BTC/ETH Implied-Volatility Regime Timing, Cross-Venue Directional (DERIBIT DVOL / ATM-IV as an EXOGENOUS Sentiment Signal → Trade the BINANCE USD-M Perp; Go LONG After a Fear-Driven IV Peak Rolls Over, Go SHORT When Complacency-Low IV Starts Rising Into a Breakdown — NOT an Options Position, Uses the Barely-Touched Greeks/IV Feed, Daily Bars, 3-Parameter)

A cross-venue, LONG-SHORT directional strategy that abandons the funding-carry family entirely (BTC single survived once, but the ETH single and the SOL/DOGE/AVAX alt basket both died fee_edge — carry outside BTC does not clear fees) and instead trades on an EXOGENOUS volatility-market sentiment signal that no strategy in the book uses: the Deribit implied-vol surface. The signal source is DERIBIT (BTC and ETH DVOL index, or equivalently the front ATM implied vol), sampled daily; the traded instrument is the BINANCE USD-M perp (BTCUSDT.BINANCE, ETHUSDT.BINANCE). This is explicitly NOT an options position — we never buy or sell an option, so it sidesteps the entire options trade-count wall (L23). The economic thesis: crypto implied vol overshoots realized vol during panic and mean-reverts; price bottoms cluster at IV PEAKS (max fear), and local tops form as complacency-low IV starts rising. So: when IV has spiked to a high percentile and then ROLLS OVER (vol-crush beginning), go LONG the perp to catch the post-capitulation recovery; when IV sits in a low percentile and starts RISING (complacency breaking, risk repricing), go SHORT. Directional moves captured are multi-percent over multi-day holds, so the ~0.10% USD-M round trip is trivial. This is NOT carry (L1/L13), NOT single-name price mean-reversion (the signal is the exogenous vol surface, not the instrument's own price z-score), NOT a rank/rotation basket (L12/L24), NOT options (L23), NOT liquidation-dependent (L3), NOT funding-directional. Two names (BTC, ETH) for sampling; ~3 parameters (IV percentile lookback, high/low percentile thresholds, IV-slope confirmation window).