{
 "bars": 232215,
 "first_bar": "2026-01-01 23:00:00+00:00",
 "last_bar": "2026-08-27 20:59:00+00:00",
 "session_days_seen": 191,
 "session_days_kept": 169,
 "floor": {
  "asian_minutes": 360,
  "london_minutes": 405,
  "min_days": 120
 },
 "seed": 20260910,
 "bps": {
  "rho": 0.24413256426831087,
  "p": 0.0018998100189981002,
  "null_sd": 0.07894709087198278,
  "critical_rho": 0.20061826860921889,
  "quintiles": [
   {
    "bucket": 1,
    "days": 34,
    "asian_lo": 60.73620912365119,
    "asian_hi": 92.33431856238956,
    "asian_median": 75.59571999865894,
    "london_median": 128.8657174056354,
    "london_mean": 151.82267605163878
   },
   {
    "bucket": 2,
    "days": 34,
    "asian_lo": 93.10882459868854,
    "asian_hi": 115.74757816215734,
    "asian_median": 104.22689480972718,
    "london_median": 122.11116969972804,
    "london_mean": 140.1632937864721
   },
   {
    "bucket": 3,
    "days": 33,
    "asian_lo": 116.36720426810585,
    "asian_hi": 141.21004834467954,
    "asian_median": 126.4690150913024,
    "london_median": 140.16751350401566,
    "london_mean": 166.14715710090934
   },
   {
    "bucket": 4,
    "days": 34,
    "asian_lo": 141.35050409441152,
    "asian_hi": 196.92179411458253,
    "asian_median": 167.6674169751632,
    "london_median": 155.3304970599682,
    "london_mean": 168.9528277877984
   },
   {
    "bucket": 5,
    "days": 34,
    "asian_lo": 200.5827690906624,
    "asian_hi": 1005.2130198144853,
    "asian_median": 254.2782335247694,
    "london_median": 171.64585797012973,
    "london_mean": 256.3803356515483
   }
  ]
 },
 "usd": {
  "rho": 0.27008991975163077,
  "p": 9.999000099990002e-05,
  "null_sd": 0.07695714612580493,
  "critical_rho": 0.19830371333087302,
  "quintiles": [
   {
    "bucket": 1,
    "days": 34,
    "asian_lo": 26.19000000000051,
    "asian_hi": 39.399999999999636,
    "asian_median": 34.55999999999949,
    "london_median": 64.03500000000031,
    "london_mean": 71.19823529411767
   },
   {
    "bucket": 2,
    "days": 34,
    "asian_lo": 39.65000000000009,
    "asian_hi": 52.48000000000047,
    "asian_median": 47.88999999999942,
    "london_median": 57.3599999999999,
    "london_mean": 63.79029411764706
   },
   {
    "bucket": 3,
    "days": 33,
    "asian_lo": 53.26999999999953,
    "asian_hi": 64.84000000000015,
    "asian_median": 57.590000000000146,
    "london_median": 59.43000000000029,
    "london_mean": 72.6745454545454
   },
   {
    "bucket": 4,
    "days": 34,
    "asian_lo": 65.11000000000058,
    "asian_hi": 88.25,
    "asian_median": 77.71500000000015,
    "london_median": 63.50999999999976,
    "london_mean": 67.78588235294119
   },
   {
    "bucket": 5,
    "days": 34,
    "asian_lo": 88.52000000000044,
    "asian_hi": 481.4899999999998,
    "asian_median": 113.59500000000003,
    "london_median": 94.98000000000002,
    "london_mean": 131.76911764705883
   }
  ]
 },
 "verdict": "refuted",
 "why": "the correlation is positive: volatility clusters",
 "effective_gate": 0.20061826860921889,
 "control": [
  {
   "target_rho": 0.0,
   "draws": 500,
   "certified": 0.008,
   "median_measured": -0.00949977624185769
  },
  {
   "target_rho": 0.05,
   "draws": 500,
   "certified": 0.026,
   "median_measured": 0.051318929938839436
  },
  {
   "target_rho": 0.1,
   "draws": 500,
   "certified": 0.082,
   "median_measured": 0.10673636318432698
  },
  {
   "target_rho": 0.15,
   "draws": 500,
   "certified": 0.268,
   "median_measured": 0.14946795286161801
  },
  {
   "target_rho": 0.2,
   "draws": 500,
   "certified": 0.532,
   "median_measured": 0.20562378797672914
  },
  {
   "target_rho": 0.25,
   "draws": 500,
   "certified": 0.734,
   "median_measured": 0.24452041171498184
  },
  {
   "target_rho": 0.3,
   "draws": 500,
   "certified": 0.932,
   "median_measured": 0.2969693202724877
  },
  {
   "target_rho": 0.4,
   "draws": 500,
   "certified": 1.0,
   "median_measured": 0.39126846004674054
  }
 ],
 "median_ranges_bps": {
  "asian": 126.4690150913024,
  "london": 143.1230549267834
 },
 "median_ranges_usd": {
  "asian": 57.590000000000146,
  "london": 65.18000000000029
 },
 "london_wider_share": 0.5739644970414202,
 "post_hoc": {
  "quiet_bucket": {
   "q1_median_london_bps": 128.8657174056354,
   "q2_median_london_bps": 122.11116969972804,
   "difference": 6.754547705907356,
   "p": 0.5776422357764224,
   "days": [
    34,
    34
   ]
  },
  "window_length": {
   "asian_minutes": 480,
   "london_minutes": 540,
   "london_wider_raw": 0.5739644970414202,
   "london_wider_per_sqrt_minute": 0.5266272189349113,
   "median_asian_per_sqrt_min": 5.772494365913967,
   "median_london_per_sqrt_min": 6.159035646552906
  }
 }
}