diff --git a/package.json b/package.json
index 859644c..8fae65c 100644
--- a/package.json
+++ b/package.json
@@ -32,6 +32,7 @@
     "build:tui": "node build.tui.mjs",
     "typecheck": "tsc --noEmit",
     "test:balance": "tsx tests/codex-balance.test.ts",
+    "test:credentials": "tsx tests/credentials.test.ts",
     "version": "node -e \"require('fs').writeFileSync('src/_version.ts','// auto-generated\\nexport const PLUGIN_VERSION='+JSON.stringify(require('./package.json').version)+';\\n')\"",
     "prepublishOnly": "tsc"
   },
diff --git a/src/v2/commands.ts b/src/v2/commands.ts
index 6b2be54..33c52e0 100644
--- a/src/v2/commands.ts
+++ b/src/v2/commands.ts
@@ -3,11 +3,7 @@ import type { PanelApi, PanelSignals } from "../panel/panel-api"
 import { CURRENCIES, DEFAULT_RATES, visualPadEnd } from "../core"
 import { balanceProviders, getBalanceProvider, maskKey, type BalanceProvider } from "../balance-providers"
 import { LANG_META, createT, type LangCode } from "../i18n"
-
-declare const process: {
-  env: Record<string, string | undefined>
-  getBuiltinModule?: (id: string) => unknown
-} | undefined
+import { resolveCredentialToken } from "./credentials"
 
 const KV_PREFIX = "cache_panel"
 
@@ -21,44 +17,9 @@ function extractToolParts(msg: Record<string, any>): Array<Record<string, any>>
   return msg.content.filter((p: Record<string, any>) => p?.type === "tool")
 }
 
-/** 读取 OpenCode auth.json 中某个 provider 的凭据：
- *  - `oauth` 类型 → `access` token（如 OpenAI 订阅登录）
- *  - `api` 类型   → `key`（如 DeepSeek 等 API key 提供商）
- *  V2 的 provider list 不暴露凭据（Provider.Info 无 key 字段），
- *  这里作为自动复用 OpenCode 已认证凭据的兜底。
- *  V2 无 state 路径 API，依次尝试 XDG data 目录、~/.local/share；全部失败返回空串。 */
-function readAuthCredential(providerID: string): string {
-  try {
-    const loader = typeof process !== "undefined" ? process?.getBuiltinModule : undefined
-    const fs = loader?.("node:fs") as { readFileSync(path: string, encoding: "utf8"): string } | undefined
-    if (!fs) return ""
-    const home = typeof process !== "undefined" ? (process?.env.HOME || process?.env.USERPROFILE || "") : ""
-    const dataHome = typeof process !== "undefined" ? process?.env.XDG_DATA_HOME : undefined
-    const paths = [
-      dataHome ? `${dataHome}/opencode/auth.json` : "",
-      home ? `${home}/.local/share/opencode/auth.json` : "",
-    ]
-    for (const path of paths) {
-      if (!path) continue
-      try {
-        const auth = JSON.parse(fs.readFileSync(path, "utf8")) as Record<string, unknown>
-        const entry = auth[providerID]
-        if (entry && typeof entry === "object") {
-          const record = entry as Record<string, unknown>
-          if (record.type === "oauth" && typeof record.access === "string") return record.access
-          if (record.type === "api" && typeof record.key === "string") return record.key
-        }
-      } catch { /* try the next known auth path */ }
-    }
-    return ""
-  } catch {
-    return ""
-  }
-}
-
 /** V2 版 findOpencodeKey：优先使用 V2 provider list 暴露的 key（宿主提供时），
- *  否则回退读取 auth.json 的凭据——V2 的 Provider.Info 不含 key 字段，
- *  provider list 拿不到 key 时以 auth.json 为准（对齐 V1 api.state.provider 的效果）。
+ *  否则解析宿主已认证凭据——V2 的 Provider.Info 不含 key 字段，且凭据保存在
+ *  宿主 SQLite（credential 表），auth.json 仅作迁移遗留兜底（见 credentials.ts）。
  *  导出供 index.tsx 的余额轮询复用。 */
 export function findOpencodeKeyV2(context: Context, provider: BalanceProvider): string {
   try {
@@ -72,8 +33,8 @@ export function findOpencodeKeyV2(context: Context, provider: BalanceProvider):
       const optionKey = typeof hit.options?.apiKey === "string" ? hit.options.apiKey : ""
       if (optionKey) return optionKey
     }
-  } catch { /* fall through to auth.json */ }
-  return readAuthCredential(provider.id)
+  } catch { /* fall through to stored credentials */ }
+  return resolveCredentialToken(provider.id)
 }
 
 /** 当前路由 sessionID（V2 ui.router.current()；Route = { type: "session", sessionID }）。 */
diff --git a/src/v2/credentials.ts b/src/v2/credentials.ts
new file mode 100644
index 0000000..ead9912
--- /dev/null
+++ b/src/v2/credentials.ts
@@ -0,0 +1,139 @@
+/**
+ * V2 凭据解析：宿主 SQLite 优先，auth.json 兜底。
+ *
+ * opencode 2.x 把已认证凭据保存在 `~/.local/share/opencode/opencode.db`
+ * 的 `credential` 表，OAuth 刷新只更新该库；`auth.json` 是迁移前的遗留
+ * 快照，刷新后不再同步——只读 auth.json 会在 token 过期后拿到陈旧凭据
+ * （OpenAI 余额查询因此 401 “Invalid API Key”）。
+ *
+ * bun:sqlite 仅 Bun 运行时可用：字符串变量让 tsc/esbuild 不做静态解析，
+ * 动态 import 失败（Node/CI 测试）时静默回退 auth.json，不影响面板其余功能。
+ */
+
+declare const process: {
+  env: Record<string, string | undefined>
+  getBuiltinModule?: (id: string) => unknown
+} | undefined
+
+const BUN_SQLITE = "bun:sqlite"
+
+export interface CredentialValue {
+  type?: string
+  access?: string
+  key?: string
+}
+
+interface SqlStatement {
+  all(...params: unknown[]): Record<string, unknown>[]
+  get(...params: unknown[]): Record<string, unknown> | undefined
+}
+interface SqlDatabase {
+  query(sql: string): SqlStatement
+  close?(): void
+}
+
+/** 宿主数据库路径（OPENCODE_DB 覆盖，遵循 XDG_DATA_HOME）。 */
+export function findCredentialDbPath(
+  env: Record<string, string | undefined> = typeof process !== "undefined" ? process.env : {},
+  home = typeof process !== "undefined" ? (process.env.HOME || process.env.USERPROFILE || "") : "",
+): string | undefined {
+  if (env.OPENCODE_DB) return env.OPENCODE_DB
+  const base = env.XDG_DATA_HOME && env.XDG_DATA_HOME.length > 0
+    ? env.XDG_DATA_HOME
+    : home ? `${home}/.local/share` : ""
+  if (!base) return undefined
+  return `${base}/opencode/opencode.db`
+}
+
+/** 解析宿主持久化的凭据 JSON（oauth.access / api.key）。 */
+export function parseCredentialValue(raw: unknown): CredentialValue | undefined {
+  if (typeof raw !== "string" || raw.length === 0) return undefined
+  try {
+    const value = JSON.parse(raw) as CredentialValue
+    if (!value || typeof value !== "object") return undefined
+    const hasToken = (typeof value.access === "string" && value.access.length > 0) ||
+      (typeof value.key === "string" && value.key.length > 0)
+    return hasToken ? value : undefined
+  } catch {
+    return undefined
+  }
+}
+
+let db: SqlDatabase | undefined
+let dbReady: Promise<void> | undefined
+
+function openDatabase(): Promise<void> {
+  if (dbReady) return dbReady
+  dbReady = (async () => {
+    const path = findCredentialDbPath()
+    if (!path) return
+    try {
+      const mod = (await import(BUN_SQLITE)) as { Database?: new (p: string, o?: Record<string, unknown>) => SqlDatabase }
+      const Database = mod?.Database
+      if (!Database) return
+      db = new Database(path, { readonly: true })
+      try { db.query("pragma query_only = on").all() } catch { /* readonly 已足够 */ }
+    } catch {
+      db = undefined
+    }
+  })()
+  return dbReady
+}
+
+/** 等待凭据库初始化（模块加载即开始；未就绪时解析会先回退 auth.json）。 */
+export function credentialsDbReady(): Promise<void> {
+  return openDatabase()
+}
+
+// 模块加载即预热（Bun 宿主），首次轮询无需等完整初始化流程
+void openDatabase()
+
+/** 读取宿主 SQLite 中该 integration 的启用凭据（库未就绪/无记录时 undefined）。 */
+export function readDbCredential(integrationId: string): CredentialValue | undefined {
+  if (!db || !integrationId) return undefined
+  try {
+    const row = db.query(
+      "SELECT value FROM credential WHERE integration_id = ? AND active = 1 ORDER BY time_updated DESC LIMIT 1",
+    ).get(integrationId)
+    return parseCredentialValue(row?.value)
+  } catch {
+    return undefined
+  }
+}
+
+/** 读取 auth.json（opencode 1.x / 迁移遗留）中某个 provider 的凭据。 */
+export function readAuthJsonCredential(providerID: string): CredentialValue | undefined {
+  try {
+    const loader = typeof process !== "undefined" ? process.getBuiltinModule : undefined
+    const fs = loader?.("node:fs") as { readFileSync(path: string, encoding: "utf8"): string } | undefined
+    if (!fs) return undefined
+    const home = typeof process !== "undefined" ? (process.env.HOME || process.env.USERPROFILE || "") : ""
+    const dataHome = typeof process !== "undefined" ? process.env.XDG_DATA_HOME : undefined
+    const paths = [
+      dataHome ? `${dataHome}/opencode/auth.json` : "",
+      home ? `${home}/.local/share/opencode/auth.json` : "",
+    ]
+    for (const path of paths) {
+      if (!path) continue
+      try {
+        const auth = JSON.parse(fs.readFileSync(path, "utf8")) as Record<string, unknown>
+        const entry = auth[providerID]
+        if (entry && typeof entry === "object") return entry as CredentialValue
+      } catch { /* try the next known auth path */ }
+    }
+  } catch { /* ignore */ }
+  return undefined
+}
+
+/** 凭据 → 余额查询 token（oauth 用 access，api 用 key）。 */
+export function credentialToken(value: CredentialValue | undefined): string {
+  if (!value) return ""
+  if (value.type === "oauth" && typeof value.access === "string") return value.access
+  if (value.type === "api" && typeof value.key === "string") return value.key
+  return ""
+}
+
+/** 统一解析：宿主 SQLite active 凭据优先（V2 的唯一实时来源），auth.json 兜底。 */
+export function resolveCredentialToken(providerID: string): string {
+  return credentialToken(readDbCredential(providerID)) || credentialToken(readAuthJsonCredential(providerID))
+}
diff --git a/src/v2/index.tsx b/src/v2/index.tsx
index 1495af4..8dcffa8 100644
--- a/src/v2/index.tsx
+++ b/src/v2/index.tsx
@@ -8,6 +8,7 @@ import type { BalanceState, PanelApi, PanelSignals } from "../panel/panel-api"
 import { StatusView } from "./status"
 import { mapTheme } from "./theme"
 import { makeCommands, findOpencodeKeyV2 } from "./commands"
+import { credentialsDbReady } from "./credentials"
 import { getBalanceProvider } from "../balance-providers"
 import { LANG_META, detectLang, type LangCode } from "../i18n"
 
@@ -96,8 +97,12 @@ function PluginRoot(props: {
   // ── 余额轮询（对齐 V1 tui() pollBalance）：手动 key 优先，缺失时自动复用 OpenCode 已认证 key ──
   const pollBalance = async () => {
     const provider = getBalanceProvider(props.signals.balanceProviderId())
-    const key = props.api.kv.get<string>(`${KV_PREFIX}.balance.${provider.id}.key`, "")
-      || findOpencodeKeyV2(props.context, provider)
+    let key = props.api.kv.get<string>(`${KV_PREFIX}.balance.${provider.id}.key`, "")
+    if (!key) {
+      // V2 凭据保存在宿主 SQLite：等库就绪再解析，避免首轮回退到过期的 auth.json
+      await credentialsDbReady()
+      key = findOpencodeKeyV2(props.context, provider)
+    }
     const set = props.signals.setBalanceState
     if (props.signals.balanceUnsupported()) { set({ status: "idle", data: null, lastFetch: 0, error: undefined, key: undefined }); return }
     if (!key) { set({ status: "idle", data: null, lastFetch: 0, error: undefined, key: undefined }); return }
diff --git a/tests/credentials.test.ts b/tests/credentials.test.ts
new file mode 100644
index 0000000..1d0d95d
--- /dev/null
+++ b/tests/credentials.test.ts
@@ -0,0 +1,37 @@
+import assert from "node:assert/strict"
+import {
+  credentialToken,
+  findCredentialDbPath,
+  parseCredentialValue,
+  resolveCredentialToken,
+} from "../src/v2/credentials"
+
+// oauth（OpenAI / Google 等）→ access token
+assert.equal(
+  credentialToken(parseCredentialValue(JSON.stringify({ type: "oauth", access: "eyJ.token", refresh: "r" }))),
+  "eyJ.token",
+)
+
+// api key（DeepSeek / OpenRouter 等）→ key
+assert.equal(
+  credentialToken(parseCredentialValue(JSON.stringify({ type: "api", key: "sk-test" }))),
+  "sk-test",
+)
+
+// 无效输入 / 缺 token → undefined 或空串
+assert.equal(parseCredentialValue("not json"), undefined)
+assert.equal(parseCredentialValue(""), undefined)
+assert.equal(parseCredentialValue(JSON.stringify({ type: "oauth" })), undefined)
+assert.equal(parseCredentialValue(JSON.stringify({ type: "oauth", access: "" })), undefined)
+assert.equal(credentialToken(undefined), "")
+assert.equal(credentialToken({ type: "oauth" }), "")
+
+// 库路径解析：OPENCODE_DB 优先，其次 XDG_DATA_HOME，最后 ~/.local/share
+assert.equal(findCredentialDbPath({ HOME: "/h" }, "/h"), "/h/.local/share/opencode/opencode.db")
+assert.equal(findCredentialDbPath({ HOME: "/h", XDG_DATA_HOME: "/x" }, "/h"), "/x/opencode/opencode.db")
+assert.equal(findCredentialDbPath({ HOME: "/h", OPENCODE_DB: "/custom/db" }, "/h"), "/custom/db")
+
+// Node 环境（bun:sqlite 不可用）：解析静默回退，不抛异常
+assert.equal(resolveCredentialToken("provider-que-nao-existe"), "")
+
+console.log("V2 credential resolution tests passed")