diff --git a/src/scribe/services/retrieval_tuning.py b/src/scribe/services/retrieval_tuning.py
index 787f166..f6a8682 100644
--- a/src/scribe/services/retrieval_tuning.py
+++ b/src/scribe/services/retrieval_tuning.py
@@ -153,18 +153,30 @@ async def current_settings(user_id: int) -> list[dict]:
     async with async_session() as session:
         for name in surface_names():
             s = get_surface(name)
-            rows = (
-                await session.execute(
-                    select(RetrievalTuningEvent)
-                    .where(
-                        RetrievalTuningEvent.surface == name,
-                        RetrievalTuningEvent.user_id == user_id,
+            # ONE QUERY PER DIAL, not one `limit(len(DIALS))` over both.
+            # "The newest two rows" is not "the newest row of each kind": a
+            # surface whose floor was moved three times and whose budget was
+            # moved once returns two floor rows, and the budget change
+            # disappears. That was a missing reason when this only fed
+            # `last_change`; since #4104 it is also a WRONG calibration answer —
+            # a tuned dial reporting as "still on the shipped default", which is
+            # the one state a reader would not think to check.
+            last = {}
+            for dial in DIALS:
+                row = (
+                    await session.execute(
+                        select(RetrievalTuningEvent)
+                        .where(
+                            RetrievalTuningEvent.surface == name,
+                            RetrievalTuningEvent.user_id == user_id,
+                            RetrievalTuningEvent.dial == dial,
+                        )
+                        .order_by(RetrievalTuningEvent.created_at.desc())
+                        .limit(1)
                     )
-                    .order_by(RetrievalTuningEvent.created_at.desc())
-                    .limit(len(DIALS))
-                )
-            ).scalars().all()
-            last = {r.dial: r for r in rows}
+                ).scalars().first()
+                if row is not None:
+                    last[dial] = row
             out.append({
                 "surface": name,
                 "floor": await floor_for(user_id, name),
diff --git a/tests/test_calibration_stamp.py b/tests/test_calibration_stamp.py
index 09434e6..6e2d530 100644
--- a/tests/test_calibration_stamp.py
+++ b/tests/test_calibration_stamp.py
@@ -189,3 +189,50 @@ def test_the_tool_says_nothing_auto_retunes():
     assert "calibration" in doc
     assert "NOTHING IS RETUNED AUTOMATICALLY" in doc
     assert "unstamped" in doc
+
+
+@pytest.mark.asyncio
+async def test_a_dial_is_read_per_dial_not_from_the_newest_two_rows():
+    """The floor's history must not be able to bury the budget's.
+
+    "The newest two rows" and "the newest row of each dial" differ the moment
+    one dial moves more often than the other — which is the normal case, since
+    floors get walked and budgets rarely do. Before this was one query per dial,
+    a surface with three floor changes and one budget change reported the budget
+    as untouched: a WRONG calibration answer rather than a missing one, and
+    wrong in the direction a reader would not think to check.
+    """
+    session = make_mock_session()
+    per_dial = {
+        "floor": MagicMock(dial="floor", embedding_model="old/model",
+                           shape_version=1,
+                           to_dict=MagicMock(return_value={"dial": "floor"})),
+        "budget": MagicMock(dial="budget", embedding_model="old/model",
+                            shape_version=1,
+                            to_dict=MagicMock(return_value={"dial": "budget"})),
+    }
+    calls = []
+
+    def execute(stmt):
+        # The dial is whichever the WHERE clause names; a query that did not
+        # scope by dial would render this stand-in unable to answer, which is
+        # the point.
+        sql = str(stmt.compile(compile_kwargs={"literal_binds": True}))
+        dial = "budget" if "'budget'" in sql else "floor"
+        calls.append(dial)
+        result = MagicMock()
+        result.scalars.return_value.first.return_value = per_dial[dial]
+        return result
+
+    session.execute = AsyncMock(side_effect=execute)
+    with patch.object(rt, "async_session", MagicMock(return_value=session)), \
+         patch.object(rt, "floor_for", AsyncMock(return_value=0.7)), \
+         patch.object(rt, "budget_for", AsyncMock(return_value=3)):
+        out = await rt.current_settings(1)
+
+    assert calls.count("floor") == len(SURFACES)
+    assert calls.count("budget") == len(SURFACES)
+    for row in out:
+        # Both dials tuned under a model that is not the live one.
+        assert row["calibration"]["budget"]["source"] == "tuned"
+        assert row["calibration"]["budget"]["stale"] is True