diff --git a/internal/cmd/version.go b/internal/cmd/version.go
index 18dac17..e03063b 100644
--- a/internal/cmd/version.go
+++ b/internal/cmd/version.go
@@ -1,4 +1,4 @@
 package cmd
 
 // Version is the CLI version. Overridden by goreleaser ldflags at release time.
-var Version = "0.9.2"
+var Version = "0.9.3"
diff --git a/internal/engine/hls.go b/internal/engine/hls.go
index 03a9948..cc0b442 100644
--- a/internal/engine/hls.go
+++ b/internal/engine/hls.go
@@ -863,7 +863,17 @@ func buildHLSFFmpegArgsAt(cfg HLSSessionConfig, probe *StreamProbe, tmpDir strin
 	}
 	args = append(args, "-profile:v", "main", "-level:v", H264LevelForHeight(outputHeight))
 
-	bitrate := qcap.VideoBitrate
+	// Bitrate must match the level libx264 actually picks for outputHeight,
+	// not the qcap target for the user's requested label. If a user asks for
+	// "2160p" on a 1080p source, qcap.VideoBitrate is 25 Mbps but the level
+	// (derived from outputHeight=1080) is 4.0, which rejects bitrates >20 Mbps
+	// with "VBV bitrate (25000) > level limit (20000)". Re-derive the cap
+	// from the effective height so the (level, bitrate) pair stays coherent.
+	effectiveCap := capForHeight(outputHeight)
+	bitrate := effectiveCap.VideoBitrate
+	if bitrate == "" {
+		bitrate = qcap.VideoBitrate
+	}
 	if bitrate == "" {
 		bitrate = cfg.Transcode.VideoBitrate
 	}
diff --git a/internal/engine/webrtc_stream.go b/internal/engine/webrtc_stream.go
index fa4016c..1b4905a 100644
--- a/internal/engine/webrtc_stream.go
+++ b/internal/engine/webrtc_stream.go
@@ -130,6 +130,29 @@ func resolveQualityCap(label string) qualityCap {
 	}
 }
 
+// capForHeight returns the bitrate-cap pair appropriate for an effective
+// output height. Used after clamping outputHeight to the source's resolution:
+// asking ffmpeg for "2160p" bitrate (25 Mbps) on a 1080p source overshoots
+// the H.264 level we derived from the EFFECTIVE height (4.0, max 20 Mbps) and
+// makes libx264 refuse with "VBV bitrate > level limit". This helper picks
+// the bitrate that matches the level libx264 will actually accept.
+func capForHeight(height int) qualityCap {
+	switch {
+	case height <= 0:
+		return qualityCap{}
+	case height <= 480:
+		return qualityCap{MaxHeight: 480, VideoBitrate: "1500k"}
+	case height <= 720:
+		return qualityCap{MaxHeight: 720, VideoBitrate: "3500k"}
+	case height <= 1080:
+		return qualityCap{MaxHeight: 1080, VideoBitrate: "6000k"}
+	case height <= 1440:
+		return qualityCap{MaxHeight: 1440, VideoBitrate: "12000k"}
+	default:
+		return qualityCap{MaxHeight: 2160, VideoBitrate: "25000k"}
+	}
+}
+
 // buildStreamSource picks between passthrough and transcoded source. ffprobe
 // failure or missing ffmpeg falls back to passthrough — the browser surfaces
 // a clearer codec error than us refusing to start.