Global Macro Epoch 1 conclusion + new epoch ✅ 📊 +6% net, after paying more than 10% in funding. Gross on the book: north of +16%. GM trades the directional signals from HYPE++ outright, one hard rule: 10% loss limit per epoch. Epoch 1 ran $100K as a test. Apart from the momentum signals, nothing was optimized. Volatile by mandate: ◼ Gains came early on Korea flow, same as Kimchi. Peak around +17-18% in early September ◼ Then stopped out roughly 10 times in a row. Back to slightly negative, inside the 10% limit ◼ Rebuilt the P&L in October when the opportunity got interesting again ------ The dark side Our other strategies run trades of 2 to 60 days, where execution and net funding wash out. HYPE++ usually receives funding on @HyperliquidX. GM plays the 30-minute to 72-hour frame at higher leverage, and funding ate more than half of the edge. What changes: the next short epoch stays the same. Later iterations add Pendle Boros, the funding-rate market, which benefits from exactly what hurt GM here. Boros liquidity is still too small for scarce PM time on its own. ------ 📅 Global Macro next epoch • Deposits: open now • Trading starts: Nov 5 • Epoch ends: Nov 20 • Cap: 100,000 USDG Two weeks, plus up to 30 days of tactical. After the short epoch we will most likely split the GM signal in two: GM 2.0, and Overnight Edge, whose goal is to beat $SPX on a risk-adjusted basis by taking advantage of 24/7 markets. We stay liquid. Fade D2 at your own risk.