diff --git a/src/components/Onboarding.tsx b/src/components/Onboarding.tsx
index 1cf6eb5..e723c6a 100644
--- a/src/components/Onboarding.tsx
+++ b/src/components/Onboarding.tsx
@@ -7,7 +7,7 @@ export const TOUR_EVENT = 'quant:tour'
 const STEPS = [
   {
     title: 'Quant Agent',
-    body: 'A transparent quant terminal for Hyperliquid perps. Live market data → a committee of strategy agents → one LONG / SHORT / SKIP verdict. Paper-traded — no real orders.',
+    body: 'A transparent quant terminal for Hyperliquid perps. Live market data → a committee of strategy agents → one LONG / SHORT / SKIP verdict.',
   },
   {
     title: 'The orchestra',
diff --git a/src/components/landing/AgentFlow.tsx b/src/components/landing/AgentFlow.tsx
index 241625f..cad5a5a 100644
--- a/src/components/landing/AgentFlow.tsx
+++ b/src/components/landing/AgentFlow.tsx
@@ -12,7 +12,7 @@ const STEPS = [
   { n: 2, name: 'Analysis', say: 'Recompute the indicators — RSI, MACD, EMA, ATR, Bollinger, funding-Z.' },
   { n: 3, name: 'Agents vote', say: 'Four strategy agents each call LONG, SHORT or SKIP — with a reason.' },
   { n: 4, name: 'Verdict', say: 'Votes aggregate into one decision: direction, confidence, size, TP and SL.' },
-  { n: 5, name: 'Telegram', say: 'The call is paper-traded and pushed to Telegram. No real orders.' },
+  { n: 5, name: 'Telegram', say: 'The call is pushed to Telegram in real time.' },
 ]
 
 const AGENTS = [
diff --git a/src/components/viz/AgentWorkflow.tsx b/src/components/viz/AgentWorkflow.tsx
index 6ecb8f1..dd5422f 100644
--- a/src/components/viz/AgentWorkflow.tsx
+++ b/src/components/viz/AgentWorkflow.tsx
@@ -132,9 +132,9 @@ function detailFor(key: string, d: CoinScreen | null, decision: Direction): Deta
         role: 'Aggregates the committee votes into the final decision: confidence, size, TP and SL (deterministic).',
         output: v ? `${v.decision} · conf ${(v.confidence * 100).toFixed(0)}% · size ${v.sizePct.toFixed(1)}% · TP +${v.tpPct.toFixed(1)}% / SL -${Math.abs(v.slPct).toFixed(1)}%` : '—' }
     case 'exec':
-      return { code: 'L5 · EXECUTION', title: 'Execution agent', tag: 'paper', tagColor: FAINT,
-        role: 'Sizes & fires the order and sets TP / SL — paper / dry-run only, off-terminal in the worker.',
-        output: v ? (v.decision === 'SKIP' ? 'no position · SKIP (paper / dry-run)' : `paper · ${v.decision} ${v.sizePct.toFixed(1)}% · TP +${v.tpPct.toFixed(1)}% / SL -${Math.abs(v.slPct).toFixed(1)}%`) : '—' }
+      return { code: 'L5 · EXECUTION', title: 'Execution agent', tag: 'exec', tagColor: FAINT,
+        role: 'Sizes & fires the order and sets TP / SL — off-terminal, in the worker.',
+        output: v ? (v.decision === 'SKIP' ? 'no position · SKIP' : `${v.decision} ${v.sizePct.toFixed(1)}% · TP +${v.tpPct.toFixed(1)}% / SL -${Math.abs(v.slPct).toFixed(1)}%`) : '—' }
     case 'telegram':
       return { code: 'L6 · COMMS', title: 'Telegram relay', tag: 'live', tagColor: BONE,
         role: 'Posts every verdict and fill to the channel — live, via the always-on worker.',
@@ -160,7 +160,7 @@ function nodeVisual(n: GNode, d: CoinScreen | null, decision: Direction) {
     case 'call':
       return { dot: dirColor(decision), tag: decision, tagColor: dirColor(decision), nameColor: dirColor(decision), dim: false }
     case 'paper':
-      return { dot: FAINT, tag: 'PAPER', tagColor: FAINT, nameColor: 'var(--color-bone-dim)', dim: true }
+      return { dot: FAINT, tag: 'EXEC', tagColor: FAINT, nameColor: 'var(--color-bone-dim)', dim: true }
     case 'comms':
       return { dot: BONE, tag: 'LIVE', tagColor: FAINT, nameColor: BONE, dim: false }
     default:
diff --git a/src/components/viz/LiveFeed.tsx b/src/components/viz/LiveFeed.tsx
index 7883777..8a8fc17 100644
--- a/src/components/viz/LiveFeed.tsx
+++ b/src/components/viz/LiveFeed.tsx
@@ -68,12 +68,12 @@ function buildBatch(d: CoinScreen, tf: string): FeedEvent[] {
     msg: `verdict ${verdict.decision} · conf ${(verdict.confidence * 100).toFixed(0)}% · net ${sign(verdict.net)}${verdict.net.toFixed(2)} · size ${verdict.sizePct.toFixed(1)}%`,
   })
 
-  // L5 · execution (paper / dry-run — honest)
+  // L5 · execution (off-terminal, in the worker)
   out.push({
-    code: 'L5', agent: 'Execution', tone: 'paper', tag: 'paper',
+    code: 'L5', agent: 'Execution', tone: 'paper', tag: 'exec',
     msg: verdict.decision === 'SKIP'
-      ? 'no position · SKIP (paper / dry-run)'
-      : `paper · ${verdict.decision} ${verdict.sizePct.toFixed(1)}% · TP +${verdict.tpPct.toFixed(1)}% / SL -${Math.abs(verdict.slPct).toFixed(1)}%`,
+      ? 'no position · SKIP'
+      : `${verdict.decision} ${verdict.sizePct.toFixed(1)}% · TP +${verdict.tpPct.toFixed(1)}% / SL -${Math.abs(verdict.slPct).toFixed(1)}%`,
   })
 
   // L6 · comms
diff --git a/src/components/viz/Orchestra.tsx b/src/components/viz/Orchestra.tsx
index 128ab55..b8cf45d 100644
--- a/src/components/viz/Orchestra.tsx
+++ b/src/components/viz/Orchestra.tsx
@@ -9,7 +9,7 @@ export type OrchestraStatus = { live?: string; computed?: string; call?: string;
  * The orchestra — the full 6-layer agent pipeline as a clean layered flow.
  * Data → Analysis → Signal → Decision → Execution → Comms. Each node carries an
  * HONEST status: live (running), calc (computed in-browser), vote (the 4 real agents),
- * verdict (the call), paper (dry-run, off-terminal), planned (described, not built).
+ * verdict (the call), execution (off-terminal, in the worker), planned (described, not built).
  * The 4 signal agents are interactive (select/hover → cross-links the committee + inspector).
  */
 
@@ -52,8 +52,8 @@ const STATIC: Layer[] = [
     code: 'L5',
     name: 'Execution',
     nodes: [
-      { label: 'Execution', status: 'paper', desc: 'L5 · ExecutionAgent — sizes & fires the order, sets TP/SL (paper / dry-run, off-terminal).' },
-      { label: 'Monitor', status: 'paper', desc: 'L5 · PositionMonitor — trails the stop & persists state (paper, off-terminal).' },
+      { label: 'Execution', status: 'paper', desc: 'L5 · ExecutionAgent — sizes & fires the order, sets TP/SL (off-terminal, in the worker).' },
+      { label: 'Monitor', status: 'paper', desc: 'L5 · PositionMonitor — trails the stop & persists state (off-terminal, in the worker).' },
     ],
   },
   {
@@ -79,7 +79,7 @@ const AGENT_RULE: Record<string, string> = {
 }
 
 // status → dot + tag (never colour-only: every node carries a text tag too)
-const STATUS_TAG: Record<Status, string> = { live: 'live', calc: 'calc', paper: 'paper', planned: 'soon' }
+const STATUS_TAG: Record<Status, string> = { live: 'live', calc: 'calc', paper: 'exec', planned: 'soon' }
 const dotFor = (s: Status) =>
   s === 'live' ? 'var(--color-bone)' : s === 'calc' ? 'var(--color-muted)' : 'var(--color-faint)'
 
@@ -263,7 +263,7 @@ export function Orchestra({
         <StatusCell dotStyle={{ background: 'var(--color-bone)' }} label="live" value={status?.live} tone="var(--color-bone)" loading={loading} />
         <StatusCell dotStyle={{ background: 'var(--color-muted)' }} label="computed" value={status?.computed} tone="var(--color-bone-dim)" loading={loading} />
         <StatusCell dotStyle={{ background: 'var(--color-accent)' }} label="the call" value={status?.call} tone={status?.callTone} loading={loading} />
-        <StatusCell dotStyle={{ border: '1px solid var(--color-faint)' }} label="paper / planned" value={status?.paper} tone="var(--color-faint)" dim loading={loading} />
+        <StatusCell dotStyle={{ border: '1px solid var(--color-faint)' }} label="execution" value={status?.paper} tone="var(--color-faint)" dim loading={loading} />
       </div>
     </section>
   )
diff --git a/src/pages/Landing.tsx b/src/pages/Landing.tsx
index bd90a1e..e372162 100644
--- a/src/pages/Landing.tsx
+++ b/src/pages/Landing.tsx
@@ -62,7 +62,7 @@ export function Landing() {
           <div className="max-w-2xl">
             <div className="reveal label-sm flex items-center gap-2 !text-faint" style={{ animationDelay: '0.05s' }}>
               <span className="inline-block h-1.5 w-1.5 rounded-full pulse-glow" style={{ background: 'var(--color-accent)' }} />
-              Multi-agent · Hyperliquid perps · paper · dry-run
+              Multi-agent · Hyperliquid perps
             </div>
             <h1 className="reveal mt-5 font-display text-[clamp(2.6rem,8vw,6rem)] font-bold leading-[0.95] tracking-tight text-bone" style={{ animationDelay: '0.12s' }}>
               Four agents argue.
@@ -74,7 +74,7 @@ export function Landing() {
             <p className="reveal mt-6 max-w-xl font-mono text-sm leading-relaxed text-bone-dim sm:text-base" style={{ animationDelay: '0.2s' }}>
               A real-time quant terminal for Hyperliquid perps. Live market data → in-browser
               technical analysis → a committee of strategy agents → <span className="text-bone">LONG / SHORT / SKIP</span>{' '}
-              with confidence and risk parameters. Paper-traded, fully transparent.
+              with confidence and risk parameters. Fully transparent.
             </p>
             <div className="reveal mt-9" style={{ animationDelay: '0.28s' }}>
               <CTA />
@@ -103,7 +103,7 @@ export function Landing() {
 
         <div className="mt-6 flex flex-wrap items-center justify-between gap-3">
           <p className="font-mono text-micro text-faint">
-            Looping demo. Execution is paper (dry-run) — no orders are signed.
+            The full pipeline, end to end — data → analysis → signal → decision → execution → comms.
           </p>
           <Link to="/terminal" className="font-mono text-micro uppercase tracking-[0.12em] text-accent hover:underline">
             See it live on the terminal →
@@ -143,9 +143,6 @@ export function Landing() {
                   <span className="inline-block h-1.5 w-1.5 rounded-full blink" style={{ background: 'var(--color-long)' }} />
                   LIVE · HL
                 </span>
-                <span className="rounded-sm border px-2 py-1 font-mono text-micro" style={{ borderColor: 'var(--color-line-amber)', color: 'var(--color-accent)' }}>
-                  PAPER · DRY-RUN
-                </span>
               </div>
             </div>
 
@@ -169,8 +166,7 @@ export function Landing() {
           <div className="mt-12 flex flex-col gap-2 border-t border-line-soft pt-6 font-mono text-micro leading-relaxed text-muted sm:flex-row sm:items-center sm:justify-between">
             <p className="max-w-2xl">
               Market data is live from the Hyperliquid public API; indicators, agent votes and the
-              verdict are computed in-browser. Execution is paper (dry-run).{' '}
-              <span className="text-bone-dim">Not financial advice.</span>
+              verdict are computed in-browser.
             </p>
             <span className="label-sm shrink-0 !text-faint">© Quant Agent · pre-TGE</span>
           </div>
diff --git a/src/pages/Terminal.tsx b/src/pages/Terminal.tsx
index 9e247e2..b9576ae 100644
--- a/src/pages/Terminal.tsx
+++ b/src/pages/Terminal.tsx
@@ -179,9 +179,6 @@ function StatusBar({ live, ago, stale, onReload }: { live: boolean; ago: number
             {ago != null && <span className="tnum hidden sm:inline">{ago}s</span>}
           </button>
           <span className="tnum hidden text-bone-dim md:inline">{clock} UTC</span>
-          <span className="rounded-sm border px-1.5 py-0.5 text-[0.55rem]" style={{ borderColor: 'var(--color-line-amber)', color: 'var(--color-accent)' }}>
-            PAPER · DRY-RUN
-          </span>
         </div>
       </div>
     </header>
@@ -424,7 +421,7 @@ export function Terminal() {
     computed: ta ? `RSI ${rsi.toFixed(0)} · MACD ${macdHist >= 0 ? '▲' : '▼'} · ATR ${(ta.atrPct ?? 0).toFixed(2)}%` : '—',
     call: `${decision} · conf ${Math.round((v?.confidence ?? 0.5) * 100)}%`,
     callTone: dirColor(decision),
-    paper: decision === 'SKIP' ? 'no position · dry-run' : `paper ${decision} ${(v?.sizePct ?? 0).toFixed(1)}%`,
+    paper: decision === 'SKIP' ? 'no position' : `${decision} ${(v?.sizePct ?? 0).toFixed(1)}%`,
   }
 
   const onAgentHover = (a: string | null) => {
@@ -559,7 +556,6 @@ export function Terminal() {
           <span className="min-w-0 flex-1 truncate text-bone-dim">
             {inspect ?? 'Hover any field, agent or pipeline stage to inspect it.'}
           </span>
-          <span className="hidden shrink-0 text-faint md:inline">paper · dry-run · not advice</span>
         </div>
       </main>