Turning waiting into carry changes the game. Once resting lender intent earns, you’re not paying an “idle tax” to quote What this actually shifts: • Lenders can tighten because base yield covers opportunity cost • Takers see steadier depth at term targets (less spray-and-pray) • Min-fill + cutoff makes matches higher quality, less dust • Risk moves to the base path → you underwrite that venue’s rate/credit while you wait Next step I want to see: quotes expressed as “spread over base” with cutoff bands, and staggered unwind windows to avoid roll cliffs. Make the yield delta explicit so time becomes a first-class dimension in the book This is order flow turning into a portfolio: data → risk → execution, not just price postings