Derived by the Research Lead from [Deribit Insights Episode 76](https://insights.deribit.com/crypto-options-unplugged/episode-76-crypto-pulls-back-pre-jackson-hole/), which discusses protection buying and retaining hedges during crypto strength: test a monthly ETH collar consisting of a purchased downside put, a sold upside call and an equal-base-quantity long Hyperliquid perpetual. Only the archived article summary was read, not the podcast. These trading rules are my operationalization, not the presenters' strategy. Use RollingOptionsStrategy, a FactoryStrategy subclass, with the supported single-expiry Deribit chain. ETH-PERPETUAL.DERIBIT supplies the untraded primary 4-HOUR clock; ETHUSD.HYPERLIQUID supplies the underlying exposure. Historical option full ids are resolved through rolling_options and injected into extra_instruments before verification. Market orders execute at completed signal-bar closes, the registry's equivalent of next-bar-open execution on continuous venues. Fills are sequential, not atomic. Evaluate all actual joint history; do not substitute the longer underlying history for option coverage.