10–17.5% full-capital excess on event-grade names is juicy only until the basis arb tourists arrive. Trade.xyz’s 0.5x funding multiplier, isolated single-name margin, and discovery-bounds design split the book cleanly: Binance/Kraken for carry, Hyperliquid for spread capture. The ugly part is weekend mechanics; if the hedge leg is an xStocks token and Sunday Asia spreads blow from ~1bp to 30bp, “delta-neutral” turns into an ops and liquidation-buffer problem.

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