diff --git a/packages/atxp-express/src/paymentSessionMcp.test.ts b/packages/atxp-express/src/paymentSessionMcp.test.ts
index 8860711..9de4e52 100644
--- a/packages/atxp-express/src/paymentSessionMcp.test.ts
+++ b/packages/atxp-express/src/paymentSessionMcp.test.ts
@@ -123,6 +123,61 @@ describe('settlement fires through a real McpServer + StreamableHTTPServerTransp
     expect(String(settleCalls()[0][0])).toContain('/settle/atxp');
   });
 
+  it('settles the summed actual ($0.003) — not the cap ($0.01) — when a tool charges 3x $0.001', async () => {
+    // ATXP credential carrying options with the authorized cap ($0.01). The
+    // express path falls back to the credential's options for the settle body,
+    // and deriveCap reads options[].amount → cap $0.01.
+    const meteredCredential = JSON.stringify({
+      sourceAccountId: 'atxp_acct_test123',
+      sourceAccountToken: 'tok_abc',
+      options: [{ network: 'base', currency: 'USDC', address: '0xdest', amount: '0.01' }],
+    });
+
+    const router = atxpExpress(TH.config({
+      oAuthClient: TH.oAuthClient({ introspectResult: TH.tokenData({ active: true, sub: 'test-user' }) }),
+    }));
+    const app = express();
+    app.use(express.json());
+    app.use(router);
+    app.post('/', async (req: Request, res: Response) => {
+      const server = new McpServer({ name: 'test', version: '1.0.0' }, { capabilities: { logging: {} } });
+      server.registerTool(
+        'metered-tool',
+        { description: 'meters 3x $0.001', inputSchema: { message: z.string().optional() } },
+        async (): Promise<CallToolResult> => {
+          // 3 charges of $0.001 each → summed actual $0.003 < cap $0.01.
+          await requirePayment({ price: BigNumber(0.001) });
+          await requirePayment({ price: BigNumber(0.001) });
+          await requirePayment({ price: BigNumber(0.001) });
+          return { content: [{ type: 'text', text: 'metered' }] };
+        },
+      );
+      const transport = new StreamableHTTPServerTransport({ sessionIdGenerator: undefined, enableJsonResponse: true });
+      res.on('close', () => { transport.close(); server.close(); });
+      await server.connect(transport);
+      await transport.handleRequest(req, res, req.body);
+    });
+
+    const response = await request(app)
+      .post('/')
+      .set('Content-Type', 'application/json')
+      .set('Accept', 'application/json, text/event-stream')
+      .set('Authorization', 'Bearer test-access-token')
+      .set('X-ATXP-PAYMENT', meteredCredential)
+      .send({ jsonrpc: '2.0', id: 1, method: 'tools/call', params: { name: 'metered-tool', arguments: {} } });
+
+    expect(response.status).toBe(200);
+
+    // Exactly one settle, to /settle/atxp.
+    expect(settleCalls()).toHaveLength(1);
+    expect(String(settleCalls()[0][0])).toContain('/settle/atxp');
+
+    // The settled amount is the SUMMED ACTUAL ($0.003), not the cap ($0.01).
+    const settleBody = JSON.parse((settleCalls()[0][1] as { body: string }).body);
+    expect(settleBody.options).toHaveLength(1);
+    expect(settleBody.options[0].amount).toBe('0.003');
+  });
+
   it('does NOT settle through the transport when the tool charges nothing', async () => {
     const router = atxpExpress(TH.config({
       oAuthClient: TH.oAuthClient({ introspectResult: TH.tokenData({ active: true, sub: 'test-user' }) }),
diff --git a/packages/atxp-server/src/paymentSession.test.ts b/packages/atxp-server/src/paymentSession.test.ts
index 3bd5b4e..621612f 100644
--- a/packages/atxp-server/src/paymentSession.test.ts
+++ b/packages/atxp-server/src/paymentSession.test.ts
@@ -118,4 +118,55 @@ describe('settlePaymentSession', () => {
     expect(settleSpy).toHaveBeenCalledTimes(1);
     expect(session.settled).toBe(true);
   });
+
+  // "up-to" semantics: settle the accumulated actual (spent), not the cap.
+  it('settles the accumulated actual (spent) as actualAmount', async () => {
+    const settleSpy = vi.spyOn(ProtocolSettlement.prototype, 'settle').mockResolvedValue({ txHash: '0xabc', settledAmount: '0.003' });
+    // Cap $0.01 from the credential options; charge 3x $0.001 → spent $0.003 < cap.
+    const credential = JSON.stringify({ sourceAccountId: 'atxp_acct_1', options: [{ amount: '0.01' }] });
+    const session = new PaymentSessionState('atxp', credential, {}, logger);
+    session.charge(BigNumber(0.001));
+    session.charge(BigNumber(0.001));
+    session.charge(BigNumber(0.001));
+    expect(session.spent.toNumber()).toBeCloseTo(0.003);
+    expect(session.cap.toNumber()).toBe(0.01);
+
+    await settlePaymentSession(session, 'https://auth.atxp.ai', 'base:dest', undefined, logger);
+
+    expect(settleSpy).toHaveBeenCalledTimes(1);
+    // 4th positional arg is actualAmount; it must equal spent ($0.003 < cap).
+    const actualAmount = settleSpy.mock.calls[0][3] as BigNumber;
+    expect(actualAmount.toString()).toBe(session.spent.toString());
+    expect(actualAmount.toNumber()).toBeCloseTo(0.003);
+  });
+
+  it('settles an actual equal to the cap when the single charge equals the cap (price >= minimumPayment)', async () => {
+    const settleSpy = vi.spyOn(ProtocolSettlement.prototype, 'settle').mockResolvedValue({ txHash: '0xabc', settledAmount: '0.01' });
+    const credential = JSON.stringify({ sourceAccountId: 'atxp_acct_1', options: [{ amount: '0.01' }] });
+    const session = new PaymentSessionState('atxp', credential, {}, logger);
+    session.charge(BigNumber(0.01));
+
+    await settlePaymentSession(session, 'https://auth.atxp.ai', 'base:dest', undefined, logger);
+
+    const actualAmount = settleSpy.mock.calls[0][3] as BigNumber;
+    // Here the single charge happens to equal the cap, so actual === cap.
+    expect(actualAmount.toNumber()).toBe(0.01);
+    expect(actualAmount.toNumber()).toBe(session.cap.toNumber());
+  });
+
+  it('settles the metered price (< cap) for a single charge when the cap was inflated by minimumPayment', async () => {
+    const settleSpy = vi.spyOn(ProtocolSettlement.prototype, 'settle').mockResolvedValue({ txHash: '0xabc', settledAmount: '0.001' });
+    // Cap $0.01 (the challenge amount = max(minimumPayment, price)); the tool's
+    // actual price is $0.001. A single charge settles the price, NOT the cap —
+    // "up-to" for a one-shot call. Guards against regressing to cap-settling.
+    const credential = JSON.stringify({ sourceAccountId: 'atxp_acct_1', options: [{ amount: '0.01' }] });
+    const session = new PaymentSessionState('atxp', credential, {}, logger);
+    session.charge(BigNumber(0.001));
+
+    await settlePaymentSession(session, 'https://auth.atxp.ai', 'base:dest', undefined, logger);
+
+    const actualAmount = settleSpy.mock.calls[0][3] as BigNumber;
+    expect(actualAmount.toNumber()).toBeCloseTo(0.001);
+    expect(actualAmount.isLessThan(session.cap)).toBe(true);
+  });
 });
diff --git a/packages/atxp-server/src/paymentSession.ts b/packages/atxp-server/src/paymentSession.ts
index cefa4af..861f07a 100644
--- a/packages/atxp-server/src/paymentSession.ts
+++ b/packages/atxp-server/src/paymentSession.ts
@@ -13,16 +13,17 @@ import type { DetectedCredential } from "./atxpContext.js";
  */
 export interface PaymentSession {
   /**
-   * Authorized amount derived from the credential.
+   * Authorized amount derived from the credential — the ceiling for charges.
    *
-   * Guard only: settlement currently settles the credential's own amount (see
-   * settlePaymentSession), NOT `spent`, so the cap does not bound the settled
-   * amount — it merely rejects local charges that would exceed it. Settling
-   * `spent` up to the cap arrives with the `upto` scheme (streaming-payment-
-   * sessions design doc:
-   * https://github.com/circuitandchisel/accounts/blob/main/docs/STREAMING_PAYMENT_SESSIONS.md).
-   * For ATXP credentials carrying no amount, the cap is Infinity so the
-   * single-charge path always works.
+   * "up-to" semantics: settlement settles the accumulated `spent` (≤ cap), not
+   * the cap itself (see settlePaymentSession). The cap bounds local charges,
+   * rejecting any that would exceed it. Each `requirePayment(price)` charges
+   * `price`, so `spent` is the sum of prices (≤ cap) — note `spent < cap` even
+   * for a single charge when the cap was inflated by the server's
+   * `minimumPayment` (cap = max(minimumPayment, price)). For ATXP credentials
+   * carrying no amount, the cap is Infinity so the single-charge path always
+   * works. (streaming-payment-sessions design doc:
+   * https://github.com/circuitandchisel/accounts/blob/main/docs/STREAMING_PAYMENT_SESSIONS.md)
    */
   readonly cap: BigNumber;
   /** Accumulated charges recorded against this session. */
@@ -39,8 +40,8 @@ const USDC_ATOMIC = 1e6;
  *
  * Best-effort: if the amount cannot be parsed reliably for a protocol, returns
  * Infinity and logs a warning so the single-charge path always works.
- * Settlement settles the credential's own amount; the cap is a guard, not the
- * source of the settled amount.
+ * Settlement settles the accumulated `spent` (≤ cap); the cap is the ceiling
+ * that bounds local charges, not directly the settled amount.
  */
 function deriveCap(
   protocol: PaymentProtocol,
@@ -165,6 +166,11 @@ export async function settlePaymentSession(
       session.protocol,
       session.credential,
       session.context,
+      // "up-to" semantics: settle the accumulated actual (the sum of charged
+      // prices, ≤ cap), not the cap. For a single requirePayment(price), spent
+      // is that price — which equals the cap only when the cap wasn't inflated
+      // by the server's minimumPayment.
+      session.spent,
     );
     logger.info(`Settled ${session.protocol} at session close: txHash=${result.txHash ?? '<already-settled>'}, amount=${result.settledAmount}`);
   } catch (error) {
@@ -172,6 +178,6 @@ export async function settlePaymentSession(
     // served and settled=true prevents re-attempt at close. Log a greppable,
     // metric-able marker carrying protocol + amount so an unbilled served
     // request can be reconciled later.
-    logger.error(`settle_failed_at_close protocol=${session.protocol} amount=${session.spent.toString()}: ${error instanceof Error ? error.message : String(error)}`);
+    logger.error(`settle_failed_at_close protocol=${session.protocol} amount=${session.spent.toFixed()}: ${error instanceof Error ? error.message : String(error)}`);
   }
 }
diff --git a/packages/atxp-server/src/protocol.test.ts b/packages/atxp-server/src/protocol.test.ts
index f5b114f..e335236 100644
--- a/packages/atxp-server/src/protocol.test.ts
+++ b/packages/atxp-server/src/protocol.test.ts
@@ -1,4 +1,5 @@
 import { describe, it, expect, vi, beforeEach, afterEach } from 'vitest';
+import { BigNumber } from 'bignumber.js';
 import { detectProtocol, ProtocolSettlement } from './protocol.js';
 
 describe('detectProtocol', () => {
@@ -248,6 +249,74 @@ describe('ProtocolSettlement', () => {
       );
     });
 
+    it('overrides ATXP options[].amount with the metered actualAmount', async () => {
+      mockFetch.mockResolvedValue({
+        ok: true,
+        json: async () => ({ txHash: '0xupto', settledAmount: '0.003' }),
+      });
+
+      // Authorized cap is $0.01 (the option amount); the metered actual is $0.003.
+      await settlement.settle(
+        'atxp',
+        'atxp-jwt-token',
+        { options: [{ network: 'base', currency: 'USDC', address: '0x123', amount: '0.01' }] },
+        BigNumber(0.003),
+      );
+
+      const body = JSON.parse(mockFetch.mock.calls[0][1].body);
+      // Every option carries the actual ($0.003), NOT the cap ($0.01).
+      expect(body.options).toHaveLength(1);
+      expect(body.options[0].amount).toBe('0.003');
+      // Other option fields are preserved.
+      expect(body.options[0].network).toBe('base');
+      expect(body.options[0].address).toBe('0x123');
+    });
+
+    it('settles the credential/context amount unchanged when actualAmount is omitted', async () => {
+      mockFetch.mockResolvedValue({
+        ok: true,
+        json: async () => ({ txHash: '0xnoop', settledAmount: '0.01' }),
+      });
+
+      await settlement.settle(
+        'atxp',
+        'atxp-jwt-token',
+        { options: [{ network: 'base', currency: 'USDC', address: '0x123', amount: '0.01' }] },
+      );
+
+      const body = JSON.parse(mockFetch.mock.calls[0][1].body);
+      expect(body.options[0].amount).toBe('0.01');
+    });
+
+    it('serializes a sub-1e-6 actualAmount as a decimal string, never exponential notation', async () => {
+      mockFetch.mockResolvedValue({
+        ok: true,
+        json: async () => ({ txHash: '0xtiny', settledAmount: '0.0000003' }),
+      });
+
+      // BigNumber.toString() would emit "3e-7" (EXPONENTIAL_AT default), which
+      // /pay cannot parse as a decimal USDC string. toFixed() keeps it decimal.
+      await settlement.settle(
+        'atxp',
+        'atxp-jwt-token',
+        { options: [{ network: 'base', currency: 'USDC', address: '0x123', amount: '0.01' }] },
+        BigNumber('0.0000003'),
+      );
+
+      const body = JSON.parse(mockFetch.mock.calls[0][1].body);
+      expect(body.options[0].amount).toBe('0.0000003');
+      expect(body.options[0].amount).not.toContain('e');
+    });
+
+    it('warns (greppable) and settles the cap when actualAmount is supplied for x402 (up-to not yet wired)', async () => {
+      mockFetch.mockResolvedValue({ ok: true, json: async () => ({ txHash: '0xx402', settledAmount: '0.01' }) });
+      const credential = Buffer.from(JSON.stringify({ signature: '0xabc' })).toString('base64');
+
+      await settlement.settle('x402', credential, { paymentRequirements: { network: 'base' } }, BigNumber(0.003));
+
+      expect(mockLogger.warn).toHaveBeenCalledWith(expect.stringContaining('settle_actual_dropped protocol=x402'));
+    });
+
     it('should call /settle/mpp with standard MPP credential', async () => {
       mockFetch.mockResolvedValue({
         ok: true,
diff --git a/packages/atxp-server/src/protocol.ts b/packages/atxp-server/src/protocol.ts
index 758f2b1..08eec08 100644
--- a/packages/atxp-server/src/protocol.ts
+++ b/packages/atxp-server/src/protocol.ts
@@ -1,3 +1,4 @@
+import { BigNumber } from "bignumber.js";
 import { AuthorizationServerUrl, FetchLike, Logger, type PaymentProtocol } from "@atxp/common";
 // Re-export from common so consumers of @atxp/server get the same type
 export type { PaymentProtocol } from "@atxp/common";
@@ -286,12 +287,17 @@ export class ProtocolSettlement {
   /**
    * Settle a payment at request end.
    * Calls auth `/settle/{protocol}` to finalize the payment.
+   *
+   * `actualAmount` (optional) carries the metered "up-to" amount actually spent
+   * (≤ the authorized cap). When provided, the ATXP settle body charges this
+   * amount instead of the cap baked into the credential/context. When omitted,
+   * behavior is exactly as before (settle the credential's own amount).
    */
-  async settle(protocol: PaymentProtocol, credential: string, context?: SettlementContext): Promise<SettleResult> {
+  async settle(protocol: PaymentProtocol, credential: string, context?: SettlementContext, actualAmount?: BigNumber): Promise<SettleResult> {
     const url = new URL(`/settle/${protocol}`, this.authServer);
     this.logger.debug(`Settling ${protocol} credential at ${url}`);
 
-    const body = this.buildRequestBody(protocol, credential, context);
+    const body = this.buildRequestBody(protocol, credential, context, actualAmount);
 
     const response = await this.fetchFn(url.toString(), {
       method: 'POST',
@@ -312,8 +318,23 @@ export class ProtocolSettlement {
 
   /**
    * Build the protocol-specific request body for verify/settle calls.
+   *
+   * `actualAmount` (optional, ATXP only this phase) is the metered "up-to"
+   * amount actually spent. When provided, it overrides the ATXP options[].amount
+   * so /pay charges the actual instead of the authorized cap. x402 and mpp ignore
+   * it for now — their "up-to" mappings (x402 settlementOverrides.amount, mpp
+   * voucher amount) land in their own phases.
    */
-  private buildRequestBody(protocol: PaymentProtocol, credential: string, context?: SettlementContext): unknown {
+  private buildRequestBody(protocol: PaymentProtocol, credential: string, context?: SettlementContext, actualAmount?: BigNumber): unknown {
+    // actualAmount (the metered "up-to" amount) is only wired for ATXP this phase.
+    // For x402/mpp the settle body still carries the credential's cap, so a
+    // multi-charge session over-settles relative to the metered actual until
+    // their up-to mappings land (x402 settlementOverrides.amount, mpp voucher).
+    // Emit a greppable marker so that silent overcharge is visible, not invisible.
+    if (actualAmount && protocol !== 'atxp') {
+      this.logger.warn(`settle_actual_dropped protocol=${protocol} actual=${actualAmount.toFixed()}: up-to settlement not yet wired for ${protocol}; settling the credential cap`);
+    }
+
     if (protocol === 'x402') {
       // X402: auth expects { payload, paymentRequirements }
       // The credential is the base64-encoded PAYMENT-SIGNATURE header containing the payload.
@@ -389,7 +410,18 @@ export class ProtocolSettlement {
     // Prefer context options (from requirePayment's pricing config) over the
     // credential's options. The server has accurate destination chain info;
     // the credential may have stale or "unknown" network values from accounts.
-    const options = context?.options ?? parsed.options ?? [];
+    let options = (context?.options ?? parsed.options ?? []) as Array<Record<string, unknown>>;
+
+    // "up-to" semantics: when an actual metered amount is supplied, settle that
+    // (≤ the authorized cap) instead of the cap baked into the option. This is
+    // what makes /pay charge the actual. A decimal USDC string matches the
+    // human-readable amount format ATXP options already use. Use toFixed() (not
+    // toString()) so sub-1e-6 totals never serialize in exponential notation
+    // ("3e-7"), which /pay would fail to parse as a decimal USDC string.
+    if (actualAmount) {
+      const actual = actualAmount.toFixed();
+      options = options.map(opt => ({ ...opt, amount: actual }));
+    }
 
     return {
       sourceAccountId: parsed.sourceAccountId ?? context?.sourceAccountId,