{
  "asset_minus_btc_pp": "100 × (asset_return - btc_return)",
  "btc_prior_30d_return": "BTC start UTC daily open / BTC UTC daily open 30 days earlier - 1",
  "cross_venue": "NIGHT/KAS/EDEL are MEXC USDT spot versus Binance BTC/USDT; no venue-basis adjustment",
  "drawdown": "minimum normalized daily open / prior running peak - 1",
  "nonoverlap": "every third eligible monthly 90d start or every second eligible weekly 14d start",
  "null": "unavailable or incomplete, never zero",
  "prior_btc_state": "up if pre-entry BTC 30-day return >= 0; down otherwise; unavailable if missing",
  "quote_volume": "venue quote-currency daily turnover, not order-book depth or executable size",
  "return": "end UTC daily open / start UTC daily open - 1",
  "sample_boundary": "Overlapping observations are dependent; n<20 is exploratory",
  "version": "single-coin-paired-paths-20260927-2.0"
}