A MARKET-NEUTRAL, CROSS-VENUE, MULTI-INSTRUMENT CARRY strategy that harvests the persistent HOURLY-vs-8-HOURLY funding-rate differential between Hyperliquid perps and Binance USD-M perps on the SAME coin. This is NOT a momentum idea, NOT a price-spread/cointegration pair trade (lesson L96), and NOT a venue-clone of the surviving Binance momentum family (lesson L94) -- the mechanism structurally REQUIRES both venues and does not exist on either alone. The traded object is a cash flow (two different funding schedules on the same underlying), not a price series. Each position is two equal-USD-notional perp legs on opposite venues, so the underlying's direction is hedged out and the PnL is (funding differential collected) minus (residual inter-venue basis drift) minus fees.
WHY THIS COIN SET AND NOT BTC/ETH: I measured the differential directly in our own estate (data/supplementary/hyperliquid/funding_history hourly, 2023-05-12 -> today, ~28.5k obs/coin; data/supplementary/fundingRate 8h Binance) over 2023-06-01 -> 2026-09-11. The daily |HL - Binance| differential at the 90th percentile is 0.063%/day on BTC and 0.067%/day on ETH -- BELOW the round-trip cost -- but 0.104% (AVAX), 0.097% (SOL), 0.131% (DOGE), 0.115% (SUI), 0.136% (INJ). The majors are exactly where this edge is arbitraged away; the mid-cap alts are where it survives. BTC and ETH are deliberately EXCLUDED, which also pulls against the corpus's 44% BTC concentration.
IMPLEMENTATION NOTE FOR THE DEVELOPER (a prior hypothesis died at Layer 3 with sandbox_timeout doing exactly this wrong): the funding series must be indexed ONCE in __init__ into sorted numpy timestamp arrays per coin and queried with bisect / a timestamp-keyed cache. Never rescan the full funding series inside calculate_signal()/on_bar(). Use FactoryStrategy.supp_window('hl_funding_rates', n) and supp_window('funding_rates', n) for point-in-time access -- no abs() timestamp matching (Layer 1 rejects it).