{"query":{"project":"ferm-terminal","mode":"browse","limit":50},"items":[{"id":"narrative:a7396075-d93e-45a7-bd41-4938c6ded764:perps","revision":1,"op":"upsert","type":"research.narrative_assigned","domain":"research","origin":"live","project":{"slug":"ferm-terminal","name":"Ferm Terminal","url":"https://heyresearch.xyz/project/ferm-terminal"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-24T03:15:33.504Z","recordedAt":"2026-10-24T03:20:03.672Z","summary":"Primary narrative: Perps","evidence":[{"id":"narrative:a7396075-d93e-45a7-bd41-4938c6ded764:perps","url":"https://heyresearch.xyz/narrative/perps","label":"Narrative"}],"source":"hey_rules","facts":{"primary":true,"narrative":"perps"},"links":{"project":"https://heyresearch.xyz/project/ferm-terminal","evidence":"https://heyresearch.xyz/api/evidence/narrative%3Aa7396075-d93e-45a7-bd41-4938c6ded764%3Aperps","timeline":"https://heyresearch.xyz/api/projects/ferm-terminal/timeline"}},{"id":"state:a7396075-d93e-45a7-bd41-4938c6ded764:catalog_status:36830","revision":1,"op":"upsert","type":"research.published","domain":"research","origin":"live","project":{"slug":"ferm-terminal","name":"Ferm Terminal","url":"https://heyresearch.xyz/project/ferm-terminal"},"occurredAt":null,"precision":"OBSERVED","detectedAt":"2026-10-24T03:19:33.592Z","recordedAt":"2026-10-24T03:20:03.672Z","summary":"Project page published","before":null,"after":"QUALIFIED","evidence":[{"id":"state:a7396075-d93e-45a7-bd41-4938c6ded764:catalog_status:36830","label":"HEY state record"}],"source":"hey_state","facts":{"key":"catalog_status","scoringVersion":"hbm-v32"},"links":{"project":"https://heyresearch.xyz/project/ferm-terminal","evidence":"https://heyresearch.xyz/api/evidence/state%3Aa7396075-d93e-45a7-bd41-4938c6ded764%3Acatalog_status%3A36830","timeline":"https://heyresearch.xyz/api/projects/ferm-terminal/timeline"}}],"nextCursor":null,"hasMore":false,"ledger":{"collectionStart":"2026-09-26T11:35:57.227Z","transitionsFrom":"2026-09-26T11:32:48.791Z","newestRecordedAt":"2026-11-04T21:15:12.238Z","projectorRanAt":"2026-11-04T21:15:22.348Z"},"disclaimer":"Public, source-backed activity HEY recorded. Still Building means counted ships during a market drawdown HEY itself tracked — it is not a prediction, not a ranking by price, and not investment advice. Few projects meet Still Building or Under the Radar at any time; both are strict by design, and list responses carry the counts."}