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PUNKTFUNK_VDISPLAY_HZ_MULT promises extra display refreshes without one extra frame on the wire, but the frame-driven trigger enforced its pace only as a per-gap floor: sleep to 0.9×interval, then wake on arrival. A source that always has a frame pending — the overdriven display under uncapped content — settled at 0.9-interval spacing, 1.11× the negotiated rate. That is the field report's 132 fps on a 120 fps session: ten percent more bitrate, encode and decode for frames a 120 Hz panel can only drop. A credit bucket (PaceBudget) now pins the long-run average at the pacing rate: credit accrues at one frame per interval of real elapsed time, capped at 1.25 frames of post-stall burst, and every submitted frame spends one. A grab may run early only against banked credit, so the 0.9 floor keeps its per-gap jitter headroom while the average cannot exceed the rate — and a source at or below it banks faster than it spends and is never delayed. Anchoring to real elapsed time also keeps the synchronous-encode overlap the arrival-anchored floor bought (the owed fraction absorbs a constant encode tail instead of stacking on top of it), and it cannot fight the phase lock's submit grid: both agree the period is the interval. The charge lives under the same guard as the gate — the legacy fixed tick paces by its own grid, and charging it without ever accruing would bank unbounded debt that stalls the loop if a rebuild later flips the capturer to arrival-wait. Verified on .25: native::stream tests 15/15 (three new PaceBudget tests), punktfunk-host 369/369, clippy -D warnings clean, fmt clean. Co-Authored-By: Claude Fable 5 <noreply@anthropic.com>