Execution · 2026-04-21
Slippage at the hour you actually trade
Average spread is a courtesy the market does not extend at 22:00. We do not take it.
A strategy that prints in the London morning and is costed on the day’s average spread is lying to itself. We cost at the hour of the fill, scaled to size, with an impact allowance calibrated to observed depth.
The simulated record on Folio 04 is net of that stack — commissions, spread, overnight, perpetual funding, slippage. Nothing is folded into the gross to make the line prettier.
Pretty lines are how you find out about costs after the subscription documents are signed. We prefer before.