chizy7 · chizy7 · Aug 15, 2026 · Aug 15, 2026
diff --git a/.github/ISSUE_TEMPLATE/bug_report.yml b/.github/ISSUE_TEMPLATE/bug_report.yml
@@ -5,9 +5,9 @@ body:
   - type: markdown
     attributes:
       value: |
-        AlgoStream is paper trading only — there is no venue connectivity anywhere
-        in the project. If you are reporting something about placing real orders,
-        that code does not exist here.
+        Execution in AlgoStream is simulated. There is no venue connectivity in
+        this project today, so if you are reporting something about placing real
+        orders, that code does not exist here yet.
 
         For security vulnerabilities, do **not** open an issue. Follow
         [SECURITY.md](../blob/main/SECURITY.md) instead.

diff --git a/.github/ISSUE_TEMPLATE/feature_request.yml b/.github/ISSUE_TEMPLATE/feature_request.yml
@@ -5,8 +5,9 @@ body:
   - type: markdown
     attributes:
       value: |
-        AlgoStream is paper trading only — there is no venue connectivity anywhere
-        in the project. Proposals that assume live order placement are out of scope.
+        Execution in AlgoStream is simulated. There is no venue connectivity in
+        this project today, so proposals that assume live order placement are
+        out of scope for now.
 
   - type: textarea
     id: problem

diff --git a/CHANGELOG.md b/CHANGELOG.md
@@ -23,7 +23,7 @@ First public release.
 - **Order and risk management** — routing, sizing, execution-quality measurement, VaR and limits.
 - **Monte Carlo, optimization and performance** — path simulation, walk-forward analysis and
   return attribution.
-- **Live runtime** — a paper-trading runner driving the same strategy code as the backtester
+- **Live runtime** — a runner with simulated execution, driving the same strategy code as the backtester
   against a live feed, with `test/runtime/test_parity.exe` asserting the two produce identical
   results from one fixture.
 - **Telemetry and reporting** — metrics, health checks, alerting and report export.
@@ -36,9 +36,9 @@ First public release.
 
 ### Notes
 
-This is paper trading. There is no venue connectivity anywhere in the project — no exchange
-credentials, no request signing, no trading endpoint. Fills are simulated against live quotes by
-the same engine the backtester uses.
+Execution is simulated. There is no venue connectivity in this release: no exchange credentials,
+no request signing, no trading endpoint. Fills are simulated against live quotes by the same
+engine the backtester uses.
 
 Performance figures are stated in the README alongside the machine and the command that produced
 them. Targets that cannot be validated without a venue are marked as such where they appear,

diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
@@ -134,7 +134,7 @@ lib/                     # All library code
 ├── data_ingestion/      # Exchange connectors and the ingestion supervisor
 ├── analytics/ pairs/    # Statistics and cointegration
 ├── strategy/ backtest/  # The strategy contract and the simulator
-├── runtime/             # Live paper-trading runner
+├── runtime/             # Live runner, simulated execution
 └── telemetry/           # Metrics, health, alerting
 
 bin/                     # Executables — daemon, keyctl, auditctl, backtest, benchmark

diff --git a/README.md b/README.md
@@ -16,18 +16,31 @@
 
 ---
 
+> [!NOTE]
+> **This is a public portion of a larger private project, published as a reference for people
+> learning this domain.** The proprietary side (strategies, their parameters, and the research
+> around them) stays private and is not here. What is here is the machinery underneath: an event
+> bus, market-data ingestion, cointegration analytics, a fill simulator, a risk gate and a live
+> runtime, complete enough to build, test and run end to end.
+>
+> If you are trying to understand how an algorithmic-trading system is actually put together, and
+> where the honest limits of each piece are, that is what this repository is for. Execution is
+> simulated at present, and the docs are explicit about which numbers are measured and which
+> cannot be until there is a venue behind them.
+
 ## Overview
 
 AlgoStream is an event-driven platform for researching statistical-arbitrage strategies: live
 market-data ingestion, cointegration and mean-reversion analytics, a backtest engine, and a live
 runtime that drives the same strategy code against a real feed.
 
-**It is paper trading.** There is no venue connectivity anywhere in the project — no exchange
+**Execution is simulated.** There is no venue connectivity in this repository today: no exchange
 credentials, no request signing, no trading endpoint, so nothing here can place a real order. Fills
 are simulated against live quotes by the same engine the backtester uses, and
 `test/runtime/test_parity.exe` asserts the live runtime and the backtest produce identical results
-from one fixture. That equivalence is the claim the project makes; anything about real execution
-would need a venue this project does not have.
+from one fixture. That equivalence is the claim the project makes today; real execution latency and
+fill quality are marked unmeasured wherever they appear, and stay that way until there is a venue
+behind them.
 
 ### Measured
 
@@ -43,7 +56,7 @@ stated offered load; there is no venue leg to include, so this is not an order-e
 
 The other latency benchmark, `event_bus_latency`, saturates the bus on purpose and reports queueing
 delay in the tens of milliseconds by construction. Both are real and they answer different
-questions — `paced-bench` is the one comparable to a latency target.
+questions. `paced-bench` is the one comparable to a latency target.
 
 ## Architecture
 
@@ -69,7 +82,7 @@ same `Strategy.S` runs under the backtester and the live runtime.
 | `montecarlo`, `optimization`, `performance` | Simulation, walk-forward, attribution | [monte carlo](docs/guides/monte_carlo.md) · [optimization](docs/guides/optimization.md) |
 | `runtime`, `telemetry`, `reporting` | Live paper runner, metrics, report export | [live runtime](docs/guides/live_runtime.md) · [telemetry](docs/guides/telemetry.md) |
 
-Written in OCaml 5.x — `Domain` for parallelism, `Atomic` for publication, Lwt for I/O. The
+Written in OCaml 5.x, using `Domain` for parallelism, `Atomic` for publication and Lwt for I/O. The
 numerics are hand-rolled rather than pulled from a linear-algebra dependency; the reasoning is in
 the relevant guides.
 
@@ -125,7 +138,7 @@ The quickest look at a running system:
 make dash
 ```
 
-Then **http://127.0.0.1:8080/dashboard/** — note the path; `/` is the landing page.
+Then **http://127.0.0.1:8080/dashboard/**. Note the path; `/` is the landing page.
 
 No keystore means no credential required, and the listener is loopback-only.
 
@@ -141,7 +154,7 @@ dune exec bin/keyctl.exe -- add --label viewer --scopes read
 dune exec bin/keyctl.exe -- list
 ```
 
-Keys land in `$XDG_CONFIG_HOME/algostream/keys.json` (`~/.config/...`), mode `0600` — the daemon
+Keys land in `$XDG_CONFIG_HOME/algostream/keys.json` (`~/.config/...`), mode `0600`. The daemon
 **refuses to start** if the permissions are wider, rather than warning.
 
 ```bash
@@ -159,7 +172,7 @@ Directly:
 
 ```bash
 KEY='ask_...'
-curl -s  localhost:8080/api/health | jq         # public — shows auth_required
+curl -s  localhost:8080/api/health | jq         # public; shows auth_required
 curl -i  localhost:8080/api/telemetry           # 401 + WWW-Authenticate
 curl -i -XPOST -H "Authorization: Bearer $KEY" localhost:8080/api/strategies/pairs-1/stop
 ```
@@ -175,7 +188,7 @@ dune exec bin/auditctl.exe -- verify /tmp/algostream-audit   # exit 1 on a break
 dune exec bin/auditctl.exe -- head   /tmp/algostream-audit
 ```
 
-`head` prints the **anchor** — copy it somewhere the daemon cannot write. The chain is unkeyed, so
+`head` prints the **anchor**. Copy it somewhere the daemon cannot write. The chain is unkeyed, so
 anyone who can write the log can recompute it and hand you a file that verifies perfectly. The
 [security guide](docs/guides/security.md) shows how to demonstrate that, and what an anchor buys you.
 
@@ -189,7 +202,7 @@ make stack-down
 ```
 
 Scope-gated like every other observation endpoint. Grafana `:3000` (anonymous viewer), Prometheus
-`:9090`, Alertmanager `:9093` — all bound to loopback.
+`:9090`, Alertmanager `:9093`, all bound to loopback.
 
 ## Documentation
 
@@ -235,7 +248,7 @@ make k8s-validate
 # Performance benchmarks (release profile)
 make bench           # text output
 make bench-json      # JSON output for github-action-benchmark
-make paced-bench     # latency at a stated offered load — the figure to quote
+make paced-bench     # latency at a stated offered load; the figure to quote
 ```
 
 ## Deployment
@@ -251,8 +264,8 @@ make stack-up                  # daemon + Prometheus + Grafana + Alertmanager
 make stack-down
 ```
 
-`Dockerfile` (root) is the release image. `Dockerfile.dev` is a **profiling shell** — passwordless
-sudo, `SYS_ADMIN`, `seccomp:unconfined` — which is correct for running `perf` and valgrind and
+`Dockerfile` (root) is the release image. `Dockerfile.dev` is a **profiling shell** (passwordless
+sudo, `SYS_ADMIN`, `seccomp:unconfined`), which is correct for running `perf` and valgrind and
 disqualifying for anything unattended. Never derive one from the other.
 
 A container must bind `0.0.0.0`, since a pod's loopback is unreachable from outside its network
@@ -286,10 +299,10 @@ not make this a clustered system.
 
 ## Contributing
 
-Contributions are welcome — see [CONTRIBUTING.md](CONTRIBUTING.md) for the build setup, code style
+Contributions are welcome. See [CONTRIBUTING.md](CONTRIBUTING.md) for the build setup, code style
 and test expectations. Security issues should go through [SECURITY.md](SECURITY.md) rather than a
 public issue.
 
 ## License
 
-MIT — see [LICENSE](LICENSE).
+MIT. See [LICENSE](LICENSE).
diff --git a/SECURITY.md b/SECURITY.md
@@ -2,9 +2,9 @@
 
 ## Scope
 
-AlgoStream is **paper-trading research infrastructure**. There is no venue connectivity anywhere in
-the project — no exchange credentials, no request signing, no trading endpoint — so no vulnerability
-here can move funds. What the security model protects is the **control surface and the data**: the
+AlgoStream is **research infrastructure with simulated execution**. There is no venue connectivity
+in the project today (no exchange credentials, no request signing, no trading endpoint), so no
+vulnerability here can currently move funds. What the security model protects is the **control surface and the data**: the
 dashboard API can start, pause, stop and reallocate strategies, and it serves live position and P&L
 figures.
 

diff --git a/bin/algostream.ml b/bin/algostream.ml
@@ -85,7 +85,7 @@ let default_cli () =
 
 let usage () =
   print_string
-    {|algostream — live paper-trading daemon with a monitoring dashboard
+    {|algostream: live daemon with simulated execution and a monitoring dashboard
 
   Market data (pick one):
     --exchange {binance|coinbase|both}  live public feeds       (default both)
@@ -445,7 +445,7 @@ let () =
   let c = parse_args () in
     Logs.set_reporter (Logs.format_reporter ()) ;
     Logs.set_level (Some Logs.Info) ;
-    Printf.printf "algostream — paper trading, no venue connectivity\n%!" ;
+    Printf.printf "algostream: simulated execution, no venue connectivity\n%!" ;
 
     (* Both tuning knobs must be applied before anything is spawned: [Gc.set] so the Domains inherit
        the minor-heap size, and [set_plan] so each Domain can claim a core as it starts. *)

diff --git a/docs/architecture/latency_optimization.md b/docs/architecture/latency_optimization.md
@@ -57,8 +57,8 @@ leaving them to be discovered:
   the p50/p99 figures; the far tail is the major collector, which is stop-the-world across every
   Domain. Reporting the maximum as order-path latency would blame the wrong component, and omitting
   it would be worse.
-- **The venue leg does not exist.** AlgoStream is paper trading — no exchange connectivity, no order
-  placement, no acknowledgement. This answers the latency target only for the part the project
+- **The venue leg does not exist yet.** There is no exchange connectivity, no order placement and
+  no acknowledgement, so this answers the latency target only for the part the project
   controls. Real execution latency is dominated by the network round trip and the venue's matching
   engine, neither of which is measurable here.
 

diff --git a/docs/architecture/system_overview.md b/docs/architecture/system_overview.md
@@ -2,9 +2,9 @@
 
 What AlgoStream is made of and how the pieces fit together.
 
-**Scope.** This is paper-trading research infrastructure. There is no venue connectivity anywhere in
-the project — no exchange credentials, no request signing, no trading endpoint. Fills are simulated
-against live quotes.
+**Scope.** This is research infrastructure with simulated execution. There is no venue connectivity
+in the project today: no exchange credentials, no request signing, no trading endpoint. Fills are
+simulated against live quotes.
 
 ## Shape
 

diff --git a/docs/guides/dashboard.md b/docs/guides/dashboard.md
@@ -135,7 +135,7 @@ containing markup therefore cannot become markup.
 System health and latency, throughput, per-band queue depth, subsystem status, the portfolio NAV
 curve, strategy control, positions, recent fills, and active alerts.
 
-The paper-trading banner sits above all of them and is the most important element on the page.
+The simulated-execution banner sits above all of them and is the most important element on the page.
 
 ## Known gaps / follow-ups
 

diff --git a/docs/guides/deployment.md b/docs/guides/deployment.md
@@ -10,7 +10,7 @@ Service serves it, and a promotion and a rollback both complete without the Serv
 endpoint. Multi-node is still unproven — see below. Where a number appears — CPU, memory, timeouts —
 it is reasoned from the benchmarks rather than measured under production load.
 
-This remains paper trading throughout. There is no venue connectivity in this project.
+Execution is simulated throughout. There is no venue connectivity in this project today.
 
 ## The release container
 

diff --git a/docs/guides/getting_started.md b/docs/guides/getting_started.md
@@ -2,9 +2,9 @@
 
 Building AlgoStream, running the tests, and getting a live dashboard in front of you.
 
-**AlgoStream is paper trading.** There is no venue connectivity anywhere in the project — no
-credentials, no request signing, no trading endpoint. Every fill is simulated against live quotes.
-Nothing in this guide, or anywhere else, will place a real order.
+**Execution is simulated.** There is no venue connectivity in this project today: no credentials,
+no request signing, no trading endpoint. Every fill is simulated against live quotes. Nothing in
+this guide, or anywhere else, will place a real order.
 
 ## Prerequisites
 

diff --git a/lib/runtime/instance.ml b/lib/runtime/instance.ml
@@ -46,8 +46,8 @@ let default_config ~strategy_id ~venue ~initial_capital =
     initial_capital;
     venue;
     slippage = Slippage.Book_walk;
-    (* Unlike the backtest's [Latency.zero], live paper trading models the venue's real round trip:
-       an order submitted now is not matchable until the outbound delay has elapsed. *)
+    (* Unlike the backtest's [Latency.zero], the live runtime models the venue's real round trip: an
+       order submitted now is not matchable until the outbound delay has elapsed. *)
     latency = Latency.of_venue venue ();
     cost = Cost_model.default_config venue;
     risk_limits = Some Risk_limits.default;

diff --git a/site/dashboard/index.html b/site/dashboard/index.html
@@ -121,7 +121,7 @@
     .alert-msg { font-size: 12px; color: #C9C4B8; }
     .alert-count { margin-left: auto; font-size: 10px; color: var(--dim); flex: none; }
 
-    /* paper-trading banner — the single most important thing on the page */
+    /* simulated-execution banner, the single most important thing on the page */
     .paper {
       display: flex; align-items: center; gap: 12px;
       padding: 10px 16px;
@@ -189,9 +189,9 @@
     </div>
 
     <div class="paper">
-      <strong>Paper</strong>
+      <strong>Simulated</strong>
       <span>Every order, fill and P&amp;L figure below is simulated against live quotes. This project has no
-        venue connectivity — no credentials, no request signing, no trading endpoint.</span>
+        venue connectivity today: no credentials, no request signing, no trading endpoint.</span>
     </div>
 
     <div class="dash">

diff --git a/site/index.html b/site/index.html
@@ -219,7 +219,7 @@ <h1>
       <pre class="ascii-mark">┌─ <span class="dim">benchmark reference · apple silicon · release</span>
 │ ingestion  427k ev/s binance parse
 │ latency    0.07ms p50 · 0.15ms p99 at 50k ev/s
-└─ paper trading · no venue connectivity</pre>
+└─ simulated execution · no venue connectivity yet</pre>
 
 
       <div class="meta-right">

diff --git a/test/performance/order_path_latency.ml b/test/performance/order_path_latency.ml
@@ -13,12 +13,12 @@
       tick observed → strategy decides → risk gate → position sizing → routing → fill admitted
     v}
 
-    {b The venue leg does not exist.} AlgoStream is paper trading — there is no connectivity to any
-    exchange, no order placement, no acknowledgement. So this answers the target only for the part
-    the project actually controls: from market data arriving to an order being handed to the fill
-    simulator. Real execution latency is dominated by the network round trip and the venue's
-    matching engine, neither of which is here. Quoting this figure as "order execution latency"
-    without that sentence would be dishonest, which is why the sentence is in the output.
+    {b The venue leg does not exist yet.} There is no connectivity to any exchange, no order
+    placement and no acknowledgement. So this answers the target only for the part the project
+    actually controls: from market data arriving to an order being handed to the fill simulator.
+    Real execution latency is dominated by the network round trip and the venue's matching engine,
+    neither of which is here. Quoting this figure as "order execution latency" without that sentence
+    would be dishonest, which is why the sentence is in the output.
 
     {1 Method}
 
@@ -196,7 +196,7 @@ let main () =
         \        is the p50/p99 figures. See docs/architecture/latency_optimization.md on GC.\n"
         (ms p999) (ms max_v) ;
     print_endline
-      "  scope: market data in → order admitted to the fill simulator. AlgoStream is paper trading,\n\
+      "  scope: market data in → order admitted to the fill simulator. Execution is simulated,\n\
       \         so the venue round trip and matching are not included and cannot be measured here." ;
 
     match json_path with