diff --git a/packages/agentswarm/src/budget.test.ts b/packages/agentswarm/src/budget.test.ts
new file mode 100644
index 0000000..0955ef9
--- /dev/null
+++ b/packages/agentswarm/src/budget.test.ts
@@ -0,0 +1,89 @@
+import { describe, expect, it, vi } from "vitest";
+import { InMemoryBudgetLedger, SwarmError, withBudget } from "./index.js";
+import type { SwarmRunner } from "./index.js";
+
+const DID = "did:coinpay:agent:abc";
+const ask = { messages: [{ role: "user" as const, content: "hi" }] };
+
+function okRunner(): SwarmRunner {
+  return {
+    run: vi.fn(async (input) => ({
+      threadId: "t",
+      messages: [...input.messages, { role: "assistant" as const, content: "done" }],
+      output: "done"
+    }))
+  };
+}
+
+describe("InMemoryBudgetLedger", () => {
+  it("credits and reports balance", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    expect(await ledger.balance(DID)).toBe(0);
+    await ledger.credit(DID, 100);
+    expect(await ledger.balance(DID)).toBe(100);
+  });
+
+  it("reserve holds funds and settle refunds the unused remainder", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 100);
+    const hold = await ledger.reserve(DID, 40);
+    expect(await ledger.balance(DID)).toBe(60);
+    await ledger.settle(hold, 10);
+    expect(await ledger.balance(DID)).toBe(90); // 60 + 30 refunded
+  });
+
+  it("reserve throws SwarmError 402 when short", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 5);
+    await expect(ledger.reserve(DID, 10)).rejects.toMatchObject({ status: 402 });
+  });
+
+  it("release returns the full hold", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 50);
+    const hold = await ledger.reserve(DID, 50);
+    expect(await ledger.balance(DID)).toBe(0);
+    await ledger.release(hold);
+    expect(await ledger.balance(DID)).toBe(50);
+  });
+});
+
+describe("withBudget", () => {
+  it("charges the actual cost on success", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 100);
+    const runner = withBudget({ runner: okRunner(), ledger, agentDid: DID, maxCost: 30, costOf: () => 12 });
+
+    const res = await runner.run(ask);
+    expect(res.output).toBe("done");
+    expect(await ledger.balance(DID)).toBe(88); // 100 - 12
+  });
+
+  it("rejects with 402 and never runs when out of budget", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 5);
+    const inner = okRunner();
+    const runner = withBudget({ runner: inner, ledger, agentDid: DID, maxCost: 30 });
+
+    await expect(runner.run(ask)).rejects.toMatchObject({ status: 402 });
+    expect(inner.run).not.toHaveBeenCalled();
+  });
+
+  it("releases the hold (no charge) when the run throws", async () => {
+    const ledger = new InMemoryBudgetLedger();
+    await ledger.credit(DID, 100);
+    const failing: SwarmRunner = {
+      run: vi.fn(async () => {
+        throw new Error("boom");
+      })
+    };
+    const runner = withBudget({ runner: failing, ledger, agentDid: DID, maxCost: 30 });
+
+    await expect(runner.run(ask)).rejects.toThrow("boom");
+    expect(await ledger.balance(DID)).toBe(100); // fully restored
+  });
+
+  it("re-exports SwarmError for status mapping", () => {
+    expect(new SwarmError("x", 402).status).toBe(402);
+  });
+});
diff --git a/packages/agentswarm/src/budget.ts b/packages/agentswarm/src/budget.ts
new file mode 100644
index 0000000..a45e9d3
--- /dev/null
+++ b/packages/agentswarm/src/budget.ts
@@ -0,0 +1,111 @@
+import type { SwarmRunResult, SwarmRunner } from "./types.js";
+import { SwarmError } from "./types.js";
+
+/**
+ * A swarm agent's identity. The DID mirrors @logicsrc/agentstack
+ * (`did:coinpay:agent:<id>`), so an agent can carry an agentgit/CoinPay identity.
+ */
+export interface AgentIdentity {
+  did: string;
+  name?: string;
+}
+
+/**
+ * Spend ledger for agents. Amounts are integer minor units (e.g. cents). A run
+ * reserves up to its budget, then settles to the actual cost — releasing the
+ * remainder. Mirrors the b1dz budget+ledger concept; back it with a real store
+ * for production.
+ */
+export interface BudgetLedger {
+  balance(agentDid: string): Promise<number>;
+  credit(agentDid: string, amount: number): Promise<number>;
+  /** Hold funds for an in-flight run; throws {@link SwarmError} 402 if short. */
+  reserve(agentDid: string, amount: number): Promise<string>;
+  /** Settle a hold to a final cost (clamped to the reserved amount). */
+  settle(holdId: string, finalCost: number): Promise<void>;
+  /** Release a hold without charging (e.g. the run failed). */
+  release(holdId: string): Promise<void>;
+}
+
+/** In-memory reference {@link BudgetLedger} — good for tests and single-process hosts. */
+export class InMemoryBudgetLedger implements BudgetLedger {
+  private readonly balances = new Map<string, number>();
+  private readonly holds = new Map<string, { agentDid: string; amount: number }>();
+  private seq = 0;
+
+  async balance(agentDid: string): Promise<number> {
+    return this.balances.get(agentDid) ?? 0;
+  }
+
+  async credit(agentDid: string, amount: number): Promise<number> {
+    if (amount < 0) throw new Error("credit amount must be >= 0");
+    const next = (this.balances.get(agentDid) ?? 0) + amount;
+    this.balances.set(agentDid, next);
+    return next;
+  }
+
+  async reserve(agentDid: string, amount: number): Promise<string> {
+    if (amount < 0) throw new Error("reserve amount must be >= 0");
+    const available = this.balances.get(agentDid) ?? 0;
+    if (available < amount) {
+      throw new SwarmError(
+        `insufficient budget for ${agentDid}: need ${amount}, have ${available}`,
+        402
+      );
+    }
+    this.balances.set(agentDid, available - amount);
+    const holdId = `hold_${(this.seq += 1)}`;
+    this.holds.set(holdId, { agentDid, amount });
+    return holdId;
+  }
+
+  async settle(holdId: string, finalCost: number): Promise<void> {
+    const hold = this.holds.get(holdId);
+    if (!hold) throw new Error(`unknown hold: ${holdId}`);
+    this.holds.delete(holdId);
+    const cost = Math.max(0, Math.min(finalCost, hold.amount));
+    const refund = hold.amount - cost;
+    if (refund > 0) await this.credit(hold.agentDid, refund);
+  }
+
+  async release(holdId: string): Promise<void> {
+    const hold = this.holds.get(holdId);
+    if (!hold) return;
+    this.holds.delete(holdId);
+    await this.credit(hold.agentDid, hold.amount);
+  }
+}
+
+export interface BudgetRunnerOptions {
+  runner: SwarmRunner;
+  ledger: BudgetLedger;
+  /** DID charged for runs. */
+  agentDid: string;
+  /** Funds reserved per run, in minor units. */
+  maxCost: number;
+  /** Final cost from the result (e.g. derived from token usage). Default `maxCost`. */
+  costOf?: (result: SwarmRunResult) => number;
+}
+
+/**
+ * Wrap a {@link SwarmRunner} so each run reserves budget up front (throwing 402
+ * when the agent is out of funds), then settles the actual cost afterward and
+ * releases the hold if the run throws. This is the per-agent spend guard for
+ * multi-step / swarm runs.
+ */
+export function withBudget(options: BudgetRunnerOptions): SwarmRunner {
+  const { runner, ledger, agentDid, maxCost, costOf } = options;
+  return {
+    async run(input) {
+      const holdId = await ledger.reserve(agentDid, maxCost);
+      try {
+        const result = await runner.run(input);
+        await ledger.settle(holdId, costOf ? costOf(result) : maxCost);
+        return result;
+      } catch (error) {
+        await ledger.release(holdId);
+        throw error;
+      }
+    }
+  };
+}
diff --git a/packages/agentswarm/src/index.ts b/packages/agentswarm/src/index.ts
index d986f93..699031f 100644
--- a/packages/agentswarm/src/index.ts
+++ b/packages/agentswarm/src/index.ts
@@ -17,6 +17,8 @@ export type {
   SwarmOptions,
   LLMRouterOptions
 } from "./swarm.js";
+export { InMemoryBudgetLedger, withBudget } from "./budget.js";
+export type { AgentIdentity, BudgetLedger, BudgetRunnerOptions } from "./budget.js";
 export { createRubricRunner, createLLMJudge } from "./rubric.js";
 export type {
   RubricEvaluation,