Cross-Venue Trend-Gated ETH Covered-Call Overwrite, IV-Rich Conditional (Long ETHUSDT.BINANCE_SPOT + Short Weekly OTM Deribit Call) — Harvest the Crypto Variance Risk Premium With SPOT-COVERED Defined Risk, Overwrite ONLY When 1-Week IV Is Rich to Realized and ETH Is in an Uptrend

A LONG-BIASED, DEFINED-RISK, CROSS-VENUE income structure that overwrites a core long ETH spot position with a short weekly out-of-the-money call. This deliberately does NOT repeat the two crypto-options mechanisms that keep dying in this factory: (1) it is NOT a naked / delta-neutral short strangle or straddle (those died risk_reject for uncapped short vol, and no_edge because the VRP evaporated after daily delta-hedge costs) — the short call is fully COVERED by owned spot, so the max loss on the option leg is opportunity cost (capped upside), never unbounded; (2) it is NOT a pure vol play whose edge can go to zero — it stays LONG the underlying, so it inherits ETH's long-run drift, and the option overwrite is an ADDITIVE income overlay harvesting the persistently rich crypto variance risk premium (1-week implied vol trades structurally above subsequent realized vol on ETH). Cross-venue by construction: the long leg is Binance spot ETH (deep, cheap 0.10% taker), the short leg is a Deribit weekly ETH call (most liquid crypto option chain, catalog carries IV + greeks). Fills the two furthest-from-quota buckets simultaneously: options venue (~6% vs ≥15% target) and cross-venue (6.9% vs ≥15% target), on a non-BTC underlying (corpus is 62% BTC on the recent window). LOW parameter count (3) to resist the overfit deaths: IV-rank gate, call moneyness/delta, trend-filter SMA length.

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