VIX futures curve inverted — backwardation signal active|SPX gamma exposure shifting negative — dealer hedging implications|HYG bid-ask spreads widening — liquidity stress emerging|Cross-asset correlation regime shift detected — diversification erosion|KYLE lambda elevated across small-cap universe — adverse selection risk|Funding stress indicators: FRA-OIS spread widening|0DTE volume surging — intraday gamma imbalance|Put/call ratio skew steepening — protective demand rising|AMIHUD illiquidity measure: fixed income universe deteriorating|Systemic CoVaR: banking sector risk contribution increasing|Rough-Heston spotvol elevated — options-implied vol signal|Upside VRP spike detected — negative intraday return predictor|P-Q truncated vol discrepancy widening — model risk elevated|Credit-equity decoupling: HY spreads rising vs. moderate SPX|VIX futures curve inverted — backwardation signal active|SPX gamma exposure shifting negative — dealer hedging implications|HYG bid-ask spreads widening — liquidity stress emerging|Cross-asset correlation regime shift detected — diversification erosion|KYLE lambda elevated across small-cap universe — adverse selection risk|Funding stress indicators: FRA-OIS spread widening|0DTE volume surging — intraday gamma imbalance|Put/call ratio skew steepening — protective demand rising|AMIHUD illiquidity measure: fixed income universe deteriorating|Systemic CoVaR: banking sector risk contribution increasing|Rough-Heston spotvol elevated — options-implied vol signal|Upside VRP spike detected — negative intraday return predictor|P-Q truncated vol discrepancy widening — model risk elevated|Credit-equity decoupling: HY spreads rising vs. moderate SPX|