BTC Cross-Settlement Funding Arbitrage (BINANCE_CM Inverse Perp + BINANCE USD-M Perp, Same-Asset Cross-Margin-Type Hedged)

Cross-settlement-type funding arbitrage on BTC perpetuals: capture the funding-rate differential between BINANCE_CM's BTC-margined inverse perp (BTCUSD_PERP.BINANCE_CM) and BINANCE USD-M's USDT-margined linear perp (BTCUSDT.BINANCE) by simultaneously taking opposite-direction positions on the SAME underlying asset across the two settlement-type venues. Both legs are BTC exposure — they CANCEL OUT directionally — leaving only the funding-rate differential between the two markets as the net PnL source. The two venues attract DIFFERENT participants: USD-M is dominated by USDT-speculator retail flow (higher leverage, more bullish bias, higher funding); CM is dominated by BTC-holding institutions and miners (lower leverage, hedging-driven, often lower funding). This structural participant-mix difference creates persistent funding-rate gaps between the two. The strategy SIMULTANEOUSLY FILLS FOUR severely under-represented portfolio buckets in a single hypothesis: (a) BINANCE_CM venue (0.2% → ≥5% target, the LARGEST gap I haven't filled), (b) cross-venue scope (4.1% → ≥15%), (c) market-neutral direction (8.7% → reducing 91.3% long-only), (d) pairs scope (13.8% → reducing 79.5% single). Mechanism class is COMPLETELY NEW to factory record — no failure pattern involves cross-settlement-type funding arbitrage. Distinct from BtcSpotPerpFundingCarryHedged (already abandoned due to BINANCE_SPOT data refill) because (1) both legs are perps (no spot dependency = no BINANCE_SPOT data refill risk), (2) funding source is the DIFFERENTIAL between two perp markets, not the absolute funding on one perp.