DefiStar: Building a Cross-Venue Perps Bot while Measuring Its Edge Away

Eighty-five pull requests of a live delta-neutral bot on Hyperliquid and Kraken Futures. The funding signal turns out to be 20-100x smaller than the execution noise deciding the outcome; the cross-venue basis underneath it turned out to be real, mean-reverting, and worth 12.9 bps against a 14 bps floor cost. This is the whole arc with the formulas and the numbers, including the two times a metric…