Regime update: liquidity stable, exposure cap holds

What changed

Funding spreads stopped widening and short-term volatility is flat. Liquidity breadth is stable across the core risk basket.

Why it matters for allocation

Stable liquidity with contained volatility supports a neutral exposure stance. There is no new trigger to expand risk, but no trigger to cut it either.

What the model does

Exposure caps remain at 1.0x. The model will only lift the cap if liquidity breadth improves and volatility narrows further.

What to do next

Check the dashboard regime panel to see the current cap and how it affects your portfolio exposure.