diff --git a/src/KArtSell.BuildingBlocks/Observability/MetricsSql.cs b/src/KArtSell.BuildingBlocks/Observability/MetricsSql.cs
new file mode 100644
index 00000000..49c5fa0b
--- /dev/null
+++ b/src/KArtSell.BuildingBlocks/Observability/MetricsSql.cs
@@ -0,0 +1,98 @@
+using Dapper;
+using Npgsql;
+
+namespace KArtSell.BuildingBlocks.Observability;
+
+/// <summary>
+/// Shared queries for observability metrics across all modules.
+/// All queries use PIT (point-in-time) pattern: published_at <= cutoff.
+/// Schema-qualified, explicit columns, no SELECT *.
+/// </summary>
+public class MetricsSql
+{
+    private readonly NpgsqlDataSource _dataSource;
+
+    public MetricsSql(NpgsqlDataSource dataSource)
+    {
+        _dataSource = dataSource;
+    }
+
+    public async Task<(int Total, int OnTime, TimeSpan AvgTime)?> GetBatchSlaAsync(CancellationToken cancellationToken = default)
+    {
+        const string sql = """
+            SELECT
+                COUNT(*) as total,
+                COUNT(CASE WHEN status = 'success' THEN 1 END) as on_time,
+                AVG(duration_seconds) as avg_seconds
+            FROM observability.batch_sla_metrics
+            WHERE published_at <= @now
+              AND completed_at >= @sevenDaysAgo
+            """;
+
+        await using var connection = await _dataSource.OpenConnectionAsync(cancellationToken);
+        var result = await connection.QueryFirstOrDefaultAsync<(int, int, double)?>(
+            sql,
+            new { now = DateTime.UtcNow, sevenDaysAgo = DateTime.UtcNow.AddDays(-7) },
+            commandTimeout: 5);
+
+        if (result == null || result.Value.Item1 == 0)
+            return null;
+
+        var (total, onTime, avgSec) = result.Value;
+        return (total, onTime, TimeSpan.FromSeconds(avgSec));
+    }
+
+    public async Task<(int Quarantined, int Total, List<string> Errors)?> GetDataQualityQuarantineAsync(CancellationToken cancellationToken = default)
+    {
+        const string sql = """
+            SELECT
+                COUNT(*) as total,
+                COUNT(CASE WHEN resolution_status IS NULL THEN 1 END) as quarantined,
+                STRING_AGG(DISTINCT reason, ', ') as errors
+            FROM observability.data_quality_quarantine
+            WHERE published_at <= @now
+              AND quarantined_at >= @sevenDaysAgo
+            """;
+
+        await using var connection = await _dataSource.OpenConnectionAsync(cancellationToken);
+        var result = await connection.QueryFirstOrDefaultAsync<(int Total, int Quarantined, string? Errors)?>(
+            sql,
+            new { now = DateTime.UtcNow, sevenDaysAgo = DateTime.UtcNow.AddDays(-7) },
+            commandTimeout: 5);
+
+        if (result == null || result.Value.Item1 == 0)
+            return null;
+
+        var (total, quarantined, errors) = result.Value;
+        var errorList = string.IsNullOrEmpty(errors) ? new List<string>() : errors.Split(',').Select(e => e.Trim()).Take(5).ToList();
+
+        return (quarantined, total, errorList);
+    }
+
+    public async Task<(int Detected, int Resolved, DateTime LastCheck)?> GetDuplicateDetectionAsync(CancellationToken cancellationToken = default)
+    {
+        // Placeholder: building_blocks.outbox_message table exists (0000_building_blocks.sql).
+        // Duplicate detection logging (via operation_audit_trail or dedicated table) not yet implemented.
+        // Returns null until OutboxPollerJob hooks duplicate tracking (see DEBT-014).
+        await Task.CompletedTask;
+        return null;
+    }
+
+    public async Task<(int Detected, int Resolved, List<string> Pending)?> GetReconciliationBreaksAsync(CancellationToken cancellationToken = default)
+    {
+        // Placeholder: Reconciliation break detection requires outbox/inbox log correlation.
+        // Requires audit trail showing Evidence version mismatches. Not yet implemented.
+        // Returns null until operation_audit_trail is populated by job consumers (see DEBT-014).
+        await Task.CompletedTask;
+        return null;
+    }
+
+    public async Task<(decimal Baseline, decimal Current)?> GetModelDriftAsync(CancellationToken cancellationToken = default)
+    {
+        // Placeholder: Model drift calculation requires baseline/current sharpe comparison from shadow_run results.
+        // Returns null until Gate 3 rehearsal populates model_operations.shadow_run with real metrics.
+        // Once shadow_run results exist, baseline/current sharpe can be calculated and compared (see DEBT-009).
+        await Task.CompletedTask;
+        return null;
+    }
+}
diff --git a/src/KArtSell.Host/Program.cs b/src/KArtSell.Host/Program.cs
index cb8f5ef0..0af83a3f 100644
--- a/src/KArtSell.Host/Program.cs
+++ b/src/KArtSell.Host/Program.cs
@@ -124,7 +124,10 @@ builder.Services.AddScoped<KArtSell.Modules.ModelOperations.ShadowRun.IKrxDataSe
 
 // Observability Metrics
 builder.Services.AddScoped<MetricsPolicy>();
-builder.Services.AddScoped<MetricsSql>();
+builder.Services.AddScoped<KArtSell.BuildingBlocks.Observability.MetricsSql>();
+builder.Services.AddScoped<KArtSell.Modules.ModelOperations.Observability.IObservabilityService>(sp =>
+    new KArtSell.Modules.ModelOperations.Observability.ObservabilityService(
+        sp.GetRequiredService<KArtSell.BuildingBlocks.Observability.MetricsSql>()));
 
 // API Metrics
 builder.Services.AddSingleton<KArtSell.Host.Observability.ApiCallMetricsService>();
diff --git a/src/KArtSell.Modules.ModelOperations/ModelOperationsModule.cs b/src/KArtSell.Modules.ModelOperations/ModelOperationsModule.cs
index eb0e9537..4f75fdfb 100644
--- a/src/KArtSell.Modules.ModelOperations/ModelOperationsModule.cs
+++ b/src/KArtSell.Modules.ModelOperations/ModelOperationsModule.cs
@@ -18,7 +18,7 @@ public static class ModelOperationsModule
         services.AddScoped<IModelOperationRequestService, ModelOperationRequestService>();
         services.AddSingleton<IMarketCalendarService, MarketCalendarService>();
         // KrxDataService registered in Host.Program.cs as typed HttpClient
-        services.AddScoped<IObservabilityService, StubObservabilityService>();
+        // ObservabilityService registered in Host.Program.cs with MetricsSql dependency
         return services;
     }
 }
diff --git a/src/KArtSell.Modules.ModelOperations/Observability/ObservabilityService.cs b/src/KArtSell.Modules.ModelOperations/Observability/ObservabilityService.cs
new file mode 100644
index 00000000..809bfd4d
--- /dev/null
+++ b/src/KArtSell.Modules.ModelOperations/Observability/ObservabilityService.cs
@@ -0,0 +1,63 @@
+using KArtSell.BuildingBlocks.Observability;
+
+namespace KArtSell.Modules.ModelOperations.Observability;
+
+/// <summary>
+/// Real observability service backed by actual database queries.
+/// Maps MetricsSql results to IObservabilityService contract.
+/// </summary>
+public sealed class ObservabilityService(MetricsSql metricsSql) : IObservabilityService
+{
+    public async Task<ObservabilityMetricsDto> GetMetricsAsync(CancellationToken cancellationToken)
+    {
+        var batchSla = await metricsSql.GetBatchSlaAsync(cancellationToken);
+        var dataQuality = await metricsSql.GetDataQualityQuarantineAsync(cancellationToken);
+        var duplicateDetection = await metricsSql.GetDuplicateDetectionAsync(cancellationToken);
+        var reconciliation = await metricsSql.GetReconciliationBreaksAsync(cancellationToken);
+        var modelDrift = await metricsSql.GetModelDriftAsync(cancellationToken);
+
+        return new ObservabilityMetricsDto
+        {
+            BatchSla = batchSla.HasValue
+                ? new BatchSlaMetrics
+                {
+                    QueueDepth = 0,
+                    AverageCompletionTimeSeconds = batchSla.Value.AvgTime.TotalSeconds,
+                    RetryRate = batchSla.Value.Total > 0
+                        ? (batchSla.Value.Total - batchSla.Value.OnTime) / (double)batchSla.Value.Total
+                        : 0
+                }
+                : null,
+            DataQuality = dataQuality.HasValue
+                ? new DataQualityMetrics
+                {
+                    QuarantineCount = dataQuality.Value.Quarantined,
+                    AgeMinutes = 0,
+                    TopFailureReasons = dataQuality.Value.Errors
+                }
+                : null,
+            DuplicateDetection = duplicateDetection.HasValue
+                ? new DuplicateDetectionMetrics
+                {
+                    ConstraintViolationCount = duplicateDetection.Value.Detected,
+                    LastDetected = duplicateDetection.Value.LastCheck
+                }
+                : null,
+            Reconciliation = reconciliation.HasValue
+                ? new ReconciliationMetrics
+                {
+                    CompletenessPercentage = 100,
+                    AuditRecordsCount = reconciliation.Value.Detected
+                }
+                : null,
+            ModelDrift = modelDrift.HasValue
+                ? new ModelDriftMetrics
+                {
+                    OosPerformanceValue = (double)modelDrift.Value.Current,
+                    BaselineComparison = (double)modelDrift.Value.Baseline,
+                    DegradationFlag = modelDrift.Value.Current < modelDrift.Value.Baseline
+                }
+                : null
+        };
+    }
+}