M1 port+ccxt-adapter (rate-limit governor, idempotency, testnet) · M2 pure smart router (maker->IOC, caps, slippage abort) · M3 risk gates + capacity + edge-decay×Kelly · M4 TCA + reconciliation + orchestrator + cockpit fill persistence + CLI · M5 testnet end-to-end. Research-grounded; intraday slicing deferred (measure TCA first). Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>