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Exit gap

Verified against: F-063 (2026-11-09) · spec docs/PRD.md §1, §17 · D-009 (2026-11-10)

Status: definition. The Feed displays it; it is built and runs locally (pnpm --filter feed start), with no public host.

exit gap_c = collateral value at stake_c − (Q_c + R_c + D_c)

The exit gap is how much collateral a lender holds that nothing committed or verified could absorb in a forced sale. A positive gap means the lender is relying on liquidity that may not be there when it is needed.

Why it exists​

  • Depth is revocable. DEX and prop-AMM depth for tokenized stocks thins on weekends and in crashes. That is why D_c is forced to 0 when market_session_open is false.
  • No public route. 1Click listed no tokenized equity on 2026-11-09 (F-063).

How Nectar closes it​

Committed quotes add Q_c, which does not disappear on a Friday evening because it is escrowed with a notice period of at least 7 days. The Cramér limit never exceeds (1 − h_c) times recoverable value, so the limit tracks the gap instead of ignoring it.

The Feed will show per asset: collateral at stake, Q_c, R_c, D_c, haircut, session state, exit gap and effective limit (PRD §10.2).