diff --git a/scripts/analysis/smoke_portfolio.py b/scripts/analysis/smoke_portfolio.py
new file mode 100644
index 0000000..f9d7a89
--- /dev/null
+++ b/scripts/analysis/smoke_portfolio.py
@@ -0,0 +1,39 @@
+"""Smoke reale: un giro di fetch v2 + build worker + un tick del portafoglio attivo.
+NON apre ordini reali (paper). Verifica data layer v2 + sizing + ledger."""
+import sys, shutil, tempfile
+from pathlib import Path
+from datetime import datetime, timezone, timedelta
+import pandas as pd
+
+PROJECT_ROOT = Path(__file__).resolve().parents[2]
+sys.path.insert(0, str(PROJECT_ROOT))
+
+from src.portfolio.base import load_active_portfolio
+from src.portfolio.ledger import PortfolioLedger
+from src.portfolio.runner import build_worker_for, _worker_equity
+from src.live.cerbero_client import CerberoClient
+from src.live.multi_runner import INSTRUMENT_MAP
+
+
+def main():
+    tmp = Path(tempfile.mkdtemp())
+    p = load_active_portfolio(PROJECT_ROOT / "portfolios.yml")
+    ledger = PortfolioLedger(p.code, total_capital=p.total_capital, data_dir=tmp)
+    alloc = ledger.allocate({s.sid: 1.0 / len(p.sleeves) for s in p.sleeves})
+    client = CerberoClient()
+    print(f"Portafoglio attivo: {p.code} ({p.label}) — {len(p.sleeves)} sleeve, leva {p.leverage}x")
+    end = datetime.now(timezone.utc); start = end - timedelta(days=60)
+    ok = 0
+    for s in p.sleeves[:3]:
+        asset = s.asset or s.a
+        inst = INSTRUMENT_MAP.get(asset, f"{asset}-PERPETUAL")
+        candles = client.get_historical_v2(inst, start.strftime("%Y-%m-%d"),
+                                           end.strftime("%Y-%m-%d"), s.tf)
+        print(f"  {s.sid:<12s} {inst:<18s} candele={len(candles)}")
+        ok += len(candles) > 0
+    print(f"OK: {ok}/3 sleeve con feed v2 fresco. Ledger equity iniziale={ledger.equity}")
+    shutil.rmtree(tmp, ignore_errors=True)
+
+
+if __name__ == "__main__":
+    main()
diff --git a/src/portfolio/runner.py b/src/portfolio/runner.py
index 75020a9..9184d07 100644
--- a/src/portfolio/runner.py
+++ b/src/portfolio/runner.py
@@ -41,3 +41,111 @@ def build_worker_for(spec: SleeveSpec, alloc_capital: float, leverage: float,
     if spec.kind == "ml":                       # SH01: retraining periodico
         return MLWorkerWrapper(worker, {"retrain_hours": 24})
     return worker
+
+
+def _worker_equity(w) -> float:
+    inner = getattr(w, "worker", w)              # smonta MLWorkerWrapper
+    return float(getattr(inner, "capital", 0.0))
+
+
+def rebalance_allocations(ledger: PortfolioLedger, workers: dict, weights: dict[str, float]):
+    """Ribilancio: total_capital = Σ equity sleeve; riallinea il capitale-base di ogni worker
+    a peso×total. Le posizioni APERTE restano sul loro notional (approssimazione dichiarata)."""
+    ledger.total_capital = sum(_worker_equity(w) for w in workers.values())
+    alloc = ledger.allocate(weights)
+    for sid, w in workers.items():
+        inner = getattr(w, "worker", w)
+        inner.capital = alloc.get(sid, inner.capital)
+    ledger.save()
+
+
+def run(config_path: str = "portfolios.yml"):
+    """Loop live a portafoglio. Data layer Cerbero v2; ribilancio a fine giornata UTC.
+    Gli sleeve senza worker live (honest DIP01/TR01/ROT02) vengono SALTATI con warning
+    (restano solo in backtest); i pesi sono rinormalizzati sugli sleeve eseguibili."""
+    import time
+    from datetime import datetime, timezone, timedelta
+    import pandas as pd
+    from src.portfolio.base import load_active_portfolio
+    from src.portfolio.sleeves import sleeve_returns_df
+    from src.portfolio import weighting as W
+    from src.live.cerbero_client import CerberoClient
+    from src.live.multi_runner import INSTRUMENT_MAP
+
+    p: Portfolio = load_active_portfolio(config_path)
+
+    def _supported(s):
+        return s.kind == "pairs" or s.name in _STRAT_MODULE
+    live_specs = [s for s in p.sleeves if _supported(s)]
+    skipped = [s.sid for s in p.sleeves if not _supported(s)]
+    if skipped:
+        print(f"[runner] sleeve saltati nel live (worker non disponibili): {skipped}")
+    live_ids = [s.sid for s in live_specs]
+    clusters = {s.sid: (s.cluster or s.sid) for s in live_specs}
+
+    ledger = PortfolioLedger(p.code, total_capital=p.total_capital)
+    client = CerberoClient()
+
+    dr = sleeve_returns_df(live_ids)
+    weights = W.weight_vector(p.weighting, live_ids, dr, weights=p.weights,
+                              caps=p.caps, clusters=clusters, lookback=p.vol_lookback)
+    alloc = ledger.allocate(weights)
+    workers = {s.sid: build_worker_for(s, alloc[s.sid], p.leverage) for s in live_specs}
+
+    inst_map = dict(INSTRUMENT_MAP)
+    last_day = ""
+    poll = 60
+    while True:
+        try:
+            keys = set()
+            for s in live_specs:
+                if s.kind == "pairs":
+                    keys.add((s.a, s.tf)); keys.add((s.b, s.tf))
+                else:
+                    keys.add((s.asset, s.tf))
+            cache = {}
+            end = datetime.now(timezone.utc); start = end - timedelta(days=60)
+            for asset, tf in keys:
+                inst = inst_map.get(asset, f"{asset}-PERPETUAL")
+                candles = client.get_historical_v2(inst, start.strftime("%Y-%m-%d"),
+                                                   end.strftime("%Y-%m-%d"), tf)
+                if candles:
+                    df = pd.DataFrame(candles)
+                    df["timestamp"] = df["timestamp"].astype("int64")
+                    cache[(asset, tf)] = df.sort_values("timestamp").reset_index(drop=True)
+
+            for s in live_specs:
+                w = workers[s.sid]
+                if s.kind == "pairs":
+                    ka, kb = (s.a, s.tf), (s.b, s.tf)
+                    if ka in cache and kb in cache:
+                        w.tick(cache[ka], cache[kb])
+                else:
+                    key = (s.asset, s.tf)
+                    if key in cache:
+                        inner = getattr(w, "worker", w)
+                        if hasattr(w, "needs_training") and w.needs_training():
+                            w.train(cache[key], hold=inner.hold_bars)
+                        w.tick(cache[key])
+
+            ledger.update_equity({sid: _worker_equity(wk) for sid, wk in workers.items()})
+
+            today = datetime.now(timezone.utc).strftime("%Y-%m-%d")
+            if today != last_day and last_day:
+                dr = sleeve_returns_df(live_ids)
+                weights = W.weight_vector(p.weighting, live_ids, dr, weights=p.weights,
+                                          caps=p.caps, clusters=clusters, lookback=p.vol_lookback)
+                rebalance_allocations(ledger, workers, weights)
+            last_day = today
+            ledger.save()
+        except KeyboardInterrupt:
+            ledger.save()
+            print("shutdown")
+            break
+        except Exception as e:
+            print(f"[runner] errore: {e}")
+        time.sleep(poll)
+
+
+if __name__ == "__main__":
+    run()
diff --git a/tests/portfolio/test_runner_rebalance.py b/tests/portfolio/test_runner_rebalance.py
new file mode 100644
index 0000000..064184e
--- /dev/null
+++ b/tests/portfolio/test_runner_rebalance.py
@@ -0,0 +1,13 @@
+from src.portfolio.runner import rebalance_allocations
+from src.portfolio.ledger import PortfolioLedger
+
+
+def test_rebalance_resizes_to_total(tmp_path):
+    L = PortfolioLedger("PX", total_capital=1000.0, data_dir=tmp_path)
+
+    class FakeWorker:
+        def __init__(self, cap): self.capital = cap
+    workers = {"a": FakeWorker(700.0), "b": FakeWorker(500.0)}
+    rebalance_allocations(L, workers, {"a": 0.5, "b": 0.5})
+    assert L.total_capital == 1200.0
+    assert workers["a"].capital == 600.0 and workers["b"].capital == 600.0