diff --git a/package.json b/package.json
index cc97dca..ae5bdc6 100644
--- a/package.json
+++ b/package.json
@@ -16,7 +16,8 @@
     "dev": "nodemon --exec ts-node src/index.ts",
     "test": "vitest run",
     "test:watch": "vitest",
-    "lint": "eslint src/"
+    "lint": "eslint src/",
+    "backtest": "ts-node src/backtest.ts"
   },
   "dependencies": {
     "@alpacahq/alpaca-trade-api": "^3.1.3",
diff --git a/src/backtest-client.test.ts b/src/backtest-client.test.ts
new file mode 100644
index 0000000..379e81b
--- /dev/null
+++ b/src/backtest-client.test.ts
@@ -0,0 +1,160 @@
+import { describe, it, expect, beforeEach } from 'vitest';
+import { BacktestClient, Bar } from './backtest-client';
+
+function makeBars(symbol: string, prices: number[], startTime: number): Bar[] {
+    return prices.map((price, i) => ({
+        Timestamp: new Date(startTime + i * 60_000).toISOString(),
+        OpenPrice: price,
+        HighPrice: price + 0.1,
+        LowPrice: price - 0.1,
+        ClosePrice: price,
+        Volume: 1000,
+    }));
+}
+
+describe('BacktestClient', () => {
+    const startTime = new Date('2025-01-06T09:30:00-05:00').getTime();
+    let bars: Map<string, Bar[]>;
+    let client: BacktestClient;
+
+    beforeEach(() => {
+        bars = new Map();
+        bars.set('QQQ', makeBars('QQQ', [500, 501, 502, 503, 504], startTime));
+        bars.set('TQQQ', makeBars('TQQQ', [80, 81, 82, 83, 84], startTime));
+        bars.set('SQQQ', makeBars('SQQQ', [10, 9.9, 9.8, 9.7, 9.6], startTime));
+        client = new BacktestClient(bars, 100_000, startTime);
+    });
+
+    describe('getSimulatedTime / advanceTime', () => {
+        it('returns initial time', () => {
+            expect(client.getSimulatedTime()).toBe(startTime);
+        });
+
+        it('advances time', () => {
+            client.advanceTime(60_000);
+            expect(client.getSimulatedTime()).toBe(startTime + 60_000);
+        });
+    });
+
+    describe('getLatestQuote', () => {
+        it('returns quote derived from bar at cursor', async () => {
+            const quote = await client.getLatestQuote('QQQ');
+            expect(quote.AskPrice).toBe(500);
+            expect(quote.BidPrice).toBeCloseTo(500 * 0.999, 2);
+        });
+
+        it('advances cursor when time moves forward', async () => {
+            client.advanceTime(120_000); // 2 minutes forward
+            const quote = await client.getLatestQuote('QQQ');
+            expect(quote.AskPrice).toBe(502);
+        });
+
+        it('throws for unknown symbol', async () => {
+            await expect(client.getLatestQuote('AAPL')).rejects.toThrow('No bar data for AAPL');
+        });
+    });
+
+    describe('getClock', () => {
+        it('always returns is_open true', async () => {
+            const clock = await client.getClock();
+            expect(clock.is_open).toBe(true);
+        });
+    });
+
+    describe('createOrder - buy', () => {
+        it('fills at close price and reduces cash', async () => {
+            const order = await client.createOrder({
+                symbol: 'TQQQ',
+                notional: 8000,
+                side: 'buy',
+                type: 'market',
+                time_in_force: 'day',
+            });
+
+            expect(order.status).toBe('filled');
+            expect(parseFloat(order.filled_avg_price)).toBe(80);
+            expect(parseFloat(order.filled_qty)).toBe(100);
+
+            const account = await client.getAccount();
+            expect(parseFloat(account.cash)).toBe(92_000);
+        });
+
+        it('records fill in trade log', async () => {
+            await client.createOrder({
+                symbol: 'TQQQ',
+                notional: 8000,
+                side: 'buy',
+                type: 'market',
+                time_in_force: 'day',
+            });
+
+            expect(client.fills).toHaveLength(1);
+            expect(client.fills[0].symbol).toBe('TQQQ');
+            expect(client.fills[0].side).toBe('buy');
+        });
+    });
+
+    describe('createOrder - sell', () => {
+        it('fills at close price and increases cash', async () => {
+            await client.createOrder({ symbol: 'TQQQ', notional: 8000, side: 'buy', type: 'market', time_in_force: 'day' });
+            client.advanceTime(120_000); // price goes to 82
+            await client.createOrder({ symbol: 'TQQQ', notional: 8200, side: 'sell', type: 'market', time_in_force: 'day' });
+
+            const account = await client.getAccount();
+            expect(parseFloat(account.cash)).toBeCloseTo(100_200, 0);
+        });
+    });
+
+    describe('getTotalValue', () => {
+        it('equals cash when no positions', () => {
+            expect(client.getTotalValue()).toBe(100_000);
+        });
+
+        it('includes position mark-to-market', async () => {
+            await client.createOrder({ symbol: 'TQQQ', notional: 8000, side: 'buy', type: 'market', time_in_force: 'day' });
+            // cash = 92000, position = 100 shares @ 80 = 8000 mtm
+            expect(client.getTotalValue()).toBeCloseTo(100_000, 0);
+
+            client.advanceTime(120_000); // TQQQ now 82
+            // cash = 92000, position = 100 shares @ 82 = 8200 mtm
+            expect(client.getTotalValue()).toBeCloseTo(100_200, 0);
+        });
+    });
+
+    describe('resetCursorsForDay', () => {
+        it('repositions cursors to the given day start', async () => {
+            client.advanceTime(240_000); // move to end
+            const quote1 = await client.getLatestQuote('QQQ');
+            expect(quote1.AskPrice).toBe(504);
+
+            // Reset to beginning
+            client.resetCursorsForDay(startTime);
+            const quote2 = await client.getLatestQuote('QQQ');
+            expect(quote2.AskPrice).toBe(500);
+        });
+    });
+
+    describe('getLatestTrades', () => {
+        it('returns trades for requested symbols', async () => {
+            const trades = await client.getLatestTrades(['QQQ', 'TQQQ']);
+            expect(trades.size).toBe(2);
+            expect(trades.get('QQQ')?.p).toBe(500);
+            expect(trades.get('TQQQ')?.p).toBe(80);
+        });
+    });
+
+    describe('getAccount', () => {
+        it('returns cash as string with 2 decimal places', async () => {
+            const account = await client.getAccount();
+            expect(account.cash).toBe('100000.00');
+        });
+    });
+
+    describe('getAsset', () => {
+        it('returns asset info', async () => {
+            const asset = await client.getAsset('TQQQ');
+            expect(asset.symbol).toBe('TQQQ');
+            expect(asset.fractionable).toBe(true);
+        });
+    });
+});
diff --git a/src/backtest-client.ts b/src/backtest-client.ts
new file mode 100644
index 0000000..60c5418
--- /dev/null
+++ b/src/backtest-client.ts
@@ -0,0 +1,221 @@
+import {
+    AlpacaClient,
+    AlpacaAccount,
+    AlpacaAsset,
+    AlpacaClock,
+    AlpacaQuote,
+    AlpacaOrder,
+    AlpacaTrade,
+} from "./alpaca";
+
+export interface Bar {
+    Timestamp: string;
+    OpenPrice: number;
+    HighPrice: number;
+    LowPrice: number;
+    ClosePrice: number;
+    Volume: number;
+}
+
+export interface Fill {
+    time: string;
+    symbol: string;
+    side: 'buy' | 'sell';
+    price: number;
+    notional: number;
+    qty: number;
+}
+
+interface Position {
+    qty: number;
+    avgCost: number;
+}
+
+export class BacktestClient implements AlpacaClient {
+    private bars: Map<string, Bar[]>;
+    private cursors: Map<string, number> = new Map();
+    private simulatedTime: number;
+    private cash: number;
+    private positions: Map<string, Position> = new Map();
+    private _fills: Fill[] = [];
+    private nextOrderId = 1;
+
+    constructor(bars: Map<string, Bar[]>, capital: number, startTime: number) {
+        this.bars = bars;
+        this.cash = capital;
+        this.simulatedTime = startTime;
+
+        for (const symbol of bars.keys()) {
+            this.cursors.set(symbol, 0);
+        }
+    }
+
+    get fills(): readonly Fill[] {
+        return this._fills;
+    }
+
+    getSimulatedTime(): number {
+        return this.simulatedTime;
+    }
+
+    advanceTime(ms: number): void {
+        this.simulatedTime += ms;
+        this.syncCursors();
+    }
+
+    resetCursorsForDay(dayStart: number): void {
+        this.simulatedTime = dayStart;
+        for (const [symbol, bars] of this.bars.entries()) {
+            let idx = 0;
+            for (let i = 0; i < bars.length; i++) {
+                if (new Date(bars[i].Timestamp).getTime() <= dayStart) {
+                    idx = i;
+                } else {
+                    break;
+                }
+            }
+            this.cursors.set(symbol, idx);
+        }
+    }
+
+    private syncCursors(): void {
+        for (const [symbol, bars] of this.bars.entries()) {
+            const cursor = this.cursors.get(symbol) ?? 0;
+            let idx = cursor;
+            while (idx + 1 < bars.length && new Date(bars[idx + 1].Timestamp).getTime() <= this.simulatedTime) {
+                idx++;
+            }
+            this.cursors.set(symbol, idx);
+        }
+    }
+
+    private getBarAtCursor(symbol: string): Bar | undefined {
+        const bars = this.bars.get(symbol);
+        if (!bars || bars.length === 0) return undefined;
+        const cursor = this.cursors.get(symbol) ?? 0;
+        return bars[cursor];
+    }
+
+    async getAccount(): Promise<AlpacaAccount> {
+        return { cash: this.cash.toFixed(2) };
+    }
+
+    async getAssets(params: { status: string; asset_class: string }): Promise<AlpacaAsset[]> {
+        return [...this.bars.keys()].map((symbol) => ({
+            symbol,
+            fractionable: true,
+            status: params.status,
+            asset_class: params.asset_class,
+        }));
+    }
+
+    async getAsset(symbol: string): Promise<AlpacaAsset> {
+        return {
+            symbol,
+            fractionable: true,
+            status: "active",
+            asset_class: "us_equity",
+        };
+    }
+
+    async getClock(): Promise<AlpacaClock> {
+        const t = new Date(this.simulatedTime);
+        const nextClose = new Date(t);
+        nextClose.setHours(16, 0, 0, 0);
+        return {
+            is_open: true,
+            next_open: t.toISOString(),
+            next_close: nextClose.toISOString(),
+        };
+    }
+
+    async getLatestQuote(symbol: string): Promise<AlpacaQuote> {
+        const bar = this.getBarAtCursor(symbol);
+        if (!bar) {
+            throw new Error(`No bar data for ${symbol}`);
+        }
+        return {
+            AskPrice: bar.ClosePrice,
+            BidPrice: bar.ClosePrice * 0.999,
+        };
+    }
+
+    async getLatestTrades(symbols: string[]): Promise<Map<string, AlpacaTrade>> {
+        const result = new Map<string, AlpacaTrade>();
+        for (const symbol of symbols) {
+            const bar = this.getBarAtCursor(symbol);
+            if (bar) {
+                result.set(symbol, {
+                    p: bar.ClosePrice,
+                    s: bar.Volume,
+                    t: bar.Timestamp,
+                });
+            }
+        }
+        return result;
+    }
+
+    async createOrder(order: {
+        symbol: string;
+        notional: number;
+        side: "buy" | "sell";
+        type: string;
+        time_in_force: string;
+    }): Promise<AlpacaOrder> {
+        const bar = this.getBarAtCursor(order.symbol);
+        if (!bar) {
+            throw new Error(`No bar data for ${order.symbol}`);
+        }
+
+        const price = bar.ClosePrice;
+        const qty = order.notional / price;
+        const id = String(this.nextOrderId++);
+
+        if (order.side === "buy") {
+            this.cash -= order.notional;
+            const pos = this.positions.get(order.symbol) ?? { qty: 0, avgCost: 0 };
+            const totalCost = pos.avgCost * pos.qty + price * qty;
+            pos.qty += qty;
+            pos.avgCost = pos.qty > 0 ? totalCost / pos.qty : 0;
+            this.positions.set(order.symbol, pos);
+        } else {
+            this.cash += order.notional;
+            const pos = this.positions.get(order.symbol);
+            if (pos) {
+                pos.qty -= qty;
+                if (pos.qty <= 0.0001) {
+                    this.positions.delete(order.symbol);
+                }
+            }
+        }
+
+        this._fills.push({
+            time: new Date(this.simulatedTime).toISOString(),
+            symbol: order.symbol,
+            side: order.side,
+            price,
+            notional: order.notional,
+            qty,
+        });
+
+        return {
+            id,
+            symbol: order.symbol,
+            filled_avg_price: price.toFixed(4),
+            filled_qty: qty.toFixed(6),
+            side: order.side,
+            status: "filled",
+        };
+    }
+
+    getTotalValue(): number {
+        let value = this.cash;
+        for (const [symbol, pos] of this.positions.entries()) {
+            const bar = this.getBarAtCursor(symbol);
+            if (bar) {
+                value += pos.qty * bar.ClosePrice;
+            }
+        }
+        return value;
+    }
+}
diff --git a/src/backtest.ts b/src/backtest.ts
new file mode 100644
index 0000000..fa3e616
--- /dev/null
+++ b/src/backtest.ts
@@ -0,0 +1,169 @@
+import dotenv from 'dotenv';
+dotenv.config();
+
+import { Alpaca } from './alpaca';
+import { Bot } from './bot';
+import { MomentumStrategy } from './momentum-strategy';
+import { BacktestClient, Bar } from './backtest-client';
+import { setWaitFn, resetWaitFn } from './trading';
+import { logger } from './logger';
+
+// eslint-disable-next-line @typescript-eslint/no-require-imports
+const AlpacaJS = require('@alpacahq/alpaca-trade-api');
+
+interface Args {
+    start: string;
+    end: string;
+    capital: number;
+}
+
+function parseArgs(): Args {
+    const args = process.argv.slice(2);
+    let start = '';
+    let end = '';
+    let capital = 100_000;
+
+    for (let i = 0; i < args.length; i++) {
+        if (args[i] === '--start' && args[i + 1]) start = args[++i];
+        else if (args[i] === '--end' && args[i + 1]) end = args[++i];
+        else if (args[i] === '--capital' && args[i + 1]) capital = parseFloat(args[++i]);
+    }
+
+    if (!start || !end) {
+        console.error('Usage: npm run backtest -- --start YYYY-MM-DD --end YYYY-MM-DD [--capital N]');
+        process.exit(1);
+    }
+
+    return { start, end, capital };
+}
+
+async function fetchBars(symbols: string[], start: string, end: string): Promise<Map<string, Bar[]>> {
+    const client = new AlpacaJS({
+        keyId: process.env.ALPACA_KEY_ID,
+        secretKey: process.env.ALPACA_SECRET_KEY,
+        paper: true,
+    });
+
+    const allBars = new Map<string, Bar[]>();
+
+    for (const symbol of symbols) {
+        logger.info(`fetching bars for ${symbol} from ${start} to ${end}`);
+        const bars: Bar[] = [];
+        const resp = client.getBarsV2(symbol, {
+            start,
+            end,
+            timeframe: '1Min',
+            limit: 10000,
+            feed: 'sip',
+        });
+
+        for await (const bar of resp) {
+            bars.push({
+                Timestamp: bar.Timestamp,
+                OpenPrice: bar.OpenPrice,
+                HighPrice: bar.HighPrice,
+                LowPrice: bar.LowPrice,
+                ClosePrice: bar.ClosePrice,
+                Volume: bar.Volume,
+            });
+        }
+
+        bars.sort((a, b) => new Date(a.Timestamp).getTime() - new Date(b.Timestamp).getTime());
+        allBars.set(symbol, bars);
+        logger.info(`${symbol}: ${bars.length} bars loaded`);
+    }
+
+    return allBars;
+}
+
+function getTradingDays(bars: Map<string, Bar[]>): Date[] {
+    const daySet = new Set<string>();
+    for (const symbolBars of bars.values()) {
+        for (const bar of symbolBars) {
+            const d = new Date(bar.Timestamp);
+            const dateStr = `${d.getFullYear()}-${String(d.getMonth() + 1).padStart(2, '0')}-${String(d.getDate()).padStart(2, '0')}`;
+            daySet.add(dateStr);
+        }
+    }
+    return [...daySet].sort().map((d) => {
+        const date = new Date(d + 'T09:30:00-05:00');
+        return date;
+    });
+}
+
+async function main() {
+    const { start, end, capital } = parseArgs();
+
+    const symbols = ['QQQ', 'TQQQ', 'SQQQ'];
+    const bars = await fetchBars(symbols, start, end);
+
+    const startTime = new Date(start + 'T09:30:00-05:00').getTime();
+    const backtestClient = new BacktestClient(bars, capital, startTime);
+    const alpaca = new Alpaca(false, backtestClient);
+
+    setWaitFn(async (ms: number) => {
+        backtestClient.advanceTime(ms);
+    });
+
+    const originalDateNow = Date.now;
+    Date.now = () => backtestClient.getSimulatedTime();
+
+    try {
+        const tradingDays = getTradingDays(bars);
+        logger.info(`backtest: ${tradingDays.length} trading days from ${start} to ${end}`);
+
+        const momentum = new MomentumStrategy();
+        const bot = new Bot(alpaca, [{ strategy: momentum, capitalAllocation: 1.0 }]);
+
+        for (const day of tradingDays) {
+            const dayStr = day.toISOString().split('T')[0];
+            logger.info(`--- day: ${dayStr} ---`);
+            backtestClient.resetCursorsForDay(day.getTime());
+            await bot.runDay();
+        }
+
+        printResults(backtestClient, capital);
+    } finally {
+        Date.now = originalDateNow;
+        resetWaitFn();
+    }
+}
+
+function printResults(client: BacktestClient, startingCapital: number) {
+    const fills = client.fills;
+    const finalValue = client.getTotalValue();
+    const pnl = finalValue - startingCapital;
+    const pnlPct = (pnl / startingCapital) * 100;
+
+    console.log('\n=== BACKTEST RESULTS ===\n');
+    console.log(`Starting capital: $${startingCapital.toFixed(2)}`);
+    console.log(`Final value:      $${finalValue.toFixed(2)}`);
+    console.log(`P&L:              $${pnl.toFixed(2)} (${pnlPct.toFixed(2)}%)`);
+    console.log(`Total fills:      ${fills.length}`);
+
+    let wins = 0;
+    let losses = 0;
+    for (let i = 0; i < fills.length - 1; i += 2) {
+        const buy = fills[i];
+        const sell = fills[i + 1];
+        if (buy && sell && buy.side === 'buy' && sell.side === 'sell') {
+            if (sell.price > buy.price) wins++;
+            else losses++;
+        }
+    }
+
+    if (wins + losses > 0) {
+        console.log(`Win/Loss:         ${wins}W / ${losses}L (${((wins / (wins + losses)) * 100).toFixed(1)}%)`);
+    }
+
+    console.log('\n--- Trade Log ---');
+    for (const fill of fills) {
+        console.log(`  ${fill.time}  ${fill.side.toUpperCase().padEnd(4)} ${fill.symbol.padEnd(5)} ${fill.qty.toFixed(4)} @ $${fill.price.toFixed(4)} ($${fill.notional.toFixed(2)})`);
+    }
+    console.log();
+}
+
+main().catch((e) => {
+    console.error('Backtest error:', e);
+    process.exit(1);
+});
diff --git a/src/trading.test.ts b/src/trading.test.ts
index 6589d4c..04e0715 100644
--- a/src/trading.test.ts
+++ b/src/trading.test.ts
@@ -1,5 +1,5 @@
 import { describe, it, expect, vi, beforeEach, afterEach } from 'vitest';
-import { printAsset, accountBalance, waitForNextOpen } from './trading';
+import { printAsset, accountBalance, waitForNextOpen, wait, setWaitFn, resetWaitFn } from './trading';
 import type { Alpaca } from './alpaca';
 
 function mockAlpaca(overrides: Partial<Alpaca> = {}): Alpaca {
@@ -25,6 +25,7 @@ beforeEach(() => {
 afterEach(() => {
     vi.useRealTimers();
     vi.restoreAllMocks();
+    resetWaitFn();
 });
 
 describe('printAsset', () => {
@@ -82,3 +83,26 @@ describe('waitForNextOpen', () => {
     });
 });
 
+describe('setWaitFn / resetWaitFn', () => {
+    it('uses custom wait function when set', async () => {
+        const calls: number[] = [];
+        setWaitFn(async (ms) => { calls.push(ms); });
+
+        await wait(5000);
+        await wait(3000);
+
+        expect(calls).toEqual([5000, 3000]);
+    });
+
+    it('restores default wait after resetWaitFn', async () => {
+        setWaitFn(async () => {});
+        resetWaitFn();
+
+        // After reset, wait should use real setTimeout again
+        const promise = wait(1000);
+        await vi.advanceTimersByTimeAsync(1000);
+        await promise;
+        // If we got here without hanging, default wait is restored
+    });
+});
+
diff --git a/src/trading.ts b/src/trading.ts
index 7455265..88ed033 100644
--- a/src/trading.ts
+++ b/src/trading.ts
@@ -1,10 +1,22 @@
 import { Alpaca } from "./alpaca";
 import { logger } from "./logger";
 
-export function wait(ms: number) {
-    return new Promise((resolve) => {
-        setTimeout(resolve, ms);
-    });
+type WaitFn = (ms: number) => Promise<void>;
+
+const defaultWait: WaitFn = (ms) => new Promise((resolve) => setTimeout(resolve, ms));
+
+let currentWait: WaitFn = defaultWait;
+
+export function wait(ms: number): Promise<void> {
+    return currentWait(ms);
+}
+
+export function setWaitFn(fn: WaitFn): void {
+    currentWait = fn;
+}
+
+export function resetWaitFn(): void {
+    currentWait = defaultWait;
 }
 
 export async function printAsset(alpaca: Alpaca, symbol: string) {