{
  "cohorts": {
    "core_crypto": {
      "cohort": "core_crypto",
      "cutoff_utc": "2026-07-02T10:00:00+00:00",
      "eligible_market_hours": 315360,
      "eligible_markets": 146,
      "equal_market_annualized_arithmetic_mean_1x_pct": {
        "maximum": 36.92364240055556,
        "mean": -2.936016716388888,
        "median": 1.168686179722223,
        "minimum": -57.190999915000006,
        "q25": -7.7096878320833335,
        "q75": 7.026895046250002
      },
      "equal_market_constant_2x_funding_pct_of_starting_equity": {
        "maximum": 18.20891954,
        "mean": -1.4478986546575336,
        "median": 0.5763383900000003,
        "minimum": -28.203780780000002,
        "q25": -3.8020378349999997,
        "q75": 3.465318105000001
      },
      "equal_market_positive_hours_pct": {
        "maximum": 99.9537037037037,
        "mean": 75.51021055301878,
        "median": 76.62037037037038,
        "minimum": 23.194444444444446,
        "q25": 62.61574074074074,
        "q75": 87.82407407407408
      },
      "equal_market_simple_cumulative_funding_1x_pct": {
        "maximum": 9.10445977,
        "mean": -0.7239493273287668,
        "median": 0.28816919500000016,
        "minimum": -14.101890390000001,
        "q25": -1.9010189174999998,
        "q75": 1.7326590525000005
      },
      "markets_with_positive_cumulative_funding": 82,
      "markets_with_positive_cumulative_funding_pct": 56.16438356164384,
      "pooled_annualized_arithmetic_mean_1x_pct": -2.9360167163888877,
      "pooled_positive_market_hours_pct": 75.51021055301877,
      "universe_markets": 200,
      "window_start_exclusive_utc": "2026-04-03T10:00:00+00:00"
    },
    "hip3_xyz": {
      "cohort": "hip3_xyz",
      "cutoff_utc": "2026-07-02T15:00:00+00:00",
      "eligible_market_hours": 101261,
      "eligible_markets": 47,
      "equal_market_annualized_arithmetic_mean_1x_pct": {
        "maximum": 58.22089770388889,
        "mean": 11.265436541041707,
        "median": 10.158379807777777,
        "minimum": -42.583605379999995,
        "q25": 3.255607320555556,
        "q75": 15.580126530833331
      },
      "equal_market_constant_2x_funding_pct_of_starting_equity": {
        "maximum": 28.711675579999994,
        "mean": 5.56405121361702,
        "median": 5.00961196,
        "minimum": -21.00013416,
        "q25": 1.60550498,
        "q75": 7.6833500699999995
      },
      "equal_market_positive_hours_pct": {
        "maximum": 93.14814814814815,
        "mean": 75.25776956407078,
        "median": 78.98148148148148,
        "minimum": 3.2407407407407405,
        "q25": 66.69090896657366,
        "q75": 86.94444444444444
      },
      "equal_market_simple_cumulative_funding_1x_pct": {
        "maximum": 14.355837789999997,
        "mean": 2.78202560680851,
        "median": 2.50480598,
        "minimum": -10.50006708,
        "q25": 0.80275249,
        "q75": 3.8416750349999997
      },
      "markets_with_positive_cumulative_funding": 40,
      "markets_with_positive_cumulative_funding_pct": 85.1063829787234,
      "pooled_annualized_arithmetic_mean_1x_pct": 11.311517591522895,
      "pooled_positive_market_hours_pct": 75.30144873149584,
      "universe_markets": 84,
      "window_start_exclusive_utc": "2026-04-03T15:00:00+00:00"
    }
  },
  "combined_inventory": {
    "eligible_market_hours": 416621,
    "eligible_markets": 193,
    "note": "Cohorts have different cutoffs and market structures; use their separate distributions for economic inference."
  },
  "limitations": [
    "Historical funding is not a forecast and can reverse sign.",
    "This is a funding decomposition, not a token or short-strategy return backtest.",
    "Price P&L, changing notional, rebalancing, liquidation, fees, slippage, and compounding are excluded.",
    "Survivorship remains possible because the test requires a market to be active and sufficiently complete at the cohort cutoff.",
    "Core crypto and HIP-3 xyz markets are reported separately because their assets, operators, and funding regimes differ."
  ],
  "methodology": {
    "constant_2x_example": "twice the 1x simple funding sum; excludes price P&L, changing notional, rebalancing, fees, liquidation, and compounding",
    "cumulative_funding": "simple sum of settled hourly funding rates",
    "funding_convention": "positive funding is paid by longs to shorts; negative funding is paid by shorts to longs",
    "market_weighting": "distribution statistics give each eligible market equal weight; pooled statistics give each observed market-hour equal weight",
    "maximum_staleness_hours": 6.0,
    "minimum_coverage_pct": 90.0,
    "window_days": 90
  },
  "schema": "postfiat-ultrashort-funding-universe-v1",
  "sources": {
    "core_panel": {
      "bytes": 120628193,
      "file": "panel.parquet",
      "sha256": "b4c040d8e7b3283fb17ec353ac773b7f9a5dc7c1f0388c42a304d2f1ca260575"
    },
    "markets_csv_sha256": "d3f5902cd8a957b1cfdd46876716349ea288903365cfa838c7811ef5a25af1aa",
    "xyz_archive": {
      "files": 97,
      "manifest_sha256": "acec01aa1a6de10f993dea56634f41391e7cb37ccaa904d11e10bab82da2f78a"
    }
  }
}