Universe and tiers
Tier 1: perps on ≥ 2 of Binance/Bybit/OKX, 30-day median aggregate OI ≥ USD 100M, 2 % depth ≥ USD 3M (intraday median of Σ venues from the hourly books; measured once the liquidity table exists, pending before).
Tier 2: spot on ≥ 2 of Binance/Bybit/OKX/Coinbase/Kraken, 30-day ADV ≥ USD 10M (wash-filtered where the venue filters exist, reported otherwise).
Tier 3: remainder. Stablecoins, wrapped and liquid-staking derivatives are excluded. Rules: config/universe.yaml.