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+# Design-Implementation Gap Analysis Report
+
+> **Summary**: Comprehensive comparison of polymarket-arb-bot-prompt.md specification against actual implementation
+>
+> **Author**: gap-detector
+> **Created**: 2026-03-18
+> **Last Modified**: 2026-03-18
+> **Status**: Review
+
+---
+
+## Analysis Overview
+
+- **Analysis Target**: Polymarket Temporal Arbitrage Bot
+- **Design Document**: `D:\PRJ\poly_company\dtr2_poly\polymarket-arb-bot-prompt.md`
+- **Implementation Path**: `D:\PRJ\poly_company\dtr2_poly\polymarket-arb-bot\`
+- **Analysis Date**: 2026-03-18
+
+---
+
+## Overall Scores
+
+| Category | Score | Status |
+|----------|:-----:|:------:|
+| Directory Structure | 90% | PARTIAL |
+| Dependencies | 100% | IMPLEMENTED |
+| API Integrations | 88% | PARTIAL |
+| Core Strategy Logic | 95% | IMPLEMENTED |
+| Risk Management | 100% | IMPLEMENTED |
+| Implementation Phases | 82% | PARTIAL |
+| Execution Commands | 67% | PARTIAL |
+| Speed Requirements | 70% | PARTIAL |
+| Asset-Specific Handling | 100% | IMPLEMENTED |
+| **Overall** | **87%** | PARTIAL |
+
+---
+
+## 1. Directory Structure (Spec lines 75-123)
+
+### Status: PARTIAL (90%)
+
+| Specified File/Directory | Status | Notes |
+|--------------------------|:------:|-------|
+| `.env` | IMPLEMENTED | `.env.example` exists (actual `.env` gitignored, correct) |
+| `config.toml` | IMPLEMENTED | All sections present, values match spec |
+| `requirements.txt` | IMPLEMENTED | All 14 dependencies present |
+| `src/__init__.py` | IMPLEMENTED | Exists (empty) |
+| `src/main.py` | IMPLEMENTED | Full ArbBot class with event loop |
+| `src/config.py` | IMPLEMENTED | Nested dataclasses, TOML loader, env overlay |
+| `src/feeds/__init__.py` | IMPLEMENTED | Exports BinanceFeed, PolymarketFeed |
+| `src/feeds/binance_ws.py` | IMPLEMENTED | Full async WebSocket with reconnect |
+| `src/feeds/coinbase_ws.py` | MISSING | Coinbase cross-validation feed not implemented |
+| `src/feeds/polymarket_ws.py` | IMPLEMENTED | Full orderbook WebSocket with auto-reconnect |
+| `src/strategy/__init__.py` | IMPLEMENTED | Exports all strategy classes |
+| `src/strategy/temporal_arb.py` | IMPLEMENTED | Full strategy with probability model |
+| `src/strategy/sum_to_one.py` | IMPLEMENTED | Full sum-to-one with signal generation |
+| `src/strategy/spread_capture.py` | IMPLEMENTED | Full spread capture (disabled by default) |
+| `src/strategy/signal.py` | IMPLEMENTED | SignalAggregator coordinating all strategies |
+| `src/execution/__init__.py` | IMPLEMENTED | Exists |
+| `src/execution/clob_client.py` | IMPLEMENTED | EIP-712 auth, order ops, async wrapper |
+| `src/execution/order_manager.py` | IMPLEMENTED | Full lifecycle, expiry cancellation |
+| `src/execution/position_tracker.py` | IMPLEMENTED | Mark-to-market, PnL tracking |
+| `src/market/__init__.py` | IMPLEMENTED | Exports MarketDiscovery, WindowTracker |
+| `src/market/discovery.py` | IMPLEMENTED | Gamma API with filtering |
+| `src/market/window_tracker.py` | IMPLEMENTED | Clock-aligned windows for 3 assets x 2 TFs |
+| `src/market/oracle.py` | IMPLEMENTED | Chainlink ABI, latency monitoring |
+| `src/risk/__init__.py` | IMPLEMENTED | Exists |
+| `src/risk/position_sizer.py` | IMPLEMENTED | Kelly Criterion with 4 safety caps |
+| `src/risk/risk_manager.py` | IMPLEMENTED | Daily loss, exposure, position count checks |
+| `src/risk/fee_calculator.py` | IMPLEMENTED | 5M vs 15M fees, breakeven calc, EV calc |
+| `src/data/__init__.py` | IMPLEMENTED | Exports TradeDB |
+| `src/data/models.py` | IMPLEMENTED | All models: Market, Position, Trade, etc. |
+| `src/data/db.py` | IMPLEMENTED | SQLite with trades, windows, daily_summary, balance |
+| `src/utils/__init__.py` | IMPLEMENTED | Exists |
+| `src/utils/logger.py` | IMPLEMENTED | structlog with console/JSON renderers |
+| `src/utils/telegram.py` | IMPLEMENTED | Trade, fill, daily, error, halt notifications |
+| `src/utils/metrics.py` | IMPLEMENTED | Rolling windows, asset breakdown, hourly stats |
+| `paper_trade.py` | IMPLEMENTED | Full paper bot with virtual execution engine |
+| `backtest.py` | IMPLEMENTED | Synthetic + historical modes (not in spec but bonus) |
+| `dashboard/app.py` | MISSING | Streamlit dashboard not implemented |
+
+---
+
+## 2. Dependencies (Spec lines 126-143)
+
+### Status: IMPLEMENTED (100%)
+
+| Dependency | Spec Version | Impl Version | Status |
+|------------|:------------:|:------------:|:------:|
+| py-clob-client | >=0.18.0 | >=0.18.0 | IMPLEMENTED |
+| web3 | >=6.0 | >=6.0 | IMPLEMENTED |
+| websockets | >=12.0 | >=12.0 | IMPLEMENTED |
+| aiohttp | >=3.9 | >=3.9 | IMPLEMENTED |
+| python-dotenv | >=1.0 | >=1.0 | IMPLEMENTED |
+| toml | >=0.10 | >=0.10 | IMPLEMENTED |
+| eth-account | >=0.11 | >=0.11 | IMPLEMENTED |
+| structlog | >=24.0 | >=24.0 | IMPLEMENTED |
+| sqlite-utils | >=3.36 | >=3.36 | IMPLEMENTED |
+| ccxt | >=4.2 | >=4.2 | IMPLEMENTED |
+| numpy | >=1.26 | >=1.26 | IMPLEMENTED |
+| pandas | >=2.2 | >=2.2 | IMPLEMENTED |
+| streamlit | >=1.32 | >=1.32 | IMPLEMENTED |
+| python-telegram-bot | >=21.0 | >=21.0 | IMPLEMENTED |
+
+Note: `streamlit` is listed in requirements.txt but `dashboard/app.py` is not implemented. `python-telegram-bot` is in requirements.txt but the actual Telegram implementation uses `aiohttp` directly instead.
+
+---
+
+## 3. API Integrations (Spec lines 147-240)
+
+### Status: PARTIAL (88%)
+
+#### 3.1 Polymarket Gamma API Market Discovery
+
+| Requirement | Status | Location |
+|-------------|:------:|----------|
+| GET /events endpoint | IMPLEMENTED | `src/market/discovery.py:16` |
+| Query params: tag=crypto, active=true, closed=false, limit=100 | IMPLEMENTED | `src/market/discovery.py:17-22` |
+| Filter: "Up or Down" in title | IMPLEMENTED | `src/market/discovery.py:179` (regex) |
+| Filter: "5 Min" or "15 Min" | IMPLEMENTED | `src/market/discovery.py:30-37` |
+| Filter: BTC / ETH / SOL | IMPLEMENTED | `src/market/discovery.py:24-28` |
+| Filter: enableOrderBook == true | IMPLEMENTED | `src/market/discovery.py:201` |
+| Filter: active == true | IMPLEMENTED | `src/market/discovery.py:199` |
+| Continuous discovery loop | IMPLEMENTED | `src/market/discovery.py:235` |
+| Rate limit handling (429) | IMPLEMENTED | `src/market/discovery.py:143-147` |
+
+#### 3.2 CLOB API Authentication (EIP-712)
+
+| Requirement | Status | Location |
+|-------------|:------:|----------|
+| py-clob-client ClobClient usage | IMPLEMENTED | `src/execution/clob_client.py:53-61` |
+| host, key, chain_id, signature_type, funder params | IMPLEMENTED | `src/execution/clob_client.py:56-61` |
+| API key creation (create_api_key) | IMPLEMENTED | `src/execution/clob_client.py:68` |
+| Order placement (OrderArgs, GTC) | IMPLEMENTED | `src/execution/clob_client.py:122-132` |
+| Market order (FOK) | IMPLEMENTED | `src/execution/clob_client.py:155-167` |
+| Async wrapper (thread executor) | IMPLEMENTED | `src/execution/clob_client.py:43-46` |
+
+#### 3.3 Binance WebSocket
+
+| Requirement | Status | Location |
+|-------------|:------:|----------|
+| Combined stream URL format | IMPLEMENTED | `src/feeds/binance_ws.py:31-34` |
+| btcusdt@trade, ethusdt@trade, solusdt@trade | IMPLEMENTED | `src/feeds/binance_ws.py:21-25` |
+| Parse stream name -> symbol mapping | IMPLEMENTED | `src/feeds/binance_ws.py:206-209` |
+| Extract price (data['p']), volume (data['q']) | IMPLEMENTED | `src/feeds/binance_ws.py:212-213` |
+| Auto-reconnect with exponential backoff | IMPLEMENTED | `src/feeds/binance_ws.py:96-131` |
+
+#### 3.4 Polymarket WebSocket (Orderbook)
+
+| Requirement | Status | Location |
+|-------------|:------:|----------|
+| Subscribe message format | IMPLEMENTED | `src/feeds/polymarket_ws.py:211-217` |
+| Channel: "book" (spec says "market") | CHANGED | Spec: `"channel": "market"`, Impl: `"channel": "book"` |
+| assets_ids field (spec: assets_id singular) | CHANGED | Spec: `"assets_id"`, Impl: `"assets_ids"` (array) |
+| Parse bid/ask updates | IMPLEMENTED | `src/feeds/polymarket_ws.py:250-269` |
+| Maintain OrderBookSnapshot | IMPLEMENTED | `src/feeds/polymarket_ws.py:271-278` |
+| Auto-reconnect | IMPLEMENTED | `src/feeds/polymarket_ws.py:108-143` |
+
+#### 3.5 Coinbase WebSocket (Cross-validation)
+
+| Requirement | Status | Notes |
+|-------------|:------:|-------|
+| coinbase_ws.py module | MISSING | File does not exist |
+| Cross-validation feed | MISSING | No Coinbase integration at all |
+
+**Note**: The spec marks this as "auxiliary feed for cross-validation". The `.env.example` includes `COINBASE_WS_URL` but no implementation exists.
+
+---
+
+## 4. Core Strategy Logic (Spec lines 244-333)
+
+### Status: IMPLEMENTED (95%)
+
+#### 4.1 TemporalArbStrategy Class
+
+| Spec Requirement | Status | Implementation Detail |
+|-----------------|:------:|----------------------|
+| `__init__` with config params | IMPLEMENTED | Takes `TemporalArbConfig`, `RiskConfig`, `FeesConfig` |
+| `min_price_move_pct = 0.15` | CHANGED | Config default 0.15, but `config.toml` has 0.03 |
+| `max_poly_price = 0.65` | IMPLEMENTED | `max_poly_entry_price = 0.65` |
+| `min_edge = 0.20` | CHANGED | Config default 0.20, but `config.toml` has 0.05 |
+| `exit_before_resolution_sec = 5` | IMPLEMENTED | Matches spec |
+| `max_position_per_market = 5000` | IMPLEMENTED | In RiskConfig |
+| `taker_fee_rate = 0.0156` | IMPLEMENTED | FeesConfig with timeframe-aware fee |
+
+#### 4.2 Evaluate Function - 10 Steps
+
+| Step | Spec Description | Status | Notes |
+|:----:|-----------------|:------:|-------|
+| 1 | Price direction calculation | IMPLEMENTED | `(cex_price - window_start_price) / window_start_price * 100` |
+| 2 | Direction magnitude check (`abs < min_price_move_pct`) | IMPLEMENTED | `temporal_arb.py:85-86` |
+| 3 | Direction determination (UP/DOWN) | IMPLEMENTED | `temporal_arb.py:89` |
+| 4 | Probability estimation | IMPLEMENTED | Enhanced: multi-factor model (base + time decay + volatility) |
+| 5 | Polymarket price selection | IMPLEMENTED | `temporal_arb.py:98-99` |
+| 6 | Edge calculation (prob - price - fee) | IMPLEMENTED | `temporal_arb.py:112-113` |
+| 7 | Edge threshold check | IMPLEMENTED | `temporal_arb.py:115-116` |
+| 8 | Entry price ceiling check | IMPLEMENTED | `temporal_arb.py:102-103` |
+| 9 | Time-to-resolution check | IMPLEMENTED | `temporal_arb.py:93-95` |
+| 10 | Position sizing | IMPLEMENTED | `temporal_arb.py:120-125` |
+
+#### 4.3 Kelly Criterion Position Sizing
+
+| Requirement | Status | Notes |
+|-------------|:------:|-------|
+| Formula: f* = (bp - q) / b | IMPLEMENTED | `temporal_arb.py:233` |
+| b = (1/price - 1) | IMPLEMENTED | `temporal_arb.py:226` |
+| p = estimated_prob | IMPLEMENTED | `temporal_arb.py:227` |
+| Max 25% Kelly cap | IMPLEMENTED | `temporal_arb.py:234` via `kelly_fraction_cap` |
+| Dollar size = balance * kelly_fraction | IMPLEMENTED | `temporal_arb.py:236` |
+| max_position_per_market cap | IMPLEMENTED | `temporal_arb.py:236` |
+| Return shares = dollar_size / price | IMPLEMENTED | `temporal_arb.py:237` |
+
+#### 4.4 Signal Generation
+
+| Requirement | Status | Notes |
+|-------------|:------:|-------|
+| Signal dataclass with all fields | IMPLEMENTED | `models.py:72-81` |
+| Signal aggregation across strategies | IMPLEMENTED | `signal.py` SignalAggregator |
+| Signal deduplication / cooldown | IMPLEMENTED | 30-second cooldown per direction/asset/timeframe |
+
+---
+
+## 5. Risk Management (Spec lines 337-394)
+
+### Status: IMPLEMENTED (100%)
+
+#### 5.1 Config Parameters (config.toml)
+
+| Parameter | Spec Value | Impl Value | Status |
+|-----------|:----------:|:----------:|:------:|
+| `mode` | "paper" | "paper" | IMPLEMENTED |
+| `assets` | ["BTC","ETH","SOL"] | ["BTC","ETH","SOL"] | IMPLEMENTED |
+| `timeframes` | ["5M","15M"] | ["5M","15M"] | IMPLEMENTED |
+| `log_level` | "INFO" | "INFO" | IMPLEMENTED |
+| `temporal_arb.enabled` | true | true | IMPLEMENTED |
+| `temporal_arb.min_price_move_pct` | 0.15 | 0.03 | CHANGED |
+| `temporal_arb.max_poly_entry_price` | 0.65 | 0.65 | IMPLEMENTED |
+| `temporal_arb.min_edge` | 0.20 | 0.05 | CHANGED |
+| `temporal_arb.exit_before_resolution_sec` | 5 | 5 | IMPLEMENTED |
+| `sum_to_one.enabled` | true | true | IMPLEMENTED |
+| `sum_to_one.min_spread_after_fee` | 0.02 | 0.02 | IMPLEMENTED |
+| `spread_capture.enabled` | false | false | IMPLEMENTED |
+| `spread_capture.spread_target` | 0.04 | 0.04 | IMPLEMENTED |
+| `risk.max_position_per_market_usd` | 5000 | 5000 | IMPLEMENTED |
+| `risk.max_total_exposure_usd` | 20000 | 20000 | IMPLEMENTED |
+| `risk.max_daily_loss_usd` | 2000 | 2000 | IMPLEMENTED |
+| `risk.kelly_fraction_cap` | 0.25 | 0.25 | IMPLEMENTED |
+| `risk.max_concurrent_positions` | 6 | 6 | IMPLEMENTED |
+| `fees.taker_fee_5m` | 0.0156 | 0.0156 | IMPLEMENTED |
+| `fees.taker_fee_15m` | 0.03 | 0.03 | IMPLEMENTED |
+| `exchange.binance.ws_url` | spec URL | matches | IMPLEMENTED |
+| `exchange.binance.symbols` | 3 pairs | matches | IMPLEMENTED |
+| `exchange.polymarket.*` | all URLs | matches | IMPLEMENTED |
+| `notifications.*` | all fields | matches | IMPLEMENTED |
+
+**Note on CHANGED values**: `min_price_move_pct` (0.15->0.03) and `min_edge` (0.20->0.05) were intentionally lowered in config.toml (comments explain: "lower for evaluation"). The default dataclass values still match the spec. This appears to be parameter tuning, not a design deviation.
+
+#### 5.2 Risk Manager Features
+
+| Feature | Status | Location |
+|---------|:------:|----------|
+| Maximum exposure check | IMPLEMENTED | `risk_manager.py:110-117` |
+| Daily loss limit with auto-halt | IMPLEMENTED | `risk_manager.py:93-108` |
+| Position count limit | IMPLEMENTED | `risk_manager.py:119-125` |
+| Trading halt/resume | IMPLEMENTED | `risk_manager.py:131-141` |
+| Risk summary for dashboard | IMPLEMENTED | `risk_manager.py:147-161` |
+
+#### 5.3 Fee Calculator
+
+| Feature | Status | Notes |
+|---------|:------:|-------|
+| 5M taker fee (1.56%) | IMPLEMENTED | `fee_calculator.py:39` |
+| 15M taker fee (3%) | IMPLEMENTED | `fee_calculator.py:39` |
+| Fee applied to profit, not cost | IMPLEMENTED | `fee_calculator.py:40-43` |
+| Breakeven probability calc | IMPLEMENTED | `fee_calculator.py:45-57` |
+| Expected value calculation | IMPLEMENTED | `fee_calculator.py:80-90` |
+
+---
+
+## 6. Implementation Phases (Spec lines 398-430)
+
+### Status: PARTIAL (82%)
+
+#### Phase 1: Infrastructure & Data Pipeline
+
+| Item | Status | Notes |
+|------|:------:|-------|
+| Project scaffolding | IMPLEMENTED | All directories, deps, config |
+| Binance WebSocket BTC/ETH/SOL | IMPLEMENTED | Full async with reconnect |
+| Polymarket Gamma API discovery | IMPLEMENTED | With filtering and continuous loop |
+| Window tracker (start price / end time) | IMPLEMENTED | Clock-aligned for 3x2 windows |
+| Logging & SQLite trade log | IMPLEMENTED | structlog + SQLite with 4 tables |
+
+#### Phase 2: Strategy Engine
+
+| Item | Status | Notes |
+|------|:------:|-------|
+| Temporal arb signal generator | IMPLEMENTED | Enhanced probability model |
+| Sum-to-one arb monitor | IMPLEMENTED | Full with signal generation |
+| Probability estimation model | IMPLEMENTED | 3-factor model (base + time + volatility) |
+| Kelly Criterion sizing | IMPLEMENTED | With 4 safety caps in PositionSizer |
+
+#### Phase 3: Execution Engine
+
+| Item | Status | Notes |
+|------|:------:|-------|
+| CLOB auth (EIP-712 + API Key) | IMPLEMENTED | py-clob-client wrapper |
+| Order manager (create/modify/cancel) | IMPLEMENTED | Full lifecycle management |
+| Position tracker (real-time PnL) | IMPLEMENTED | Mark-to-market updates |
+| Fee calculator (5M vs 15M) | IMPLEMENTED | With breakeven and EV calcs |
+
+#### Phase 4: Risk & Monitoring
+
+| Item | Status | Notes |
+|------|:------:|-------|
+| Risk manager (daily loss, max exposure) | IMPLEMENTED | Auto-halt on breach |
+| Telegram notification bot | IMPLEMENTED | Trade, fill, daily, error, halt alerts |
+| Streamlit real-time dashboard | MISSING | `dashboard/app.py` does not exist |
+| Paper trading mode | IMPLEMENTED | Full virtual execution engine |
+
+#### Phase 5: Optimization & Live
+
+| Item | Status | Notes |
+|------|:------:|-------|
+| Paper trading validation | IMPLEMENTED | `paper_trade.py` with simulated orderbooks |
+| Small-amount live trading | IMPLEMENTED | `src/main.py` with live mode support |
+| Parameter tuning | PARTIAL | Config supports it, no auto-tuning |
+| Performance analysis | IMPLEMENTED | `backtest.py` (bonus: not in original spec) |
+
+---
+
+## 7. Execution Commands (Spec lines 482-496)
+
+### Status: PARTIAL (67%)
+
+| Command | Status | Notes |
+|---------|:------:|-------|
+| `python paper_trade.py` | IMPLEMENTED | Full paper trading bot at project root |
+| `python src/main.py` | IMPLEMENTED | Full live/paper ArbBot with all components |
+| `streamlit run dashboard/app.py` | MISSING | Dashboard directory does not exist |
+
+---
+
+## 8. Speed Requirements (Spec lines 463-467)
+
+### Status: PARTIAL (70%)
+
+| Requirement | Status | Implementation |
+|-------------|:------:|----------------|
+| Opportunity window: 2-5 seconds | IMPLEMENTED | Strategy evaluates on every tick |
+| Order detect -> fill < 500ms | PARTIAL | Async architecture supports it; actual latency depends on network |
+| Binance tick -> signal: < 50ms | PARTIAL | Callback-based, should be <50ms; no explicit measurement |
+| Signal -> CLOB order: < 200ms | PARTIAL | Uses thread executor for sync SDK; no latency metrics |
+| Server near Polygon RPC | N/A | Deployment concern, not code |
+
+**Notes**:
+- `src/utils/logger.py` provides `log_timing` context manager for measurement, but it is not used in the hot path (strategy eval -> order submission).
+- No explicit latency benchmarking or monitoring exists in the strategy pipeline.
+- The `signal.py` aggregator has rate limiting at 0.5s intervals per market, which could theoretically delay signals.
+
+---
+
+## 9. Asset-Specific Handling (BTC, ETH, SOL Simultaneous)
+
+### Status: IMPLEMENTED (100%)
+
+| Requirement | Status | Notes |
+|-------------|:------:|-------|
+| BTC support | IMPLEMENTED | Asset.BTC enum, Binance stream, Gamma filter |
+| ETH support | IMPLEMENTED | Asset.ETH enum, Binance stream, Gamma filter |
+| SOL support | IMPLEMENTED | Asset.SOL enum, Binance stream, Gamma filter |
+| Simultaneous operation | IMPLEMENTED | WindowTracker manages 6 windows (3 assets x 2 TFs) |
+| Per-asset price tracking | IMPLEMENTED | BinanceFeed._latest_prices keyed by symbol |
+| Oracle monitoring per asset | IMPLEMENTED | OracleMonitor.FEEDS has all 3 Chainlink addresses |
+
+---
+
+## Differences Found
+
+### MISSING Features (Design O, Implementation X)
+
+| Item | Spec Location | Description | Impact |
+|------|---------------|-------------|--------|
+| `src/feeds/coinbase_ws.py` | Spec line 87 | Coinbase WebSocket for cross-validation | Low |
+| `dashboard/app.py` | Spec line 122 | Streamlit real-time dashboard | Medium |
+| Explicit latency measurement | Spec lines 463-467 | No tick-to-order latency tracking in hot path | Medium |
+
+### ADDED Features (Design X, Implementation O)
+
+| Item | Implementation Location | Description |
+|------|------------------------|-------------|
+| `backtest.py` | Project root | Synthetic + historical backtester (not in spec) |
+| Enhanced probability model | `temporal_arb.py:169-205` | Multi-factor model (base + time decay + volatility boost) vs spec's simple linear model |
+| `PositionSizer` class | `src/risk/position_sizer.py` | Standalone Kelly sizer with 4 caps (half-Kelly, exposure cap) beyond spec |
+| `OracleMonitor` class | `src/market/oracle.py` | Chainlink oracle latency tracking (spec mentions oracle but no dedicated monitor) |
+| Signal deduplication | `signal.py:78-84` | 30-second cooldown per market direction |
+| Simulated orderbooks in paper mode | `paper_trade.py:461-529` | Generates fake Polymarket prices for paper trading when no real market exists |
+| Balance history table | `src/data/db.py:102-113` | Tracks balance over time (not in spec) |
+| Early exit logic | `temporal_arb.py:245-284` | `should_exit_early()` method for reversal/take-profit detection |
+
+### CHANGED Features (Design != Implementation)
+
+| Item | Spec | Implementation | Impact |
+|------|------|----------------|--------|
+| WebSocket subscribe channel | `"channel": "market"` | `"channel": "book"` | Low (likely API correction) |
+| WebSocket subscribe field | `"assets_id": TOKEN_ID` | `"assets_ids": [token_id]` (array) | Low (likely API correction) |
+| `config.toml` min_price_move_pct | 0.15 | 0.03 | Low (tuning, default still 0.15) |
+| `config.toml` min_edge | 0.20 | 0.05 | Low (tuning, default still 0.20) |
+| Probability estimation | `min(0.95, 0.55 + abs(pct) * 100)` | Multi-factor: base + time_decay + vol_boost | Low (improvement) |
+| Telegram implementation | `python-telegram-bot` SDK | Direct `aiohttp` HTTP calls | Low (simpler, fewer deps) |
+| Fee calculation scope | `taker_fee_rate = 0.0156` (fixed) | Timeframe-aware via `FeesConfig.fee_for_timeframe()` | Low (improvement) |
+
+---
+
+## Summary by Component
+
+| Component | Files | Completeness | Quality |
+|-----------|:-----:|:------------:|:-------:|
+| Config & Setup | 4 | 100% | High - frozen dataclasses, env overlay |
+| Data Feeds | 2/3 | 67% | High - auto-reconnect, heartbeat |
+| Market Discovery | 3 | 100% | High - rate limiting, continuous loop |
+| Strategy Engine | 4 | 100% | High - 3 strategies, aggregator, dedup |
+| Execution Engine | 3 | 100% | High - async SDK wrapper, lifecycle |
+| Risk Management | 3 | 100% | High - auto-halt, multi-check |
+| Data Layer | 2 | 100% | High - 4 tables, aggregation queries |
+| Utilities | 3 | 100% | High - structured logging, metrics |
+| Entry Points | 2/3 | 67% | High - paper + live, missing dashboard |
+| Bonus | 1 | N/A | backtest.py not in spec |
+
+---
+
+## Recommended Actions
+
+### Immediate Actions (Priority: High)
+
+1. **Implement `dashboard/app.py`** -- The Streamlit dashboard is specified in the design and `streamlit` is already in `requirements.txt`. This provides visibility into bot performance and is explicitly called out as an execution command (`streamlit run dashboard/app.py`). Should display: live positions, PnL chart, trade log, risk status, asset breakdown using data from `MetricsCollector` and `TradeDB`.
+
+### Medium Priority
+
+2. **Add latency instrumentation** -- The `log_timing` utility exists in `src/utils/logger.py` but is never used in the critical path. Wrap the strategy evaluation and order submission flows to verify the spec's <50ms and <200ms targets.
+
+3. **Implement `src/feeds/coinbase_ws.py`** -- Coinbase cross-validation was specified as auxiliary. Consider adding as a secondary price source to detect exchange-specific anomalies or confirm Binance prices.
+
+### Low Priority / Documentation
+
+4. **Document config.toml parameter changes** -- The deployed `config.toml` has `min_price_move_pct=0.03` and `min_edge=0.05` vs spec defaults of `0.15` and `0.20`. These are clearly intentional tuning choices (inline comments explain), but should be documented in a tuning log.
+
+5. **WebSocket field differences** -- The Polymarket WebSocket uses `"channel": "book"` and `"assets_ids"` (array) instead of spec's `"channel": "market"` and `"assets_id"` (singular). These appear to be corrections reflecting the actual API behavior. Update the spec to match.
+
+---
+
+## Match Rate: 87%
+
+The implementation covers the vast majority of the specification with high code quality. The two primary gaps (Streamlit dashboard and Coinbase feed) are well-contained and do not affect core trading functionality. Several additions (backtester, oracle monitor, enhanced probability model, early exit logic) represent improvements beyond the original spec.
+
+### Verdict
+
+Match Rate >= 70% && < 90%: **There are some differences. Document update and focused implementation recommended.**
+
+Specific focus areas:
+- Build the Streamlit dashboard to complete Phase 4
+- Add latency metrics to validate speed requirements
+- Update spec to reflect API corrections and intentional improvements