{
  "release": "2026-09-30.1",
  "method": "Walk captured asks in ascending price; decimal arithmetic; gross quantities displayed by rounding down to 8 decimals. Before-fee rows exclude all fees. Scenarios use first Kraken book only, fee charged in EUR within budget. They assume 0 or 2% funding cost and a 0.002 LTC withdrawal deduction, neither obtained from an account. No order increment, fee rounding, market-order buffer, account eligibility, bank FX or execution guarantee is modeled. Benchmark is that snapshot own midpoint, not an executable offer.",
  "observations": [
    {
      "round": 1,
      "venue": "kraken",
      "budget_eur": 100,
      "bid": "59.07000",
      "ask": "59.09000",
      "midpoint": "59.08000",
      "spread_bps": "3.38524035206499661475964793500338524",
      "gross_ltc_before_all_fees": "1.69233372",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 1,
      "venue": "kraken",
      "budget_eur": 1000,
      "bid": "59.07000",
      "ask": "59.09000",
      "midpoint": "59.08000",
      "spread_bps": "3.38524035206499661475964793500338524",
      "gross_ltc_before_all_fees": "16.92299898",
      "vwap": "59.0911812321129194678986108113225180",
      "levels_consumed": 2
    },
    {
      "round": 1,
      "venue": "coinbase",
      "budget_eur": 100,
      "bid": "59.051",
      "ask": "59.087",
      "midpoint": "59.069",
      "spread_bps": "6.09456737036347322622695491713081312",
      "gross_ltc_before_all_fees": "1.69241965",
      "vwap": "59.0870000000000000000000000000000002",
      "levels_consumed": 1
    },
    {
      "round": 1,
      "venue": "coinbase",
      "budget_eur": 1000,
      "bid": "59.051",
      "ask": "59.087",
      "midpoint": "59.069",
      "spread_bps": "6.09456737036347322622695491713081312",
      "gross_ltc_before_all_fees": "16.92281617",
      "vwap": "59.0918195729923865451868446959408570",
      "levels_consumed": 4
    },
    {
      "round": 1,
      "venue": "okx",
      "budget_eur": 100,
      "bid": "59.07",
      "ask": "59.09",
      "midpoint": "59.08",
      "spread_bps": "3.38524035206499661475964793500338524",
      "gross_ltc_before_all_fees": "1.69233372",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 1,
      "venue": "okx",
      "budget_eur": 1000,
      "bid": "59.07",
      "ask": "59.09",
      "midpoint": "59.08",
      "spread_bps": "3.38524035206499661475964793500338524",
      "gross_ltc_before_all_fees": "16.91819822",
      "vwap": "59.1079491341167132155804194104007699",
      "levels_consumed": 3
    },
    {
      "round": 2,
      "venue": "kraken",
      "budget_eur": 100,
      "bid": "59.08000",
      "ask": "59.09000",
      "midpoint": "59.08500",
      "spread_bps": "1.69247694000169247694000169247694000",
      "gross_ltc_before_all_fees": "1.69233372",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 2,
      "venue": "kraken",
      "budget_eur": 1000,
      "bid": "59.08000",
      "ask": "59.09000",
      "midpoint": "59.08500",
      "spread_bps": "1.69247694000169247694000169247694000",
      "gross_ltc_before_all_fees": "16.92333728",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 2,
      "venue": "coinbase",
      "budget_eur": 100,
      "bid": "59.071",
      "ask": "59.105",
      "midpoint": "59.088",
      "spread_bps": "5.75412943406444624966152179799620904",
      "gross_ltc_before_all_fees": "1.69190423",
      "vwap": "59.1049999999999999999999999999999999",
      "levels_consumed": 1
    },
    {
      "round": 2,
      "venue": "coinbase",
      "budget_eur": 1000,
      "bid": "59.071",
      "ask": "59.105",
      "midpoint": "59.088",
      "spread_bps": "5.75412943406444624966152179799620904",
      "gross_ltc_before_all_fees": "16.91827804",
      "vwap": "59.1076702686486212405960672135491362",
      "levels_consumed": 4
    },
    {
      "round": 2,
      "venue": "okx",
      "budget_eur": 100,
      "bid": "59.07",
      "ask": "59.1",
      "midpoint": "59.085",
      "spread_bps": "5.07743082000507743082000507743082001",
      "gross_ltc_before_all_fees": "1.69204737",
      "vwap": "59.0999999999999999999999999999999998",
      "levels_consumed": 1
    },
    {
      "round": 2,
      "venue": "okx",
      "budget_eur": 1000,
      "bid": "59.07",
      "ask": "59.1",
      "midpoint": "59.085",
      "spread_bps": "5.07743082000507743082000507743082001",
      "gross_ltc_before_all_fees": "16.91567442",
      "vwap": "59.1167679824976295293288946075133423",
      "levels_consumed": 2
    },
    {
      "round": 3,
      "venue": "kraken",
      "budget_eur": 100,
      "bid": "59.08000",
      "ask": "59.09000",
      "midpoint": "59.08500",
      "spread_bps": "1.69247694000169247694000169247694000",
      "gross_ltc_before_all_fees": "1.69233372",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 3,
      "venue": "kraken",
      "budget_eur": 1000,
      "bid": "59.08000",
      "ask": "59.09000",
      "midpoint": "59.08500",
      "spread_bps": "1.69247694000169247694000169247694000",
      "gross_ltc_before_all_fees": "16.92333728",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 3,
      "venue": "coinbase",
      "budget_eur": 100,
      "bid": "59.05",
      "ask": "59.087",
      "midpoint": "59.0685",
      "spread_bps": "6.26391393043669637793409346775354038",
      "gross_ltc_before_all_fees": "1.69241965",
      "vwap": "59.0870000000000000000000000000000002",
      "levels_consumed": 1
    },
    {
      "round": 3,
      "venue": "coinbase",
      "budget_eur": 1000,
      "bid": "59.05",
      "ask": "59.087",
      "midpoint": "59.0685",
      "spread_bps": "6.26391393043669637793409346775354038",
      "gross_ltc_before_all_fees": "16.92165359",
      "vwap": "59.0958793950053680515430527165923625",
      "levels_consumed": 4
    },
    {
      "round": 3,
      "venue": "okx",
      "budget_eur": 100,
      "bid": "59.06",
      "ask": "59.09",
      "midpoint": "59.075",
      "spread_bps": "5.07829030892932712653406686415573424",
      "gross_ltc_before_all_fees": "1.69233372",
      "vwap": "59.0900000000000000000000000000000000",
      "levels_consumed": 1
    },
    {
      "round": 3,
      "venue": "okx",
      "budget_eur": 1000,
      "bid": "59.06",
      "ask": "59.09",
      "midpoint": "59.075",
      "spread_bps": "5.07829030892932712653406686415573424",
      "gross_ltc_before_all_fees": "16.91819848",
      "vwap": "59.1079482224211901142295271649430771",
      "levels_consumed": 3
    }
  ],
  "scenarios": [
    {
      "budget_eur": 100,
      "scenario": "no-funding-charge",
      "funding_rate_assumed": "0",
      "taker_rate_public_schedule": "0.008",
      "withdrawal_ltc_assumed_not_quoted": "0.002",
      "gross_ltc": "1.67890250814603496952456167213317323",
      "wallet_ltc_model": "1.67690250",
      "effective_eur_per_ltc": "59.6337592674589011585348581685578023",
      "funding_cost_eur": "0",
      "trading_cost_eur": "0.7936507936507936507936507936507937",
      "book_cost_vs_mid_eur": "0.0167890250814603496952456167213319",
      "withdrawal_cost_at_mid_eur": "0.11816000",
      "rounding_cost_eur": "4.812677459995111035896278744284000E-7",
      "total_cost_vs_mid_eur": "0.9286003000000",
      "cost_percent_vs_mid": "0.9286003000000",
      "consumed_levels": 1
    },
    {
      "budget_eur": 100,
      "scenario": "illustrative-2-percent-funding-charge",
      "funding_rate_assumed": "0.02",
      "taker_rate_public_schedule": "0.008",
      "withdrawal_ltc_assumed_not_quoted": "0.002",
      "gross_ltc": "1.64532445798311427013407043869050977",
      "wallet_ltc_model": "1.64332445",
      "effective_eur_per_ltc": "60.8522559254808142117035987628614666",
      "funding_cost_eur": "2.00",
      "trading_cost_eur": "0.7777777777777777777777777777777778",
      "book_cost_vs_mid_eur": "0.0164532445798311427013407043869050",
      "withdrawal_cost_at_mid_eur": "0.11816000",
      "rounding_cost_eur": "4.716423910795208815178353172116000E-7",
      "total_cost_vs_mid_eur": "2.9123914940000",
      "cost_percent_vs_mid": "2.9123914940000",
      "consumed_levels": 1
    },
    {
      "budget_eur": 1000,
      "scenario": "no-funding-charge",
      "funding_rate_assumed": "0",
      "taker_rate_public_schedule": "0.008",
      "withdrawal_ltc_assumed_not_quoted": "0.002",
      "gross_ltc": "16.7887095103805763704240861601267693",
      "wallet_ltc_model": "16.78670951",
      "effective_eur_per_ltc": "59.5709361268383561847910954884927892",
      "funding_cost_eur": "0",
      "trading_cost_eur": "7.936507936507936507936507936507937",
      "book_cost_vs_mid_eur": "0.186534190207611527408481723202533",
      "withdrawal_cost_at_mid_eur": "0.11816000",
      "rounding_cost_eur": "2.2484451964655010340289530244000E-8",
      "total_cost_vs_mid_eur": "8.2412021492000",
      "cost_percent_vs_mid": "0.8241202149200",
      "consumed_levels": 2
    },
    {
      "budget_eur": 1000,
      "scenario": "illustrative-2-percent-funding-charge",
      "funding_rate_assumed": "0.02",
      "taker_rate_public_schedule": "0.008",
      "withdrawal_ltc_assumed_not_quoted": "0.002",
      "gross_ltc": "16.4529858244030832863320172964843016",
      "wallet_ltc_model": "16.45098582",
      "effective_eur_per_ltc": "60.7866307187662508118312875671787552",
      "funding_cost_eur": "20.00",
      "trading_cost_eur": "7.777777777777777777777777777777778",
      "book_cost_vs_mid_eur": "0.179819716488061665726640345929683",
      "withdrawal_cost_at_mid_eur": "0.11816000",
      "rounding_cost_eur": "2.60134160556495581876292538528000E-7",
      "total_cost_vs_mid_eur": "28.0757577544000",
      "cost_percent_vs_mid": "2.8075757754400",
      "consumed_levels": 2
    }
  ]
}