diff --git a/scripts/surfer/crypto_funding_paper.py b/scripts/surfer/crypto_funding_paper.py
index 87412200a..7d3339f5e 100644
--- a/scripts/surfer/crypto_funding_paper.py
+++ b/scripts/surfer/crypto_funding_paper.py
@@ -10,6 +10,7 @@ Sharpe ~2-3.6); this tool tracks the no-capital forward record.
   python3 crypto_funding_paper.py run          daily step: book funding on prior positions, log, persist
   python3 crypto_funding_paper.py status       current book + cumulative track record
   python3 crypto_funding_paper.py gate         Phase-1 -> Phase-2 assessment vs backtest
+  python3 crypto_funding_paper.py orders [USD] Phase-2: current book -> exact delta-neutral orders
   python3 crypto_funding_paper.py log [N]      last N run-log lines (default 25)
   (alias: 'paper' == 'run', for the cron)
 """
@@ -49,11 +50,22 @@ def crypto_native():
     return {s["symbol"] for s in info["symbols"] if s.get("underlyingType") == "COIN"}
 
 
+def spot_symbols():
+    """Symbols with a Binance SPOT market — required to build the delta-neutral hedge.
+    Perp-only coins can't be cash-and-carry harvested (no spot leg); their high funding survives
+    PRECISELY because the arb is impossible, so they must be excluded."""
+    return {x["symbol"] for x in get("https://api.binance.com/api/v3/ticker/price")}
+
+
 def universe():
+    """Liquid, crypto-native, HEDGEABLE (spot+perp) USDT perps — the only ones that can be
+    delta-neutral harvested."""
     native = crypto_native()
+    spot = spot_symbols()
     t = get(f"{FAPI}/fapi/v1/ticker/24hr")
     return {x["symbol"]: float(x["quoteVolume"]) for x in t
-            if x["symbol"].endswith("USDT") and x["symbol"] in native and float(x["quoteVolume"]) > LIQ_USD}
+            if x["symbol"].endswith("USDT") and x["symbol"] in native and x["symbol"] in spot
+            and float(x["quoteVolume"]) > LIQ_USD}
 
 
 def funding_hist(sym, limit=90):
@@ -169,6 +181,38 @@ def cmd_gate():
     print("           tail is the real -100% risk (un-modeled); current qualifiers may be small/niche coins.")
 
 
+def cmd_orders(capital):
+    """Phase-2 bridge: turn the current paper book into exact delta-neutral orders for `capital`,
+    and flag coins that are perp-only (no spot leg = can't hedge cleanly on Binance)."""
+    st = load_state()
+    book = st.get("positions", {})
+    if not book:
+        print("no current book — run 'snapshot'/'run' first."); return
+    try:
+        spot_px = {x["symbol"]: float(x["price"]) for x in get("https://api.binance.com/api/v3/ticker/price")}
+    except Exception:
+        spot_px = {}
+    perp_px = {x["symbol"]: float(x["price"]) for x in get(f"{FAPI}/fapi/v1/ticker/price")}
+    LEV = 2.0                                              # conservative perp leverage (avoid liquidation)
+    n = len(book)
+    X = capital / (n * (1 + 1 / LEV))                      # notional per leg per coin
+    print(f"=== Phase-2 delta-neutral orders for ${capital:.0f} across {n} coins (perp {LEV:.0f}x) ===")
+    print(f"  per coin: ~${X:.0f} notional/leg, ~${X/LEV:.0f} perp margin, ~${X*(1+1/LEV):.0f} capital")
+    print(f"{'coin':>14} {'hedge':>6} {'SPOT buy (units @ px)':>26} {'PERP short (units @ px)':>26}")
+    ok = 0
+    for c in sorted(book):
+        if c in spot_px and c in perp_px:
+            print(f"{c:>14} {'YES':>6} {X/spot_px[c]:>14.4f} @ {spot_px[c]:<9.5g} {X/perp_px[c]:>14.4f} @ {perp_px[c]:<9.5g}")
+            ok += 1
+        else:
+            why = "no-spot" if c not in spot_px else "no-perp"
+            print(f"{c:>14} {'NO':>6}   ({why}) cannot delta-neutral hedge on Binance — skip / alt-venue")
+    print(f"\n  {ok}/{n} coins hedgeable on Binance (spot+perp both exist).")
+    print("  Place SPOT + PERP legs together to stay delta-neutral. Keep perp leverage low; never let the")
+    print("  perp leg liquidate while holding spot. API keys: ENV ONLY, never commit. Place manually for")
+    print("  micro-live to validate fills before any automation. DEPLOY ONLY AFTER the Phase-1 gate passes.")
+
+
 def cmd_log(n=25):
     if not os.path.exists(LOG):
         print(f"(no log yet at {LOG} — cron writes it nightly; 'run' appends when redirected)"); return
@@ -186,6 +230,8 @@ def main():
         cmd_status()
     elif cmd == "gate":
         cmd_gate()
+    elif cmd == "orders":
+        cmd_orders(float(sys.argv[2]) if len(sys.argv) > 2 else 2000.0)
     elif cmd == "log":
         cmd_log(int(sys.argv[2]) if len(sys.argv) > 2 else 25)
     else: