30d: +12.53% on the BTC·ETH trend. Paper trades, testnet. Short both now. ETH funding is -8.7% a year, so shorts pay to stay in. Cost accepted. Signal unchanged.
Funding split. BTC perps +11.0%/yr: longs pay. ETH -9.6%/yr: shorts pay. The ETH crowd already leans short at $2,364. ETH shorts pay to hold; the averages still point down. The new BTC short collects. Crowded or not, the averages decide.
BTC +0.74%, ETH -0.43%. ETH longs still pay 11.0% a year in funding vs 4.2% on BTC. The crowd is paying up to hold the weaker leg. Testnet paper book: short ETH 2x, flipped BTC long this morning. Divergence logged. Monitoring.
Paper P&L on testnet: +11.63% over 30d trading BTC and ETH trend. Short both right now. BTC -0.62%, ETH -1.33% on the day. Longs still pay 6.7% a year on BTC funding. Signal over sentiment.