{
  "version": "hypothetical-grid-averaging-1.0",
  "created": "2026-10-04",
  "kind": "synthetic_mechanics_not_historical_backtest",
  "units": {
    "price": "USD per hypothetical token",
    "cash": "USD",
    "quantity": "hypothetical tokens",
    "returns": "fraction"
  },
  "assumptions": [
    "Long-only fully paid spot; no leverage.",
    "Invented level paths, exact fills, no spread/latency/tax/financing.",
    "Grid initial five units; buys one at 90/80, sells each added unit at its next upward level; sells one original at110/120 once.",
    "Averaging buys USD200 at100/90/80, each added level only once; no exits.",
    "Hold fee-inclusive quantity fits USD1000; grid/averaging keep fixed quantities and pay fees from reserve.",
    "Terminal inventory is marked, not sold; terminal sale fees excluded."
  ],
  "gross": [
    {
      "path": "range",
      "policy": "grid",
      "prices": [
        100,
        90,
        100,
        90,
        100
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 5,
          "notional": 500,
          "fee": 0,
          "cash_after": 500,
          "units_after": 5
        },
        {
          "step": 1,
          "side": "buy",
          "price": 90,
          "quantity": 1,
          "notional": 90,
          "fee": 0,
          "cash_after": 410,
          "units_after": 6
        },
        {
          "step": 2,
          "side": "sell",
          "price": 100,
          "quantity": 1,
          "notional": 100,
          "fee": 0,
          "cash_after": 510,
          "units_after": 5
        },
        {
          "step": 3,
          "side": "buy",
          "price": 90,
          "quantity": 1,
          "notional": 90,
          "fee": 0,
          "cash_after": 420,
          "units_after": 6
        },
        {
          "step": 4,
          "side": "sell",
          "price": 100,
          "quantity": 1,
          "notional": 100,
          "fee": 0,
          "cash_after": 520,
          "units_after": 5
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 500,
          "units": 5,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 90,
          "cash": 410,
          "units": 6,
          "equity": 950
        },
        {
          "step": 2,
          "price": 100,
          "cash": 510,
          "units": 5,
          "equity": 1010
        },
        {
          "step": 3,
          "price": 90,
          "cash": 420,
          "units": 6,
          "equity": 960
        },
        {
          "step": 4,
          "price": 100,
          "cash": 520,
          "units": 5,
          "equity": 1020
        }
      ],
      "ending_cash": 520,
      "ending_units": 5,
      "marked_inventory": 500,
      "ending_equity": 1020,
      "return_fraction": 0.020000000000000018,
      "total_fees": 0
    },
    {
      "path": "range",
      "policy": "averaging",
      "prices": [
        100,
        90,
        100,
        90,
        100
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 2,
          "notional": 200,
          "fee": 0,
          "cash_after": 800,
          "units_after": 2
        },
        {
          "step": 1,
          "side": "buy",
          "price": 90,
          "quantity": 2.2222222222222223,
          "notional": 200,
          "fee": 0,
          "cash_after": 600,
          "units_after": 4.222222222222222
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 800,
          "units": 2,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 90,
          "cash": 600,
          "units": 4.222222222222222,
          "equity": 980
        },
        {
          "step": 2,
          "price": 100,
          "cash": 600,
          "units": 4.222222222222222,
          "equity": 1022.2222222222222
        },
        {
          "step": 3,
          "price": 90,
          "cash": 600,
          "units": 4.222222222222222,
          "equity": 980
        },
        {
          "step": 4,
          "price": 100,
          "cash": 600,
          "units": 4.222222222222222,
          "equity": 1022.2222222222222
        }
      ],
      "ending_cash": 600,
      "ending_units": 4.222222222222222,
      "marked_inventory": 422.22222222222223,
      "ending_equity": 1022.2222222222222,
      "return_fraction": 0.022222222222222143,
      "total_fees": 0
    },
    {
      "path": "range",
      "policy": "hold",
      "prices": [
        100,
        90,
        100,
        90,
        100
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 10,
          "notional": 1000,
          "fee": 0,
          "cash_after": 0,
          "units_after": 10
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 0,
          "units": 10,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 90,
          "cash": 0,
          "units": 10,
          "equity": 900
        },
        {
          "step": 2,
          "price": 100,
          "cash": 0,
          "units": 10,
          "equity": 1000
        },
        {
          "step": 3,
          "price": 90,
          "cash": 0,
          "units": 10,
          "equity": 900
        },
        {
          "step": 4,
          "price": 100,
          "cash": 0,
          "units": 10,
          "equity": 1000
        }
      ],
      "ending_cash": 0,
      "ending_units": 10,
      "marked_inventory": 1000,
      "ending_equity": 1000,
      "return_fraction": 0,
      "total_fees": 0
    },
    {
      "path": "range",
      "policy": "cash",
      "prices": [
        100,
        90,
        100,
        90,
        100
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 90,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 2,
          "price": 100,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 3,
          "price": 90,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 4,
          "price": 100,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        }
      ],
      "ending_cash": 1000,
      "ending_units": 0,
      "marked_inventory": 0,
      "ending_equity": 1000,
      "return_fraction": 0,
      "total_fees": 0
    },
    {
      "path": "rally",
      "policy": "grid",
      "prices": [
        100,
        110,
        120,
        140
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 5,
          "notional": 500,
          "fee": 0,
          "cash_after": 500,
          "units_after": 5
        },
        {
          "step": 1,
          "side": "sell",
          "price": 110,
          "quantity": 1,
          "notional": 110,
          "fee": 0,
          "cash_after": 610,
          "units_after": 4
        },
        {
          "step": 2,
          "side": "sell",
          "price": 120,
          "quantity": 1,
          "notional": 120,
          "fee": 0,
          "cash_after": 730,
          "units_after": 3
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 500,
          "units": 5,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 110,
          "cash": 610,
          "units": 4,
          "equity": 1050
        },
        {
          "step": 2,
          "price": 120,
          "cash": 730,
          "units": 3,
          "equity": 1090
        },
        {
          "step": 3,
          "price": 140,
          "cash": 730,
          "units": 3,
          "equity": 1150
        }
      ],
      "ending_cash": 730,
      "ending_units": 3,
      "marked_inventory": 420,
      "ending_equity": 1150,
      "return_fraction": 0.1499999999999999,
      "total_fees": 0
    },
    {
      "path": "rally",
      "policy": "averaging",
      "prices": [
        100,
        110,
        120,
        140
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 2,
          "notional": 200,
          "fee": 0,
          "cash_after": 800,
          "units_after": 2
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 800,
          "units": 2,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 110,
          "cash": 800,
          "units": 2,
          "equity": 1020
        },
        {
          "step": 2,
          "price": 120,
          "cash": 800,
          "units": 2,
          "equity": 1040
        },
        {
          "step": 3,
          "price": 140,
          "cash": 800,
          "units": 2,
          "equity": 1080
        }
      ],
      "ending_cash": 800,
      "ending_units": 2,
      "marked_inventory": 280,
      "ending_equity": 1080,
      "return_fraction": 0.08000000000000007,
      "total_fees": 0
    },
    {
      "path": "rally",
      "policy": "hold",
      "prices": [
        100,
        110,
        120,
        140
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 10,
          "notional": 1000,
          "fee": 0,
          "cash_after": 0,
          "units_after": 10
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 0,
          "units": 10,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 110,
          "cash": 0,
          "units": 10,
          "equity": 1100
        },
        {
          "step": 2,
          "price": 120,
          "cash": 0,
          "units": 10,
          "equity": 1200
        },
        {
          "step": 3,
          "price": 140,
          "cash": 0,
          "units": 10,
          "equity": 1400
        }
      ],
      "ending_cash": 0,
      "ending_units": 10,
      "marked_inventory": 1400,
      "ending_equity": 1400,
      "return_fraction": 0.3999999999999999,
      "total_fees": 0
    },
    {
      "path": "rally",
      "policy": "cash",
      "prices": [
        100,
        110,
        120,
        140
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 110,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 2,
          "price": 120,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        },
        {
          "step": 3,
          "price": 140,
          "cash": 1000,
          "units": 0,
          "equity": 1000
        }
      ],
      "ending_cash": 1000,
      "ending_units": 0,
      "marked_inventory": 0,
      "ending_equity": 1000,
      "return_fraction": 0,
      "total_fees": 0
    },
    {
      "path": "sell_off",
      "policy": "grid",
      "prices": [
        100,
        90,
        80,
        70
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
          "step": 0,
          "side": "buy",
          "price": 100,
          "quantity": 5,
          "notional": 500,
          "fee": 0,
          "cash_after": 500,
          "units_after": 5
        },
        {
          "step": 1,
          "side": "buy",
          "price": 90,
          "quantity": 1,
          "notional": 90,
          "fee": 0,
          "cash_after": 410,
          "units_after": 6
        },
        {
          "step": 2,
          "side": "buy",
          "price": 80,
          "quantity": 1,
          "notional": 80,
          "fee": 0,
          "cash_after": 330,
          "units_after": 7
        }
      ],
      "marks": [
        {
          "step": 0,
          "price": 100,
          "cash": 500,
          "units": 5,
          "equity": 1000
        },
        {
          "step": 1,
          "price": 90,
          "cash": 410,
          "units": 6,
          "equity": 950
        },
        {
          "step": 2,
          "price": 80,
          "cash": 330,
          "units": 7,
          "equity": 890
        },
        {
          "step": 3,
          "price": 70,
          "cash": 330,
          "units": 7,
          "equity": 820
        }
      ],
      "ending_cash": 330,
      "ending_units": 7,
      "marked_inventory": 490,
      "ending_equity": 820,
      "return_fraction": -0.18000000000000005,
      "total_fees": 0
    },
    {
      "path": "sell_off",
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      "prices": [
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        90,
        80,
        70
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
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        },
        {
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          "notional": 200,
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          "units_after": 4.222222222222222
        },
        {
          "step": 2,
          "side": "buy",
          "price": 80,
          "quantity": 2.5,
          "notional": 200,
          "fee": 0,
          "cash_after": 400,
          "units_after": 6.722222222222222
        }
      ],
      "marks": [
        {
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          "cash": 800,
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        },
        {
          "step": 1,
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          "units": 4.222222222222222,
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        },
        {
          "step": 2,
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        },
        {
          "step": 3,
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          "equity": 870.5555555555555
        }
      ],
      "ending_cash": 400,
      "ending_units": 6.722222222222222,
      "marked_inventory": 470.55555555555554,
      "ending_equity": 870.5555555555555,
      "return_fraction": -0.12944444444444447,
      "total_fees": 0
    },
    {
      "path": "sell_off",
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      "prices": [
        100,
        90,
        80,
        70
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [
        {
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      ],
      "marks": [
        {
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        },
        {
          "step": 1,
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        },
        {
          "step": 2,
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        },
        {
          "step": 3,
          "price": 70,
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          "units": 10,
          "equity": 700
        }
      ],
      "ending_cash": 0,
      "ending_units": 10,
      "marked_inventory": 700,
      "ending_equity": 700,
      "return_fraction": -0.30000000000000004,
      "total_fees": 0
    },
    {
      "path": "sell_off",
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      "prices": [
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        90,
        80,
        70
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0,
      "fills": [],
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        {
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        },
        {
          "step": 1,
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        },
        {
          "step": 2,
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        },
        {
          "step": 3,
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      ],
      "ending_cash": 1000,
      "ending_units": 0,
      "marked_inventory": 0,
      "ending_equity": 1000,
      "return_fraction": 0,
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    }
  ],
  "fee_sensitivity": [
    {
      "path": "range",
      "policy": "grid",
      "prices": [
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        90,
        100,
        90,
        100
      ],
      "initial_cash": 1000,
      "fee_fraction_per_fill": 0.001,
      "fills": [
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          "fee": 0.5,
          "cash_after": 499.5,
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        {
          "step": 1,
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          "notional": 90,
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          "cash_after": 409.40999999999997,
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        },
        {
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        {
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        {
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      ],
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        {
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        {
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      ],
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    {
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      "fee_fraction_per_fill": 0.001,
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