diff --git a/.env.example b/.env.example
index beacd56..4d12d86 100644
--- a/.env.example
+++ b/.env.example
@@ -72,8 +72,8 @@ TRADING_DAY_RESET_OPEN_GUARD_ENABLED=true
 LIVE_TRADING_ENABLED=true
 
 # =============================================================================
-# 模拟资金(本地 SQLite 钱包; 系统设置可切换 模拟资金/实盘)
-# 交易模式默认由系统设置(runtime trading.mode)切换; 也可启动时指定默认
+# 模拟资金(本地 SQLite 钱包; env「撮合模式」或系统设置可切换 sim/live)
+# sim=本地模拟资金撮合; live=实盘账户
 # =============================================================================
 SIM_DEFAULT_MODE=sim
 SIM_INITIAL_EQUITY_USDT=10000
diff --git a/lib/env/env_schema.py b/lib/env/env_schema.py
index 8882ca3..88f0150 100644
--- a/lib/env/env_schema.py
+++ b/lib/env/env_schema.py
@@ -99,6 +99,7 @@ HOT_RELOAD_EXACT = frozenset({
     "OKX_OPTIONS_TRADE_BUDGET_USDC",
     "OKX_OPTIONS_BUDGET_BUFFER",
     "OKX_TRADE_MODE",
+    "SIM_DEFAULT_MODE",
     "MAX_ACTIVE_HEDGE_PLANS",
     "HEDGE_PLAN_LIVE_ORDER",
     "HEDGE_PLAN_OPTION_PRIMARY",
@@ -159,6 +160,10 @@ SELECT_OPTIONS: dict[str, tuple[tuple[str, str], ...]] = {
         ("perp_options", "永期对冲"),
         ("options_options", "期期对冲"),
     ),
+    "SIM_DEFAULT_MODE": (
+        ("sim", "模拟(sim)"),
+        ("live", "实盘(live)"),
+    ),
     "HEDGE_PLAN_OPTION_PRIMARY": (
         ("true", "以期权为主"),
         ("false", "保险模式"),
diff --git a/lib/env/env_ui_manifest.py b/lib/env/env_ui_manifest.py
index 5bde533..2ab9163 100644
--- a/lib/env/env_ui_manifest.py
+++ b/lib/env/env_ui_manifest.py
@@ -19,7 +19,12 @@ from lib.env.env_schema import (
 # 各所「交易所与实盘」字段(顺序即页面顺序)
 _EXCHANGE_LIVE_FIELDS: dict[str, list[tuple[str, str, str]]] = {
     "okx": [
-        ("LIVE_TRADING_ENABLED", "开启实盘下单", "关闭时仅走本地流程,不向交易所发单"),
+        (
+            "SIM_DEFAULT_MODE",
+            "撮合模式",
+            "sim=本地模拟资金(公开行情撮合,不下真实单); live=实盘账户.保存后立即切换",
+        ),
+        ("LIVE_TRADING_ENABLED", "开启实盘下单", "仅 live 模式下生效;关闭时即使 live 也不向交易所发单"),
         ("OKX_API_KEY", "API Key", "账户 API(永续+期权共用)"),
         ("OKX_API_SECRET", "API Secret", "账户 API(永续+期权共用)"),
         ("OKX_API_PASSPHRASE", "API Passphrase", "OKX 必填"),
@@ -291,6 +296,7 @@ _RUNTIME_ENV_DEFAULTS: dict[str, str] = {
     "OKX_OPTIONS_MAX_DTE_DAYS": "2",
     "OKX_OPTIONS_MAX_ACTIVE_POSITIONS": "0",
     "OKX_TRADE_MODE": "options",
+    "SIM_DEFAULT_MODE": "sim",
     "MAX_ACTIVE_HEDGE_PLANS": "1",
     "HEDGE_PLAN_OO_CLOSE_MODE_ENABLED": "true",
     "HEDGE_PLAN_OO_BIAS_SPLIT_BY": "budget",
@@ -303,6 +309,16 @@ _RUNTIME_ENV_DEFAULTS: dict[str, str] = {
 
 
 def _effective_env_value(key: str, file_values: dict[str, str], schema_default: str = "") -> str:
+    if key == "SIM_DEFAULT_MODE":
+        # 展示当前生效撮合模式(运行时 trading.mode 优先)
+        try:
+            from lib.sim.mode_lib import peek_persisted_trading_mode
+
+            cur = peek_persisted_trading_mode()
+            if cur:
+                return cur
+        except Exception:
+            pass
     if key == "OKX_TRADE_MODE":
         # 展示值必须与运行时 get_okx_trade_mode() 一致,避免未写入时默认 options 静默改模式
         file_val = str(file_values.get(key) or "").strip() if key in file_values else ""
diff --git a/lib/instance/runtime_config_lib.py b/lib/instance/runtime_config_lib.py
index 43ea963..98725c3 100644
--- a/lib/instance/runtime_config_lib.py
+++ b/lib/instance/runtime_config_lib.py
@@ -51,12 +51,26 @@ def apply_env_reload(env_path: str, get_db: Callable, changed_keys: list[str], g
             field_map[field["key"]] = field
     for key in changed_keys:
         meta = field_map.get(key) or {}
-        if meta.get("hot_reload") and not meta.get("restart_required"):
+        # SIM_DEFAULT_MODE 不在 example schema 的 hot 列表时仍应热切
+        is_hot = bool(meta.get("hot_reload") and not meta.get("restart_required"))
+        if key == "SIM_DEFAULT_MODE":
+            is_hot = True
+        if is_hot:
             val = os.getenv(key)
             if val is not None:
                 hot[key] = val
     if hot:
         set_config_overrides(get_db, hot)
+    # 撮合模式:写入 .env 的同时切换运行时 trading.mode(sim|live)
+    if "SIM_DEFAULT_MODE" in changed_keys:
+        try:
+            from lib.sim.mode_lib import set_trading_mode
+
+            raw = (os.getenv("SIM_DEFAULT_MODE") or "").strip().lower()
+            if raw in ("sim", "live"):
+                set_trading_mode(get_db, raw)
+        except Exception:
+            pass
     from lib.env.env_schema import updates_need_restart
 
     return {"restart_required": updates_need_restart(groups, changed_keys)}
diff --git a/lib/sim/mode_lib.py b/lib/sim/mode_lib.py
index 46056a1..3ac7d8b 100644
--- a/lib/sim/mode_lib.py
+++ b/lib/sim/mode_lib.py
@@ -20,6 +20,34 @@ def default_trading_mode() -> str:
     return MODE_SIM
 
 
+def peek_persisted_trading_mode(db_path: str | None = None) -> str | None:
+    """只读 SQLite 中的 trading.mode(供 env 配置页展示当前生效值)."""
+    import sqlite3
+
+    path = (db_path or os.getenv("DB_PATH") or "crypto.db").strip()
+    if not path:
+        return None
+    if not os.path.isabs(path):
+        path = os.path.abspath(path)
+    if not os.path.isfile(path):
+        return None
+    try:
+        conn = sqlite3.connect(path, timeout=2)
+        try:
+            row = conn.execute(
+                "SELECT value FROM app_runtime_settings WHERE key=?",
+                (TRADING_MODE_KEY,),
+            ).fetchone()
+        finally:
+            conn.close()
+    except Exception:
+        return None
+    if not row:
+        return None
+    m = str(row[0] or "").strip().lower()
+    return m if m in VALID_MODES else None
+
+
 def normalize_mode(mode: str | None) -> str:
     m = (mode or "").strip().lower()
     if m in VALID_MODES: