{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2025:OAO64K47Y2YG5U7H445VF3SUEP","short_pith_number":"pith:OAO64K47","canonical_record":{"source":{"id":"2504.06717","kind":"arxiv","version":2},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-04-09T09:18:37Z","cross_cats_sorted":[],"title_canon_sha256":"4afb1058018d2fba0f99d89f33ddb72f96d4b49de5802dcb6b2be613950601e8","abstract_canon_sha256":"5ffda1c2b09d1d74a8bfa098c331803610f0a563b77786bb38460f07112d8093"},"schema_version":"1.0"},"canonical_sha256":"701dee2b9fc6b06ed3e7e73b52ee5423e446044747c6ed44db3f2726725c405c","source":{"kind":"arxiv","id":"2504.06717","version":2},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2504.06717","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"arxiv_version","alias_value":"2504.06717v2","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2504.06717","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_12","alias_value":"OAO64K47Y2YG","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_16","alias_value":"OAO64K47Y2YG5U7H","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_8","alias_value":"OAO64K47","created_at":"2026-06-11T01:10:26Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2025:OAO64K47Y2YG5U7H445VF3SUEP","target":"record","payload":{"canonical_record":{"source":{"id":"2504.06717","kind":"arxiv","version":2},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-04-09T09:18:37Z","cross_cats_sorted":[],"title_canon_sha256":"4afb1058018d2fba0f99d89f33ddb72f96d4b49de5802dcb6b2be613950601e8","abstract_canon_sha256":"5ffda1c2b09d1d74a8bfa098c331803610f0a563b77786bb38460f07112d8093"},"schema_version":"1.0"},"canonical_sha256":"701dee2b9fc6b06ed3e7e73b52ee5423e446044747c6ed44db3f2726725c405c","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-06-11T01:10:26.037900Z","signature_b64":"YbM5b972k4wKIlyNHZdDKK+NCJdIDiivm7ET7dcrk3Jxvvdi7XBxW7an9ax2F6dWKOqjNgJPqqQAxa9DxX7RCA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"701dee2b9fc6b06ed3e7e73b52ee5423e446044747c6ed44db3f2726725c405c","last_reissued_at":"2026-06-11T01:10:26.036838Z","signature_status":"signed_v1","first_computed_at":"2026-06-11T01:10:26.036838Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2504.06717","source_version":2,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-06-11T01:10:26Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"c8BUQaDwT+17tt7PbMQqWtF6LdCSSVEhpkKRAGWmGx2vuztzaXuNL0OwUOCcOJuG7eZWKoZeKnPpbqR7occCCw==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-26T00:45:25.774803Z"},"content_sha256":"8ea0168315455476c6ee78c43f07542d4d3b26e8d8acb9a2aed84117d776e2d1","schema_version":"1.0","event_id":"sha256:8ea0168315455476c6ee78c43f07542d4d3b26e8d8acb9a2aed84117d776e2d1"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2025:OAO64K47Y2YG5U7H445VF3SUEP","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Optimal Execution and Macroscopic Market Making","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Ivan Guo, Shijia Jin","submitted_at":"2025-04-09T09:18:37Z","abstract_excerpt":"We propose a stochastic game modelling the strategic interaction between market makers and traders. From the trader's perspective, the conventional exogenous permanent price impact is replaced by the endogenous quoting strategies of the market makers. Conversely, from the market maker's perspective, order flows are no longer assumed to be exogenous, but are driven endogenously by the strategic traders. Characterizing the Nash equilibria via forward-backward stochastic differential equations (FBSDEs), we establish a local well-posedness result for the general game. For the specific `Almgren-Chr"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2504.06717","kind":"arxiv","version":2},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2504.06717/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-06-11T01:10:26Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"V81X59nyxqfZFjAdHKMvk2HqgRuYTrjYMPhrbkVnQT8Hx5qydF6y9azgVV3YTdW3E0gv1G6AA9De1M8+6mOiDA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-26T00:45:25.775311Z"},"content_sha256":"78e6deac0754ebcb42c8564c3c8203210669cab621902e63ec17609aca443e84","schema_version":"1.0","event_id":"sha256:78e6deac0754ebcb42c8564c3c8203210669cab621902e63ec17609aca443e84"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/OAO64K47Y2YG5U7H445VF3SUEP/bundle.json","state_url":"https://pith.science/pith/OAO64K47Y2YG5U7H445VF3SUEP/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/OAO64K47Y2YG5U7H445VF3SUEP/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-06-26T00:45:25Z","links":{"resolver":"https://pith.science/pith/OAO64K47Y2YG5U7H445VF3SUEP","bundle":"https://pith.science/pith/OAO64K47Y2YG5U7H445VF3SUEP/bundle.json","state":"https://pith.science/pith/OAO64K47Y2YG5U7H445VF3SUEP/state.json","well_known_bundle":"https://pith.science/.well-known/pith/OAO64K47Y2YG5U7H445VF3SUEP/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2025:OAO64K47Y2YG5U7H445VF3SUEP","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"5ffda1c2b09d1d74a8bfa098c331803610f0a563b77786bb38460f07112d8093","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-04-09T09:18:37Z","title_canon_sha256":"4afb1058018d2fba0f99d89f33ddb72f96d4b49de5802dcb6b2be613950601e8"},"schema_version":"1.0","source":{"id":"2504.06717","kind":"arxiv","version":2}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2504.06717","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"arxiv_version","alias_value":"2504.06717v2","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2504.06717","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_12","alias_value":"OAO64K47Y2YG","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_16","alias_value":"OAO64K47Y2YG5U7H","created_at":"2026-06-11T01:10:26Z"},{"alias_kind":"pith_short_8","alias_value":"OAO64K47","created_at":"2026-06-11T01:10:26Z"}],"graph_snapshots":[{"event_id":"sha256:78e6deac0754ebcb42c8564c3c8203210669cab621902e63ec17609aca443e84","target":"graph","created_at":"2026-06-11T01:10:26Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2504.06717/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We propose a stochastic game modelling the strategic interaction between market makers and traders. From the trader's perspective, the conventional exogenous permanent price impact is replaced by the endogenous quoting strategies of the market makers. Conversely, from the market maker's perspective, order flows are no longer assumed to be exogenous, but are driven endogenously by the strategic traders. Characterizing the Nash equilibria via forward-backward stochastic differential equations (FBSDEs), we establish a local well-posedness result for the general game. For the specific `Almgren-Chr","authors_text":"Ivan Guo, Shijia Jin","cross_cats":[],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-04-09T09:18:37Z","title":"Optimal Execution and Macroscopic Market Making"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2504.06717","kind":"arxiv","version":2},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:8ea0168315455476c6ee78c43f07542d4d3b26e8d8acb9a2aed84117d776e2d1","target":"record","created_at":"2026-06-11T01:10:26Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"5ffda1c2b09d1d74a8bfa098c331803610f0a563b77786bb38460f07112d8093","cross_cats_sorted":[],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-04-09T09:18:37Z","title_canon_sha256":"4afb1058018d2fba0f99d89f33ddb72f96d4b49de5802dcb6b2be613950601e8"},"schema_version":"1.0","source":{"id":"2504.06717","kind":"arxiv","version":2}},"canonical_sha256":"701dee2b9fc6b06ed3e7e73b52ee5423e446044747c6ed44db3f2726725c405c","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"701dee2b9fc6b06ed3e7e73b52ee5423e446044747c6ed44db3f2726725c405c","first_computed_at":"2026-06-11T01:10:26.036838Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-06-11T01:10:26.036838Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"YbM5b972k4wKIlyNHZdDKK+NCJdIDiivm7ET7dcrk3Jxvvdi7XBxW7an9ax2F6dWKOqjNgJPqqQAxa9DxX7RCA==","signature_status":"signed_v1","signed_at":"2026-06-11T01:10:26.037900Z","signed_message":"canonical_sha256_bytes"},"source_id":"2504.06717","source_kind":"arxiv","source_version":2}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:8ea0168315455476c6ee78c43f07542d4d3b26e8d8acb9a2aed84117d776e2d1","sha256:78e6deac0754ebcb42c8564c3c8203210669cab621902e63ec17609aca443e84"],"state_sha256":"87c7d542f0bec60903cfcdb76d1edbfe1809f037372af087abd0f9fc4fd81460"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"tce1McLJcf1oAYRMhXkdJxbJ536a0Y+HuEbFzqaXNFvHpt2jrqzUpetEO0LxvbtZ3f4PnXy5EpQ/Oklv+/AgBQ==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-26T00:45:25.778227Z","bundle_sha256":"66b999fb6827fdc50283e82ca5a7eacddaac37c5dc1e7e693cb9ffec2871f63c"}}