BTC Deribit IV Term-Structure Calendar Reversion, Delta-Neutral Vega Relative-Value (DERIBIT ATM Straddle Calendar: short/long the ~7-DTE weekly leg vs the ~30-DTE monthly leg when the front-vs-back ATM-IV slope is a z-score extreme, weekly roll, 3-parameter)

Hypothesis

A DELTA-NEUTRAL, single-underlying, TWO-EXPIRY relative-value VEGA trade on DERIBIT BTC options. It trades the SLOPE of the ATM implied-volatility term structure (front weekly ATM IV vs back monthly ATM IV), NOT the level of vol — mechanically distinct from every options death here: not absolute-vol VRP short (died no_edge/risk_reject), not single-leg directional long-convexity (died data_wall on 12 trades), not a covered call (died on execution). Each cycle it builds an ATM STRADDLE CALENDAR pairing the ~7-DTE weekly against the ~30-DTE monthly at the same ATM strike, both near-zero delta at inception — a pure bet on the front-minus-back IV spread normalizing. Fires ~weekly when the slope is a rolling z-score extreme (~50-80 trades over Deribit's ~2y BTC history). Fills the factory's largest diversity gap (options 5.8% vs >=15% target; delta-neutral serves the under-served market-neutral bucket).