# Phase 5: Proofs & Receipts

**Individual Fill Receipts** Each trader receives:

* Fill price
* Fill size
* Batch timestamp
* Cryptographic receipt proving the fill

**Batch-Level Proofs** Compact proofs published for each batch showing:

* Matching was correct
* Prices were fairly determined
* No unauthorized modifications
* State transitions are valid

**Public Auditability** Anyone can verify:

* Batch integrity without seeing individual orders
* Correct risk engine calculations
* Proper liquidation triggers
* Accurate funding payments


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