Cross-venue, market-neutral basis trade between a redeemable gold token and the metal itself. PAXG (Paxos Gold) is a fully backed ERC-20 token: 1 PAXG = 1 fine troy oz of London Good Delivery gold, which Paxos mints and redeems. PAXGUSDT on Binance spot is priced by crypto order flow. XAUUSD.SPOTMETAL is spot gold (Dukascopy MID). When crypto holders dump PAXG for liquidity (risk-off deleveraging, stablecoin demand, exchange-specific outflows), the token can trade at a transient discount to the gold it represents. Mint/redeem arbitrage and gold-motivated crypto buyers pull it back. The strategy buys PAXG spot (long-only CASH leg, the only side spot allows) and shorts an equal notional of XAUUSD.SPOTMETAL (margin leg), so gold-price exposure cancels and only the basis is held. It exits when the discount closes. The basis is measured only when spot gold is in session: a fresh XAU 1H bar must share the PAXG bar's close timestamp. Weekend and 17:00-18:00 NY break hours are skipped for signals, because PAXG trades then and XAU does not, and that apparent basis is stale-price noise. Execution: PAXG is a 24/7 venue, so its market order fills at the signal bar's close (the faithful equivalent of the next bar's open). XAUUSD is a session venue, so its order fills at the next 1H bar's open (next_open_fill, supported). The legs can be up to one hour apart; this is acknowledged as hedge slippage. Neither PAXG nor SPOTMETAL has ever been used in this factory (SPOTMETAL is 0.3% of experiments, PAXG 0%). The trade fills the under-represented cross-venue (9.3% vs the >=15% target) and long-short (23% vs 45%+) buckets and is no lead-lag claim: the two legs are claims on the same ounce. The test is limited to the discount side. Shorting PAXG at a premium would need the PAXGUSDT perp, which only has bars since 2025-03, so it is excluded to keep the full 2020-08+ history.