# CHECK/USDC quarterly capacity test — top 3 configs

Period: 2026-02-01 → 2026-05-01 UTC. Fee scenario: metadata_0_2515 = 0.002515. Capital per config: 25 USD, total reference capital: 1000 USD.

## Quarter result: top 3 valid-by-score configs

| strategy           |   capital_usd |   return_pct |   mdd_pct |   profit_usd |   return_on_total_capital_pct |   avg_liquidity_share_pct_when_in_range |   p95_liquidity_share_pct_when_in_range |   p99_liquidity_share_pct_when_in_range |   max_liquidity_share_pct_when_in_range |   time_in_range_pct |   rebalances |   score | valid_capacity_avg_p95_p99   |   fees_earned_total |   fees_reinvested |   fees_uncollected_end |   position_value_end_usd |
|:-------------------|--------------:|-------------:|----------:|-------------:|------------------------------:|----------------------------------------:|----------------------------------------:|----------------------------------------:|----------------------------------------:|--------------------:|-------------:|--------:|:-----------------------------|--------------------:|------------------:|-----------------------:|-------------------------:|
| periodic_60_5_336h |            25 |      58.8463 |  -32.4032 |      14.7116 |                        1.4712 |                                  0.4452 |                                  1.683  |                                  6.3992 |                                 11.2712 |             62.2968 |            6 | 43.9199 | True                         |             20.3348 |           17.3259 |                 3.0089 |                  36.7027 |
| periodic_70_5_336h |            25 |      47.8536 |  -26.9163 |      11.9634 |                        1.1963 |                                  0.3683 |                                  1.3872 |                                  5.3572 |                                  9.5166 |             62.2968 |            6 | 43.9011 | True                         |             16.5526 |           14.2163 |                 2.3363 |                  34.6271 |
| periodic_80_5_336h |            25 |      39.1562 |  -22.4165 |       9.7891 |                        0.9789 |                                  0.3058 |                                  1.1478 |                                  4.4895 |                                  8.0323 |             62.2968 |            6 | 39.0362 | True                         |             13.5551 |           11.7178 |                 1.8373 |                  32.9517 |

## Monthly breakdown

| strategy           | period   |    ret% |     MDD% |   p95% |    p99% |    score |
|:-------------------|:---------|--------:|---------:|-------:|--------:|---------:|
| periodic_60_5_336h | Feb      | -1.7202 |  -4.605  | 0.0564 |  0.1209 |  -1.7402 |
| periodic_60_5_336h | Mar      | -0.371  | -29.524  | 2.5197 | 11.4315 | -13.7537 |
| periodic_60_5_336h | Apr      | 39.481  | -24.5482 | 1.3696 |  6.9862 |  39.441  |
| periodic_60_5_336h | Quarter  | 58.8463 | -32.4032 | 1.683  |  6.3992 |  43.9199 |
| periodic_70_5_336h | Feb      | -1.4112 |  -3.7927 | 0.0466 |  0.0999 |  -1.4312 |
| periodic_70_5_336h | Mar      | -0.2457 | -24.4268 | 2.0889 |  9.6274 |  -0.2857 |
| periodic_70_5_336h | Apr      | 32.9405 | -20.2059 | 1.1261 |  5.8158 |  32.9005 |
| periodic_70_5_336h | Quarter  | 47.8536 | -26.9163 | 1.3872 |  5.3572 |  43.9011 |
| periodic_80_5_336h | Feb      | -1.1633 |  -3.1365 | 0.0386 |  0.0828 |  -1.1833 |
| periodic_80_5_336h | Mar      | -0.1624 | -20.2725 | 1.7365 |  8.1087 |  -0.2024 |
| periodic_80_5_336h | Apr      | 27.5185 | -16.7015 | 0.9317 |  4.8517 |  27.4785 |
| periodic_80_5_336h | Quarter  | 39.1562 | -22.4165 | 1.1478 |  4.4895 |  39.0362 |

## Interpretation

- periodic_60_5_336h has the highest quarterly return and score, but it pays for that with MDD above the 25% target. It is the aggressive candidate, not the safe live default.

- periodic_70_5_336h is almost tied by score with periodic_60_5_336h, with lower MDD and still strong return. This is the better live-test candidate.

- periodic_80_5_336h is the conservative of these three: lower return, MDD inside target, lower p95/p99 share.

- Previous candidate periodic_95_1_168h is stable but quarter-score weaker: +23.17% return, -19.53% MDD, score 22.93. It is not in the top 3 by quarter score.