The 5 questions, in 5 seconds

What happened · where the money is · how much risk · what the system did AND refused · what regime. The hero is attribution + safety — a risk desk is measured by the risk it refuses, not a big P&L number. All paper / advisory, live from api.earn-defi.com, fail-closed (stale is shown explicitly). Not investment advice.

PAPER · advisory · no real capital

1 · What happened

Equity curve (net of fees)

2 · Where the money came from

the hero — attribution, not a P&L number

Paper book

3 · How much risk

Kill-switch headroom (per condition)

Exit-NAV by ticket size

Engines

4 · What the system did & refused

Decisions (what it DID)

Refusals (what it REFUSED)

full ledger →

Regime context

⚠ Personal Research Project: SPA is a personal research project in paper validation and tuning. Not a regulated financial service. Not raising capital. Not investment advice.

Paper Trading Disclosure: All performance data reflects simulated trading on a virtual $100,000 USDC portfolio. Current paper APY: ~3.6% (variable, not a forecast). Simulated performance does not account for live slippage, liquidity impact, or smart contract execution risk. We reset our own track: only days with a real cycle log count (currently 10/30, anchor 2026-06-22). Go-live target: ~2026-07-21 — contingent on GoLiveChecker 29/29 (currently 27/29 NOT READY). See /track-record.

Not a Regulated Service: SPA is a personal research project at the paper-testing stage. This does not constitute investment advice, financial advice, or a solicitation to invest in any jurisdiction. Consult qualified professionals before making investment decisions.

DeFi-specific risks: Smart contract vulnerabilities and exploits · Protocol insolvency · Stablecoin de-pegging · Oracle manipulation · Regulatory actions · Technology failure. Funds in DeFi protocols are not covered by any investor compensation scheme.

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