{
  "schema_version": "0.1.0",
  "engine_version": "0.1.0",
  "mode": "fixture",
  "scenario": {
    "schema_version": "0.1.0",
    "id": "liquidity-shock",
    "title": "Synthetic liquidity shock",
    "mode": "fixture",
    "provenance": {
      "kind": "synthetic",
      "description": "An invented drawdown path. Not prices from a real token or historical crisis."
    },
    "market": {
      "prices": [
        "100",
        "103",
        "101",
        "94",
        "86",
        "65",
        "49",
        "53",
        "58"
      ],
      "initial_cash": "0",
      "initial_units": "100",
      "fee_bps": 30,
      "slippage_bps": 20,
      "symbol": "TEST"
    },
    "baseline": {
      "type": "hold"
    },
    "candidate": {
      "type": "circuit_breaker",
      "drawdown_trigger": "0.12"
    }
  },
  "baseline": {
    "policy": {
      "type": "hold"
    },
    "trace": [
      {
        "step": 0,
        "observed_price": "100",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10000",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 1,
        "observed_price": "103",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10300",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 2,
        "observed_price": "101",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10100",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 3,
        "observed_price": "94",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "9400",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 4,
        "observed_price": "86",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "8600",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 5,
        "observed_price": "65",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "6500",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 6,
        "observed_price": "49",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "4900",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 7,
        "observed_price": "53",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "5300",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 8,
        "observed_price": "58",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "5800",
        "execution_price": null,
        "fee": "0"
      }
    ],
    "metrics": {
      "initial_equity": "10000",
      "final_equity": "5800",
      "return_pct": "-42.00",
      "max_drawdown_pct": "52.4271844660194174757281553398058252427184466019417475728155",
      "fees": "0",
      "trades": 0
    }
  },
  "candidate": {
    "policy": {
      "type": "circuit_breaker",
      "drawdown_trigger": "0.12"
    },
    "trace": [
      {
        "step": 0,
        "observed_price": "100",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10000",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 1,
        "observed_price": "103",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10300",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 2,
        "observed_price": "101",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "10100",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 3,
        "observed_price": "94",
        "action": "hold",
        "cash": "0",
        "units": "100",
        "equity": "9400",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 4,
        "observed_price": "86",
        "action": "sell_all",
        "cash": "8557.051600",
        "units": "0",
        "equity": "8557.051600",
        "execution_price": "85.828",
        "fee": "25.748400"
      },
      {
        "step": 5,
        "observed_price": "65",
        "action": "hold",
        "cash": "8557.051600",
        "units": "0",
        "equity": "8557.051600",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 6,
        "observed_price": "49",
        "action": "hold",
        "cash": "8557.051600",
        "units": "0",
        "equity": "8557.051600",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 7,
        "observed_price": "53",
        "action": "hold",
        "cash": "8557.051600",
        "units": "0",
        "equity": "8557.051600",
        "execution_price": null,
        "fee": "0"
      },
      {
        "step": 8,
        "observed_price": "58",
        "action": "hold",
        "cash": "8557.051600",
        "units": "0",
        "equity": "8557.051600",
        "execution_price": null,
        "fee": "0"
      }
    ],
    "metrics": {
      "initial_equity": "10000",
      "final_equity": "8557.051600",
      "return_pct": "-14.42948400",
      "max_drawdown_pct": "16.9218291262135922330097087378640776699029126213592233009709",
      "fees": "25.748400",
      "trades": 1
    }
  },
  "comparison": {
    "final_equity_delta": "2757.051600"
  },
  "assumptions": [
    "Synthetic exogenous price path; not a historical replay.",
    "Both policies observe identical prices with no future lookahead.",
    "Immediate fills with fixed fees/slippage; no gas, MEV, market impact or liquidity model.",
    "No real money, chain transaction or LLM is used."
  ],
  "artifact_id": "e6a12db320dd37e8d37341fe202836d9442a7e428f89381223c9ab29faa479a6"
}