BTC–ETH Relative Variance-Premium Switch with Vega-Matched Straddles

Hypothesis

Test convergence of BTC-versus-ETH implied-minus-realized volatility premia. Buy the cheaper-premium asset's ATM straddle and sell the richer-premium asset's same-expiry straddle, matching dollar vega. Hedge each asset's delta with Bybit linear perpetuals. ETH-PERPETUAL.DERIBIT-4-HOUR-LAST-EXTERNAL is the untraded primary clock; synchronized BTC perpetual bars supply BTC realized volatility. Historical Deribit chain expansion must resolve all four actual option contracts point in time and persist their full IDs in extra_instruments and the run's market context before verification. The listed perpetuals are permanent clock and hedge instruments, not substitutes for options. Continuous-market orders execute at synchronized signal-bar closes, the registry's equivalent of next-bar-open execution. Test only actual overlapping chain, quote and hedge history. Standard-tier option fees are underlying-based: [Deribit fees](https://support.deribit.com/hc/en-us/articles/25944746248989-Fees).