Long SANDUSD.HYPERLIQUID and short an equal base quantity of SANDUSDT.BYBIT using synchronized 4-HOUR bars, holding up to 60 days. Test persistent venue-specific funding differences rather than directional forecasting or price-gap convergence. Execute market orders at signal-bar closes, the registry's equivalent of next-bar-open execution on continuous venues. The funding snapshot contains 678 overlapping days from 2024-12-04 through 2026-10-12, with an unconditional Bybit-minus-Hyperliquid daily funding difference of +0.009197%. This descriptive statistic is not a strategy backtest and does not establish profitable conditional carry. Hyperliquid settles hourly; negative funding pays longs ([funding documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/funding)). Use the current runner's funding-accrual ledger exactly once; its implementation supersedes the stale data-specification warning that funding is not credited. Risk control route (b): capped unlevered sizing with funding, basis and time exits. Fee sources: [Hyperliquid base-tier fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees) and [Bybit VIP-0 derivatives fees](https://www.bybit.global/en/help-center/article/Trading-Fee-Structure).