The Research Question: Edge After Friction

In the path's identity Net = Gross − Fees − Slippage + Funding, what does a negative funding figure mean?

• Funding was received, so it adds to the net
• The pair paid more funding than it received, so it lowers the net
• Funding doesn't apply to a hedged pair

Which number is the path's headline answer?

• The training window's Sharpe ratio
• The best single fold's net return
• The Sharpe ratio of net daily returns on all test windows joined in date order