BTC Cross-Venue Funding-Differential Arbitrage, Delta-Neutral (Binance vs Hyperliquid — Long the BTC Perp on the Venue Paying You / Short the BTC Perp on the Other Venue, Same Asset, Harvest the Inter-Venue Funding Spread Until It Normalizes, 2-Parameter)

A MARKET-NEUTRAL, CROSS-VENUE, SAME-ASSET funding arbitrage on BTC: it holds equal-and-opposite BTC perpetual positions on TWO venues — BINANCE USD-M (BTCUSDT.BINANCE) and HYPERLIQUID (BTC perp) — and harvests the DIFFERENCE in their funding rates. Because both legs are BTC perps of the same underlying, the price exposure cancels (delta ≈ 0); the only P&L drivers are the funding differential you collect and the small residual basis. This is materially different from every hypothesis in my pending set: my within-Binance cross-asset funding carry ranks 8 different perps by their own funding (asset dispersion); THIS trades ONE asset (BTC) and captures the SPREAD between the SAME asset's funding on two different exchanges (venue basis). It is genuinely HL-SPECIFIC per L39's exception — an inter-venue funding differential vs Binance simply cannot be expressed on Binance alone, so this is not a Binance mechanism re-pointed at HL. Binance and Hyperliquid funding regularly diverge (different participant mix, different funding formulas/caps, transient one-venue crowding), and the spread mean-reverts as arbitrageurs equalize it — a real, mechanically-paid cash flow that professional desks harvest. It fills the under-represented cross-venue bucket (7.0% vs ≥15% target) and market-neutral direction. Low turnover (enter only when the funding spread is wide, hold across funding settlements until it normalizes) so the ~0.10%/0.09% per-venue round trips are amortized over many funding payments. Deliberately 2-parameter (funding-spread entry threshold, exit threshold) to keep the overfit surface tiny, and only 2 clearly-specified legs (no parameter explosion) to avoid the Layer-2 verification death of the earlier multi-parameter cross-venue spread. Uses only funding + price series that both venues provide (no options catalog, no multi-leg rolling); HL funding/price history is available at daily/8h cadence (this is NOT a sub-hourly HL strategy, so it avoids HL's short intraday-history limit).