ETH Cross-Venue Positive-Funding Carry, Delta-Neutral (Long ETHUSDT.BINANCE_SPOT + Short Equal-Notional ETHUSDT.BINANCE Perp WHEN 8h Funding > +0.04% — Harvest the Perp-Short Funding Stream, Hold Days-to-Weeks Until Funding Normalizes, 2-Parameter, ASSET-DIVERSIFIES the Deployed BTC Carry Winner)

A DELTA-NEUTRAL (market-neutral) cross-venue funding carry on ETH — the direct asset-diversification of the factory's single strongest deployed strategy, 'Cross-Venue BTC Funding Carry' (Sharpe 8.58, paper_stage). That BTC carry is the ONE cross-venue strategy that survived because it does NOT fight a thin spread: it only arms when funding is structurally extreme, so the harvested cash flow decisively exceeds the round-trip fee. This hypothesis clones that PROVEN, blessed mechanism onto ETH, where positive funding spikes are as frequent and often MORE extreme than BTC's in bull/euphoria phases. It respects every relevant lesson: (L1) cross-venue carry only proposed WITH a stated magnitude — the +0.04%/8h arming gate = +0.12%/day of funding accrual, and the median armed regime persists multiple days, so cumulative accrual (>0.30%+) clears the ~0.30% four-fill round-trip; (L13) this is NOT a funding-DIRECTION signal (those are exhausted) — it is a funding-CARRY-held-for-days term with daily accrual > 15bps, exactly the one funding expression the lesson still permits; (L12) it is NOT a rank-and-rotate basket — it is a single-asset two-leg hedge, no cross-sectional dispersion required. The portfolio is 92.5% same-venue vs a 15% cross-venue target and 85% long-only vs the market-neutral push — this fills BOTH under-represented buckets at once with a mechanism already empirically validated in the book. Only 2 parameters (arm_threshold, disarm_threshold) to keep the optimizer's best-of-N inflation below the true edge.