diff --git a/scripts/repair_options_spot_vwap_from_sim_ledger.py b/scripts/repair_options_spot_vwap_from_sim_ledger.py
index 0078f1d..8f54ced 100644
--- a/scripts/repair_options_spot_vwap_from_sim_ledger.py
+++ b/scripts/repair_options_spot_vwap_from_sim_ledger.py
@@ -104,19 +104,37 @@ def _ledger_buy_sell(
             """,
             (u, f"{u}/USDT%", start_id, end_id),
         ).fetchall()
+        # 同秒多笔卖回时,按「币卖出 id → 下一笔 USDT 入账」配对,避免重复吃到同一笔 USDT
+        used_usdt_ids: set[int] = set()
         for row in sells:
+            sid = int(row["id"])
             usdt_row = conn.execute(
                 """
-                SELECT amount FROM sim_ledger_entries
-                WHERE ccy='USDT' AND account='trading' AND kind='convert'
-                  AND amount > 0 AND ts=? AND note LIKE 'from %'
-                  AND id > ? AND id < ?
-                ORDER BY id LIMIT 1
+                SELECT id, amount FROM sim_ledger_entries
+                WHERE id = ? AND ccy='USDT' AND account='trading' AND kind='convert'
+                  AND amount > 0 AND note LIKE 'from %'
                 """,
-                (row["ts"], start_id, end_id),
+                (sid + 1,),
             ).fetchone()
+            if usdt_row is None or int(usdt_row["id"]) in used_usdt_ids:
+                cands = conn.execute(
+                    """
+                    SELECT id, amount FROM sim_ledger_entries
+                    WHERE ccy='USDT' AND account='trading' AND kind='convert'
+                      AND amount > 0 AND note LIKE 'from %'
+                      AND id > ? AND id < ?
+                    ORDER BY id
+                    """,
+                    (sid, end_id),
+                ).fetchall()
+                usdt_row = next(
+                    (r for r in cands if int(r["id"]) not in used_usdt_ids),
+                    None,
+                )
             if not usdt_row:
                 continue
+            uid = int(usdt_row["id"])
+            used_usdt_ids.add(uid)
             sell_coin += abs(float(row["amount"]))
             sell_usdt += float(usdt_row["amount"])
     return (
diff --git a/tests/test_repair_options_spot_vwap_ledger.py b/tests/test_repair_options_spot_vwap_ledger.py
new file mode 100644
index 0000000..ea155e3
--- /dev/null
+++ b/tests/test_repair_options_spot_vwap_ledger.py
@@ -0,0 +1,90 @@
+# -*- coding: utf-8 -*-
+"""repair_options_spot_vwap_from_sim_ledger:同秒多笔卖回不得重复配对 USDT."""
+from __future__ import annotations
+
+import importlib.util
+import sqlite3
+import sys
+from pathlib import Path
+
+ROOT = Path(__file__).resolve().parents[1]
+SCRIPT = ROOT / "scripts" / "repair_options_spot_vwap_from_sim_ledger.py"
+
+
+def _load_repair():
+    spec = importlib.util.spec_from_file_location("repair_opt_vwap", SCRIPT)
+    assert spec and spec.loader
+    mod = importlib.util.module_from_spec(spec)
+    sys.modules[spec.name] = mod
+    spec.loader.exec_module(mod)
+    return mod
+
+
+def _mk_conn() -> sqlite3.Connection:
+    c = sqlite3.connect(":memory:")
+    c.row_factory = sqlite3.Row
+    c.executescript(
+        """
+        CREATE TABLE sim_ledger_entries (
+          id INTEGER PRIMARY KEY,
+          ts TEXT, kind TEXT, ccy TEXT, account TEXT, amount REAL, note TEXT
+        );
+        """
+    )
+    return c
+
+
+def test_same_ts_multi_sell_pairs_distinct_usdt():
+    mod = _load_repair()
+    c = _mk_conn()
+    # 模拟 trade2:最后一笔 option_close 后同秒/连秒多笔 BTC→USDT
+    rows = [
+        (21, "2026-10-13 00:06:58", "option_close", "BTC", "trading", 0.01, "sell BTC-USD-261015-84000-P"),
+        (23, "2026-10-13 00:07:35", "option_close", "BTC", "trading", 0.008, "sell BTC-USD-261015-84000-P"),
+        (24, "2026-10-13 00:07:35", "convert", "BTC", "trading", -0.01123875, "BTC/USDT mkt 81411.8737"),
+        (25, "2026-10-13 00:07:35", "convert", "USDT", "trading", 914.967695545875, "from btc"),
+        (26, "2026-10-13 00:07:36", "convert", "BTC", "trading", -0.018413659934387205, "BTC/USDT mkt 81424.9671"),
+        (27, "2026-10-13 00:07:36", "convert", "USDT", "trading", 1499.3316552687493, "from btc"),
+        (28, "2026-10-13 00:07:36", "convert", "BTC", "trading", -1.8413659934386636e-05, "BTC/USDT mkt 81418.9702"),
+        (29, "2026-10-13 00:07:36", "convert", "USDT", "trading", 1.4992212285500766, "from btc"),
+    ]
+    c.executemany(
+        "INSERT INTO sim_ledger_entries(id,ts,kind,ccy,account,amount,note) VALUES (?,?,?,?,?,?,?)",
+        rows,
+    )
+    buy_u, buy_c, sell_u, sell_c = mod._ledger_buy_sell(
+        c,
+        underly="BTC",
+        inst_id="BTC-USD-261015-84000-P",
+        open_ts="",
+        close_ts="",
+    )
+    assert buy_u is None and buy_c is None
+    assert sell_c is not None and abs(sell_c - 0.02967082359432159) < 1e-12
+    assert sell_u is not None and abs(sell_u - 2415.798572043174) < 1e-6
+    vwap = sell_u / sell_c
+    assert 81400 < vwap < 81450
+
+
+def test_old_bug_would_double_count_large_fill():
+    """对照:若按同 ts 永远取第一笔 USDT,会得到 ~3913 而非 ~2415."""
+    mod = _load_repair()
+    c = _mk_conn()
+    rows = [
+        (23, "t0", "option_close", "BTC", "trading", 0.01, "sell BTC-USD-X"),
+        (24, "t1", "convert", "BTC", "trading", -0.01, "BTC/USDT mkt 1"),
+        (25, "t1", "convert", "USDT", "trading", 900.0, "from btc"),
+        (26, "t2", "convert", "BTC", "trading", -0.02, "BTC/USDT mkt 1"),
+        (27, "t2", "convert", "USDT", "trading", 1500.0, "from btc"),
+        (28, "t2", "convert", "BTC", "trading", -0.0001, "BTC/USDT mkt 1"),
+        (29, "t2", "convert", "USDT", "trading", 1.5, "from btc"),
+    ]
+    c.executemany(
+        "INSERT INTO sim_ledger_entries(id,ts,kind,ccy,account,amount,note) VALUES (?,?,?,?,?,?,?)",
+        rows,
+    )
+    _, _, sell_u, sell_c = mod._ledger_buy_sell(
+        c, underly="BTC", inst_id="BTC-USD-X", open_ts="", close_ts=""
+    )
+    assert sell_u == 2401.5
+    assert abs(float(sell_c) - 0.0301) < 1e-12