Constraint Wedges — how tight are the dealers?

When dealers run out of balance sheet, the no-arbitrage wedges all widen at once. This gauge reads those wedges on established anchors — and is honest that the composite on top is our own construction.

How it reads

Per-wedge z table first (the defensible core); composite as convenience. Multi-wedge simultaneous spikes are the S1 tell; single-wedge moves usually have local stories.