A MARKET-NEUTRAL, CROSS-VENUE relative-funding arbitrage between the TWO different Binance perpetual venues on the SAME underlying (BTC): the coin-margined COIN-M perp (BTCUSD_PERP.BINANCE_CM) and the USDT-margined USD-M perp (BTCUSDT.BINANCE). These two perps track the same BTC spot but have STRUCTURALLY DIFFERENT participant bases — COIN-M is used by BTC-denominated holders/miners hedging in coin terms, USD-M by USD-based speculators — so their funding rates routinely diverge. The strategy harvests that funding DIFFERENTIAL (the spread), not absolute carry. This is the precise reframe the analyst endorsed after the cross-sectional majors funding-carry book was abandoned for decayed dispersion: 'run the mechanism on a universe that genuinely carries persistent funding skew.' The CM-vs-USD-M skew is a structural, venue-mechanics differential that persists even when each venue's absolute funding is near zero — so it is NOT the decayed absolute-carry target, and it is distinct from the HL funding-carry already in the pipeline (different venue pair, spread-not-level). Both legs are CONTINUOUS perpetuals (no option expiry, no dated-quarterly settlement) so it sidesteps every Deribit rolling-options harness defect and the dated-contract settlement wall. Delta is ~0 (one short, one long, same BTC exposure) and the two perps' mark prices stay tightly coupled, so basis risk is minimal — cleaner than a spot-perp basis trade. It fills THREE of the most under-represented portfolio buckets at once: BINANCE_CM (1.9% vs ≥5% target — the single most under-weight venue), cross-venue (5.3% vs ≥15%), and long/short-market-neutral direction (14.5% vs the 85.5% long-only over-weight). Low parameter count (~5) to resist the overfitting that has recurred.