diff --git a/hermes_cli/models.py b/hermes_cli/models.py
index 32fff0244d..8448baf1b1 100644
--- a/hermes_cli/models.py
+++ b/hermes_cli/models.py
@@ -2289,16 +2289,20 @@ def peek_cached_pricing(base_url: str) -> dict[str, dict[str, Any]]:
 
     Accepts a ``/v1``-suffixed URL as well as the pre-``/v1`` root the fetchers
     key on, and prefers an authenticated catalog. Scans rather than rebuilding a
-    key, because callers hold a base URL but no credential.
+    key, because callers hold a base URL but no credential — newest first, and
+    skipping expired entries, so a rotated credential does not keep answering
+    from the catalog its predecessor read.
     """
     root = (base_url or "").rstrip("/")
     if root.endswith("/v1"):
         root = root[:-3].rstrip("/")
     authed_prefix = root + _PRICING_AUTH_KEY_PREFIX
-    for key, cached in _pricing_cache.items():
-        if cached and key.startswith(authed_prefix):
-            return cached
-    return _pricing_cache.get(root) or {}
+    for key in reversed(list(_pricing_cache)):
+        if key.startswith(authed_prefix):
+            cached = _cached_catalog(key)
+            if cached:
+                return cached
+    return _cached_catalog(root) or {}
 
 
 def _format_price_per_mtok(per_token_str: str) -> str:
diff --git a/tests/hermes_cli/test_pricing_cache_auth_key.py b/tests/hermes_cli/test_pricing_cache_auth_key.py
index 9292f376f3..d9846097fd 100644
--- a/tests/hermes_cli/test_pricing_cache_auth_key.py
+++ b/tests/hermes_cli/test_pricing_cache_auth_key.py
@@ -186,3 +186,25 @@ class TestNousCatalogExpiry:
         monkeypatch.setattr(models_mod.time, "monotonic", lambda: now + 86_400)
         fetch_models_with_pricing(api_key="sk-test", base_url=BASE)
         assert len(catalog) == 1
+
+    def test_peek_prefers_the_newest_credential(self, per_org_catalog):
+        """After a rotation the older entry is still resident and, being
+        insertion-ordered, comes first."""
+        fetch_models_with_pricing(api_key="tok-a", base_url=BASE, cache_ttl_seconds=300)
+        fetch_models_with_pricing(api_key="tok-b", base_url=BASE, cache_ttl_seconds=300)
+        assert list(peek_cached_pricing(BASE)) == ["org-b/only"]
+
+    def test_peek_skips_an_expired_entry(self, catalog, monkeypatch):
+        """Reading _pricing_cache directly walked straight past the TTL."""
+        from hermes_cli.models import _NOUS_CATALOG_TTL_SECONDS
+
+        fetch_models_with_pricing(
+            api_key="sk-test", base_url=BASE,
+            cache_ttl_seconds=_NOUS_CATALOG_TTL_SECONDS,
+        )
+        now = models_mod.time.monotonic()
+        monkeypatch.setattr(
+            models_mod.time, "monotonic",
+            lambda: now + _NOUS_CATALOG_TTL_SECONDS + 1,
+        )
+        assert peek_cached_pricing(BASE) == {}