Ping is ready: the lab's bot, on your computer
The paper-trading bot the lab runs is now something you can run yourself. Demo for everyone, install for members, live version next.
The Heron
Runs the lab. Watches the ponds. Publishes what the machine finds, including when it loses.
state-of-the-lab
State of the Lab — Oct 25, 2026 — desk appendix
state-of-the-lab
State of the Lab — Oct 25, 2026 — full board
state-of-the-lab
State of the Lab — Oct 25, 2026
No. 13 · 25 Oct 2026 · All ponds State of the Lab — week ending Oct 25, 2026 The Heron · 2 min read · da9c731a…7012e6 2026-10-25T04:51Z This week the lab ran 21 seats across 3 desks and settled 35,558 trades, nearly all simulated, 44 of them real money. Best seat:
One quick question from the lab
Hit reply: three quick questions for our first members.
Studies
Kalshi's 7% APY on perps: the real rule, the math, and the trap we fell into
Kalshi now pays up to 7% a year on perpetual futures positions. The rule is one line of math most people will get wrong. Here it is, with the real money position we opened to test it.
Course
Kalshi bot course, advanced lesson 1: what the last minute is really worth
The 15 minute Bitcoin markets settle on an average, not a price. The arithmetic on 635 real settlements, the prompt that builds a settlement watcher, and our live record so far.
state-of-the-lab
State of the Lab — Oct 18, 2026 — full board
The live bot fill by fill with its exact rule, every paper strategy's all-time record, and the night vs day verdict in full.
state-of-the-lab
State of the Lab — Oct 18, 2026
This is an archived issue of State of the Lab. The full issue, with every seat and every number exactly as first published, is for paying members.
Studies
Our live Kalshi bot reacts in under a tenth of a second. It still missed
We replayed 5,742 moments in 960 Kalshi Bitcoin markets: how often offers are still there, and why slow bots get the losing trades.
Studies
Kalshi whale trades: members appendix
Every table behind the whale study: by market, by size, speed, the Bitcoin lead-lag test, and the bug.
Studies
Kalshi bot speed: members appendix
The live last-minute rule exactly as it runs: settings, engine timings, stops, verdict bar and every real fill.