cross-chain-pmm-lps/docs/18-capital-efficiency-risk-dashboard-and-runbook.md

Capital Efficiency Risk Dashboard And Operator Runbook

Status: simulation-only operational specification.

This document removes the local documentation blocker for dashboard and runbook requirements. It does not remove external approval blockers: audit engagement and governance approval still require signed evidence.

Dashboard Metrics

Expose these metrics from the latest scorecards:

Metric	Source field	Alert
ROI mean	roi_mean	Informational
ROI lower band	roi_p05	Alert if negative in deployable profile
ROI upper band	roi_p95	Informational
p95 drawdown	max_drawdown_p95	Critical if > 0.25
Liquidation probability	liquidation_probability	Critical if > 0.02
Peg deviation frequency	peg_deviation_frequency	Critical if > 0.05
External liquidity floor violations	external_liquidity_floor_violations	Critical if > 0
Volatility throttle events	volatility_throttle_events	Warning if rising versus baseline
Spread adjustment events	spread_adjustment_events	Warning if rising versus baseline
PMM capture	capture_mean	Warning if sustained above target corridor
Inventory churn	churn_mean, churn_p95	Warning if outside scorecard gates
Intervention cost	intervention_cost_per_1M_volume	Warning if nonlinear versus volume

Operator Procedures

Deleverage

1. Stop new leverage increases.
2. Set deployable profile to leverage <= 1.5.
3. Reduce alpha to preserve the external liquidity floor.
4. Re-run:

   node scripts/validate-capital-efficiency.cjs
   

5. Resume only when crash, high-volatility, and bank-run scenarios pass policy gates.

Spread Widening

1. If volatility exceeds sigmaCrit, widen spread to throttleSpreadBps.
2. If peg deviation exceeds circuit-break threshold, widen to circuitBreakerSpreadBps.
3. Confirm spread_adjustment_events stabilizes and peg deviation frequency remains within gate.

Redemption Throttle

1. Trigger when bank-run scorecard approaches drawdown gate.
2. Increase redemption fee according to policy.
3. Pause non-essential outflows.
4. Deploy treasury liquidity only from documented sources in config/treasury-liquidity-commitments.json.

Treasury Liquidity Deployment

1. Confirm external liquidity remains at or above 20%.
2. Confirm bridge buffer satisfies bridgeReserve >= peakBridgeOutflow * latency.
3. Execute only through approved operator/multisig authority.
4. Record evidence before marking any live deployment gate complete.

Peg Circuit Breaker

1. Stop adding public-routing liquidity to affected pools.
2. Prefer defense-only rebalancing.
3. Re-run deployed Chain 138 and stress scenarios.
4. Re-enable only when peg deviation frequency is within gate.

Evidence Status

Gate	Local status
Risk dashboard specification	Complete in this document
Operator runbook	Complete in this document
Treasury/liquidity commitment structure	Complete in config/treasury-liquidity-commitments.json
Audit engagement	External evidence required
Governance approval	External evidence required

Current Deployable Posture

Until audit and governance evidence exists, the only locally gate-passing posture is simulation-only with deployable optimizer leverage capped at 1.5x.