diff --git a/docs/async_refactor.md b/docs/async_refactor.md
index fca6e27..b54d54b 100644
--- a/docs/async_refactor.md
+++ b/docs/async_refactor.md
@@ -1,6 +1,6 @@
 # Async refactor — findings, priorities, and how to keep it that way
 
-**Status: P0 and the loop-lag probe are done (2026-08-11). P1–P3 outstanding.** To be implemented once the in-flight chart
+**Status: P0, P1 and the loop-lag probe are done (2026-08-11). P2 and P3 outstanding.** To be implemented once the in-flight chart
 work has landed. Everything below is from reading the code on 2026-08-11 and
 measuring the running app; each finding names the path it was found on.
 
@@ -72,7 +72,29 @@ intervening. Today that passes by luck.
 
 ---
 
-## P1 — Level rebuilding is CPU-bound on the loop (latency)
+## P1 — Level rebuilding is CPU-bound on the loop (latency) — DONE
+
+Measured on the dev stack, Yahoo source:
+
+| | before | after |
+|---|---|---|
+| port accepting connections | 121s | 4s |
+| worst loop lag | 19,545ms | 526ms |
+| steady-state lag | — | 0.2–0.6ms |
+
+Two changes did it. Seeding now accumulates into the store and derives price,
+ATR and the level set **once** at the end (`settle_after_seed`) instead of
+rebuilding per replayed bar. And `request_rebuild` coalesces rebuilds to at most
+one per 250ms with a guaranteed trailing pass, which matters because Yahoo's
+first poll emits a whole day of minutes in one burst — that burst, not the seed,
+was most of the remaining 20 seconds. Bar counts, all five daily MAs, prior-day
+levels and VWAP are unchanged; 125 python tests and 31 e2e tests pass.
+
+Still open from the original list: incremental moving averages, and diffing
+levels by fingerprint rather than by re-serialising every point. Neither is
+needed while lag sits under a second.
+
+### Original analysis
 
 `rebuild_levels()` recomputes all five daily moving averages and re-serialises
 their points to diff them, on every closed bar. Measured consequence: the seed