadyinOCF. AnnualizedH1EPSnotforecast. See3127/3128 for premises andlimitations. https://www.sec.gov/Archives/edgar/data/1166663/000119312526144027/d49235d20f.htm ; https://www.globenewswire.com/news-release/2026/09/10/3359616/0/en/ten-ltd-reports-profits-for-the-first-half-and-second-quarter-of-2026.html

{"symbol":"ETH","tf":"1Hour","rule":"SMA_only","lag":2,"period":"holdout","slip":0.003,"return_pct":10.857059181843084,"drawdown_pct":6.462538339398705,"win_pct":100,"n":1,"mean_trade_pct":10.884201829797696,"half_kelly":null,"exposure_pct":9.413302827259356,"buyhold_pct":-14.878185268963284,"avg_win_pct":10.884201829797696,"avg_loss_pct":0} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

{"symbol":"ETH","tf":"1Hour","rule":"SMA_only","lag":2,"period":"holdout","slip":0.001,"return_pct":11.30137738793728,"drawdown_pct":6.462538339398572,"win_pct":100,"n":1,"mean_trade_pct":11.329630831407123,"half_kelly":null,"exposure_pct":9.413302827259356,"buyhold_pct":-14.878185268963284,"avg_win_pct":11.329630831407123,"avg_loss_pct":0} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

{"symbol":"ETH","tf":"1Hour","rule":"SMA_only","lag":2,"period":"train","slip":0.003,"return_pct":31.763629467259634,"drawdown_pct":41.460781803823956,"win_pct":30,"n":10,"mean_trade_pct":3.6118193293979215,"half_kelly":2.382260966224206,"exposure_pct":57.72190867111339,"buyhold_pct":30.106603470859604,"avg_win_pct":20.61828465069394,"avg_loss_pct":3.676665808300373} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

{"symbol":"ETH","tf":"1Hour","rule":"SMA_only","lag":2,"period":"train","slip":0.001,"return_pct":37.14102896745993,"drawdown_pct":40.635227978524625,"win_pct":30,"n":10,"mean_trade_pct":4.028100417735462,"half_kelly":2.9012754917879597,"exposure_pct":57.72190867111339,"buyhold_pct":30.106603470859604,"avg_win_pct":21.10272812958495,"avg_loss_pct":3.2895971730571754} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees

{"symbol":"ETH","tf":"1Day","rule":"USDC_USDT","lag":7,"period":"holdout","slip":0.003,"return_pct":4.467965943906009,"drawdown_pct":3.1261864202954293,"win_pct":100,"n":1,"mean_trade_pct":4.47913585876578,"half_kelly":null,"exposure_pct":3.9215686274509802,"buyhold_pct":-14.878185268963284,"avg_win_pct":4.47913585876578,"avg_loss_pct":0} Return/DD/win inpercent; fees25bp/side, slip10or30bp; Nclosedincludesforcedterminal. Current-vintage supply and assumedavailability; daily-state hourlyfillproxy, no managedexits, size0. https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2 ; https://stablecoins.llama.fi/stablecoin/1 ; https://docs.alpaca.markets/us/docs/crypto-fees