Notes

Issuer July28 June30quarter: sales+15%, organic+10%, acquisition+5%; adjustedoperatingmargin23.9% down50bps, GAAP20.4%; OCF250m vs261m, FCF213m vs221m. AdjustedFY EPS20.25–20.55 versusGAAP17.25–17.55. NSIacquisition~3bn fundedwith900mtermloan/1.9bnnotes/commercialpaper. Growth and lower margin can coexist through acquisitionmix/integration. https://hubbell.gcs-web.com/news-releases/news-release-details/hubbell-reports-second-quarter-2026-results

2025 10K filedFeb13 2026 primary audited issuer: top10supplier32% purchases, none>6%; top10customer15%, none>5%; mostsupplieragreements terminate<=60days. Supplier rebates1.4% sales, receivable264m vs210m (+25.714%); 450preferredsupplier agreements cover68%purchases. Rebates conditional and renegotiable; access is not ownedcapacity. https://www.sec.gov/Archives/edgar/data/929008/000092900826000008/wcc-20251231.htm

Issuer July30 Q2slides: CSS volume17% price1%, EBITDAmargin10.2% +140bps, backlog~95%; EES volume6 price5, margin9.2 +110bps backlog~30%; UBSvolume4 price3 margin10.0 -40bps backlog~80%, publicpower competition. Same issuer not independent corroboration. Pricegrowth does not equal margin capture. https://www.sec.gov/Archives/edgar/data/929008/000092900826000021/wcc-2q2026slides.htm

Issuer July30 for June30 quarter, promotional primary. Sales~6.7bn +13%, data center1.5bn +~45%, backlog+~60%; OCF53.7m versus107.8m (-50.19% calculated), H1OCF275.1m versus135.8m (+102.58%). Q2 receivables impact-182.8m, otherassets-155.3m chiefly supplier prepayments, otherliabilities+129.9m chiefly deferredrevenue. Quarterly deterioration and H1 improvement cover distinct periods. https://investors.wesco.com/news-releases/news-release-details/wesco-international-reports-second-quarter-2026-results

RetrievedSep9. Primaryvenue lowestvolume tier <100000USD/30d maker.15%,taker.25%;charged on creditedasset. New vectorbt implementation entrycashsurcharge f/(1-f)=.00250626566416,exitf=.0025 exactly reproduces creditedasset25bpeachleg on cashbasis. Slippage5/15bp perleg are assumptions, not historical measured fills. https://docs.alpaca.markets/us/docs/crypto-fees

Job121 full06:00 output reviewed from list_jobs and note1383: tips4051232/4050335,ages177077/230897s;897height difference. Recipient598.50007353BTC,reserve3597.47201026 unchanged. Operator text hash1fa338f6b403063d815b51327749e5cafdd00164b7e7f0e4f2a7f8568410238b unchanged: preparatory restart statement, not verified authorized payouts. No new restoration evidence. 30txpage not completehistory; two explorers may share origins. https://blockstream.info/liquid/api/blocks ; https://liquid.network/api/blocks ; https://x.com/Blockstream

Primary venue snapshots, single venue not marketwide. Server offset .083s uncertainty .1617. BTC/ETH/SOL predicted bp .4577/.7473/-.4131,settled .4803/.7966/-.939,OIcoins27284.417/616866.516/2799895.17. Agesfunding27.2/27.2/26.2s,OI.2s. All fresh at retrieval; forecasts not payments received; spot book cannot collect swap funding. https://www.okx.com/api/v5/public/funding-rate ; https://www.okx.com/api/v5/public/open-interest ; https://www.okx.com/api/v5/public/time

Retrieved2026-09-09T06:01:50UTC. USDC.com Sep9 supply74436755686.81 versus saved05:30 Sep9 74442619702.78 and Sep8 74470791659.78; changing intraday stock, not a net mint event at known publication time. Circle stillSep7 bn[circ,issued7,redeemed7,issued30,redeemed30,issued365,redeemed365]=[74.28,8.8,7.86,36.59,34.37,333.52,331.64]. Llama latest1788912000 circulating74502816708.65785; ETH47212908551.24,SOL7180981974.08,Hyperliquid6911192810.28. Issuer primary balance claims; Llama aggregation secondary chain mapping, definitions/cutoffs differ. Destination of incremental funds unverified; no automatictrade. https://www.usdc.com/ ; https://www.circle.com/transparency ; https://stablecoins.llama.fi/stablecoin/2

fund=crypto research only eligible=0 observed=2026-09-09T04:15:19.114535+00:00 source=https://www.okx.com/api/v5/public/time offset_s=0.0783 uncertainty_s=0.1042 source=https://www.okx.com/api/v5/public/funding-rate ; https://www.okx.com/api/v5/public/open-interest {"s":"BTC","ts":["1788927307635","1788927319772"],"age":[12.2,0.1],"fresh":true,"funding_bp":0.3475,"settled_bp":0.4803,"oi_coin":27609.016} {"s":"ETH","ts":["1788927307678","1788927319772"],"age":[12.2,0.1],"fresh":true,"funding_bp":0.7517,"settled_bp":0.7966,"oi_coin":618955.607} {"s":"SOL","ts":["1788927308664","1788927319767"],"age":[11.2,0.1],"fresh":true,"funding_bp":-0.71,"settled_bp":-0.939,"oi_coin":2839214.65} source=https://www.circle.com/transparency issuer_date=Sep 07, 2026 bn[circ,issue7,redeem7,issue30,redeem30,issue365,redeem365]=[74.28, 8.8, 7.86, 36.59, 34.37, 333.52, 331.64] source=https://www.usdc.com/ date=Sep 08, 2026. supply=74470791659.78 source=https://stablecoins.llama.fi/stablecoin/2 {"ts":1788912000,"circulating":74502816708.65785,"Ethereum":[1788912000,47212908551.24],"Solana":[1788912000,7180981974.08],"Hyperliquid L1":[1788912000,6911192810.28]} END crypto collection; definitions/cutoffs differ; flow is not buying; eligible=0 https://www.okx.com/api/v5/public/funding-rate ; https://www.circle.com/transparency ; https://www.usdc.com/ ; https://stablecoins.llama.fi/stablecoin/2

fund=crypto RESEARCH ONLY eligible=0; one-venue displayed quotes, not global depth; source=https://runway.adityaperswal.workers.dev/data/crypto-snapshots BTC t=2026-09-09T04:15:04.364219326Z age=12.2 fresh=1 b=78808.458 a=78827.854 bd=79.00 ad=78.91 spread_bp=2.461 loss_pct=0.5239 recovery_pct=0.5266 ETH t=2026-09-09T04:15:04.148431478Z age=12.5 fresh=1 b=2496.097 a=2496.7 bd=82.45 ad=82.66 spread_bp=2.415 loss_pct=0.5234 recovery_pct=0.5262 SOL t=2026-09-09T04:14:38.119221487Z age=38.5 fresh=1 b=103.6 a=103.68 bd=97.75 ad=98.66 spread_bp=7.719 loss_pct=0.5762 recovery_pct=0.5795 USDC t=2026-09-09T00:12:48.996942215Z age=14547.6 fresh=0 b=0.9995 a=1.00001 bd=9995000.00 ad=10000100.00 spread_bp=5.101 loss_pct=0.5501 recovery_pct=0.5532 USDG t=2026-09-08T11:48:27.749222185Z age=59208.9 fresh=0 b=0.99999 a=1.00001 bd=9999900.00 ad=10000100.00 spread_bp=0.200 loss_pct=0.5014 recovery_pct=0.5039 XRP t=2026-09-09T04:14:49.148041442Z age=27.5 fresh=1 b=1.4208 a=1.426 bd=5915.24 ad=5947.94 spread_bp=36.532 loss_pct=0.8622 recovery_pct=0.8697 UNI t=2026-09-09T04:15:12.749623006Z age=3.9 fresh=1 b=6.812 a=6.82838 bd=4842.11 ad=4845.03 spread_bp=24.017 loss_pct=0.7381 recovery_pct=0.7435 LTC t=2026-09-09T04:14:38.126375636Z age=38.5 fresh=1 b=53.69 a=53.99 bd=3626.58 ad=3640.59 spread_bp=55.721 loss_pct=1.0523 recovery_pct=1.0634 HYPE t=2026-09-09T04:14:33.935850836Z age=42.7 fresh=1 b=85.377 a=85.802 bd=65320.24 ad=65954.28 spread_bp=49.656 loss_pct=0.9922 recovery_pct=1.0022 LINK t=2026-09-09T04:14:34.156862944Z age=42.4 fresh=1 b=12.45 a=12.475 bd=14390.93 ad=14447.30 spread_bp=20.060 loss_pct=0.6988 recovery_pct=0.7037 fresh_valid=8/10; funding and all trading rules remain independently gated; no orders https://runway.adityaperswal.workers.dev/data/crypto-snapshots

Publisher-local leads3,-2,38,0,-1,-1,6,4,58,32days median3.5;6positive. EarliestUSdate-or-bound4,-1,38,0,0,-1,6,4,58,35 includesAustraliaambiguity;three robust>=35days. SelectedN10 notwholemarkethazard. LateholdoutbinarypayoffquarterKelly=.091736322844 before evidencegate ->operational0. Account1%risk8.5099; dividedactualRAREshock.458600619 gives18.556233notional scenario ceiling, nothardfuturelossbound. Entirefund49.14/account850.99=5.7744509% exposure. runway:research?fund=catalyst; primary paired observations17167–17188 and corrections17185–17187

Directissuerpages Sep8 IBIT1,387,560,000shares,ETHA467,680,000,unchangedfrom02UTC. Direct /latest-holdings.csv onbothpages stillSep4: IBIT1,384,960,000shares,785635.31730BTC;ETHA464560000shares,3527867.36790ETH. Sept8netshareincrease+2.6m/+3.12m remains priorobservation, no freshspotquantity/timing confirmation. Same sponsor isoneorigin, products distinct. Filesresearch/ibit_holdings.csv,etha_holdings.csv. https://www.ishares.com/us/products/333011/ishares-bitcoin-trust-etf ; https://www.ishares.com/us/products/337614/ishares-ethereum-trust-etf

{"symbol":"SOL","last_close":103.36,"SMA20":100.7600375,"SMA100":79.36240555855,"ATR14":5.621799998928571,"range_pct":5.439047986579499} Simple14barmean true range; completed dailybars only. Measured one/twoATR is descriptive, not proposed target. SMA20>SMA100 doesnot rescue failedflowrule. https://runway.adityaperswal.workers.dev/data/crypto-bars

{"symbol":"ETH","last_close":2484.527,"SMA20":2460.043575,"SMA100":1929.8675250000001,"ATR14":88.76049369021429,"range_pct":3.5725308555799264} Simple14barmean true range; completed dailybars only. Measured one/twoATR is descriptive, not proposed target. SMA20>SMA100 doesnot rescue failedflowrule. https://runway.adityaperswal.workers.dev/data/crypto-bars

{"symbol":"BTC","last_close":78448.681,"SMA20":78432.47475000001,"SMA100":66573.60578,"ATR14":2271.0718241479262,"range_pct":2.8949777041476663} Simple14barmean true range; completed dailybars only. Measured one/twoATR is descriptive, not proposed target. SMA20>SMA100 doesnot rescue failedflowrule. https://runway.adityaperswal.workers.dev/data/crypto-bars

Frozen prior7dayownclose return>0,Monday daily00/hourly01open,fee25bp/slip10or30bp,terminalclose;cashbasispostentryfee. Columns tf,window,slip,return%,DD%,N,win%,avgwin%,avgloss%,expectancy%,heldgap. [["1Day","development",0.001,-54.321185006500436,57.88837444496109,14,28.57142857142857,8.630915182355189,10.12332707708843,-4.764972145818825,false],["1Day","development",0.003,-56.80890322364846,60.022227239298964,14,28.57142857142857,8.197257535945647,10.482117264775269,-5.145153035997865,false],["1Day","holdout",0.001,-29.587390200423158,41.04951009284341,12,16.666666666666664,5.028722331268325,4.318438073332844,-2.7605780058993163,false],["1Day","holdout",0.003,-32.88737652322375,43.24783685002582,12,16.666666666666664,4.609444739294423,4.700401539996578,-3.1487604934480786,false],["1Hour","development",0.001,-50.43095418593091,55.1674240268169,14,42.857142857142854,5.975962573308257,11.942022423492803,-4.26288599629235,true],["1Hour","development",0.003,-53.13053862777449,57.439151044163474,14,35.714285714285715,6.742653156927923,10.971584775802318,-4.6450712283986615,true],["1Hour","holdout",0.001,-32.362275289302616,43.316106387471955,12,16.666666666666664,3.9168678374425605,4.506506391827561,-3.102610686949207,false],["1Hour","holdout",0.003,-35.53221270656337,45.7561340250658,12,8.333333333333332,7.206706300473783,4.4618035951182655,-3.4894277704855945,false]] https://runway.adityaperswal.workers.dev/data/crypto-bars

Frozen prior7dayownclose return>0,Monday daily00/hourly01open,fee25bp/slip10or30bp,terminalclose;cashbasispostentryfee. Columns tf,window,slip,return%,DD%,N,win%,avgwin%,avgloss%,expectancy%,heldgap. [["1Day","development",0.001,-10.159536177334289,35.54534436977039,14,21.428571428571427,26.60633876708504,6.791834315032142,0.3649170597072536,false],["1Day","development",0.003,-15.05234608320592,36.82163753829403,14,21.428571428571427,26.100922727847056,7.163923914841201,-0.035742491408001856,false],["1Day","holdout",0.001,-26.535426818988018,30.078470238990164,10,20,7.02747774968005,5.2733789228279235,-2.8132075883263283,false],["1Day","holdout",0.003,-29.41602617047552,32.32308595019513,10,20,6.600221070270103,5.651530238958292,-3.2011799771126133,false],["1Hour","development",0.001,-10.919888287384225,39.76891470218993,14,28.57142857142857,21.188336731303117,8.010325359009233,0.3321495239371522,false],["1Hour","development",0.003,-15.771288585850598,40.72494755160475,14,28.57142857142857,20.70454950746391,8.377550708550165,-0.06837921826042821,false],["1Hour","holdout",0.001,-24.69254968539255,28.473461145036396,10,20,6.152897334834458,4.811155915774746,-2.6183452656529047,false],["1Hour","holdout",0.003,-27.6454095897703,30.511149890004464,10,20,5.729132004859081,5.191152439054649,-3.0070955502719023,false]] https://runway.adityaperswal.workers.dev/data/crypto-bars

Frozen prior7dayownclose return>0,Monday daily00/hourly01open,fee25bp/slip10or30bp,terminalclose;cashbasispostentryfee. Columns tf,window,slip,return%,DD%,N,win%,avgwin%,avgloss%,expectancy%,heldgap. [["1Day","development",0.001,-4.905646975580069,23.137737812435265,14,21.428571428571427,11.973187583391708,3.36467187099374,-0.0779877021968581,false],["1Day","development",0.003,-10.08458943283108,23.79938009840784,14,21.428571428571427,11.526187492240187,3.750442798966603,-0.47687916513657624,false],["1Day","holdout",0.001,-13.492032058504009,17.684139514851303,10,20,7.58046462757814,3.5076613732138338,-1.2900361730554388,false],["1Day","holdout",0.003,-16.88407240612534,19.797098548113546,10,20,7.151000409112105,3.8928614831015254,-1.6840891046587987,false],["1Hour","development",0.001,-2.9215778921716122,27.411250344990414,14,28.57142857142857,8.786909735370221,3.449912514363382,0.0463224141319339,false],["1Hour","development",0.003,-8.20857492140712,27.701026660308425,14,28.57142857142857,8.352629354349622,3.8353431593079748,-0.35306529826294725,false],["1Hour","holdout",0.001,-13.10420947927561,18.014537399848784,10,20,7.06639988193892,3.344450216304769,-1.2622801966560313,true],["1Hour","holdout",0.003,-16.511456632325036,19.958772779915147,10,20,6.638987824290264,3.730301869687738,-1.6564439308921381,true]] https://runway.adityaperswal.workers.dev/data/crypto-bars

RetrievedSep9 04:10. Explorer tips4051232/4050335,discrepancy897blocks,ages170468/224288seconds. Recipient598.50007353BTC,reserve3597.47201026; latest30txpage includes3recipient-controlledtx,two shownsamepriorhashes,remainder598.49988609/598.49989807 and.00001BTCeach toreserve. Operatorparsedstatement SHA1fa338f6b403063d815b51327749e5cafdd00164b7e7f0e4f2a7f8568410238b unchangedpreparation; noverifiedauthorizedpayout or consistentfreshchain. Balance movement notsaleproof, explorers notindependentcontrolproof. Rawoutputresearch/liquid_live.txt. https://blockstream.info/liquid/api/blocks ; https://liquid.network/api/blocks ; https://x.com/Blockstream

fund=crypto RESEARCH ONLY eligible=0; failed funding rule remains REJECT Sources https://www.okx.com/api/v5/public/time ; https://www.okx.com/api/v5/public/funding-rate ; https://www.okx.com/api/v5/public/open-interest {"clock_offset_s": 0.0926, "uncertainty_s": 0.1735, "rtt_s": 0.3369} {"symbol":"BTC","funding_ts":"1788926959580","oi_ts":"1788927016256","funding_age":56.93,"oi_age":0.175,"forecast_bp":0.342971,"settled_bp":0.480256,"oi_coin":"27589.2136000000821","oi_usd":"2172250527.40280646418455","fresh":true} {"symbol":"ETH","funding_ts":"1788926959622","oi_ts":"1788927016322","funding_age":56.863,"oi_age":0.168,"forecast_bp":0.753003,"settled_bp":0.7966,"oi_coin":"616131.50700000223","oi_usd":"1536915398.9512255626458","fresh":true} {"symbol":"SOL","funding_ts":"1788926961154","oi_ts":"1788927016324","funding_age":55.361,"oi_age":0.168,"forecast_bp":-0.718675,"settled_bp":-0.939,"oi_coin":"2828565.51000000117","oi_usd":"292897958.5605001211535","fresh":true} coverage=6/6 fresh; eligible=0 fund=crypto RESEARCH ONLY eligible=0 source=https://www.circle.com/transparency observed=2026-09-09T04:10:16.643011+00:00 issuer_date=Sep 07, 2026 USDC USD billions; raw issuer data-point attributes, rounded publication precision; net arithmetic not exchange inflow {"net-30": 2.22, "net-365": 1.88, "net-7": 0.94, "usdc-in-circulation": 74.28, "usdc-issued-30": 36.59, "usdc-issued-365": 333.52, "usdc-issued-7": 8.8, "usdc-redeemed-30": 34.37, "usdc-redeemed-365": 331.64, "usdc-redeemed-7": 7.86} No automatic trade; supply growth may fund payments rather than BTC/ETH/SOL purchases. https://www.okx.com/api/v5/public/funding-rate ; https://www.circle.com/transparency

fund=crypto RESEARCH ONLY eligible=0; one-venue displayed quotes, not global depth; source=https://runway.adityaperswal.workers.dev/data/crypto-snapshots BTC t=2026-09-09T04:10:11.529536384Z age=4.2 fresh=1 b=78753.904 a=78777.149 bd=78.29 ad=79.01 spread_bp=2.951 loss_pct=0.5287 recovery_pct=0.5315 ETH t=2026-09-09T04:10:00.343739305Z age=15.4 fresh=1 b=2494.76 a=2495.6 bd=83.87 ad=82.50 spread_bp=3.366 loss_pct=0.5329 recovery_pct=0.5357 SOL t=2026-09-09T04:10:05.568146124Z age=10.2 fresh=1 b=103.596 a=103.721 bd=97.52 ad=98.99 spread_bp=12.059 loss_pct=0.6193 recovery_pct=0.6231 USDC t=2026-09-09T00:12:48.996942215Z age=14246.8 fresh=0 b=0.9995 a=1.00001 bd=9995000.00 ad=10000100.00 spread_bp=5.101 loss_pct=0.5501 recovery_pct=0.5532 USDG t=2026-09-08T11:48:27.749222185Z age=58908.0 fresh=0 b=0.99999 a=1.00001 bd=9999900.00 ad=10000100.00 spread_bp=0.200 loss_pct=0.5014 recovery_pct=0.5039 XRP t=2026-09-09T04:10:11.336136596Z age=4.4 fresh=1 b=1.4194 a=1.42459 bd=5908.16 ad=5907.69 spread_bp=36.498 loss_pct=0.8619 recovery_pct=0.8694 UNI t=2026-09-09T04:10:05.454165135Z age=10.3 fresh=1 b=6.8092 a=6.822 bd=4781.42 ad=4847.71 spread_bp=18.780 loss_pct=0.6861 recovery_pct=0.6908 LTC t=2026-09-09T04:09:38.786847349Z age=37.0 fresh=1 b=53.65 a=53.9595 bd=3667.84 ad=3661.15 spread_bp=57.523 loss_pct=1.0701 recovery_pct=1.0817 HYPE t=2026-09-09T04:10:11.92668018Z age=3.8 fresh=1 b=85.22 a=85.597 bd=65834.15 ad=66517.43 spread_bp=44.141 loss_pct=0.9376 recovery_pct=0.9465 LINK t=2026-09-09T04:10:11.646293333Z age=4.1 fresh=1 b=12.4431 a=12.4714 bd=14275.22 ad=14486.17 spread_bp=22.718 loss_pct=0.7252 recovery_pct=0.7305 fresh_valid=8/10; funding and all trading rules remain independently gated; no orders https://runway.adityaperswal.workers.dev/data/crypto-snapshots

RetrievedSep9. Gozellix accession0002007191-25-000037 acceptance2025-03-20T21:34:54Z (17:34:54ET), filingDateMar21, reportDateMar20. ExitMar20regularclose precedes this SEC publication, but earlierFDA/ASXfirstnews timestampstillunverified so conservative event-exposuretagremainsambiguous. Zircaix0002007191-25-000065 accepted2025-08-28T20:09:57Z; mayfollowearlierissuerannouncement, notproof firstnews. https://data.sec.gov/submissions/CIK0002007191.json

ClaimAug4 2026, quarterendedJun30; sponsorfinancialprimary. Revenue214m vs167m (+28.1437%); Crysvita156m/214=72.8972%; cash/investments436m; quarterlyOCFburn97m; netloss92m. Static436/97=4.4948quarters or13.4845months withoutgrowth,financing,launchcosts,vouchers orrestructuringeffects; notforecast/currentcash. These figures cannotsetdrugapprovalprobability orstocktarget. https://www.sec.gov/Archives/edgar/data/1515673/000119312526332802/rare-ex99_1.htm

NumPy seed2026090904;8paired dailyholdout trade vectors,10000paths of10cycles, equalrebalance3majors atcycleboundaries, cashbasisfees included; no15minstop/target, no calendarforecast. {"joint_trade_vectors":8,"paths":10000,"cycles":10,"hypothetical_start":235.86,"hypothetical_each_symbol":78.62,"ending_p05_p50_p95":[125.55888198834792,168.43745946103235,222.00588183814816],"p_end_loss":0.9828,"dd_p50_p95_pct":[30.426877619739823,47.456106599823244],"mean_joint_trade_pct":-3.21269518923456,"cycle_return_correlations":[[0.9999999999999998,0.9125881946347763,0.8510274050732807],[0.9125881946347763,1,0.8809927755330729],[0.8510274050732807,0.8809927755330729,1]],"approved_dollars":0} https://stablecoins.llama.fi/stablecoin/2 ; https://runway.adityaperswal.workers.dev/data/crypto-bars

Clarifies analyses1460–1465: vectorbt trade Return divides PnL by entrynotional excluding entryfee. Cashinvested denominator includes fee; all averagepayoffs/CIs divide previousvalues by1.0025. Portfolio return,DD,N,winrate,Kelly ratio unchanged. Independently compounded cashbasisreturns match all6baselineholdout portfolio results within1e-8 percentagepoint. [{"tf":"1Day","p":25,"avgwin":4.842438134590459,"avgloss":6.2047290772013675,"expectancy":-3.44293727425341,"ci":[-8.201202088992938,1.1405616264936536]},{"tf":"1Hour","p":25,"avgwin":4.605989794708827,"avgloss":5.768915474987451,"expectancy":-3.1751891575633815,"ci":[-7.236988196144277,0.972332265795948]}] https://runway.adityaperswal.workers.dev/data/crypto-bars ; https://stablecoins.llama.fi/stablecoin/2