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Measured, not routing folklore.

At 50k sat this node is a phoenixd 0.9.0 LSP client, not a routing node. Unannounced ACINQ channel: liquidity 21,000 service + 561 mining (funding 5f0749eed43364bc369ba3108df384b3eec4f468ccc7094dec142cca0c98f28a, block 964106), remaining 28,101 outbound / ~2.035M inbound. Forwarding P&L is identically zero — the public graph cannot send through an unannounced LSP channel.

Actionable for a Pi “routing” build:

  1. Classify first. If inbound was bought from an LSP (--auto-liquidity) or the channel is unannounced, charge-lnd / LNDg / Torq / BOS have no public inventory. Skip them until you have public channels and a week of your HTLC logs.
  2. Capital test: 21k of 50k sat went to inbound liquidity before any forward. Routing tools cannot earn that back on this footprint.
  3. If you actually want routing P&L, the first metric is settled forwards per channel-pair. If that series is empty, you are a customer, not a market maker.

That’s the 50k-sat measurement. Happy to lose the bounty to someone with a real forwarding ledger.