diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0cca4ec6..6bbae11f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -21,6 +21,7 @@
 
 ### Fixed
 
+- `AccountRegistry.isAuthenticated()` 现在尊重 `quota.skip_exhausted` 配置：此前不论该开关如何配置，`isAuthenticated` 都会把 `cachedQuota` 已耗尽的活跃账号一律视作不可用，导致 `quota.skip_exhausted=false` 的部署在所有号都 `limit_reached=true` 但仍可被 `AccountLifecycle.acquire()` 取走的情况下，被 `accountPool.isAuthenticated()` 守门的路由（`/v1/chat/completions` / `/v1/messages` / `/v1/responses` / model 列表 / health）全部 401。现在 `isAuthenticated` 与 `hasAvailableAccounts` 用同一套规则：`skipExhausted ? !hasReachedCachedQuota(entry) : true`。配置默认值不变（默认仍跳过）。新增 5 个单测覆盖空池 / 默认 skip / 默认非 skip / `skip_exhausted=false` 配额耗尽路径 / disabled 账号 0 容忍（`src/auth/account-registry.ts`、`tests/unit/auth/account-pool-has-available.test.ts`）
 - Claude Code 2.1.84 计费头 strip 行为新增 rotation 变体回归覆盖：实测 Claude Code 把 `x-anthropic-billing-header: cc_version=...; cc_entrypoint=cli; cch=<5hex>;` 作为 `system[0]` 独立块下发，`cc_version` 后缀和 `cch` 每请求 reroll；新增 `it.each` 覆盖 5 个真实 `cc_version` 后缀（c8e / 76b / f51 / 5b4 / 4f3）与"两次不同 cch 产出同一份 `instructions`"的不变性断言，防止后续改 strip（如改 `startsWith` → 正则、或加 inline 清洗）意外让 `cch` 漏进 `instructions` 污染上游 prompt cache（`tests/unit/translation/anthropic-to-codex.test.ts`）
 - Dashboard Errors tab now has a real clear action: `DELETE /admin/error-logs` removes current + backup JSONL files and the read cursor so repeated `StreamUpstreamPrematureClose` groups can be cleared from the page instead of only marked read. Anthropic setup defaults now map Opus 4.7 → `gpt-5.5` and Sonnet 4.6 → `gpt-5.4`, and the built-in Anthropic API-key catalog lists Claude Opus 4.7 (`src/logs/error-log.ts`, `src/routes/admin/error-logs.ts`, `shared/hooks/use-error-logs.ts`, `web/src/pages/ErrorsPage.tsx`, `web/src/components/AnthropicSetup.tsx`, `src/auth/api-key-catalog.ts`).
 - Claude Code 的 `Read` 工具参数里如果 `pages` 传成空字符串或空白字符串，会在 Codex → Anthropic 转换时被自动剔除，避免 GPT-5.5 反复触发 `Read tool validation error: Invalid pages parameter: ""` 并重试隔离工作树；对应单测覆盖流式与非流式两条路径，以及非空 PDF 页码范围保留（`src/translation/codex-to-anthropic.ts`、`tests/unit/translation/codex-to-anthropic-read-pages.test.ts`）。
diff --git a/src/auth/account-registry.ts b/src/auth/account-registry.ts
index 7f0c1f73..a4f904e7 100644
--- a/src/auth/account-registry.ts
+++ b/src/auth/account-registry.ts
@@ -293,13 +293,23 @@ export class AccountRegistry {
 
   isAuthenticated(): boolean {
     const now = new Date();
+    // Mirror hasAvailableAccounts: skip_exhausted defaults to true per schema.
+    // Using !== false (vs === true) lets call sites with minimal config mocks
+    // observe the same default behavior as production.
+    const skipExhausted = getConfig().quota?.skip_exhausted !== false;
     for (const entry of this.accounts.values()) {
       this.refreshStatus(entry, now);
-      // "Authenticated" used to imply "has a usable account". After retiring
-      // status="rate_limited", we treat any cachedQuota-exhausted account as
-      // unusable too — otherwise an all-exhausted pool would falsely report
-      // authenticated and produce confusing 4xx on requests.
-      if (entry.status === "active" && !hasReachedCachedQuota(entry)) return true;
+      // "Authenticated" implies "has a usable account". Gate the cachedQuota
+      // check on quota.skip_exhausted to stay consistent with hasAvailableAccounts
+      // and AccountLifecycle.acquire(): when skip_exhausted=false the operator
+      // has opted into still acquiring quota-exhausted accounts, so they remain
+      // usable and we must report authenticated.
+      if (
+        entry.status === "active" &&
+        (!skipExhausted || !hasReachedCachedQuota(entry))
+      ) {
+        return true;
+      }
     }
     return false;
   }
diff --git a/tests/unit/auth/account-pool-has-available.test.ts b/tests/unit/auth/account-pool-has-available.test.ts
index d0af29ad..bced521a 100644
--- a/tests/unit/auth/account-pool-has-available.test.ts
+++ b/tests/unit/auth/account-pool-has-available.test.ts
@@ -184,3 +184,66 @@ describe("AccountPool.hasAvailableAccounts", () => {
     expect(pool.hasAvailableAccounts()).toBe(false);
   });
 });
+
+describe("AccountPool.isAuthenticated", () => {
+  let pool: AccountPool;
+
+  beforeEach(() => {
+    vi.mocked(isTokenExpired).mockReturnValue(false);
+    pool = new AccountPool({ rotationStrategy: "least_used" });
+  });
+
+  it("returns false for empty pool", () => {
+    expect(pool.isAuthenticated()).toBe(false);
+  });
+
+  it("returns true when an active non-exhausted account exists", () => {
+    pool.addAccount("token-a");
+    expect(pool.isAuthenticated()).toBe(true);
+  });
+
+  it("returns false when only quota-exhausted accounts exist and skip_exhausted=true (default)", () => {
+    const id = pool.addAccount("token-a");
+    pool.updateCachedQuota(id, makeQuota({
+      rate_limit: {
+        allowed: false,
+        limit_reached: true,
+        used_percent: 100,
+        reset_at: Math.floor(Date.now() / 1000) + 3600,
+        limit_window_seconds: 3600,
+      },
+    }));
+    expect(pool.isAuthenticated()).toBe(false);
+  });
+
+  it("returns true when only quota-exhausted accounts exist and skip_exhausted=false (P1 fix)", async () => {
+    const { getConfig } = await import("@src/config.js");
+    vi.mocked(getConfig).mockReturnValueOnce({
+      auth: {
+        jwt_token: null,
+        rotation_strategy: "least_used",
+        rate_limit_backoff_seconds: 60,
+        max_concurrent_per_account: 3,
+      },
+      quota: { skip_exhausted: false },
+    } as ReturnType<typeof getConfig>);
+
+    const id = pool.addAccount("token-a");
+    pool.updateCachedQuota(id, makeQuota({
+      rate_limit: {
+        allowed: false,
+        limit_reached: true,
+        used_percent: 100,
+        reset_at: Math.floor(Date.now() / 1000) + 3600,
+        limit_window_seconds: 3600,
+      },
+    }));
+    expect(pool.isAuthenticated()).toBe(true);
+  });
+
+  it("returns false when only disabled accounts exist, regardless of skip_exhausted", () => {
+    const id = pool.addAccount("token-a");
+    pool.markStatus(id, "disabled");
+    expect(pool.isAuthenticated()).toBe(false);
+  });
+});