Original research hypothesis: test temporary relative-price dislocations between the AXS and SAND gaming-token perpetuals on synchronized 4-HOUR bars. Enter a dollar-neutral pair only when its log-price ratio departs materially from its trailing equilibrium while recent return correlation remains positive. This tests sector substitution and relative-value convergence, not single-name RSI reversion, compression breakouts, funding carry or a continuously rebalanced ranking panel. Market orders at the signal bar close implement the registry equivalent of next-bar-open execution on a continuous venue. Use each instrument’s own bars and make one decision only after both bars with the same close timestamp are available; never use a later secondary bar. The pair is fixed ex ante, not selected by historical performance. Use all available per-leg history after listing and warm-up; do not backfill pre-listing observations. History length and joint event count must be reported rather than assumed. Baseline parameters are ratio_lookback_bars=180, entry_z=2.0, min_return_correlation=0.5. All return and event-count estimates below are unmeasured research predictions, not a pre-study.