diff --git a/smart_money.py b/smart_money.py
index beba1bd8..6035e627 100644
--- a/smart_money.py
+++ b/smart_money.py
@@ -107,7 +107,7 @@ def leaderboard_candidates(pool):
     return ranked[:pool]
 
 
-def closed_exits(wallet, since_ts=0, max_rows=25000, newest_bound=0):
+def closed_exits(wallet, since_ts=0, max_rows=4000, newest_bound=0):
     """{asset: {ts, exit_p, p, iv, cond, title, outcome}} for the wallet's
     FULLY-CLOSED positions, newest first. `ts` is the close (sell/redeem)
     timestamp; the exit price is reconstructed from realized P&L over shares
@@ -121,7 +121,13 @@ def closed_exits(wallet, since_ts=0, max_rows=25000, newest_bound=0):
     hold-to-res ceiling back into a scalper's stats). Stops at since_ts,
     newest_bound (for incremental refresh: rows older than what's already
     cached), max_rows, or an empty page. Prefer cache.closed_exits — the
-    incremental cached layer over this raw fetcher."""
+    incremental cached layer over this raw fetcher.
+
+    max_rows default 4000 (80 pages) bounds the FIRST backfill: full-history
+    depth (25k) × 90 sharp wallets stalled the daily pipeline for hours. 4000
+    covers the 30d backtest and most of the 180d display window; the cache is
+    incremental so the horizon extends naturally on later runs, and an extreme
+    scalper's deepest history just keeps a hold-to-res ceiling (honest)."""
     out = {}
     off = 0
     while off < max_rows: