Methodology
Methodology
How each number on this site is produced, what it rests on, and what remains unknown.
Coverage of the series
The daily series spans 8,240 days between January 2004 and July 2026. Auction results were recovered for 3,787 of them, and their published volumes sum to $514,997,749,994. That sum is a floor. The remaining days are days on which the auction ran but whose results have not yet been retrieved, or were never published. Missing values are stored as missing and rendered as such; they are never treated as zero, and they never enter a total.
Captured spread
For each day on which both a sales volume and a spread were published, the volume is multiplied by the spread. The daily results are summed. This is a residual estimate, tier B, not a measured loss: it states the value of the arbitrage available on the volumes sold, not the sum proven to have been taken by any party.
captured = Σ ( totalSold(day) × spreadPct(day) / 100 ) [published days only] ticker(t) = 21583824928 + (t − 2025-03-01T00:00:00.000Z) × 181.50 USD/s
The counter on the home page begins at the cumulative figure for the last fully documented month and advances at the average rate observed over the preceding twelve documented months. It is a projection, and is labelled as one.
Evidence tiers
- ATier A — arithmetic performed on primary documents.
- BTier B — residual analysis derived from official aggregates.
- CTier C — third-party estimate, cited and attributed.
- DTier D — reported or alleged; not independently verified.
Open items
Session-level allocation of dollars to individual banks.
Beneficial ownership of the private banks in the register.
Reconciliation of SOMO revenue statements with deposits at the Federal Reserve Bank of New York.