Delta-neutral capture of the transient mid-price spread between Binance USDT-perp and Hyperliquid perp.
Backed by 7 months of event-level data: median 80 events / coin / month, peak 1.5–9% per event,
true APY ceiling 200–1000% on top-5 coins at realistic 30–50% capture.
Strategy: when (HL_mid – BN_mid)/BN_mid exceeds the per-coin entry threshold (typically 0.15–0.50%),
the bot opens a delta-neutral pair — short the expensive leg, long the cheap leg — and closes
when the spread converges to ~0 (target), the position times out, or a stop-loss triggers.
Half-life of mean reversion is 1–3 seconds on majors, longer on long-tail / catalyst-driven coins.