BTC–ETH Relative Variance-Premium Switch with Vega-Matched Straddles

Hypothesis

Test convergence of BTC-versus-ETH implied-minus-realized volatility premia. Buy the cheaper-premium asset's ATM straddle and sell the richer-premium asset's same-expiry straddle, matching dollar vega. Hedge each asset's delta with Bybit linear perpetuals. ETH-PERPETUAL.DERIBIT-4-HOUR-LAST-EXTERNAL is the untraded primary clock; synchronized BTC perpetual bars supply BTC realized volatility. Historical Deribit chain expansion must resolve all four actual option contracts point in time and persist their full IDs in extra_instruments and the run's market context before verification. The listed perpetuals are permanent clock and hedge instruments, not substitutes for options. Continuous-market orders execute at synchronized signal-bar closes, the registry's equivalent of next-bar-open execution. Test only actual overlapping chain, quote and hedge history. Standard-tier option fees are underlying-based: [Deribit fees](https://support.deribit.com/hc/en-us/articles/25944746248989-Fees).

Options represent 4.7% against a 15% target, and cross-venue designs represent 9% against 15%; long-only research is already overrepresented. The concentration map is empty, so recent instrument shares cannot be established. BTC is necessary as the other liquid Deribit options underlying, rather than another directional BTC experiment. Prior-art searches found outright VRP selling, calendar spreads, gamma acceleration and an ETH-only relative-volatility reverse condor. This hypothesis instead trades both option markets in opposite directions, matching vega and adjusting the relative IV spread for contemporaneous realized volatility.

hold_expired: defect:developer_blocked held 478 h, past its 144 h limit, unresolved (owner: operator). Not a verdict on the strategy; revivable once resolved. Recommended: read developer_block.route_note first; recode with a pointer when the platform now covers the blocker; research-revise when the contract is the blocker; decline only a platform run nothing can serve