arXiv: Dynamics-Level Watermarking of Flow Matching Models with Random Codes We introduce a dynamics-level approach to watermarking generative models. Rather than embedding signals into model weights or outputs, we embed the watermark directly into the learned continuous dynamics -- the velocity field of a flow matching model. We formulate this as random coding over a continuous channel: a key-dependent perturbation is added during training, and the message is recovered at detection time from black-box queries. The perturbation is designed to leave the generated distribu