Sustainable on-chain alpha isn't a single play—it's a layered approach combining delta-neutral arbitrage, staking rewards, and liquidity provision. Institutional players are running this playbook methodically. They're extracting value from funding rate differentials across venues, capitalizing on protocol emission schedules, and stacking LP fees from deep liquidity positions. The real edge? Building a yield engine that doesn't depend on one revenue stream. Each component—whether it's perpetual funding, protocol incentives, or swap fees—operates independently. When you diversify across these mechanisms, you're not just chasing yields, you're engineering resilience. That's how smart capital generates consistent returns through market cycles without overexposing to directional risk.