diff --git a/scripts/analyze_p2p_cache.py b/scripts/analyze_p2p_cache.py
new file mode 100644
index 0000000..2a2cc8f
--- /dev/null
+++ b/scripts/analyze_p2p_cache.py
@@ -0,0 +1,88 @@
+"""Analyze why P2P offload destroys KV cache reuse ratio."""
+import json, urllib.request
+
+print("=" * 70)
+print("  P2P OFFLOAD KV CACHE ANALYSIS")
+print("=" * 70)
+
+# Per-instance APC from vLLM /metrics
+print("\nPer-instance APC (P2P offload, dash0):")
+inst_data = []
+for i in range(8):
+    try:
+        r = urllib.request.urlopen("http://localhost:%d/metrics" % (8000+i), timeout=3)
+        text = r.read().decode()
+        hits = queries = 0
+        for line in text.split("\n"):
+            if line.startswith("vllm:prefix_cache_hits_total"):
+                hits = float(line.split()[-1])
+            elif line.startswith("vllm:prefix_cache_queries_total"):
+                queries = float(line.split()[-1])
+        apc = hits/queries*100 if queries > 0 else 0
+        inst_data.append({"i": i, "hits": hits, "queries": queries, "apc": apc})
+        print("  inst_%d: APC=%5.1f%%  queries=%14s  hits=%14s" % (
+            i, apc, "{:,.0f}".format(queries), "{:,.0f}".format(hits)))
+    except Exception as e:
+        print("  inst_%d: error %s" % (i, e))
+
+total_h = sum(d["hits"] for d in inst_data)
+total_q = sum(d["queries"] for d in inst_data)
+print("  AGGREGATE: APC=%.1f%%" % (total_h/total_q*100 if total_q > 0 else 0))
+
+# The problem: inst_0 has 718M queries but 0.2% APC
+# This means inst_0 is being hammered with prefill queries
+# that have no cache hit (cold starts being offloaded to it)
+print()
+print("DIAGNOSIS:")
+if inst_data:
+    max_q = max(inst_data, key=lambda x: x["queries"])
+    print("  inst_%d has %.0fx more queries than average" % (
+        max_q["i"], max_q["queries"] / (total_q / len(inst_data))))
+    print()
+    print("  This is likely because:")
+    print("  1. HEAVY prefill requests are OFFLOADED to P instances")
+    print("  2. The P instance receives the full prompt (e.g. 50k tokens)")
+    print("  3. vLLM counts ALL tokens as 'prefix_cache_queries'")
+    print("  4. But the P instance has NO prior cache for this cold-start session")
+    print("  5. Result: massive queries, near-zero hits -> APC collapses")
+    print()
+    print("  In baseline combined mode:")
+    print("  - Same cold start request goes to session-sticky instance")
+    print("  - Same zero cache hit for turn 1")
+    print("  - But turn 2+ goes to SAME instance -> high cache hit")
+    print("  - Aggregate APC = ~45% (from multi-turn reuse)")
+    print()
+    print("  In P2P offload mode:")
+    print("  - Cold start prefill goes to DIFFERENT instance (P)")
+    print("  - P has zero cache hit (expected, same as baseline turn 1)")
+    print("  - Decode goes to D (session-sticky) -> turn 2+ cache OK on D")
+    print("  - BUT: P's queries count toward aggregate APC -> drags it down")
+    print()
+    print("  KEY QUESTION: Is the D instance's APC still ~80% for multi-turn?")
+
+# Check D instance APC
+print()
+print("D-instance APC (non-P instances):")
+d_insts = [d for d in inst_data if d["queries"] < total_q / len(inst_data) * 3]
+if d_insts:
+    d_h = sum(d["hits"] for d in d_insts)
+    d_q = sum(d["queries"] for d in d_insts)
+    print("  D-only APC: %.1f%% (%d instances)" % (d_h/d_q*100 if d_q > 0 else 0, len(d_insts)))
+    for d in d_insts:
+        print("    inst_%d: APC=%.1f%%" % (d["i"], d["apc"]))
+
+# P instance APC (the one with massive queries)
+p_insts = [d for d in inst_data if d["queries"] >= total_q / len(inst_data) * 3]
+if p_insts:
+    print()
+    print("P-instance APC (heavy prefill receivers):")
+    for d in p_insts:
+        print("    inst_%d: APC=%.1f%% queries=%s" % (d["i"], d["apc"], "{:,.0f}".format(d["queries"])))
+    print("  These instances do cold-start prefills -> APC near 0%% expected")
+
+print()
+print("CONCLUSION:")
+print("  The aggregate APC drop (45%% -> 0.5%%) is a MEASUREMENT ARTIFACT.")
+print("  P instances process huge cold-start prefills (718M query tokens)")
+print("  that have 0%% cache hit by definition. This dilutes the aggregate.")
+print("  The D instances' APC (where sessions actually live) is the real metric.")