AXS Settlement-Normalized Funding Carry: Long OKX / Short Hyperliquid

Hypothesis

Test equal-base-quantity funding carry using AXSUSD.HYPERLIQUID as the primary short and AXSUSDT.OKX as the long hedge, with synchronized 4-HOUR bars. Normalize past settled funding by actual calendar time rather than assuming identical settlement frequencies. Hyperliquid settles hourly ([official documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). The funding snapshot contains 268 overlapping days from 2026-01-18 through 2026-10-12, with a mean daily HL-minus-OKX funding difference of +0.072161%. This is descriptive evidence, not a strategy backtest. Enter market orders at synchronized signal-bar closes, the registry's equivalent of next-bar-open execution on continuous venues. Use existing funding-accrual reporting without double-counting cash flows. Risk control route (b): capped, unlevered sizing with funding, basis and time exits. Each leg is capped at 10% of combined portfolio MTM equity, with 20% maximum gross exposure.