BNB Positive-Funding Spot-Perp Cash-and-Carry, Single-Asset Delta-Neutral, Percentile-Triggered (Cross-Venue: long BNBUSDT.BINANCE_SPOT + short BNBUSDT.BINANCE USD-M perp, held for days while funding sits in its own upper distribution, 3-parameter)

A DELTA-NEUTRAL, cross-venue funding cash-and-carry on BNB — the one top-5-liquidity name NOT yet covered by the factory's carry book (BTC single, AVAX single, ETH+SOL basket are already in-pipeline). BNB has active, deep BINANCE_SPOT and USD-M perp markets with full funding history, and its funding is event-driven (Binance launchpad/BNB-chain catalysts) so it spikes into richly positive territory in bursts that persist for days. When BNB 8h funding is richly positive (longs paying shorts), the strategy BUYS BNB on BINANCE_SPOT and SHORTS the equal-notional BNBUSDT USD-M perp, carrying zero net delta while collecting funding every 8h, held for DAYS so the funding stream dominates the two-leg round-trip cost. The key differentiator from the fixed-threshold sibling carries is a SELF-ADAPTIVE PERCENTILE trigger: it enters only when funding exceeds both an absolute floor AND its own trailing 90-day upper distribution, which (a) adapts to BNB's regime instead of a hand-tuned constant (reduces overfit — the #1 killer at 203x), and (b) guarantees the position is only on during genuinely rich-carry episodes. It is single-asset (no basket rebalance churn — only 2 fills per round trip, sidestepping L12) and a directional funding cash flow, not a spread-arb (L1) or a funding-fade (L13). It fills the two most under-represented buckets at once: cross_venue (7.3% vs 15% target) and market-neutral direction (diversifying from the 85.3% long-only concentration), and reuses the ONLY portfolio mechanism that has reached paper (BTC positive-funding carry, Sharpe 8.58).