diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3f5433237..fc20d24c9 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,22 @@
 
 ## [Unreleased]
 
+**A /ship token cap now projects each step and reviewer from what the run has actually spent, so real caps stop refusing work that costs a fraction of the old guess.** On GSTA-152 a 29.28M cap refused its third reviewer because every dispatch was projected at 7.43M while real ones cost 0.23 to 1.02M; on GSTA-2 an 8M cap stopped before Step 6 after Steps 1 to 5 cost about 0.27M each, because every step was projected at 2.25M.
+
+### Fixed
+- **`gstack-ship-budget check`** projects steps and dispatches with the run's own factor once it has measured one: the largest actual/prior ratio of its last three measurements, times 1.5. Before the first measurement the calibrated prior applies, as before. The default tail reserve scales with the step factor; the stop overhead and an explicit `--reserve` do not.
+- **Reviewers admitted one at a time no longer stay reserved.** `check --returned <id>` settles the reviewers that came back, `gstack-review-log --finish` settles every dispatch reservation of its step, and a check that moves to the next step settles the dispatches of the step before. `settle` takes `--reading`.
+- Charges the meter cannot see (`settle --unknown`, a Claude-metered outside voice) are booked at their reservation and never measured, so they cannot shrink the dispatch factor.
+- `gstack-ship-budget handoff` holds back the same calibrated reserve as `check`, so a `verdict=delegate` is always one the handoff admits.
+
+### Changed
+- The `BUDGET:` line adds `calibration=step:<f|prior>,dispatch:<f|prior>`. Each measured reservation prints `DRIFT: … projected=<n> actual=<n> ratio=<r>`, and `close` prints `BUDGET_DRIFT:` totals. docs/ship-budget.md has a Calibration section.
+
+### Tests
+- `test/ship-budget-projection.test.ts` replays GSTA-2 (an 8M cap now reaches Step 6.5 and still stops with room to stop) and GSTA-152 PR B (the 29.28M refusal is admitted and the run stops before the cap), and covers the settle points, unseen charges and the delegate/handoff boundary. The first 8 tests failed at ad8e12d; the 3 review-fix tests failed at f30c33f.
+
+## [Unreleased]
+
 ### Tests
 - `test/review-depth.test.ts`: the #19 shape plans fix-check, Red Team and native adversarial; full depth, a fail-closed classification, `--depth-floor full`, a 151-line, missing or unread range and a gate-touching fix keep the full pass; a forced specialist and changed numbers keep their reviewers; 150, 151 and a docs-only range; the scoped pass counts toward the cap and a blocker it leaves stops; `DEPTH_RULES` moves with the constant.
 - `test/review-plan-cli.test.ts`: `--range-base` plans `NEXT: scoped`; a 151-line range, no range, an unknown base and uncommitted fixes plan full.
diff --git a/bin/gstack-review-log b/bin/gstack-review-log
index 0a7037120..ae60e73a7 100755
--- a/bin/gstack-review-log
+++ b/bin/gstack-review-log
@@ -6,7 +6,8 @@
 # Under a /ship token cap (docs/ship-budget.md): --start SKILL --reservation ID
 #   with the RESERVATION id gstack-ship-budget check printed for this dispatch
 #   batch; refuses (exit 1, BUDGET_CHECK_SKIPPED) without an unspent one, and
-#   --finish settles it. Without a cap no marker exists and nothing changes.
+#   --finish settles it with the pass's other dispatch reservations of that
+#   step. Without a cap no marker exists and nothing changes.
 # Fix-range repeat (#3339): gstack-review-log --start review --fix-range
 #   prints the token, then FIX_BASE=<sha>; refuses (exit 1) unless the latest
 #   pass completed with fixes on unchanged content and its commit is an
@@ -151,12 +152,13 @@ try {
 
 echo "$STAMPED" >> "$GSTACK_HOME/projects/$SLUG/$BRANCH-reviews.jsonl"
 
-# A finished dispatch settles the budget reservation its start consumed (its
-# completion receipt); stdout stays unchanged and a failure never undoes the row.
+# A finished pass settles the budget reservation its start consumed (its
+# completion receipt) and every other dispatch reservation started in the same
+# step; stdout stays unchanged and a failure never undoes the row.
 if [ -n "$TOKEN" ] && [ -f "$GSTACK_SHIP_BUDGET_MARKER" ]; then
   GSTACK_REVIEW_TOKEN="$TOKEN" bun --no-env-file --config="${GSTACK_BUN_CONFIG:-/dev/null}" -e '
     const { settleReviewFinish } = await import(process.env.GSTACK_SHIP_BUDGET_LIB);
-    try { const id = settleReviewFinish(process.env.GSTACK_SHIP_BUDGET_MARKER, process.env.GSTACK_REVIEW_TOKEN); if (id) console.error("review-log: settled budget reservation " + id); }
+    try { const id = settleReviewFinish(process.env.GSTACK_SHIP_BUDGET_MARKER, process.env.GSTACK_REVIEW_TOKEN); if (id) console.error("review-log: settled budget reservations " + id); }
     catch (e) { console.error("review-log: budget reservation not settled: " + e.message); }
   ' || true
 fi
diff --git a/bin/gstack-ship-budget b/bin/gstack-ship-budget
index ecb3277dc..3f1361c0e 100755
--- a/bin/gstack-ship-budget
+++ b/bin/gstack-ship-budget
@@ -7,8 +7,8 @@
  *
  *   start   --record <path> [--token-cap <n|none>] [--meter capy|claude|estimate] [--reading <n>] [--prior-reading <n>]
  *           [--session <id>|--nonce <v>] [--reserve <n>] [--delegate auto|never] [--calibration <file>] [--ledger <path>]
- *   check   --run <id>|--record <path> --step <id> --next <id|dispatch:<role>[,<role>...]> [--reading <n>] [--prior-reading <n>]
- *   settle  --run|--record --reservation <id> [--unknown]      release --run|--record --reservation <id>
+ *   check   --run <id>|--record <path> --step <id> --next <id|dispatch:<role>[,<role>...]> [--reading <n>] [--prior-reading <n>] [--returned <id>[,<id>...]]
+ *   settle  --run|--record --reservation <id> [--unknown] [--reading <n>]      release --run|--record --reservation <id>
  *   handoff --run|--record --from <step> --to <step> --base origin/<base> [--reviewed-tree <t>] [--trail <f> --trail-run <id>]
  *           [--sub-cap <n>] [--reading <n>] [--child-session <id>]
  *   launch  --in <brief>   (Claude Code: background headless child with explicit permissions)
diff --git a/docs/ship-budget.md b/docs/ship-budget.md
index ef7558364..d48b3dcdd 100644
--- a/docs/ship-budget.md
+++ b/docs/ship-budget.md
@@ -17,7 +17,9 @@ Exactly at the cap is admitted; one token over is not. A parallel review batch i
 one sum before any of it starts. Admitted work can still cost more than its projection, and
 gstack cannot stop a host mid-turn from bash, so a run can finish above the cap by the
 misprojection of work already admitted. The tail reserve (default 2M, `--reserve <n>`) keeps
-room for the receipt steps, and the stop overhead (calibrated) keeps room to stop cleanly.
+room for the receipt steps, and the stop overhead (calibrated) keeps room to stop cleanly. Once
+the run has measured a step, the tail reserve scales with its measured step cost (a `--reserve`
+you set stays as given); the stop overhead never scales.
 
 ## Quickstart
 
@@ -48,7 +50,7 @@ With a cap set and no readable meter, start refuses
 
 ## The BUDGET line
 
-    BUDGET: used=<n> reserved=<n> unknown=<n> admission_cap=<n|none> tail=<n> unit=<u> meter=<m> epoch=<n> call=<n|unknown> next=<id> projected=<n> verdict=continue|delegate|stop
+    BUDGET: used=<n> reserved=<n> unknown=<n> admission_cap=<n|none> tail=<n> unit=<u> meter=<m> epoch=<n> call=<n|unknown> next=<id> projected=<n> calibration=step:<f|prior>,dispatch:<f|prior> verdict=continue|delegate|stop
 
 | Field | Meaning |
 |---|---|
@@ -56,10 +58,11 @@ With a cap set and no readable meter, start refuses
 | `reserved` | Open reservations: admitted steps, started dispatches, and each open child's sub-cap counted as max(sub_cap, child_used), never both |
 | `unknown` | Charges the meter cannot see (an external-CLI outside voice on Claude Code), counted at their reservation |
 | `admission_cap` | The cap, or `none` |
-| `tail` | Tail reserve plus stop overhead, held back from every admission |
+| `tail` | Tail reserve (scaled by the step factor once measured) plus stop overhead, held back from every admission |
 | `unit`, `meter`, `epoch` | The meter contract: `capy-tokens` (root counter), `claude-usage-tokens` (journal usage), `estimate-tokens`; a meter change opens a new epoch |
 | `call` | The per-call charge: two Capy readings in consecutive calls, or the last Claude Code call's usage |
-| `next`, `projected` | What the check was for and its calibrated projection |
+| `next`, `projected` | What the check was for and its projection: the prior times the run's factor for that kind |
+| `calibration` | The run's step and dispatch factors (see Calibration), or `prior` before the first measurement |
 | `verdict` | `continue` (exit 0, prints `RESERVATION:` under a cap), `delegate` (exit 0), `stop` (exit 3) |
 
 Any exit other than 0 means the next step does not start. Exit 2 is a usage or validation
@@ -77,7 +80,12 @@ gstack-review-log --start review --reservation <id>
 ```
 
 Roles are review-depth's: `specialist`, `red-team`, `adversarial-native`, `outside-voice`,
-`fix-check`. `--finish <token>` settles the reservation at the dispatch's completion receipt.
+`fix-check`. `--finish <token>` is the pass's completion receipt: it settles that reservation and
+every other dispatch reservation started in the same step, so reviewers admitted one at a time
+do not stay reserved. Name a reviewer that came back in your next check
+(`check ... --returned <id>[,<id>...]`), or, when other work comes first, `settle --reservation <id>
+--reading <n>` as it returns so its cost is measured alone. A check that moves to the next step
+settles every dispatch a reviewer started in the step before.
 `close` audits after the fact: each review-log row of the run with no reservation gets one
 BUDGET_CHECK_SKIPPED line and the run ends status=incomplete for the owner to accept
 (`close --approved-by <who> --words "<their words>"`); a reservation is never created after the fact.
@@ -91,7 +99,8 @@ Step 12, 150k or more (or an unknown charge) delegates the next segment (7–11.
    brief (mode 0600, under the run directory) with the pins (HEAD, merge base, working tree,
    reviewed tree), the record with its six headings and start tokens, the decisions in scope
    with the owner's words, the decision trail, the budget and the return contract. It reserves
-   the child's sub-cap: min(cap − used − reserved − tail, the segment estimate), or `--sub-cap`.
+   the child's sub-cap: min(cap − used − reserved − unknown − the calibrated tail reserve and stop
+   overhead, the segment estimate), or `--sub-cap`.
 2. The child is a Capy subagent on the shared machine, or on Claude Code
    `gstack-ship-budget launch --in <brief>`: a background `claude -p` (resolved through lib/claude-bin.ts)
    with explicit permission flags and the return file named.
@@ -137,6 +146,19 @@ across three runs; per-dispatch has two observations and stop overhead one. Only
 meter has observations; the Claude Code and estimate units are seeded from it until a
 Claude-metered /ship completes.
 
+These constants are the prior. Each settled step or dispatch is measured on the next fresh
+reading (a step from its check's reading to the next one; dispatches settled together as one
+group, split by role), and prints
+
+    DRIFT: id=<reservation> kind=step|dispatch next=<id> projected=<n> actual=<n> ratio=<actual/projected>
+
+From then on the run projects steps and dispatches with its own factor: the largest
+actual/prior ratio among its last three measurements of that kind, times 1.5. The step factor
+also scales the default tail reserve. Dispatches keep the prior until the first
+dispatch is measured, so under a tight cap admit one reviewer first and let it calibrate the rest.
+`close` prints `BUDGET_DRIFT:` with the run's projected and actual totals per kind. The estimate
+meter has no readings, so it always projects at the prior.
+
 ## Token cap and USD spend cap
 
 A lane's `--spend-cap` (USD) bounds paid gates and evals through lib/spend-ledger.ts; `--token-cap`
diff --git a/lib/ship-budget-cli.ts b/lib/ship-budget-cli.ts
index d761c2e74..55f83e357 100644
--- a/lib/ship-budget-cli.ts
+++ b/lib/ship-budget-cli.ts
@@ -13,9 +13,9 @@ import * as path from 'node:path';
 import { resultLine } from './result-codes';
 import {
   BudgetError, DEFAULT_TAIL, DELEGATE_SEGMENT_CALL, DELEGATE_START_CALL, METER_CONTRACTS, SEGMENTS, SHIP_STEPS,
-  admits, applyReading, budgetError, budgetLine, ledgerFileFor, loadCalibration, mintRunId, mutateLedger, newEpoch,
-  parseNext, parseRecordBlock, parseStep, parseTokens, pointMarker, readLedger, reserveIn, restoreRun, reviewPaths,
-  runDirFor, segmentEstimate, settleIn, stepProjection, projection, tally, unitConstants, unreservedDispatches, usageError, writeLedger,
+  admits, applyReading, budgetError, budgetLine, ledgerFileFor, loadCalibration, measureSettled, mintRunId, mutateLedger, newEpoch,
+  parseNext, parseRecordBlock, parseStep, parseTokens, pointMarker, projector, readLedger, reserveIn, restoreRun, reviewPaths,
+  runDirFor, settleIn, stepProjection, tally, unitConstants, unreservedDispatches, usageError, writeLedger,
   type Ledger, type MeterKind, type Next,
 } from './ship-budget';
 import { claudeConfigDir, loadMeterState, newMeterState, nonceSessions, readClaudeUsage, saveMeterState, sessionJournals } from './claude-usage';
@@ -41,6 +41,8 @@ export function parseArgs(argv: string[], values: string[], flags: string[] = []
 export const str = (o: Opts, k: string) => (typeof o[k] === 'string' ? (o[k] as string) : undefined);
 export const tokensOpt = (o: Opts, k: string) => (str(o, k) === undefined ? undefined : parseTokens(str(o, k), `--${k}`));
 const meterFile = (l: Ledger) => path.join(l.dir, 'claude-meter.json');
+/** Whether this command took a fresh reading (Claude Code reads its journals on every command). */
+const freshReading = (l: Ledger, o: Opts) => l.meter.contract.meter === 'claude' || str(o, 'reading') !== undefined;
 
 /** Take this command's reading under the run's meter contract; returns the per-call charge when known. */
 export function readMeter(l: Ledger, o: Opts, requireReading: boolean): number | null {
@@ -69,13 +71,13 @@ export function readMeter(l: Ledger, o: Opts, requireReading: boolean): number |
 export function stopLines(l: Ledger, f: { call: number | null; next: string; step: string; projected: number; reason: 'budget_exhausted' | 'context_threshold' }): string[] {
   l.stopped = { at: new Date().toISOString(), reason: f.reason, step: f.step, next: f.next };
   const t = tally(l);
-  const cal = loadCalibration(l.calibration);
+  const p = projector(l);
   const from = f.next.startsWith('dispatch:') ? f.step : f.next;
-  const tailCost = segmentEstimate(cal, l.meter.contract.unit, from, '22') + l.tail + l.stop_overhead;
+  const tailCost = p.segment(from, '22') + p.reserve;
   const lines = [budgetLine(l, { ...f, verdict: 'stop' })];
   if (f.reason === 'budget_exhausted') {
     lines.push(`STOP: reason=budget_exhausted spent=${t.used} reserved=${t.reserved} unknown=${t.unknown} admission_cap=${l.cap} next=${f.next} projected=${f.projected}`,
-      resultLine('gstack-ship-budget', 'BUDGET_CAP_REACHED', `next ${f.next} needs ${f.projected} + reserve ${l.tail + l.stop_overhead}`),
+      resultLine('gstack-ship-budget', 'BUDGET_CAP_REACHED', `next ${f.next} needs ${f.projected} + reserve ${p.reserve}`),
       `RECOVER: /ship --resume ${l.record ?? '<record>'} --token-cap ${t.used + t.reserved + t.unknown + tailCost}`);
   } else {
     lines.push(`STOP: reason=context_threshold call=${f.call ?? 'unknown'} threshold=${DELEGATE_SEGMENT_CALL} next=${f.next} (${l.role === 'child' ? 'a child never delegates' : '--delegate never'})`,
@@ -93,10 +95,10 @@ export function writeReturnFile(file: string, lines: string[]): void {
 
 /** Admission and the delegate rule for one boundary; reserves the admitted work under a cap. */
 export function decide(l: Ledger, step: string, next: Next, call: number | null, startThreshold = false): Outcome {
-  const cal = loadCalibration(l.calibration);
+  const p = projector(l);
   const nextId = next.kind === 'step' ? next.step : `dispatch:${next.roles.join(',')}`;
-  const projected = projection(cal, l.meter.contract.unit, next);
-  if (!admits(tally(l), projected, l.tail + l.stop_overhead, l.cap)) {
+  const { prior, tokens: projected } = p.project(next);
+  if (!admits(tally(l), projected, p.reserve, l.cap)) {
     return { stdout: stopLines(l, { call, next: nextId, step, projected, reason: 'budget_exhausted' }), exit: 3 };
   }
   const boundary = next.kind === 'step' && (startThreshold ? next.step === '1' : next.step === '7' || next.step === '12');
@@ -110,7 +112,7 @@ export function decide(l: Ledger, step: string, next: Next, call: number | null,
   }
   const lines = [budgetLine(l, { call, next: nextId, projected, verdict: 'continue' })];
   if (l.cap !== null) {
-    const r = reserveIn(l, { kind: next.kind, step, next: nextId, tokens: projected, ...(next.kind === 'dispatch' ? { roles: next.roles } : {}) });
+    const r = reserveIn(l, { kind: next.kind, step, next: nextId, tokens: projected, prior, ...(next.kind === 'dispatch' ? { roles: next.roles } : {}) });
     lines.push(`RESERVATION: id=${r.id} next=${nextId} tokens=${projected}`);
   }
   return { stdout: lines, exit: 0 };
@@ -166,7 +168,8 @@ export function cmdStart(argv: string[], ctx: Ctx): Outcome {
   const sessions = meter === 'claude' ? bindClaude(o, ctx.env) : undefined;
   const l: Ledger = {
     schema_version: 1, kind: 'gstack-ship-budget', run, dir, file: str(o, 'ledger') ?? path.join(dir, 'budget.json'), record: path.resolve(record),
-    created_at: new Date().toISOString(), cap, tail: tokensOpt(o, 'reserve') ?? DEFAULT_TAIL, stop_overhead: unitConstants(cal, contract.unit).stop_overhead,
+    created_at: new Date().toISOString(), cap, tail: tokensOpt(o, 'reserve') ?? DEFAULT_TAIL, ...(tokensOpt(o, 'reserve') !== undefined ? { tail_explicit: true } : {}),
+    stop_overhead: unitConstants(cal, contract.unit).stop_overhead,
     delegate, role: 'parent', meter: { contract, epoch: 1, baseline: 0, last: null, ...(sessions ? { sessions, config_dir: claudeConfigDir(ctx.env) } : {}) },
     epochs: [], carried_used: 0, estimate_used: 0, unknown: 0, next_id: 1, reservations: [], handoffs: [], cap_raises: [],
     marker: paths.marker, review_log: paths.reviewLog, ...(str(o, 'calibration') ? { calibration: path.resolve(str(o, 'calibration')!) } : {}),
@@ -181,40 +184,59 @@ export function cmdStart(argv: string[], ctx: Ctx): Outcome {
   return { stdout: [`BUDGET_RUN: id=${run} ledger=${l.file}`, ...out.stdout], exit: out.exit };
 }
 
+/**
+ * check: read the meter, settle what is done (open step reservations, the
+ * dispatches named by --returned, and on a step change every dispatch a
+ * reviewer consumed), measure them, then admit the next step or dispatch.
+ */
 export function cmdCheck(argv: string[], ctx: Ctx): Outcome {
-  const o = parseArgs(argv, ['run', 'record', 'step', 'next', 'reading', 'prior-reading']);
+  const o = parseArgs(argv, ['run', 'record', 'step', 'next', 'reading', 'prior-reading', 'returned']);
   const step = parseStep(str(o, 'step'));
   const next = parseNext(str(o, 'next'));
+  const returned = (str(o, 'returned') ?? '').split(',').filter(Boolean);
   return mutateLedger(ledgerFileFor({ run: str(o, 'run'), record: str(o, 'record') }, ctx.env), ctx.env, l => {
     if (l.closed_at) throw usageError(`run ${l.run} is closed`);
     if (l.stopped) return { stdout: [budgetLine(l, { call: null, next: l.stopped.next, projected: 0, verdict: 'stop' }), `STOP: reason=${l.stopped.reason} at Step ${l.stopped.step}; resume first: gstack-ship-budget resume --record ${l.record}`, `GSTACK_RESULT: skill=ship status=incomplete run=${l.dir}`], exit: 3 };
-    for (const r of l.reservations) if (r.kind === 'step' && r.state === 'open') settleIn(l, r);
+    const back = returned.map(id => l.reservations.find(r => r.id === id && r.kind === 'dispatch'));
+    const bad = returned.filter((_, i) => !back[i]);
+    if (bad.length) throw usageError(`--returned ${bad.join(',')} is not a dispatch reservation of run ${l.run}; fix: pass the RESERVATION ids check printed for the reviewers that came back`);
     const call = readMeter(l, o, true);
-    return decide(l, step, next, call);
+    for (const r of l.reservations) {
+      const done = r.kind === 'step' ? r.state === 'open' : r.kind === 'dispatch' && (back.includes(r) || (next.kind === 'step' && r.state === 'consumed'));
+      if (done) settleIn(l, r);
+    }
+    const drift = freshReading(l, o) ? measureSettled(l) : [];
+    const out = decide(l, step, next, call);
+    return { stdout: [...drift, ...out.stdout], exit: out.exit };
   });
 }
 
 export function cmdSettle(argv: string[], ctx: Ctx, release = false): Outcome {
-  const o = parseArgs(argv, ['run', 'record', 'reservation'], release ? [] : ['unknown']);
+  const o = parseArgs(argv, ['run', 'record', 'reservation', ...(release ? [] : ['reading'])], release ? [] : ['unknown']);
   const id = str(o, 'reservation');
   if (!id) throw usageError(`${release ? 'release' : 'settle'} needs --reservation <id>`);
   return mutateLedger(ledgerFileFor({ run: str(o, 'run'), record: str(o, 'record') }, ctx.env), ctx.env, l => {
     const r = l.reservations.find(x => x.id === id);
     if (!r) throw usageError(`reservation ${id} is not in run ${l.run}`);
-    if (release) { if (r.state === 'open') r.state = 'released'; }
-    else settleIn(l, r, { unknown: o.unknown === true, cal: loadCalibration(l.calibration) });
-    return { stdout: [`${release ? 'RELEASED' : 'SETTLED'}: id=${id} state=${r.state}`], exit: 0 };
+    if (release) { if (r.state === 'open') r.state = 'released'; return { stdout: [`RELEASED: id=${id} state=${r.state}`], exit: 0 }; }
+    readMeter(l, o, false);
+    settleIn(l, r, { unknown: o.unknown === true, cal: loadCalibration(l.calibration) });
+    return { stdout: [`SETTLED: id=${id} state=${r.state}`, ...(freshReading(l, o) ? measureSettled(l) : [])], exit: 0 };
   });
 }
 
 export function cmdClose(argv: string[], ctx: Ctx): Outcome {
   const o = parseArgs(argv, ['run', 'record', 'reading', 'approved-by', 'words']);
   return mutateLedger(ledgerFileFor({ run: str(o, 'run'), record: str(o, 'record') }, ctx.env), ctx.env, l => {
-    for (const r of l.reservations) if (r.kind === 'step' && r.state === 'open') settleIn(l, r);
     readMeter(l, o, false);
+    for (const r of l.reservations) if (r.kind === 'step' && r.state === 'open') settleIn(l, r);
+    if (freshReading(l, o)) measureSettled(l);
     const t = tally(l);
     const open = l.reservations.filter(r => r.kind === 'dispatch' && r.state === 'consumed').length;
     const lines = [`BUDGET_FINAL: used=${t.used} reserved=${t.reserved} unknown=${t.unknown} admission_cap=${l.cap ?? 'none'} unit=${l.meter.contract.unit} meter=${l.meter.contract.meter} epoch=${l.meter.epoch} open_dispatches=${open}`];
+    const sum = (kind: string, k: 'projected' | 'actual') => (l.samples ?? []).filter(s => s.kind === kind).reduce((n, s) => n + s[k], 0);
+    const count = (kind: string) => (l.samples ?? []).filter(s => s.kind === kind).length;
+    lines.push(`BUDGET_DRIFT: steps=${count('step')} step_projected=${sum('step', 'projected')} step_actual=${sum('step', 'actual')} dispatches=${count('dispatch')} dispatch_projected=${sum('dispatch', 'projected')} dispatch_actual=${sum('dispatch', 'actual')}`);
     const accepted = new Set((l as any).accepted_skips as string[] | undefined ?? []);
     const skipped = l.cap === null ? [] : unreservedDispatches(l).filter(s => !accepted.has(s.started));
     if (skipped.length && str(o, 'approved-by') && str(o, 'words')) {
diff --git a/lib/ship-budget.ts b/lib/ship-budget.ts
index a3c3d18e1..ad93c3291 100644
--- a/lib/ship-budget.ts
+++ b/lib/ship-budget.ts
@@ -51,7 +51,9 @@ export const METER_CONTRACTS: Record<MeterKind, MeterContract> = {
 export interface Reservation {
   id: string; kind: 'step' | 'dispatch' | 'child'; step: string; next: string; roles?: string[]; tokens: number; at: string;
   state: 'open' | 'consumed' | 'settled' | 'released'; token?: string; started_at?: string; settled_at?: string;
+  prior?: number; reading_at?: number | null; epoch?: number; actual?: number; unseen?: boolean;
 }
+export interface Sample { id: string; kind: 'step' | 'dispatch'; epoch: number; prior: number; projected: number; actual: number }
 export interface Handoff {
   n: number; sha: string; file: string; from: string; to: string; sub_cap: number; reservation: string; reading_at: number | null;
   epoch: number; return_file: string; reconciled_at?: string; status?: string; child_used?: number;
@@ -65,7 +67,7 @@ export interface Ledger {
   carried_used: number; estimate_used: number; unknown: number; next_id: number;
   reservations: Reservation[]; handoffs: Handoff[];
   cap_raises: Array<{ from: number | null; to: number | null; by: string; words: string; at: string }>;
-  marker?: string; review_log?: string; calibration?: string;
+  marker?: string; review_log?: string; calibration?: string; samples?: Sample[]; tail_explicit?: boolean;
   stopped?: { at: string; reason: string; step: string; next: string }; closed_at?: string;
 }
 
@@ -134,7 +136,63 @@ export function projection(cal: Calibration, unit: string, next: Next): number {
   return next.kind === 'dispatch' ? next.roles.length * unitConstants(cal, unit).per_dispatch : stepProjection(cal, unit, next.step);
 }
 
-/** Steps from..to inclusive plus their usual reviewer batches: a child's segment estimate and the RECOVER tail. */
+/** How many recent measurements of a kind the run's factor looks at (GST-101). */
+export const SAMPLE_WINDOW = 3;
+const roundUp = (n: number, to: number) => Math.ceil(n / to) * to;
+
+/**
+ * The run's own factor for steps or dispatches: the largest actual/prior ratio
+ * among its last SAMPLE_WINDOW measurements times the calibration headroom, or
+ * null before the first measurement (the prior applies until then).
+ */
+export function measuredFactor(l: Ledger, cal: Calibration, kind: Sample['kind']): number | null {
+  const rows = (l.samples ?? []).filter(s => s.kind === kind && s.epoch === l.meter.epoch && s.actual > 0 && s.prior > 0).slice(-SAMPLE_WINDOW);
+  return rows.length ? Math.max(...rows.map(s => s.actual / s.prior)) * cal.headroom : null;
+}
+
+/**
+ * Projections calibrated by the run's measured factors. The tail reserve scales
+ * with the step factor unless --reserve set it; the stop overhead keeps its
+ * calibrated fit so a run always has room to stop.
+ */
+export function projector(l: Ledger, cal: Calibration = loadCalibration(l.calibration)) {
+  const unit = l.meter.contract.unit;
+  const step = measuredFactor(l, cal, 'step'), dispatch = measuredFactor(l, cal, 'dispatch');
+  const scale = (n: number, f: number | null) => (f === null ? n : roundUp(n * f, cal.round_to));
+  const project = (next: Next) => {
+    const prior = projection(cal, unit, next);
+    return { prior, tokens: scale(prior, next.kind === 'dispatch' ? dispatch : step) };
+  };
+  const segment = (from: string, to: string) => SHIP_STEPS.slice(SHIP_STEPS.indexOf(from as any), SHIP_STEPS.indexOf(to as any) + 1)
+    .reduce((sum, s) => sum + project({ kind: 'step', step: s }).tokens + (cal.segment_dispatches[s] ?? 0) * project({ kind: 'dispatch', roles: ['specialist'] }).tokens, 0);
+  const label = (f: number | null) => (f === null ? 'prior' : f.toFixed(3));
+  return { project, segment, reserve: (l.tail_explicit ? l.tail : scale(l.tail, step)) + l.stop_overhead, label: `step:${label(step)},dispatch:${label(dispatch)}` };
+}
+
+/**
+ * Measure settled reservations against the current (fresh) reading: a step
+ * from its reading to now; settled dispatches as one group from the earliest
+ * of their readings, split by role. A charge the meter cannot see (settled
+ * --unknown, or a Claude-metered outside voice) is never measured. Returns one
+ * DRIFT line per measurement.
+ */
+export function measureSettled(l: Ledger): string[] {
+  const last = l.meter.last;
+  if (last === null) return [];
+  const pending = l.reservations.filter(r => r.state === 'settled' && r.kind !== 'child' && r.actual === undefined && !r.unseen
+    && typeof r.reading_at === 'number' && r.epoch === l.meter.epoch && last >= r.reading_at);
+  const dispatches = pending.filter(r => r.kind === 'dispatch');
+  const from = Math.min(...dispatches.map(r => r.reading_at!));
+  const roles = dispatches.reduce((n, r) => n + (r.roles?.length ?? 1), 0);
+  return pending.map(r => {
+    const actual = r.kind === 'dispatch' ? Math.round(((last - from) * (r.roles?.length ?? 1)) / roles) : last - r.reading_at!;
+    r.actual = actual;
+    (l.samples ??= []).push({ id: r.id, kind: r.kind as Sample['kind'], epoch: l.meter.epoch, prior: r.prior ?? r.tokens, projected: r.tokens, actual });
+    return `DRIFT: id=${r.id} kind=${r.kind} next=${r.next} projected=${r.tokens} actual=${actual} ratio=${(actual / Math.max(1, r.tokens)).toFixed(2)}`;
+  });
+}
+
+/** Steps from..to inclusive plus their usual reviewer batches at the prior: a child's segment estimate. */
 export function segmentEstimate(cal: Calibration, unit: string, from: string, to: string): number {
   const i = SHIP_STEPS.indexOf(from as any), j = SHIP_STEPS.indexOf(to as any);
   const k = unitConstants(cal, unit);
@@ -206,11 +264,12 @@ export function admits(t: { used: number; reserved: number; unknown: number }, p
 
 export function budgetLine(l: Ledger, f: { call: number | null; next: string; projected: number; verdict: string }): string {
   const t = tally(l);
-  return `BUDGET: used=${t.used} reserved=${t.reserved} unknown=${t.unknown} admission_cap=${l.cap ?? 'none'} tail=${l.tail + l.stop_overhead} unit=${l.meter.contract.unit} meter=${l.meter.contract.meter} epoch=${l.meter.epoch} call=${f.call ?? 'unknown'} next=${f.next} projected=${f.projected} verdict=${f.verdict}`;
+  const p = projector(l);
+  return `BUDGET: used=${t.used} reserved=${t.reserved} unknown=${t.unknown} admission_cap=${l.cap ?? 'none'} tail=${p.reserve} unit=${l.meter.contract.unit} meter=${l.meter.contract.meter} epoch=${l.meter.epoch} call=${f.call ?? 'unknown'} next=${f.next} projected=${f.projected} calibration=${p.label} verdict=${f.verdict}`;
 }
 
 export function reserveIn(l: Ledger, r: Omit<Reservation, 'id' | 'at' | 'state'>): Reservation {
-  const row: Reservation = { ...r, id: `${l.run}-r${l.next_id++}`, at: new Date().toISOString(), state: 'open' };
+  const row: Reservation = { ...r, id: `${l.run}-r${l.next_id++}`, at: new Date().toISOString(), state: 'open', reading_at: l.meter.last, epoch: l.meter.epoch };
   l.reservations.push(row);
   return row;
 }
@@ -220,10 +279,10 @@ export function settleIn(l: Ledger, r: Reservation, opts: { unknown?: boolean; c
   if (r.state === 'settled' || r.state === 'released') return;
   r.state = 'settled';
   r.settled_at = new Date().toISOString();
-  if (opts.unknown) { l.unknown += r.tokens; return; }
+  if (opts.unknown) { l.unknown += r.tokens; r.unseen = true; return; }
   if (l.meter.contract.meter === 'estimate') { l.estimate_used += r.tokens; return; }
   const unseen = l.meter.contract.meter === 'claude' ? (r.roles ?? []).filter(x => x === 'outside-voice').length : 0;
-  if (unseen && r.roles?.length) l.unknown += Math.round((r.tokens * unseen) / r.roles.length);
+  if (unseen && r.roles?.length) { l.unknown += Math.round((r.tokens * unseen) / r.roles.length); r.unseen = true; }
 }
 
 /** Validate and store one meter reading against the run's contract. */
@@ -333,15 +392,20 @@ export function admitReviewStart(marker: string, reservation: string | undefined
   });
 }
 
-/** gstack-review-log --finish TOKEN: settle the reservation that start consumed (its completion receipt). */
+/**
+ * gstack-review-log --finish TOKEN: the pass is over, so settle the reservation
+ * that start consumed and every other dispatch reservation started in the same
+ * step (a pass logs one row even when its reviewers were admitted one by one).
+ */
 export function settleReviewFinish(marker: string, token: string, env: NodeJS.ProcessEnv = process.env): string | undefined {
   const active = activeLedger(marker);
   if (!active || !active.reservations.some(r => r.token === token && r.state === 'consumed')) return undefined;
   return mutateLedger(active.file, env, l => {
     const r = l.reservations.find(x => x.token === token && x.state === 'consumed');
     if (!r) return undefined;
-    settleIn(l, r);
-    return r.id;
+    const pass = l.reservations.filter(x => x.kind === 'dispatch' && x.state === 'consumed' && x.step === r.step);
+    for (const x of pass) settleIn(l, x);
+    return pass.map(x => x.id).join(',');
   });
 }
 
diff --git a/lib/ship-handoff.ts b/lib/ship-handoff.ts
index 48e2ac7a5..3ff8dd4cc 100644
--- a/lib/ship-handoff.ts
+++ b/lib/ship-handoff.ts
@@ -20,7 +20,7 @@ import { wtreeFingerprint } from './script-invocation';
 import { resultLine } from './result-codes';
 import {
   SHIP_STEPS, budgetError, budgetLine, ledgerFileFor, loadCalibration, mintRunId, mutateLedger, parseStep, pointMarker,
-  readLedger, reserveIn, runDirFor, segmentEstimate, tally, usageError, writeLedger, type Handoff, type Ledger,
+  projector, readLedger, reserveIn, runDirFor, segmentEstimate, tally, usageError, writeLedger, type Handoff, type Ledger,
 } from './ship-budget';
 import { loadMeterState, saveMeterState } from './claude-usage';
 import { parseArgs, readMeter, stopLines, str, tokensOpt, writeReturnFile, type Ctx, type Outcome } from './ship-budget-cli';
@@ -92,7 +92,7 @@ export function cmdHandoff(argv: string[], ctx: Ctx): Outcome {
     const call = readMeter(l, o, true);
     const cal = loadCalibration(l.calibration);
     const t = tally(l);
-    const room = l.cap === null ? Infinity : l.cap - t.used - t.reserved - t.unknown - l.tail - l.stop_overhead;
+    const room = l.cap === null ? Infinity : l.cap - t.used - t.reserved - t.unknown - projector(l, cal).reserve;
     const subCap = tokensOpt(o, 'sub-cap') ?? Math.min(room, segmentEstimate(cal, l.meter.contract.unit, from, to));
     if (subCap <= 0 || subCap > room) return { stdout: stopLines(l, { call, next: from, step: from, projected: subCap, reason: 'budget_exhausted' }), exit: 3 };
     const pins = pinsNow(ctx.cwd, base, ctx.env);
diff --git a/ship/sections/budget-handoff.md b/ship/sections/budget-handoff.md
index 1b036c551..5529caca6 100644
--- a/ship/sections/budget-handoff.md
+++ b/ship/sections/budget-handoff.md
@@ -25,7 +25,8 @@ Before each dispatch batch, reserve the batch as one sum, then pass the printed
 ~/.claude/skills/gstack/bin/gstack-review-log --start review --reservation "$RESERVATION_ID"
 ```
 
-`--finish` settles it. A dispatch with no `review-log --start` settles with
+`--finish` settles it and the pass's other dispatch reservations. Admitting reviewers one at
+a time, name each one that came back in the next check's `--returned <id>`. A dispatch with no `review-log --start` settles with
 `gstack-ship-budget settle --run <id> --reservation <id>` when it returns
 (`--unknown` when the meter cannot see it), or `release` if it never ran.
 
diff --git a/ship/sections/budget-handoff.md.tmpl b/ship/sections/budget-handoff.md.tmpl
index fa41ceb04..30fff488e 100644
--- a/ship/sections/budget-handoff.md.tmpl
+++ b/ship/sections/budget-handoff.md.tmpl
@@ -23,7 +23,8 @@ Before each dispatch batch, reserve the batch as one sum, then pass the printed
 ~/.claude/skills/gstack/bin/gstack-review-log --start review --reservation "$RESERVATION_ID"
 ```
 
-`--finish` settles it. A dispatch with no `review-log --start` settles with
+`--finish` settles it and the pass's other dispatch reservations. Admitting reviewers one at
+a time, name each one that came back in the next check's `--returned <id>`. A dispatch with no `review-log --start` settles with
 `gstack-ship-budget settle --run <id> --reservation <id>` when it returns
 (`--unknown` when the meter cannot see it), or `release` if it never ran.
 
diff --git a/test/ship-budget-projection.test.ts b/test/ship-budget-projection.test.ts
new file mode 100644
index 000000000..a0fd46ad8
--- /dev/null
+++ b/test/ship-budget-projection.test.ts
@@ -0,0 +1,241 @@
+/**
+ * GST-101: the /ship budget projection is calibrated from the run's own meter
+ * (the prior only until the first measurement), the tail reserve scales with
+ * it, a dispatch's reservation settles when its reviewer returns, and each
+ * measured reservation prints its projected and actual cost. The replays use
+ * the numbers measured on GSTA-2 (gstack-evals #35/#36, 1.91.319.0) and on
+ * GSTA-152 PR B (#3596, run ship-20261029T083816-a4cc20; handoffs/token-efficiency/
+ * ship-budget-projection-GSTA-152-prb.md in the GStack Minder drive).
+ */
+import { afterEach, describe, expect, test } from 'bun:test';
+import { loadCalibration, measureSettled, settleIn, SHIP_STEPS, unitConstants } from '../lib/ship-budget';
+import { budgetHarness, type Harness } from './helpers/ship-budget-harness';
+
+const cal = loadCalibration();
+const K = unitConstants(cal, 'capy-tokens');
+const harnesses: Harness[] = [];
+const fresh = () => { const h = budgetHarness(); harnesses.push(h); return h; };
+afterEach(() => { while (harnesses.length) harnesses.pop()!.cleanup(); });
+
+function started(h: Harness, cap: string) {
+  const r = h.sb(['start', '--record', h.record(), '--token-cap', cap, '--reading', '0']);
+  expect(r.code).toBe(0);
+  return { run: h.field(r.out, 'BUDGET_RUN', 'id'), ledger: h.field(r.out, 'BUDGET_RUN', 'ledger') };
+}
+const finishRow = () => JSON.stringify({ skill: 'review', timestamp: new Date().toISOString(), status: 'clean', issues_found: 0, critical: 0, informational: 0 });
+
+/** GSTA-2: about 0.27M per step on Steps 1-5 (1.35M), 165-200k per call; the prior projected 2.25M per step plus a 4.48M reserve. */
+const GSTA2_STEP = 270_000;
+const GSTA2_STOP = 4 * 200_000;
+/** GSTA-152 PR B pass 2, one reviewer at a time on a 127-line fix range (counter delta per dispatch). */
+const PASS2: Array<[string, number]> = [
+  ['specialist', 373_254], ['specialist', 511_454], ['specialist', 364_113], ['specialist', 362_494],
+  ['specialist', 366_058], ['specialist', 234_661], ['red-team', 1_016_168],
+];
+const PASS3: Array<[string, number]> = [['red-team', 1_049_900], ['fix-check', 368_801]];
+/** One parent call late in GSTA-152 (376-384k), and #26's measured stop overhead. */
+const PARENT_CALL = 380_000;
+const LEAN_DISPATCH = 500_000;
+const STOP_26 = 1_650_000;
+
+describe('projection calibrated from the run\'s own meter (GST-101)', () => {
+  test('GSTA-2 replay: an 8M cap admits Steps 6 and 6.5 after Steps 1-5 cost 0.27M each, and stops with room to stop', () => {
+    const h = fresh();
+    const cap = 8_000_000;
+    const s = started(h, '8M');
+    const steps = SHIP_STEPS.slice(SHIP_STEPS.indexOf('1'));
+    let reading = 0;
+    const admitted: string[] = [];
+    let stop = '';
+    for (let i = 0; i + 1 < steps.length; i++) {
+      const calls = cal.step_calls[steps[i]!] ?? cal.step_calls.default!;
+      reading += Math.round((GSTA2_STEP / 3) * calls * (1 + 0.05 * i)) + (cal.step_dispatches[steps[i]!] ?? 0) * LEAN_DISPATCH;
+      expect(reading, `spend after Step ${steps[i]}`).toBeLessThanOrEqual(cap);
+      const c = h.sb(['check', '--run', s.run, '--step', steps[i]!, '--next', steps[i + 1]!, '--reading', String(reading)]);
+      if (c.code === 3) { stop = c.out; break; }
+      expect(c.code).toBe(0);
+      admitted.push(steps[i + 1]!);
+      if (steps[i + 1] === '6') expect(Number(h.field(c.out, 'BUDGET', 'projected'))).toBeLessThan(1_000_000);
+    }
+    expect(admitted).toEqual(['2', '3', '4', '5', '6', '6.5']);
+    expect(stop).toContain('STOP: reason=budget_exhausted');
+    expect(reading + GSTA2_STOP).toBeLessThanOrEqual(cap);
+  });
+
+  test('GSTA-152 PR B replay: per-dispatch admission never holds returned reviewers, the 29.28M refusal is admitted, and the run stops before the cap', () => {
+    const h = fresh();
+    const cap = 29_280_000;
+    const s = started(h, '29.28M');
+    let reading = 0;
+    const steps = SHIP_STEPS.slice(SHIP_STEPS.indexOf('1'), SHIP_STEPS.indexOf('9') + 1);
+    for (let i = 0; i + 1 < steps.length; i++) {
+      reading += 750_000;
+      expect(h.sb(['check', '--run', s.run, '--step', steps[i]!, '--next', steps[i + 1]!, '--reading', String(reading)]).code).toBe(0);
+    }
+    let previous = '';
+    const dispatch = (role: string) => {
+      reading += PARENT_CALL;
+      const c = h.sb(['check', '--run', s.run, '--step', '9', '--next', `dispatch:${role}`, '--reading', String(reading), ...(previous ? ['--returned', previous] : [])]);
+      return c;
+    };
+    for (const [role, cost] of [...PASS2, ...PASS3]) {
+      const c = dispatch(role);
+      expect(c.code, c.out + c.err).toBe(0);
+      previous = h.field(c.out, 'RESERVATION', 'id');
+      expect(h.reviewLog(['--start', 'review', '--reservation', previous]).code).toBe(0);
+      reading += cost;
+    }
+    const lean = h.ledger(s.ledger).reservations.filter((r: any) => r.kind === 'dispatch' && r.actual !== undefined);
+    expect(lean.length).toBe(PASS2.length + PASS3.length - 1);
+    const settled = h.sb(['settle', '--run', s.run, '--reservation', previous, '--reading', String(reading)]);
+    expect(settled.out).toMatch(/^DRIFT: id=\S+ kind=dispatch next=dispatch:fix-check projected=\d+ actual=368801 ratio=\d+\.\d\d$/m);
+    reading = 17_790_000;
+    previous = '';
+    const fixCheck = dispatch('fix-check');
+    expect(fixCheck.code, fixCheck.out).toBe(0);
+    const projected = Number(h.field(fixCheck.out, 'BUDGET', 'projected'));
+    expect(projected).toBeLessThan(K.per_dispatch / 3);
+    expect(projected).toBeGreaterThanOrEqual(1_049_900);
+    previous = h.field(fixCheck.out, 'RESERVATION', 'id');
+    expect(h.reviewLog(['--start', 'review-fix-check', '--reservation', previous]).code).toBe(0);
+    reading += 368_801;
+    let parent = PARENT_CALL;
+    let stop = '';
+    for (let round = 0; round < 40 && !stop; round++) {
+      parent += 50_000;
+      reading += parent;
+      const c = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:fix-check', '--reading', String(reading), '--returned', previous]);
+      if (c.code === 3) { stop = c.out; break; }
+      previous = h.field(c.out, 'RESERVATION', 'id');
+      expect(h.reviewLog(['--start', 'review-fix-check', '--reservation', previous]).code).toBe(0);
+      reading += 368_801;
+      expect(reading).toBeLessThanOrEqual(cap);
+    }
+    expect(stop).toContain('STOP: reason=budget_exhausted');
+    expect(reading + STOP_26).toBeLessThanOrEqual(cap);
+  }, 120_000);
+
+  test('the prior holds until the first measurement; the tail reserve scales with the measured step cost', () => {
+    const h = fresh();
+    const s = started(h, '100M');
+    const first = h.sb(['check', '--run', s.run, '--step', '1', '--next', '2', '--reading', '0']);
+    expect(Number(h.field(first.out, 'BUDGET', 'projected'))).toBe(3 * K.per_call);
+    expect(Number(h.field(first.out, 'BUDGET', 'tail'))).toBe(2_000_000 + K.stop_overhead);
+    expect(h.field(first.out, 'BUDGET', 'calibration')).toBe('step:prior,dispatch:prior');
+    const second = h.sb(['check', '--run', s.run, '--step', '2', '--next', '3', '--reading', '450000']);
+    const factor = (450_000 / (3 * K.per_call)) * cal.headroom;
+    expect(Number(h.field(second.out, 'BUDGET', 'projected'))).toBe(Math.ceil((3 * K.per_call * factor) / cal.round_to) * cal.round_to);
+    expect(Number(h.field(second.out, 'BUDGET', 'tail'))).toBe(Math.ceil((2_000_000 * factor) / cal.round_to) * cal.round_to + K.stop_overhead);
+    expect(second.out).toMatch(/^DRIFT: id=\S+ kind=step next=2 projected=2250000 actual=450000 ratio=0\.20$/m);
+    const d = h.sb(['check', '--run', s.run, '--step', '3', '--next', 'dispatch:specialist,red-team', '--reading', '900000']);
+    expect(Number(h.field(d.out, 'BUDGET', 'projected'))).toBe(2 * K.per_dispatch);
+  });
+
+  test('an explicit --reserve is kept as given, and the stop overhead keeps its calibrated fit', () => {
+    const h = fresh();
+    const r = h.sb(['start', '--record', h.record(), '--token-cap', '100M', '--reading', '0', '--reserve', '3M']);
+    const run = h.field(r.out, 'BUDGET_RUN', 'id');
+    h.sb(['check', '--run', run, '--step', '1', '--next', '2', '--reading', '450000']);
+    const c = h.sb(['check', '--run', run, '--step', '2', '--next', '3', '--reading', '900000']);
+    expect(h.field(c.out, 'BUDGET', 'calibration')).not.toStartWith('step:prior');
+    expect(Number(h.field(c.out, 'BUDGET', 'tail'))).toBe(3_000_000 + K.stop_overhead);
+  });
+});
+
+describe('dispatch reservations settle when the reviewer returns (GST-101)', () => {
+  test('check --returned settles a consumed reservation, so the next per-dispatch admission is not blocked by it', () => {
+    const h = fresh();
+    const s = started(h, '20M');
+    const a = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:specialist', '--reading', '0']);
+    const first = h.field(a.out, 'RESERVATION', 'id');
+    expect(h.reviewLog(['--start', 'review', '--reservation', first]).code).toBe(0);
+    const b = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:specialist', '--reading', '400000', '--returned', first]);
+    expect(b.code, b.out + b.err).toBe(0);
+    expect(h.field(b.out, 'BUDGET', 'reserved')).toBe('0');
+    expect(h.ledger(s.ledger).reservations.find((r: any) => r.id === first)).toMatchObject({ state: 'settled', actual: 400_000 });
+    const bad = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:specialist', '--reading', '400000', '--returned', 'nope']);
+    expect(bad.code).toBe(2);
+    expect(bad.err).toContain('--returned');
+  });
+
+  test('--finish settles every consumed dispatch reservation of the pass, and the next reading measures them as one group', () => {
+    const h = fresh();
+    const s = started(h, '80M');
+    const tokens: string[] = [];
+    let reading = 0;
+    for (const role of ['specialist', 'specialist', 'red-team']) {
+      const id = h.field(h.sb(['check', '--run', s.run, '--step', '9', '--next', `dispatch:${role}`, '--reading', String(reading)]).out, 'RESERVATION', 'id');
+      const st = h.reviewLog(['--start', 'review', '--reservation', id]);
+      expect(st.code).toBe(0);
+      tokens.push(st.out.trim());
+      reading += 500_000;
+    }
+    expect(h.reviewLog([finishRow(), '--finish', tokens[0]!]).code).toBe(0);
+    const dispatches = () => h.ledger(s.ledger).reservations.filter((r: any) => r.kind === 'dispatch');
+    expect(dispatches().map((r: any) => r.state)).toEqual(['settled', 'settled', 'settled']);
+    const next = h.sb(['check', '--run', s.run, '--step', '9', '--next', '10', '--reading', String(reading)]);
+    expect(h.field(next.out, 'BUDGET', 'reserved')).toBe('0');
+    expect(dispatches().map((r: any) => r.actual)).toEqual([500_000, 500_000, 500_000]);
+  });
+
+  test('moving to the next step settles dispatch reservations a reviewer consumed in the step before', () => {
+    const h = fresh();
+    const s = started(h, '80M');
+    const id = h.field(h.sb(['check', '--run', s.run, '--step', '11', '--next', 'dispatch:outside-voice', '--reading', '0']).out, 'RESERVATION', 'id');
+    expect(h.reviewLog(['--start', 'adversarial-review', '--reservation', id]).code).toBe(0);
+    const c = h.sb(['check', '--run', s.run, '--step', '11', '--next', '11.5', '--reading', '600000']);
+    expect(c.code).toBe(0);
+    expect(h.ledger(s.ledger).reservations.find((r: any) => r.id === id)).toMatchObject({ state: 'settled', actual: 600_000 });
+  });
+
+  test('close prints projected against actual for the run', () => {
+    const h = fresh();
+    const s = started(h, '80M');
+    h.sb(['check', '--run', s.run, '--step', '1', '--next', '2', '--reading', '300000']);
+    const close = h.sb(['close', '--run', s.run, '--reading', '700000']);
+    expect(close.code).toBe(0);
+    expect(close.out).toMatch(/^BUDGET_DRIFT: steps=2 step_projected=\d+ step_actual=700000 dispatches=0 dispatch_projected=0 dispatch_actual=0$/m);
+  });
+});
+
+describe('the gate fixes from /ship review (GST-101)', () => {
+  test('a dispatch settled --unknown is never measured, so the dispatch factor stays at the prior', () => {
+    const h = fresh();
+    const s = started(h, '40M');
+    const id = h.field(h.sb(['check', '--run', s.run, '--step', '11', '--next', 'dispatch:outside-voice', '--reading', '0']).out, 'RESERVATION', 'id');
+    expect(h.reviewLog(['--start', 'adversarial-review', '--reservation', id]).code).toBe(0);
+    const settled = h.sb(['settle', '--run', s.run, '--reservation', id, '--unknown', '--reading', '100000']);
+    expect(settled.code, settled.out + settled.err).toBe(0);
+    expect(settled.out).not.toContain('DRIFT:');
+    const next = h.sb(['check', '--run', s.run, '--step', '11', '--next', 'dispatch:outside-voice', '--reading', '200000']);
+    expect(h.field(next.out, 'BUDGET', 'calibration')).toEndWith('dispatch:prior');
+    expect(Number(h.field(next.out, 'BUDGET', 'projected'))).toBe(K.per_dispatch);
+    expect(Number(h.field(next.out, 'BUDGET', 'unknown'))).toBe(K.per_dispatch);
+  });
+
+  test('a Claude-metered outside voice is booked unknown and never measured', () => {
+    const r = { id: 'r1', kind: 'dispatch', step: '11', next: 'dispatch:outside-voice', roles: ['outside-voice'], tokens: K.per_dispatch, at: '', state: 'consumed', reading_at: 0, epoch: 1 };
+    const l: any = { meter: { contract: { meter: 'claude' }, epoch: 1, last: 100_000 }, reservations: [r], unknown: 0, samples: [] };
+    settleIn(l, r as any);
+    expect(l.unknown).toBe(K.per_dispatch);
+    expect(measureSettled(l)).toEqual([]);
+    expect(l.samples).toEqual([]);
+  });
+
+  test('a calibrated delegate verdict is one the handoff admits: both hold back the same reserve', () => {
+    const h = fresh();
+    const cap = 12_000_000;
+    const s = started(h, '12M');
+    const sb = (args: string[]) => { const c = h.sb(['check', '--run', s.run, ...args]); expect(c.code, c.out + c.err).toBe(0); return c; };
+    for (const [i, step] of ['1', '2', '3'].entries()) sb(['--step', step, '--next', String(i + 2), '--reading', String(300_000 * (i + 1)), '--prior-reading', String(300_000 * i + 200_000)]);
+    const d = h.field(sb(['--step', '4', '--next', 'dispatch:specialist', '--reading', '1200000', '--prior-reading', '1100000']).out, 'RESERVATION', 'id');
+    expect(h.reviewLog(['--start', 'review', '--reservation', d]).code).toBe(0);
+    const c = sb(['--step', '4', '--next', '12', '--reading', '8000000', '--returned', d]);
+    expect(h.field(c.out, 'BUDGET', 'verdict')).toBe('delegate');
+    const tail = Number(h.field(c.out, 'BUDGET', 'tail'));
+    expect(cap - 8_000_000).toBeLessThan(2_000_000 + K.stop_overhead);
+    const ho = h.sb(['handoff', '--run', s.run, '--from', '12', '--to', '22', '--base', 'origin/main', '--reading', '8000000']);
+    expect(ho.code, ho.out + ho.err).toBe(0);
+    expect(Number(ho.out.match(/^HANDOFF: \S+ sha256=\S+ sub_cap=(\d+)$/m)![1])).toBe(cap - 8_000_000 - tail);
+  });
+});
diff --git a/test/ship-budget.test.ts b/test/ship-budget.test.ts
index fcbd635b6..a138a66b1 100644
--- a/test/ship-budget.test.ts
+++ b/test/ship-budget.test.ts
@@ -11,7 +11,6 @@ import { BUDGET_BIN, budgetHarness, type Harness } from './helpers/ship-budget-h
 
 const cal = loadCalibration();
 const K = unitConstants(cal, 'capy-tokens');
-const STEP2 = stepProjection(cal, 'capy-tokens', '2');
 const harnesses: Harness[] = [];
 const fresh = () => { const h = budgetHarness(); harnesses.push(h); return h; };
 afterEach(() => { while (harnesses.length) harnesses.pop()!.cleanup(); });
@@ -42,12 +41,11 @@ describe('parsing and the admission rule', () => {
 
   test('CLI boundary: a check exactly at the cap continues, one token over stops (exit 3)', () => {
     const h = fresh();
-    const cap = 40_000_000;
     for (const [extra, code, verdict] of [[0, 0, 'continue'], [1, 3, 'stop']] as const) {
-      const s = started(h, ['--token-cap', String(cap), '--reading', '0', '--reserve', '0']);
+      const cap = K.per_dispatch + K.stop_overhead - extra;
+      const s = started(h, ['--token-cap', String(cap), '--reading', '3000000', '--reserve', '0']);
       expect(s.r.code).toBe(0);
-      const reading = cap - STEP2 - K.stop_overhead + extra;
-      const c = h.sb(['check', '--run', s.run, '--step', '1', '--next', '2', '--reading', String(reading)]);
+      const c = h.sb(['check', '--run', s.run, '--step', '1', '--next', 'dispatch:specialist', '--reading', '3000000']);
       expect(c.code).toBe(code);
       expect(h.field(c.out, 'BUDGET', 'verdict')).toBe(verdict);
       expect(h.field(c.out, 'BUDGET', 'admission_cap')).toBe(String(cap));
@@ -98,7 +96,9 @@ describe('reservations', () => {
     const spent = 2 * K.per_dispatch;
     const next = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:red-team', '--reading', String(spent)]);
     expect(Number(h.field(next.out, 'BUDGET', 'used'))).toBe(spent);
-    expect(next.code).toBe(spent + K.per_dispatch + K.stop_overhead <= cap ? 0 : 3);
+    const projected = Number(h.field(next.out, 'BUDGET', 'projected'));
+    expect(projected).toBe(Math.ceil((K.per_dispatch * 2 * cal.headroom) / cal.round_to) * cal.round_to);
+    expect(next.code).toBe(spent + projected + K.stop_overhead <= cap ? 0 : 3);
     const later = h.sb(['check', '--run', s.run, '--step', '9', '--next', 'dispatch:red-team', '--reading', String(cap - K.stop_overhead - K.per_dispatch + 1)]);
     expect(later.code).toBe(3);
   });
diff --git a/test/size-ledger/ship/gst-101-ship-budget-calibration.json b/test/size-ledger/ship/gst-101-ship-budget-calibration.json
new file mode 100644
index 000000000..b07b26cdb
--- /dev/null
+++ b/test/size-ledger/ship/gst-101-ship-budget-calibration.json
@@ -0,0 +1,4 @@
+{
+  "bytes": 146,
+  "why": "GST-101: budget-handoff names check --returned for reviewers admitted one at a time"
+}