ADA Hedged Funding Carry at Binance's Interest-Rate Floor: Long ADAUSDT Spot + Short ADAUSDT USD-M Perp While the Trailing 3-Day Mean Funding Is >= 0.01%/8h, Flat When It Turns Negative (1H bars, delta-neutral, ~50% time-in-market)

Source: 小草, 'FMZ官方收费策略介绍', FMZ digest (https://www.fmz.com/digest-topic/6613), section 1 '币安永续套取资金费率策略'. The article has four mechanisms. Only section 1 is used here. Sections 2-3 (spot and perp fixed grids) are rejected: they are bar-level mean reversion with no regime rule, which is the fee graveyard family, and the article admits they only work in ranging markets. Section 4 (the Leeks-Reaper-derived HF trade-flow scalper) is rejected under lesson L167: it needs rebates and sub-second loops, and our port of it already went to -100%. The section 1 idea is restated from first principles, not ported. The article's 30+ coin hand-picked basket is replaced by ONE liquid coin (lessons L151 and L137). The '-0.2% emergency exit' is replaced by a trailing-mean rule. MECHANISM (one sentence, instrument stripped): Binance USD-M funding = premium + clamp(interest - premium, ±0.05%), with interest fixed at 0.03%/day. So whenever the perp premium sits inside the clamp band, longs pay shorts a structural 0.01%/8h (~11% APR), and more in speculative regimes. A spot-long / perp-short pair collects that cash flow with no directional exposure. The economic payer is the leveraged long who prefers perp exposure to buying spot. INSTRUMENTS: long leg ADAUSDT.BINANCE_SPOT (CASH, 1x). Short hedge leg ADAUSDT.BINANCE (USD-M perp, 1x notional, ~2x account leverage on its margin slice). Signal: the Binance USD-M funding_rate supplementary key for ADAUSDT. That key is collected for BINANCE USD-M, per lesson L160. Bars: 1-HOUR on both legs, used only for execution and hedge-ratio checks. Why ADA: it has 6.6 years of funding history (2020-01 onward), mean 8h funding of +0.0124%, and near-zero use in the corpus. BTC is not used (it is over the concentration share). ETH gave only 9-13 episodes. LINK is already in the pipeline as a directional funding trade. PRE-STUDY (funding stream only, point-in-time, run before proposing, basis P&L NOT included): trailing 9-print (3-day) mean funding. Enter at >= 0.0100%/8h, exit when the mean falls below 0. On ADAUSDT 2020-01 to 2026-09 this gave 26 episodes, median hold 31 days, median funding collected per episode 0.69% of notional, mean 3.52%. Net of a 0.30% round trip (spot 0.20% + perp 0.10%), the mean is +3.22% per episode, and 77% of episodes are net-positive. Time in market is about 50%. Five episodes started in the last two years. Selection choices, stated per lesson L122: the coin (ADA, chosen from a 6-coin pre-study of ETH/DOGE/LINK/XRP/ADA/SOL; all six were net-positive, so the mechanism does not depend on the pick), the window (3 days = 9 settlements) and the entry threshold (0.01% = the protocol's interest floor, not a fitted number). The exit at 0 means 'the shorts start paying'.