{"version":"1","components":[{"component":"liquidity","signal":"impact_spread_bps","flag":"wide_spread","penalty":25,"meaning":"Round-trip impact spread; the cost to enter and exit.","threshold_bps":50.0},{"component":"oracle","signal":"oracle_deviation_bps","flag":"oracle_drift","penalty":25,"meaning":"|mark - oracle| / oracle; high means the price is dislocated.","threshold_bps":50.0},{"component":"capacity","signal":"oi_utilization_pct","flag":"near_cap","penalty":15,"meaning":"Open interest vs its cap; high means little room to add size.","threshold_pct":80.0},{"component":"funding","signal":"funding_apr_pct","flag":"extreme_funding","penalty":15,"meaning":"Annualized funding; high means it is expensive to hold.","threshold_pct":100.0},{"component":"volume","signal":"day_volume_usd","flag":"thin_volume","penalty":20,"meaning":"24h notional volume; low means it may be hard to exit.","threshold_usd":50000.0}],"score":"100 - sum(penalties of active flags), clamped to [0, 100].","verdict":{"avoid":"any of ['oracle_drift', 'thin_volume'] (price dislocated or can't exit)","caution":"any other flag present","tradeable":"no flags"},"cost_to_execute_bps":"Round-trip impact spread (impact ask - impact bid) / mid.","notes":["Thresholds are heuristics, tunable; this endpoint is the source of truth.","HIP-3 basis = mark vs oracle deviation (the oracle is the spot reference).","Returns data/metrics, not financial advice."]}