A CROSS-VENUE, low-frequency, enhanced-yield structure that holds long ETH spot (ETHUSDT.BINANCE_SPOT) and systematically overwrites it with a rolling one-month, out-of-the-money (~25-30 delta) SHORT call on Deribit (ETH options, the most liquid crypto options chain after BTC, monthly expiries with multi-year history from ~2020). This is deliberately NOT the two options mechanisms that already died in this factory: it is NOT a delta-neutral naked short straddle/strangle (which died no_edge because its edge sat inside costs and its tail was unsampled), and it is NOT a long-single-option convexity play (which died on an option-MTM accounting artifact). Here the option leg is SHORT and small-delta, and it is fully COVERED by the spot inventory, so net delta stays long and gamma exposure is bounded by the shares held. The overwrite is CONDITIONAL: we only sell the monthly call when 30-day ATM implied vol is RICH relative to trailing realized vol (IV-rank above a threshold), i.e. when the call premium genuinely over-compensates for the upside we cap. When IV is cheap we simply hold spot un-overwritten and forgo the premium. Fills the two most under-represented portfolio buckets simultaneously (Options 5.8% vs ≥15% target; cross-venue 7% vs ≥15% target) with a mechanism absent from the dead-class list, on ETH rather than BTC to relieve the 62% BTC corpus concentration.