diff --git a/rust_hft/tools/collector/src/binance_usdm_reference_collector.rs b/rust_hft/tools/collector/src/binance_usdm_reference_collector.rs
new file mode 100644
index 000000000..bb262e8c0
--- /dev/null
+++ b/rust_hft/tools/collector/src/binance_usdm_reference_collector.rs
@@ -0,0 +1,362 @@
+use anyhow::{bail, Context, Result};
+use async_trait::async_trait;
+use data::binance_usdm_reference::{
+    active_perpetual_contracts, mark_index_funding_observations, open_interest_observation,
+    CompleteReferenceBatch, ReferenceClockValidator, ReferenceKind, EXCHANGE_INFO_ENDPOINT,
+    OPEN_INTEREST_ENDPOINT, PREMIUM_INDEX_ENDPOINT, SERVER_TIME_ENDPOINT,
+};
+use futures::{stream, StreamExt, TryStreamExt};
+use serde_json::Value;
+use std::collections::BTreeSet;
+use std::time::{Duration, SystemTime, UNIX_EPOCH};
+
+pub const OFFICIAL_USDM_SOURCE_ORIGIN: &str = "https://fapi.binance.com";
+
+#[derive(Debug, Clone)]
+pub struct TimedJson {
+    pub value: Value,
+    pub received_at_ns: u64,
+}
+
+#[async_trait]
+pub trait ReferenceSource: Sync {
+    fn source_origin(&self) -> &str;
+    async fn server_time(&self) -> Result<TimedJson>;
+    async fn exchange_info(&self) -> Result<TimedJson>;
+    async fn premium_index(&self) -> Result<TimedJson>;
+    async fn open_interest(&self, symbol: &str) -> Result<TimedJson>;
+}
+
+#[derive(Debug, Clone)]
+pub struct HttpReferenceSource {
+    client: reqwest::Client,
+}
+
+impl HttpReferenceSource {
+    pub fn new(source_origin: &str, timeout: Duration) -> Result<Self> {
+        if source_origin.trim_end_matches('/') != OFFICIAL_USDM_SOURCE_ORIGIN {
+            bail!("USD-M reference source must be the official Binance origin");
+        }
+        let parsed = reqwest::Url::parse(source_origin).context("invalid USD-M REST origin")?;
+        if parsed.scheme() != "https"
+            || parsed.host_str() != Some("fapi.binance.com")
+            || parsed.port().is_some()
+            || !parsed.username().is_empty()
+            || parsed.password().is_some()
+            || parsed.path() != "/"
+            || parsed.query().is_some()
+            || parsed.fragment().is_some()
+        {
+            bail!("USD-M reference source must not include credentials, port, path, or query");
+        }
+        Ok(Self {
+            client: reqwest::Client::builder()
+                .timeout(timeout)
+                .build()
+                .context("build USD-M reference HTTP client")?,
+        })
+    }
+
+    async fn get(&self, endpoint: &str, symbol: Option<&str>) -> Result<TimedJson> {
+        let mut request = self
+            .client
+            .get(format!("{OFFICIAL_USDM_SOURCE_ORIGIN}{endpoint}"));
+        if let Some(symbol) = symbol {
+            request = request.query(&[("symbol", symbol)]);
+        }
+        let response = request
+            .send()
+            .await
+            .context("USD-M reference request failed")?;
+        let status = response.status();
+        let bytes = response
+            .bytes()
+            .await
+            .context("USD-M reference response body failed")?;
+        let received_at_ns = now_ns()?;
+        if !status.is_success() {
+            bail!("USD-M reference endpoint {endpoint} returned HTTP {status}");
+        }
+        let value = serde_json::from_slice(&bytes).with_context(|| {
+            format!("USD-M reference endpoint {endpoint} returned invalid JSON")
+        })?;
+        Ok(TimedJson {
+            value,
+            received_at_ns,
+        })
+    }
+}
+
+#[async_trait]
+impl ReferenceSource for HttpReferenceSource {
+    fn source_origin(&self) -> &str {
+        OFFICIAL_USDM_SOURCE_ORIGIN
+    }
+
+    async fn server_time(&self) -> Result<TimedJson> {
+        self.get(SERVER_TIME_ENDPOINT, None).await
+    }
+
+    async fn exchange_info(&self) -> Result<TimedJson> {
+        self.get(EXCHANGE_INFO_ENDPOINT, None).await
+    }
+
+    async fn premium_index(&self) -> Result<TimedJson> {
+        self.get(PREMIUM_INDEX_ENDPOINT, None).await
+    }
+
+    async fn open_interest(&self, symbol: &str) -> Result<TimedJson> {
+        self.get(OPEN_INTEREST_ENDPOINT, Some(symbol)).await
+    }
+}
+
+#[derive(Debug)]
+pub struct CollectedReferenceBatch {
+    source_origin: String,
+    batch: CompleteReferenceBatch,
+}
+
+impl CollectedReferenceBatch {
+    pub fn source_origin(&self) -> &str {
+        &self.source_origin
+    }
+
+    pub fn batch(&self) -> &CompleteReferenceBatch {
+        &self.batch
+    }
+}
+
+pub async fn collect_complete_reference_batch(
+    source: &dyn ReferenceSource,
+    oi_concurrency: usize,
+    clocks: &mut ReferenceClockValidator,
+) -> Result<CollectedReferenceBatch> {
+    if source.source_origin() != OFFICIAL_USDM_SOURCE_ORIGIN {
+        bail!("USD-M reference source origin is not official Binance");
+    }
+    if oi_concurrency == 0 {
+        bail!("OI concurrency must be positive");
+    }
+    let server_time = source.server_time().await?;
+    let source_time_ms = server_time
+        .value
+        .get("serverTime")
+        .and_then(Value::as_u64)
+        .context("server time response has invalid serverTime")?;
+    let exchange_info = source.exchange_info().await?;
+    let contracts = active_perpetual_contracts(
+        &exchange_info.value,
+        source_time_ms,
+        server_time.received_at_ns,
+        exchange_info.received_at_ns,
+    )?;
+    let expected = contracts
+        .iter()
+        .map(|row| row.symbol.clone())
+        .collect::<BTreeSet<_>>();
+    let premium_index = source.premium_index().await?;
+    let marks = mark_index_funding_observations(
+        &premium_index.value,
+        &expected,
+        premium_index.received_at_ns,
+    )?;
+    let open_interest = stream::iter(expected.iter().cloned())
+        .map(|symbol| async move {
+            let response = source.open_interest(&symbol).await?;
+            open_interest_observation(&response.value, &symbol, response.received_at_ns)
+        })
+        .buffer_unordered(oi_concurrency)
+        .try_collect::<Vec<_>>()
+        .await?;
+    let batch = CompleteReferenceBatch::new(contracts, marks, open_interest)?;
+    for row in batch.contracts() {
+        clocks.observe(
+            ReferenceKind::Metadata,
+            &row.symbol,
+            row.source_time_ms,
+            row.received_at_ns,
+        )?;
+    }
+    for row in batch.mark_index_funding() {
+        clocks.observe(
+            ReferenceKind::MarkIndexFunding,
+            &row.symbol,
+            row.source_time_ms,
+            row.received_at_ns,
+        )?;
+    }
+    for row in batch.open_interest() {
+        clocks.observe(
+            ReferenceKind::OpenInterest,
+            &row.symbol,
+            row.source_time_ms,
+            row.received_at_ns,
+        )?;
+    }
+    Ok(CollectedReferenceBatch {
+        source_origin: source.source_origin().to_owned(),
+        batch,
+    })
+}
+
+fn now_ns() -> Result<u64> {
+    Ok(u64::try_from(
+        SystemTime::now().duration_since(UNIX_EPOCH)?.as_nanos(),
+    )?)
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use anyhow::Result;
+    use async_trait::async_trait;
+    use rust_decimal::Decimal;
+    use serde_json::{json, Value};
+    use std::collections::BTreeMap;
+
+    const SOURCE_MS: u64 = 1_700_000_000_000;
+    const RECEIVED_NS: u64 = 1_700_000_000_500_000_000;
+
+    struct FakeSource {
+        origin: &'static str,
+        open_interest: BTreeMap<String, Value>,
+    }
+
+    impl FakeSource {
+        fn complete() -> Self {
+            Self {
+                origin: OFFICIAL_USDM_SOURCE_ORIGIN,
+                open_interest: BTreeMap::from([
+                    (
+                        "BTCUSDT".to_owned(),
+                        json!({"symbol":"BTCUSDT","openInterest":"10659.509","time":SOURCE_MS + 100}),
+                    ),
+                    (
+                        "ETHUSDT".to_owned(),
+                        json!({"symbol":"ETHUSDT","openInterest":"50200","time":SOURCE_MS + 100}),
+                    ),
+                ]),
+            }
+        }
+
+        fn timed(value: Value, received_at_ns: u64) -> TimedJson {
+            TimedJson {
+                value,
+                received_at_ns,
+            }
+        }
+    }
+
+    #[async_trait]
+    impl ReferenceSource for FakeSource {
+        fn source_origin(&self) -> &str {
+            self.origin
+        }
+
+        async fn server_time(&self) -> Result<TimedJson> {
+            Ok(Self::timed(json!({"serverTime": SOURCE_MS}), RECEIVED_NS))
+        }
+
+        async fn exchange_info(&self) -> Result<TimedJson> {
+            Ok(Self::timed(
+                json!({"symbols":[
+                    {"symbol":"BTCUSDT","pair":"BTCUSDT","contractType":"PERPETUAL","deliveryDate":4133404800000_u64,"onboardDate":1598252400000_u64,"status":"TRADING","baseAsset":"BTC","quoteAsset":"USDT","marginAsset":"USDT"},
+                    {"symbol":"ETHUSDT","pair":"ETHUSDT","contractType":"PERPETUAL","deliveryDate":4133404800000_u64,"onboardDate":1598252400000_u64,"status":"TRADING","baseAsset":"ETH","quoteAsset":"USDT","marginAsset":"USDT"}
+                ]}),
+                RECEIVED_NS + 10,
+            ))
+        }
+
+        async fn premium_index(&self) -> Result<TimedJson> {
+            Ok(Self::timed(
+                json!([
+                    {"symbol":"BTCUSDT","markPrice":"101.0","indexPrice":"100.0","lastFundingRate":"0.0001","interestRate":"0.0001","nextFundingTime":SOURCE_MS + 28_800_000,"time":SOURCE_MS},
+                    {"symbol":"ETHUSDT","markPrice":"2001","indexPrice":"2000","lastFundingRate":"-0.0002","interestRate":"0.0001","nextFundingTime":SOURCE_MS + 28_800_000,"time":SOURCE_MS}
+                ]),
+                RECEIVED_NS + 20,
+            ))
+        }
+
+        async fn open_interest(&self, symbol: &str) -> Result<TimedJson> {
+            let value = self
+                .open_interest
+                .get(symbol)
+                .cloned()
+                .ok_or_else(|| anyhow::anyhow!("missing fake OI for {symbol}"))?;
+            Ok(Self::timed(value, RECEIVED_NS + 30))
+        }
+    }
+
+    #[tokio::test]
+    async fn collects_a_complete_official_batch_with_every_source_clock() {
+        let collected = collect_complete_reference_batch(
+            &FakeSource::complete(),
+            2,
+            &mut ReferenceClockValidator::default(),
+        )
+        .await
+        .unwrap();
+        assert_eq!(collected.source_origin(), OFFICIAL_USDM_SOURCE_ORIGIN);
+        assert_eq!(collected.batch().contracts().len(), 2);
+        assert_eq!(
+            collected.batch().contracts()[0].source_clock_received_at_ns,
+            RECEIVED_NS
+        );
+        assert_eq!(
+            collected.batch().mark_index_funding()[0].basis,
+            Decimal::ONE
+        );
+        assert_eq!(collected.batch().open_interest().len(), 2);
+    }
+
+    #[tokio::test]
+    async fn missing_oi_and_non_official_origins_fail_closed() {
+        assert!(collect_complete_reference_batch(
+            &FakeSource::complete(),
+            0,
+            &mut ReferenceClockValidator::default(),
+        )
+        .await
+        .unwrap_err()
+        .to_string()
+        .contains("OI concurrency must be positive"));
+
+        let mut missing = FakeSource::complete();
+        missing.open_interest.remove("ETHUSDT");
+        assert!(collect_complete_reference_batch(
+            &missing,
+            2,
+            &mut ReferenceClockValidator::default(),
+        )
+        .await
+        .unwrap_err()
+        .to_string()
+        .contains("missing fake OI"));
+
+        let mut wrong_origin = FakeSource::complete();
+        wrong_origin.origin = "https://example.com";
+        assert!(collect_complete_reference_batch(
+            &wrong_origin,
+            2,
+            &mut ReferenceClockValidator::default(),
+        )
+        .await
+        .unwrap_err()
+        .to_string()
+        .contains("not official Binance"));
+    }
+
+    #[test]
+    fn http_source_pins_the_exact_official_origin() {
+        for origin in [
+            "http://fapi.binance.com",
+            "https://example.com",
+            "https://fapi.binance.com.evil.example",
+            "https://fapi.binance.com/path",
+            "https://fapi.binance.com///",
+        ] {
+            assert!(HttpReferenceSource::new(origin, Duration::from_secs(1)).is_err());
+        }
+        HttpReferenceSource::new(OFFICIAL_USDM_SOURCE_ORIGIN, Duration::from_secs(1)).unwrap();
+    }
+}
diff --git a/rust_hft/tools/collector/src/lib.rs b/rust_hft/tools/collector/src/lib.rs
index 6314b3f4a..7f592beae 100644
--- a/rust_hft/tools/collector/src/lib.rs
+++ b/rust_hft/tools/collector/src/lib.rs
@@ -1,5 +1,6 @@
 #![allow(unexpected_cfgs)]
 
+pub mod binance_usdm_reference_collector;
 pub mod feature_matrix;
 pub mod lob_archiver;
 pub mod polymarket_evidence_artifact;