BTC Hyperliquid-vs-Binance Funding-Differential Carry (Cross-Venue, Delta-Neutral, Z-Scored)

A market-neutral, cross-venue carry strategy that harvests the funding-rate DIFFERENTIAL between the BTC perpetual on Hyperliquid (BTCUSD.HYPERLIQUID) and Binance USD-M (BTCUSDT.BINANCE). The two venues have different participant mixes and funding mechanisms (HL uses a predicted/clamped funding interval; Binance uses premium+interest), so their 8h funding rates routinely diverge. When the differential D = funding_HL - funding_BINANCE stretches to a statistical extreme, the strategy holds a delta-neutral pair — short the high-funding venue, long the low-funding venue, equal notional — collecting the net differential each funding period while carrying ~zero net BTC delta. This fills three under-represented quota buckets at once (cross-venue 5.4%->target 15%, Hyperliquid 7.6%->target 20%, long-short 14%) and deliberately AVOIDS the active failure modes: it is NOT options (dodges the systemic ~0-capital options sizing bug and the structurally-losing naked short-vol family), NOT CASH-spot (both legs are MARGIN perps, dodging the multi-instrument cash-overfill engine defect), NOT a directional funding-fade (dodges the SOL/ETH contrarian falling-knife failure — funding here is a CARRY cash flow, not a sentiment fade), and NOT a single-name HL directional/reversion bet (which is exhausted). Only 2 core parameters to resist overfitting: entry z-threshold and exit z-threshold.