{"strategy":"cross-sectional funding carry on Hyperliquid perpetuals","universe":{"min_daily_notional_volume_usd":1000000.0,"max_coins":40},"signal":{"lookback_hours":336,"statistic":"mean hourly funding rate over the trailing window","min_coverage":0.5},"construction":{"k_per_leg":10,"long":"k coins with the most negative trailing funding","short":"k coins with the most positive trailing funding","sizing":"dollar-neutral, equal weight within leg"},"carry_spread":"mean_funding(short_leg) - mean_funding(long_leg), annualized. Expected gross carry at leverage G is G/2 * carry_spread, before costs.","caveats":["This is a structural risk premium, not a prediction. It can go negative.","Gross of fees, slippage and borrow. Taker fees alone can erase it.","Funding data is Hyperliquid's own; no cross-venue reconciliation yet.","Informational only. Not investment advice, not a recommendation to trade."]}