Notes from the field.

Replay steps through a fixed, recorded sequence of past blocks — dispersion, the widest-diverging asset and its state, a confidence reading, and a short event log, one snapshot at a time. It's the only surface with a time dimension; everything in Markets and Topology is a single block's reading.

What a snapshot contains

Each recorded block carries a block number and a relative time label, the three headline metrics (dispersion, widest state, confidence), and a short log of two or three tagged events — [READ], [POOL], [STATE], [MAP], [REF] or [UNIT] — the same tag vocabulary used in the home page's live State.process panel, just recorded rather than streaming.

A worked sequence

The recorded run opens calm: dispersion at 24bp, MCD aligned, confidence at 96%. Over the next several blocks dispersion climbs as AMD's pools pull apart, peaking at 84bp with confidence down to 78% — the same event described from the Confidence score note, here shown as it actually unfolds rather than at a single instant. From there it eases: by the final recorded block, dispersion has settled to 45bp and confidence has recovered to 92%. Watching that arc is the point of Replay in a way a single snapshot can't replicate — the spike and its resolution are both part of the same story.

Why playback is slow

Each step advances roughly every two seconds when playing. That's deliberate — the point isn't to watch a feed scroll by, it's to actually register how a market-wide reading evolved. There is nothing past the last recorded snapshot: Replay only shows blocks that have already happened. It does not extrapolate, forecast, or imply anything about what the next block will look like.