A LONG-SHORT, SINGLE-INSTRUMENT, DAILY time-series momentum strategy on ETHUSDT.BINANCE (USD-M perpetual) whose distinguishing feature is a VOLATILITY-TARGETING overlay: it takes the factory's validated daily trend signal but scales position EXPOSURE INVERSELY to recent realized volatility (Moreira-Muir volatility-managed momentum), de-risking when volatility is high and re-risking when calm. The explicit objective is NOT another trend re-skin but DRAWDOWN CONTROL: every prior trend run in this factory — even the validated ones — carried 50-70% max drawdowns, and volatility-managed momentum is the single most-documented method to raise the Sharpe/Calmar of a trend signal by cutting exposure precisely when high-volatility regimes deliver poor risk-adjusted trend returns. It is the only remaining modification that changes the validated edge's RETURN PROFILE rather than merely relocating it, after the design space collapsed to a single viable point: signals restricted to OHLCV+funding (all census feeds — liquidations/OI/account-ratio/taker — confirmed multi-year data-walled); contrarian/fades all closed out; single-name PRICE trend clones add no edge/diversification beyond the promoted BTC/ETH/SOL TS-momentum; spot overlays artifact-prone; multi-instrument (incl. single-position rotation) engine-broken. It is engineered strictly inside proven-safe ground: ETH (a validated core trender — its TS-momentum sibling is at paper_stage); OHLCV-ONLY (deepest wall-free data); MOMENTUM/with-trend (not a fade); DAILY (adequate trade sample — avoiding the thin-sample trap); USD-M PERP (vol-scaling via leverage/qty, NOT spot — avoiding the spot equity-marking/position-stacking artifact that inflated the prior vol-managed and capitulation spot runs); SINGLE-INSTRUMENT/SINGLE-VENUE/SINGLE-ACCOUNT (no multi-instrument aggregation bug); and TAIL-SAFE caps (exposure hard-capped at leverage <=1.5, hard ATR stop, per-position notional cap) to prevent the LINK-style blowup. CRITICAL sizing guard: exposure must be BOUNDED (target_vol/realized_vol clamped to <=1.5x and verified to never stack beyond the cap), directly addressing the recurring avg_position_pct-over-target over-exposure flagged across recent perp runs. Low parameter count to resist overfitting.