diff --git a/AGENTS.md b/AGENTS.md
index 1396e5f..2df28fb 100644
--- a/AGENTS.md
+++ b/AGENTS.md
@@ -127,6 +127,15 @@ session with **no other memory of this project**. So:
     `PayWithSats` sheet (NWC → WebLN → Cashu melt, falling back to the seller's
     `lud16`). ⚠️ The sheet is **mounted only while open** so its wallet hooks
     don't run on every grid card.
+  - **Shipment / fulfilment (2026-10-01):** listings carry an optional
+    `["fulfilment","pickup"|"ships"|"both"]` (selling only) — a create-page
+    selector (default **pickup**), a card badge, and a **Pickup/Ships** filter on
+    `GearSwapPage`. ⚠️ **The app never collects an address**: a `ships` deal
+    exchanges it privately in the trade chat (NIP-17), and `ListingTradeActions`
+    nudges **escrow** for shipped deals. No KYC rail, no carrier API, no labels.
+  - **Low-diversity ring warning (2026-10-01):** beyond the single-partner
+    warning, `TradeReputationCard` flags `verified >= 5 && verifiedCounterparties
+    <= 2` — "most confirmations come from very few accounts".
 - **Cashu escrow** (marketplace): time-locked **P2PK** (lock to seller + buyer
   refund key + locktime) — see **`ESCROW.md`** and `src/lib/cashuEscrow.ts`
   (unit-tested). Protocol: `cashu_token` on the `31872`; each user advertises a
diff --git a/NIP.md b/NIP.md
index 8b6cf3e..ed9a52d 100644
--- a/NIP.md
+++ b/NIP.md
@@ -584,6 +584,7 @@ Gear listings use the NIP-99 Classified Listings format (kind 30402) for peer-to
 | `price` | Price amount and currency (e.g., `["price", "50", "USD"]`) - required if price_type is `fixed` |
 | `condition` | Item condition: `new`, `like_new`, `good`, `well_used` |
 | `size` | Item size (varies by category) |
+| `fulfilment` | How the deal is fulfilled: `pickup`, `ships`, or `both`. ⚠️ The app **never collects an address** — a `ships` deal exchanges it privately in the trade chat (NIP-17). |
 | `g` | Geohash for pickup location |
 | `location` | Human-readable pickup location |
 | `a` | Reference to a skate spot (format: `30818:pubkey:d-tag`) |
diff --git a/src/components/ListingTradeActions.tsx b/src/components/ListingTradeActions.tsx
index db41b4d..668acb0 100644
--- a/src/components/ListingTradeActions.tsx
+++ b/src/components/ListingTradeActions.tsx
@@ -192,6 +192,14 @@ export function ListingTradeActions({ item }: { item: MarketplaceItem }) {
         </Button>
       )}
 
+      {/* Shipped deals are the case escrow exists for — nudge it. */}
+      {canEscrow && item.fulfilment === 'ships' && (
+        <p className="text-[11px] text-center text-amber-400/90">
+          📦 Shipped deal — use escrow so neither side ships into the void. Share your
+          address privately in the trade chat, never here.
+        </p>
+      )}
+
       {/* Buyer: ask the seller to record the sale (kind 31872 request) */}
       {!canEscrow && user && !isOwnListing && isSold && !iConfirmedTrade && !sellerNamedMe && !iRequestedConfirmation && (
         <Button
diff --git a/src/components/MarketplaceItemCard.tsx b/src/components/MarketplaceItemCard.tsx
index 1726f99..e08e2a4 100644
--- a/src/components/MarketplaceItemCard.tsx
+++ b/src/components/MarketplaceItemCard.tsx
@@ -334,6 +334,15 @@ export function MarketplaceItemCard({ item, compact = false }: MarketplaceItemCa
                   {categoryLabel}
                 </Badge>
               )}
+              {item.fulfilment && (
+                <Badge variant="outline" className="text-xs border-gray-600 bg-gray-800/50">
+                  {item.fulfilment === 'pickup'
+                    ? '📍 Pickup'
+                    : item.fulfilment === 'ships'
+                      ? '📦 Ships'
+                      : '📍📦 Pickup or ship'}
+                </Badge>
+              )}
               {sellerRep && sellerRep.verified > 0 && (
                 <Badge variant="outline" className="text-xs border-[#ccff00]/40 bg-[#ccff00]/10 text-[#ccff00]">
                   <CheckCircle className="h-3 w-3 mr-1" />
diff --git a/src/components/TradeReputationCard.tsx b/src/components/TradeReputationCard.tsx
index 9a04d05..4b1ffa6 100644
--- a/src/components/TradeReputationCard.tsx
+++ b/src/components/TradeReputationCard.tsx
@@ -41,6 +41,8 @@ export function TradeReputationCard({ pubkey, className }: { pubkey: string; cla
     weighted >= 5 ? 'Highly trusted trader' : weighted >= 1 ? 'Building reputation' : 'New trader';
   // The classic fake-reputation pattern: several "trades", all with one account.
   const singlePartnerWarning = data.verified >= 3 && people <= 1;
+  // A bigger ring: lots of confirmations from only a couple of accounts.
+  const lowDiversityWarning = !singlePartnerWarning && data.verified >= 5 && people <= 2;
 
   return (
     <Card className={cn('bg-black/90 border-2 border-[#ff6600]/25', className)}>
@@ -79,6 +81,12 @@ export function TradeReputationCard({ pubkey, className }: { pubkey: string; cla
             self-reported, so treat this record with care.
           </p>
         )}
+        {lowDiversityWarning && (
+          <p className="rounded-md border border-amber-500/30 bg-amber-500/10 px-2 py-1.5 text-xs text-amber-300">
+            ⚠ Most confirmations come from very few accounts. A small group vouching
+            for each other can look busy — treat this record with care.
+          </p>
+        )}
         {data.verified > 0 && (
           <p className="text-xs text-gray-500">
             Trust-weighted <span className="font-bold text-[#ccff00]">{weighted.toFixed(1)}</span>
diff --git a/src/lib/types.ts b/src/lib/types.ts
index e07ad9c..c6470ad 100644
--- a/src/lib/types.ts
+++ b/src/lib/types.ts
@@ -3553,6 +3553,8 @@ export interface MarketplaceItem {
   condition?: 'new' | 'like_new' | 'good' | 'well_used';
   listingType?: 'selling' | 'wtb';
   size?: string;
+  /** How the deal is fulfilled: local pickup, shipping, or either. */
+  fulfilment?: 'pickup' | 'ships' | 'both';
   expiration?: number; // Unix timestamp
   images: string[];
   location?: string;
@@ -3632,6 +3634,7 @@ export function parseMarketplaceItem(event: NostrEvent): MarketplaceItem | null
   const priceType = event.tags.find(([name]) => name === 'price_type')?.[1] as MarketplaceItem['priceType'];
   const condition = event.tags.find(([name]) => name === 'condition')?.[1] as MarketplaceItem['condition'];
   const listingType = event.tags.find(([name]) => name === 'listing_type')?.[1] as MarketplaceItem['listingType'];
+  const fulfilment = event.tags.find(([name]) => name === 'fulfilment')?.[1] as MarketplaceItem['fulfilment'];
   const size = event.tags.find(([name]) => name === 'size')?.[1];
   const expirationTag = event.tags.find(([name]) => name === 'expiration')?.[1];
   const expiration = expirationTag ? parseInt(expirationTag) : undefined;
@@ -3665,6 +3668,7 @@ export function parseMarketplaceItem(event: NostrEvent): MarketplaceItem | null
     priceType,
     condition,
     listingType,
+    fulfilment,
     size,
     expiration,
     images,
diff --git a/src/pages/CreateListingPage.tsx b/src/pages/CreateListingPage.tsx
index 1b28f0e..1d81a08 100644
--- a/src/pages/CreateListingPage.tsx
+++ b/src/pages/CreateListingPage.tsx
@@ -59,6 +59,7 @@ export default function CreateListingPage() {
 
   // Form state - initialize from URL params if coming from stash
   const [listingType, setListingType] = useState<'selling' | 'wtb'>('selling');
+  const [fulfilment, setFulfilment] = useState<'pickup' | 'ships' | 'both'>('pickup');
   const [category, setCategory] = useState(searchParams.get('category') || '');
   const [title, setTitle] = useState(searchParams.get('title') || '');
   const [description, setDescription] = useState(searchParams.get('description') || '');
@@ -272,6 +273,8 @@ export default function CreateListingPage() {
 
       if (summary.trim()) tags.push(['summary', summary.trim()]);
       if (condition) tags.push(['condition', condition]);
+      // Fulfilment is only meaningful when selling (WTB is the buyer's ask).
+      if (listingType === 'selling') tags.push(['fulfilment', fulfilment]);
       
       // Size with optional modifiers
       if (size) {
@@ -678,6 +681,37 @@ export default function CreateListingPage() {
                 </div>
               )}
 
+              {listingType === 'selling' && (
+                <div className="space-y-2">
+                  <Label>How is it fulfilled?</Label>
+                  <div className="grid grid-cols-3 gap-2">
+                    {([
+                      ['pickup', '📍 Pickup', 'Meet locally'],
+                      ['ships', '📦 Ships', 'Post it'],
+                      ['both', '📍📦 Both', 'Either'],
+                    ] as const).map(([key, label, hint]) => (
+                      <Button
+                        key={key}
+                        type="button"
+                        variant={fulfilment === key ? 'default' : 'outline'}
+                        className={`h-auto py-3 flex-col items-start ${
+                          fulfilment === key
+                            ? 'bg-[#00cc66] hover:bg-[#00cc66]/90 text-black'
+                            : 'border-gray-600 hover:bg-gray-800'
+                        }`}
+                        onClick={() => setFulfilment(key)}
+                      >
+                        <span className="font-bold">{label}</span>
+                        <span className="text-xs opacity-70">{hint}</span>
+                      </Button>
+                    ))}
+                  </div>
+                  <p className="text-xs text-gray-500">
+                    We never collect your address — for shipping, share it privately in the trade chat.
+                  </p>
+                </div>
+              )}
+
               {/* Size */}
               {currentSizeOptions.length > 0 && (
                 <div className="space-y-2">
diff --git a/src/pages/GearSwapPage.tsx b/src/pages/GearSwapPage.tsx
index 145a51c..e6e6025 100644
--- a/src/pages/GearSwapPage.tsx
+++ b/src/pages/GearSwapPage.tsx
@@ -17,7 +17,7 @@ import { useBatchSellerSales } from '@/hooks/useSellerSales';
 import { useFollowList } from '@/hooks/useFollowList';
 import { GearSwapItemCard } from '@/components/GearSwapItemCard';
 import { GEAR_CATEGORIES } from '@/lib/types';
-import { ShoppingCart, Plus, Search, Filter, ArrowUpDown, Users, ShieldCheck, UserCheck, AlertCircle } from 'lucide-react';
+import { ShoppingCart, Plus, Search, Filter, ArrowUpDown, Users, ShieldCheck, UserCheck, AlertCircle, MapPin } from 'lucide-react';
 
 type SortOption = 'newest' | 'price_low' | 'price_high' | 'trust';
 type TrustFilter = 'all' | 'verified' | 'trusted' | 'following';
@@ -36,6 +36,7 @@ export default function GearSwapPage() {
   const [searchQuery, setSearchQuery] = useState('');
   const [selectedCategory, setSelectedCategory] = useState<string>('all');
   const [sortBy, setSortBy] = useState<SortOption>('newest');
+  const [fulfilmentFilter, setFulfilmentFilter] = useState<'all' | 'pickup' | 'ships'>('all');
   const [trustFilter, setTrustFilter] = useState<TrustFilter>('all');
   const [showOnlyWTB, setShowOnlyWTB] = useState(false);
   const [showOnlySelling, setShowOnlySelling] = useState(false);
@@ -101,6 +102,13 @@ export default function GearSwapPage() {
       filtered = filtered.filter(item => item.listingType !== 'wtb');
     }
 
+    // Fulfilment — "pickup"/"ships" also match listings marked "both".
+    if (fulfilmentFilter === 'pickup') {
+      filtered = filtered.filter(item => item.fulfilment === 'pickup' || item.fulfilment === 'both');
+    } else if (fulfilmentFilter === 'ships') {
+      filtered = filtered.filter(item => item.fulfilment === 'ships' || item.fulfilment === 'both');
+    }
+
     // Trust filter
     if (trustFilter !== 'all' && trustScores) {
       filtered = filtered.filter(item => {
@@ -149,7 +157,7 @@ export default function GearSwapPage() {
     }
 
     return filtered;
-  }, [items, searchQuery, selectedCategory, sortBy, trustFilter, showOnlyWTB, showOnlySelling, trustScores, followingSet]);
+  }, [items, searchQuery, selectedCategory, sortBy, trustFilter, showOnlyWTB, showOnlySelling, fulfilmentFilter, trustScores, followingSet]);
 
   const categoryOptions = [
     { value: 'all', label: 'All Categories' },
@@ -307,6 +315,22 @@ export default function GearSwapPage() {
 
               <div className="flex-1" />
 
+              {/* Fulfilment */}
+              <Select
+                value={fulfilmentFilter}
+                onValueChange={(v) => setFulfilmentFilter(v as 'all' | 'pickup' | 'ships')}
+              >
+                <SelectTrigger className="w-40 bg-gray-900 border-gray-700">
+                  <MapPin className="h-4 w-4 mr-2" />
+                  <SelectValue placeholder="Pickup or ship" />
+                </SelectTrigger>
+                <SelectContent>
+                  <SelectItem value="all">Pickup or ship</SelectItem>
+                  <SelectItem value="pickup">📍 Local pickup</SelectItem>
+                  <SelectItem value="ships">📦 Ships</SelectItem>
+                </SelectContent>
+              </Select>
+
               {/* Sort */}
               <Select
                 value={sortBy}