diff --git a/apps/web/app/terminal.test.ts b/apps/web/app/terminal.test.ts
index 1b353b2..8d78abd 100644
--- a/apps/web/app/terminal.test.ts
+++ b/apps/web/app/terminal.test.ts
@@ -5,7 +5,10 @@ import {
   flushPausableTapeData,
   getLiveFeedStatus,
   nextFlowFilterPopoverState,
+  projectPausableTapeState,
   reducePausableTapeData,
+  shouldRetainLiveSnapshotHistory,
+  shouldShowEquitiesSilentFeedWarning,
   toggleFilterValue
 } from "./terminal";
 
@@ -53,6 +56,55 @@ describe("live tape pausable helpers", () => {
     expect(getLiveFeedStatus("connected", 1000, 500, 1601)).toBe("stale");
     expect(getLiveFeedStatus("disconnected", 1000, 500, 1601)).toBe("disconnected");
   });
+
+  it("keeps visible history even when live status is stale", () => {
+    const projected = projectPausableTapeState([makeItem("stale", 7, 1000)], "stale", 2000);
+    expect(projected.items.map((item) => item.trace_id)).toEqual(["stale"]);
+    expect(projected.lastUpdate).toBeNull();
+  });
+
+  it("flags connected equities feeds that stay silent past threshold", () => {
+    expect(
+      shouldShowEquitiesSilentFeedWarning({
+        wsStatus: "connected",
+        equitiesSubscribed: true,
+        connectedAt: 1_000,
+        lastEquitiesEventAt: null,
+        now: 20_000,
+        thresholdMs: 25_000
+      })
+    ).toBe(false);
+
+    expect(
+      shouldShowEquitiesSilentFeedWarning({
+        wsStatus: "connected",
+        equitiesSubscribed: true,
+        connectedAt: 1_000,
+        lastEquitiesEventAt: null,
+        now: 27_000,
+        thresholdMs: 25_000
+      })
+    ).toBe(true);
+
+    expect(
+      shouldShowEquitiesSilentFeedWarning({
+        wsStatus: "connected",
+        equitiesSubscribed: true,
+        connectedAt: 1_000,
+        lastEquitiesEventAt: 20_000,
+        now: 40_000,
+        thresholdMs: 25_000
+      })
+    ).toBe(false);
+  });
+
+  it("retains live history when freshness-gated snapshots are empty", () => {
+    expect(shouldRetainLiveSnapshotHistory("options", true, 0, 3)).toBe(true);
+    expect(shouldRetainLiveSnapshotHistory("equities", true, 0, 2)).toBe(true);
+    expect(shouldRetainLiveSnapshotHistory("alerts", true, 0, 3)).toBe(false);
+    expect(shouldRetainLiveSnapshotHistory("options", true, 1, 3)).toBe(false);
+    expect(shouldRetainLiveSnapshotHistory("options", false, 0, 3)).toBe(false);
+  });
 });
 
 describe("flow filter popup helpers", () => {
diff --git a/apps/web/app/terminal.tsx b/apps/web/app/terminal.tsx
index c39d418..15bdbd8 100644
--- a/apps/web/app/terminal.tsx
+++ b/apps/web/app/terminal.tsx
@@ -60,6 +60,12 @@ const LIVE_HOT_WINDOW = parseBoundedInt(process.env.NEXT_PUBLIC_LIVE_HOT_WINDOW,
 const LIVE_OPTIONS_STALE_MS = 15_000;
 const LIVE_NBBO_STALE_MS = 15_000;
 const LIVE_EQUITIES_STALE_MS = 15_000;
+const LIVE_EQUITIES_SILENT_WARNING_MS = parseBoundedInt(
+  process.env.NEXT_PUBLIC_LIVE_EQUITIES_SILENT_WARNING_MS,
+  25_000,
+  5_000,
+  5 * 60 * 1000
+);
 const LIVE_FLOW_STALE_MS = 30_000;
 const PINNED_EVIDENCE_TTL_MS = parseBoundedInt(
   process.env.NEXT_PUBLIC_PINNED_EVIDENCE_TTL_MS,
@@ -775,13 +781,6 @@ export const countActiveFlowFilterGroups = (filters: OptionFlowFilters): number
 
 const isFreshLiveItem = (ts: number, thresholdMs: number, now = Date.now()): boolean => now - ts <= thresholdMs;
 
-const filterFreshLiveItems = <T extends SortableItem>(
-  items: T[],
-  thresholdMs: number,
-  getItemTs: (item: T) => number = extractSortTs,
-  now = Date.now()
-): T[] => items.filter((item) => isFreshLiveItem(getItemTs(item), thresholdMs, now));
-
 export const toggleFilterValue = <T extends string>(
   values: T[] | undefined,
   value: T,
@@ -803,6 +802,60 @@ export const nextFlowFilterPopoverState = (
   return action === "toggle" ? !current : false;
 };
 
+export const projectPausableTapeState = <T extends SortableItem>(
+  visible: T[],
+  status: WsStatus,
+  lastUpdate: number | null
+): { items: T[]; lastUpdate: number | null } => ({
+  items: visible,
+  lastUpdate: status === "stale" ? null : lastUpdate
+});
+
+type EquitiesSilentFeedWarningInput = {
+  wsStatus: WsStatus;
+  equitiesSubscribed: boolean;
+  connectedAt: number | null;
+  lastEquitiesEventAt: number | null;
+  now?: number;
+  thresholdMs?: number;
+};
+
+export const shouldShowEquitiesSilentFeedWarning = ({
+  wsStatus,
+  equitiesSubscribed,
+  connectedAt,
+  lastEquitiesEventAt,
+  now = Date.now(),
+  thresholdMs = LIVE_EQUITIES_SILENT_WARNING_MS
+}: EquitiesSilentFeedWarningInput): boolean => {
+  if (wsStatus !== "connected" || !equitiesSubscribed) {
+    return false;
+  }
+  const baselineTs = lastEquitiesEventAt ?? connectedAt;
+  if (baselineTs === null) {
+    return false;
+  }
+  return now - baselineTs >= thresholdMs;
+};
+
+const LIVE_SNAPSHOT_HISTORY_CHANNELS = new Set<LiveSubscription["channel"]>([
+  "options",
+  "nbbo",
+  "equities",
+  "flow"
+]);
+
+export const shouldRetainLiveSnapshotHistory = (
+  channel: LiveSubscription["channel"],
+  isSnapshot: boolean,
+  snapshotItemCount: number,
+  currentItemCount: number
+): boolean =>
+  isSnapshot &&
+  snapshotItemCount === 0 &&
+  currentItemCount > 0 &&
+  LIVE_SNAPSHOT_HISTORY_CHANNELS.has(channel);
+
 const classifyNbboSide = (price: number, quote: OptionNBBO | null | undefined): NbboSide | null => {
   if (!quote || !Number.isFinite(price)) {
     return null;
@@ -1635,15 +1688,12 @@ const usePausableTapeView = <T extends SortableItem & { seq: number }>(
   const status = config.enabled
     ? getLiveFeedStatus(config.sourceStatus, freshestTs, config.freshnessMs, clock)
     : "disconnected";
-  const items =
-    status === "stale"
-      ? []
-      : filterFreshLiveItems(data.visible, config.freshnessMs, getItemTs, clock);
+  const projected = projectPausableTapeState(data.visible, status, config.lastUpdate);
 
   return {
     status,
-    items,
-    lastUpdate: status === "stale" ? null : config.lastUpdate,
+    items: projected.items,
+    lastUpdate: projected.lastUpdate,
     replayTime: null,
     replayComplete: false,
     paused,
@@ -1889,7 +1939,9 @@ const useFlowStream = (
 
 type LiveSessionState = {
   status: WsStatus;
+  connectedAt: number | null;
   lastUpdate: number | null;
+  lastEventByChannel: Partial<Record<LiveSubscription["channel"], number>>;
   options: OptionPrint[];
   nbbo: OptionNBBO[];
   equities: EquityPrint[];
@@ -1952,7 +2004,11 @@ const useLiveSession = (
   flowFilters: OptionFlowFilters
 ): LiveSessionState => {
   const [status, setStatus] = useState<WsStatus>(enabled ? "connecting" : "disconnected");
+  const [connectedAt, setConnectedAt] = useState<number | null>(null);
   const [lastUpdate, setLastUpdate] = useState<number | null>(null);
+  const [lastEventByChannel, setLastEventByChannel] = useState<
+    Partial<Record<LiveSubscription["channel"], number>>
+  >({});
   const [options, setOptions] = useState<OptionPrint[]>([]);
   const [nbbo, setNbbo] = useState<OptionNBBO[]>([]);
   const [equities, setEquities] = useState<EquityPrint[]>([]);
@@ -1975,7 +2031,9 @@ const useLiveSession = (
   useEffect(() => {
     if (!enabled) {
       setStatus("disconnected");
+      setConnectedAt(null);
       setLastUpdate(null);
+      setLastEventByChannel({});
       setOptions([]);
       setNbbo([]);
       setEquities([]);
@@ -2040,7 +2098,14 @@ const useLiveSession = (
       ) => {
         setter((prev) =>
           message.op === "snapshot"
-            ? (nextItems as T[])
+            ? shouldRetainLiveSnapshotHistory(
+                subscription.channel,
+                true,
+                nextItems.length,
+                prev.length
+              )
+              ? prev
+              : (nextItems as T[])
             : mergeNewest(nextItems as T[], prev, LIVE_HOT_WINDOW, (evicted) =>
                 incrementRetentionMetric("hotWindowEvictions", evicted)
               )
@@ -2080,6 +2145,13 @@ const useLiveSession = (
           break;
       }
 
+      if (items.length > 0) {
+        setLastEventByChannel((current) => ({
+          ...current,
+          [subscription.channel]: updateAt
+        }));
+      }
+
       setLastUpdate(updateAt);
     };
 
@@ -2096,6 +2168,7 @@ const useLiveSession = (
           return;
         }
         setStatus("connected");
+        setConnectedAt(Date.now());
         syncSubscriptions(socket);
       };
 
@@ -2116,6 +2189,7 @@ const useLiveSession = (
           return;
         }
         setStatus("disconnected");
+        setConnectedAt(null);
         subscribedKeysRef.current = new Set();
         subscribedMapRef.current = new Map();
         reconnectRef.current = window.setTimeout(connect, 1000);
@@ -2126,6 +2200,7 @@ const useLiveSession = (
           return;
         }
         setStatus("disconnected");
+        setConnectedAt(null);
         socket.close();
       };
     };
@@ -2172,7 +2247,9 @@ const useLiveSession = (
 
   return {
     status,
+    connectedAt,
     lastUpdate,
+    lastEventByChannel,
     options,
     nbbo,
     equities,
@@ -3401,6 +3478,13 @@ const useTerminalState = () => {
     chartIntervalMs,
     flowFilters
   );
+  const equitiesLiveSubscriptionActive = useMemo(
+    () =>
+      getLiveManifest(pathname, chartTicker.toUpperCase(), chartIntervalMs, flowFilters).some(
+        (sub) => sub.channel === "equities"
+      ),
+    [pathname, chartTicker, chartIntervalMs, flowFilters]
+  );
 
   const handleReplaySource = useCallback((value: string | null) => {
     setReplaySource(value);
@@ -4038,6 +4122,13 @@ const useTerminalState = () => {
     return equitiesFeed.items.filter((print) => matchesTicker(print.underlying_id));
   }, [equitiesFeed.items, matchesTicker, tickerSet]);
 
+  const equitiesSilentWarning = shouldShowEquitiesSilentFeedWarning({
+    wsStatus: liveSession.status,
+    equitiesSubscribed: mode === "live" && equitiesLiveSubscriptionActive,
+    connectedAt: liveSession.connectedAt,
+    lastEquitiesEventAt: liveSession.lastEventByChannel.equities ?? null
+  });
+
   const filteredInferredDark = useMemo(() => {
     if (tickerSet.size === 0) {
       return inferredDarkFeed.items;
@@ -4390,6 +4481,7 @@ const useTerminalState = () => {
     selectedClassifierEvidence,
     filteredOptions,
     filteredEquities,
+    equitiesSilentWarning,
     filteredInferredDark,
     filteredFlow,
     filteredAlerts,
@@ -4906,7 +4998,9 @@ const EquitiesPane = ({ limit }: EquitiesPaneProps) => {
             {state.tickerSet.size > 0
               ? "No equity prints match the current filter."
               : state.mode === "live"
-                ? state.equities.status === "stale"
+                ? state.equitiesSilentWarning
+                  ? "Connected but no equity prints received. Check ingest-equities."
+                  : state.equities.status === "stale"
                   ? "Live feed behind. Waiting for fresh equity prints."
                   : "No equity prints yet. Start ingest-equities."
                 : "Replay queue empty. Ensure ClickHouse has data."}