{
  "version": "2026-10-06",
  "units": "USD, GPU-hours, accepted tasks, whole hypothetical contracts and days",
  "scope": "Hypothetical linear cash-settled buyer hedge with sampled marks, immediate cash variation, constant cash margin per live contract and full release at close. Billed hours equal the greater of used hours and an explicit minimum billed-hour floor, all priced at the specified realized rental rate. Bill paid once at the final day in the specified order. No loan is supplied to negative balances.",
  "exclusions": "Not actual CME rules or price data. No interest, fees, taxes, discounting, execution slippage, credit failure, margin add-ons or unobserved intraperiod prices. No actual AI workload was measured.",
  "scenarios": [
    {
      "id": "fixed_work_and_hours",
      "label": "Original usage with a matched, unchanged hedge",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.1,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {},
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 1460000,
          "billedGpuHours": 1460000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 1460000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 2190000,
          "settlementVariationUsd": -2190000,
          "netCashCostUsd": 4380000,
          "netCashCostPerAcceptedTaskUsd": 0.3,
          "closingCashBeforeNewFundingUsd": 1620000,
          "lowestUnfundedCashUsd": 1620000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 4380000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 90,
            "sequence": 3,
            "event": "settlement_variation",
            "cashDeltaUsd": -1313999.9999999998,
            "unfundedCashUsd": 3410000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 2.4,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "release_cash_margin",
            "cashDeltaUsd": 400000,
            "unfundedCashUsd": 3810000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -2190000,
            "unfundedCashUsd": 1620000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "efficiency_fixed_hedge",
      "label": "Half the GPU hours per task; original hedge retained",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {},
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 730000,
          "billedGpuHours": 730000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 1460000,
          "finalIntervalHedgeToBilledHoursRatio": 2,
          "computeBillUsd": 1095000,
          "settlementVariationUsd": -2190000,
          "netCashCostUsd": 3285000,
          "netCashCostPerAcceptedTaskUsd": 0.225,
          "closingCashBeforeNewFundingUsd": 2715000,
          "lowestUnfundedCashUsd": 2715000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 3285000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": -730000
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 90,
            "sequence": 3,
            "event": "settlement_variation",
            "cashDeltaUsd": -1313999.9999999998,
            "unfundedCashUsd": 3410000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 2.4,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "release_cash_margin",
            "cashDeltaUsd": 400000,
            "unfundedCashUsd": 3810000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -1095000,
            "unfundedCashUsd": 2715000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "efficiency_with_billing_floor",
      "label": "Efficiency releases used hours but not the assumed billed-hour floor",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 1460000,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {},
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 730000,
          "billedGpuHours": 1460000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 1460000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 2190000,
          "settlementVariationUsd": -2190000,
          "netCashCostUsd": 4380000,
          "netCashCostPerAcceptedTaskUsd": 0.3,
          "closingCashBeforeNewFundingUsd": 1620000,
          "lowestUnfundedCashUsd": 1620000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 4380000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 90,
            "sequence": 3,
            "event": "settlement_variation",
            "cashDeltaUsd": -1313999.9999999998,
            "unfundedCashUsd": 3410000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 2.4,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "release_cash_margin",
            "cashDeltaUsd": 400000,
            "unfundedCashUsd": 3810000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -2190000,
            "unfundedCashUsd": 1620000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "resize_before_price_move",
      "label": "Resize at day 30 while the futures mark still equals entry",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          3,
          1.5
        ],
        "rebalanceAfterMark": {
          "1": 1000
        },
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 730000,
          "billedGpuHours": 730000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 730000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 1095000,
          "settlementVariationUsd": -1095000,
          "netCashCostUsd": 2190000,
          "netCashCostPerAcceptedTaskUsd": 0.15,
          "closingCashBeforeNewFundingUsd": 3810000,
          "lowestUnfundedCashUsd": 3810000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 2190000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 3
          },
          {
            "day": 30,
            "sequence": 3,
            "event": "resize_and_adjust_cash_margin",
            "cashDeltaUsd": 200000,
            "unfundedCashUsd": 5800000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "settlement_variation",
            "cashDeltaUsd": -1095000,
            "unfundedCashUsd": 4705000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000,
            "contractsForInterval": 1000,
            "priceFrom": 3,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "release_cash_margin",
            "cashDeltaUsd": 200000,
            "unfundedCashUsd": 4905000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 6,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -1095000,
            "unfundedCashUsd": 3810000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "resize_after_price_move",
      "label": "Resize at day 30 after the futures mark has fallen",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {
          "1": 1000
        },
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 730000,
          "billedGpuHours": 730000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 730000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 1095000,
          "settlementVariationUsd": -1533000,
          "netCashCostUsd": 2628000,
          "netCashCostPerAcceptedTaskUsd": 0.18,
          "closingCashBeforeNewFundingUsd": 3372000,
          "lowestUnfundedCashUsd": 3372000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 2628000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 30,
            "sequence": 3,
            "event": "resize_and_adjust_cash_margin",
            "cashDeltaUsd": 200000,
            "unfundedCashUsd": 4924000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "settlement_variation",
            "cashDeltaUsd": -656999.9999999999,
            "unfundedCashUsd": 4267000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000,
            "contractsForInterval": 1000,
            "priceFrom": 2.4,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "release_cash_margin",
            "cashDeltaUsd": 200000,
            "unfundedCashUsd": 4467000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 6,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -1095000,
            "unfundedCashUsd": 3372000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "demand_rebound",
      "label": "Half the hours per task and twice the accepted work",
      "input": {
        "acceptedTasks": 29200000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 1.5,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {},
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 1460000,
          "billedGpuHours": 1460000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 1460000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 2190000,
          "settlementVariationUsd": -2190000,
          "netCashCostUsd": 4380000,
          "netCashCostPerAcceptedTaskUsd": 0.15,
          "closingCashBeforeNewFundingUsd": 1620000,
          "lowestUnfundedCashUsd": 1620000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 4380000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 90,
            "sequence": 3,
            "event": "settlement_variation",
            "cashDeltaUsd": -1313999.9999999998,
            "unfundedCashUsd": 3410000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 2.4,
            "priceTo": 1.5
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "release_cash_margin",
            "cashDeltaUsd": 400000,
            "unfundedCashUsd": 3810000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          },
          {
            "day": 90,
            "sequence": 5,
            "event": "pay_compute_bill",
            "cashDeltaUsd": -2190000,
            "unfundedCashUsd": 1620000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 0
          }
        ]
      }
    },
    {
      "id": "rental_basis",
      "label": "Late resize; paid rental price exceeds final futures reference",
      "input": {
        "acceptedTasks": 14600000,
        "gpuHoursPerAcceptedTask": 0.05,
        "minimumBillableGpuHours": 0,
        "rentalPriceUsdPerGpuHour": 2,
        "initialCashUsd": 6000000,
        "contractUnitGpuHours": 730,
        "initialContracts": 2000,
        "cashMarginPerContractUsd": 200,
        "days": [
          0,
          30,
          90
        ],
        "futuresPricesUsdPerGpuHour": [
          3,
          2.4,
          1.5
        ],
        "rebalanceAfterMark": {
          "1": 1000
        },
        "billOrder": "after_final_cash",
        "qualityComparable": true
      },
      "result": {
        "status": "complete",
        "metrics": {
          "usedGpuHours": 730000,
          "billedGpuHours": 730000,
          "initialHedgedGpuHours": 1460000,
          "finalIntervalHedgedGpuHours": 730000,
          "finalIntervalHedgeToBilledHoursRatio": 1,
          "computeBillUsd": 1460000,
          "settlementVariationUsd": -1533000,
          "netCashCostUsd": 2993000,
          "netCashCostPerAcceptedTaskUsd": 0.205,
          "closingCashBeforeNewFundingUsd": 3007000,
          "lowestUnfundedCashUsd": 3007000,
          "additionalCashNeededOnSampledPathUsd": 0,
          "minimumStartingCashOnSampledPathUsd": 2993000,
          "finalPriceSensitivityIfRentalMovesOneForOneGpuHours": 0
        },
        "ledger": [
          {
            "day": 0,
            "sequence": 0,
            "event": "opening_cash",
            "cashDeltaUsd": 0,
            "unfundedCashUsd": 6000000,
            "postedCashMarginUsd": 0,
            "contractsHeld": 2000
          },
          {
            "day": 0,
            "sequence": 1,
            "event": "post_cash_margin",
            "cashDeltaUsd": -400000,
            "unfundedCashUsd": 5600000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000
          },
          {
            "day": 30,
            "sequence": 2,
            "event": "settlement_variation",
            "cashDeltaUsd": -876000.0000000001,
            "unfundedCashUsd": 4724000,
            "postedCashMarginUsd": 400000,
            "contractsHeld": 2000,
            "contractsForInterval": 2000,
            "priceFrom": 3,
            "priceTo": 2.4
          },
          {
            "day": 30,
            "sequence": 3,
            "event": "resize_and_adjust_cash_margin",
            "cashDeltaUsd": 200000,
            "unfundedCashUsd": 4924000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000
          },
          {
            "day": 90,
            "sequence": 4,
            "event": "settlement_variation",
            "cashDeltaUsd": -656999.9999999999,
            "unfundedCashUsd": 4267000,
            "postedCashMarginUsd": 200000,
            "contractsHeld": 1000,
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}