diff --git a/src/fxhnt/adapters/orchestration/assets.py b/src/fxhnt/adapters/orchestration/assets.py
index 7d679e9..9b213c3 100644
--- a/src/fxhnt/adapters/orchestration/assets.py
+++ b/src/fxhnt/adapters/orchestration/assets.py
@@ -1070,7 +1070,15 @@ def cockpit_forward(context: AssetExecutionContext) -> None:
     # does and pass them to record_allocation (capacity-aware, stable backtest series). GRACEFUL: any failure
     # here (warehouse unreachable, missing spread SSOT, etc.) must NEVER crash the nightly — fall back to the
     # nav_history path (store=None, today's behavior). Store closed in a finally.
-    equity = get_settings().paper_capital
+    import dataclasses
+
+    from fxhnt.application.allocation_policy import resolve_allocation_policy
+    from fxhnt.application.fund_config import read_fund_config
+
+    _cfg = read_fund_config(dsn)
+    equity = _cfg.capital
+    _policy = dataclasses.replace(resolve_allocation_policy(get_settings()), target_vol=_cfg.target_vol,
+                                  kelly_fraction=_cfg.kelly_fraction)
     try:
         from fxhnt.adapters.persistence.paper_repo import PaperRepo
         from fxhnt.adapters.warehouse.timescale_feature_store import TimescaleFeatureStore
@@ -1090,11 +1098,12 @@ def cockpit_forward(context: AssetExecutionContext) -> None:
                 unlock_events = []
             spread_bps = PaperRepo(s.operational_dsn).read_real_spread_by_coin()
             allocated = record_allocation(dsn, equity=equity, store=bounded,
-                                          spread_bps=spread_bps, unlock_events=unlock_events)
+                                          spread_bps=spread_bps, unlock_events=unlock_events, policy=_policy)
         finally:
             raw.close()
     except Exception as e:   # noqa: BLE001 — honest sizing is best-effort; nightly must never crash on it
         context.log.warning(
             f"cockpit_forward: honest-reference store unavailable, falling back to nav_history sizing: {e}")
-        allocated = record_allocation(dsn, equity=equity)   # deploy-set is fresh (B2a) — nav_history fallback
+        # deploy-set is fresh (B2a) — nav_history fallback
+        allocated = record_allocation(dsn, equity=equity, policy=_policy)
     context.log.info(f"cockpit_forward: allocated {len(allocated)} strategies (promoted: {promoted or 'none'})")
diff --git a/src/fxhnt/application/allocation_ingest.py b/src/fxhnt/application/allocation_ingest.py
index a06c4cd..6778ba4 100644
--- a/src/fxhnt/application/allocation_ingest.py
+++ b/src/fxhnt/application/allocation_ingest.py
@@ -32,8 +32,14 @@ from fxhnt.registry import STRATEGY_REGISTRY
 _log = logging.getLogger(__name__)
 
 
+def _effective_policy(policy: object | None):
+    """`policy=None` resolves to TODAY's exact default (`resolve_allocation_policy(get_settings())`) — the
+    single choke point `record_allocation` must call through so `policy=None` stays byte-identical."""
+    return resolve_allocation_policy(get_settings()) if policy is None else policy
+
+
 def record_allocation(dsn: str, equity: float, *, store=None, spread_bps=None,
-                      unlock_events=None) -> dict[str, float]:
+                      unlock_events=None, policy=None) -> dict[str, float]:
     repo = ForwardNavRepo(dsn)
     repo.migrate()
     at = dt.datetime.now(dt.UTC).replace(tzinfo=None)
@@ -62,7 +68,7 @@ def record_allocation(dsn: str, equity: float, *, store=None, spread_bps=None,
     if defunded:
         _log.warning("record_allocation: de-funded (sustained decay): %s", defunded)
 
-    policy = resolve_allocation_policy(get_settings())
+    pol = _effective_policy(policy)
     if store is not None:
         # Honest-reference sizing: stable, capacity-aware backtest series + per-strategy dollar ceilings for
         # the crypto deploy set (equity sids get no series -> caller's nav fallback + the equity ceiling).
@@ -70,8 +76,8 @@ def record_allocation(dsn: str, equity: float, *, store=None, spread_bps=None,
             store, spread_bps or {}, unlock_events or [],
             deploy_sids=funded_sids, target_aum=equity,
             aums=[35_000, 100_000, 350_000, 1_000_000, 10_000_000],
-            min_sharpe=getattr(policy, "capacity_min_sharpe", 1.0),
-            equity_default_ceiling=getattr(policy, "equity_default_ceiling", 10_000_000.0))
+            min_sharpe=getattr(pol, "capacity_min_sharpe", 1.0),
+            equity_default_ceiling=getattr(pol, "equity_default_ceiling", 10_000_000.0))
     else:
         honest_returns, ceilings = {}, {}
     # honest backtest series where available (stable, capacity-aware), else the forward nav record (fallback)
@@ -84,10 +90,10 @@ def record_allocation(dsn: str, equity: float, *, store=None, spread_bps=None,
         {sid: {r.date: r.ret for r in nav_rows[sid]} for sid in funded_sids}
         if store is not None else None
     )
-    weights = compute_allocation(returns, policy, killswitch_returns=killswitch_returns)
-    dollars = target_capital(weights, equity, policy, capacity_ceiling=ceilings)
+    weights = compute_allocation(returns, pol, killswitch_returns=killswitch_returns)
+    dollars = target_capital(weights, equity, pol, capacity_ceiling=ceilings)
 
-    phash = allocation_policy_hash(policy, ALLOCATION_POLICY_VERSION)
+    phash = allocation_policy_hash(pol, ALLOCATION_POLICY_VERSION)
     alloc_rows = [StrategyAllocationRow(strategy_id=sid, target_weight=weights[sid],
                                         target_dollars=dollars.get(sid, 0.0),
                                         policy_version=ALLOCATION_POLICY_VERSION, policy_hash=phash,
@@ -104,5 +110,5 @@ def record_allocation(dsn: str, equity: float, *, store=None, spread_bps=None,
 
     _log.info("record_allocation: %d/%d strategies funded+allocated (gross $%.0f, ceiling $%.0f)",
               len(weights), len(deploy_sids), sum(abs(v) for v in dollars.values()),
-              policy.capital_ceiling)
+              pol.capital_ceiling)
     return dollars
diff --git a/tests/unit/test_record_allocation_policy.py b/tests/unit/test_record_allocation_policy.py
new file mode 100644
index 0000000..2f07b04
--- /dev/null
+++ b/tests/unit/test_record_allocation_policy.py
@@ -0,0 +1,18 @@
+import dataclasses
+
+from fxhnt.application.allocation_policy import resolve_allocation_policy
+from fxhnt.config import get_settings
+
+
+def test_policy_none_matches_resolved_default(monkeypatch):
+    # record_allocation(policy=None) must build the SAME policy resolve_allocation_policy(get_settings())
+    # returns today. Assert via the helper the code will use: a None arg resolves to that same call.
+    from fxhnt.application import allocation_ingest as ai
+    resolved = ai._effective_policy(None)          # helper introduced in Step 3
+    assert resolved == resolve_allocation_policy(get_settings())
+
+
+def test_policy_passthrough():
+    from fxhnt.application import allocation_ingest as ai
+    p = dataclasses.replace(resolve_allocation_policy(get_settings()), target_vol=0.20, kelly_fraction=0.5)
+    assert ai._effective_policy(p) is p