13 crypto signals, deflated by cumulative 30. Carry family all develop-grade, survive
2x cost; per-year reveals THE failure mode = 2022 deleveraging carry-crash (carry_7
-1.2 in 2022, +0.4..+2.1 other years). Momentum OOS-negative (decayed); chasing rising
funding strongly negative. Carry is the robust core; its one tail (carry crash) is
exactly what the ML regime overlay is built to manage -> the two threads unite.
Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
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