diff --git a/src/fxhnt/adapters/web/templates/cockpit.html b/src/fxhnt/adapters/web/templates/cockpit.html
index 32f94aa..2c0139f 100644
--- a/src/fxhnt/adapters/web/templates/cockpit.html
+++ b/src/fxhnt/adapters/web/templates/cockpit.html
@@ -44,6 +44,7 @@
       <tr>
         <td data-label="track"><a href="/strategy/{{ f.strategy_id }}">{{ f.display_name }}</a>
           <span class="muted" style="font-size:11px"> · {{ f.venue }}</span> {{ exec_badge(f.execution) }}
+          {% if f.reference_only %}<span class="muted" style="font-size:9px;border:1px solid currentColor;border-radius:3px;padding:0 4px;opacity:.55" title="reference-only — not an active execution venue (active: Bybit deploy, Alpaca equities)">ref</span>{% endif %}
           {% if f.status %}<span class="badge WAIT" style="font-size:10px" title="{{ f.note }}">{{ f.status }}</span>{% endif %}</td>
         <td data-label="tier" class="muted">{{ f.tier }}</td>
         <td data-label="backtest">
diff --git a/src/fxhnt/application/dashboard_service.py b/src/fxhnt/application/dashboard_service.py
index 3648e1a..93fa490 100644
--- a/src/fxhnt/application/dashboard_service.py
+++ b/src/fxhnt/application/dashboard_service.py
@@ -13,6 +13,10 @@ from fxhnt.registry import STRATEGY_REGISTRY
 # only if nothing else exists (it is not an alpha edge).
 _HEADLINE_PREFERENCE = ("bybit_4edge", "combined")
 _BENCHMARK_SLEEVES = frozenset({"beta"})
+# The venues we ACTUALLY execute on: Bybit (the crypto deploy book) + Alpaca (the US-equity leg). Every
+# other venue (Binance discovery/reference tracks, the glbx 60/40 benchmark) is REFERENCE-ONLY — observed
+# on the gate, never traded live. Binance is no longer an active execution venue.
+_ACTIVE_VENUES = frozenset({"bybit-perp", "alpaca-paper"})
 
 
 def _gate_min_days(gate_spec: dict | None) -> int:
@@ -57,6 +61,7 @@ class DashboardService:
                 # registry SSOT metadata — drives the Overview's deploy/research grouping + paper/live badge.
                 venue=reg.venue, tier=str(meta.get("tier", "research")),
                 execution=str(meta.get("execution", "paper")),
+                reference_only=reg.venue not in _ACTIVE_VENUES,   # not an active execution venue → reference
             ))
         return out
 
diff --git a/src/fxhnt/ports/dashboard.py b/src/fxhnt/ports/dashboard.py
index f376de7..49287a7 100644
--- a/src/fxhnt/ports/dashboard.py
+++ b/src/fxhnt/ports/dashboard.py
@@ -44,6 +44,9 @@ class FleetRow:
     venue: str = ""
     tier: str = "research"
     execution: str = "paper"
+    # True when the track is NOT on an active execution venue (Bybit deploy / Alpaca equities) — e.g. the
+    # Binance discovery/reference tracks + the 60/40 benchmark. Reference-only: observed, never traded live.
+    reference_only: bool = False
 
 
 @dataclass(frozen=True, slots=True)