Tree-based speculative decoding verifies multiple draft continuations in one target-model pass, but finite trees built from draft scores face a fundamental draft-target mismatch. We ask whether better exact verification can increase acceptance on a fixed tree and how target feedback can improve the tree itself. Through a target-flow view, we identify a canonical exit law and prove that one plus target coverage sharply bounds the expected output-block length, including the bonus token, of any exact path verifier. All optimal verifiers share the same exit and bonus-token law, already attained by representative predraw-and-follow and sequential residual verifiers. This yields Tree Exit Verification (TEV), an exact, level-parallel procedure using one exit-node decision and one bonus-token decision. The exit law also identifies missing target probability, providing node-level feedback for Exit-Guided Draft-Tree Training (ExitTrain) on inference-time draft trees. Experiments across dialogue, code, and mathematical reasoning validate fixed-tree equivalence: ExitTrain increases average output-block length by 13%, while TEV reduces verifier-stage latency by 15%, yielding a 14% end-to-end speedup over DDTree. Our results distinguish two opportunities: better draft trees for higher acceptance and more direct verification for lower latency. Code: https://github.com/hsj576/TEV.

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