A strategy can look excellent because its average trade is profitable.

But averages can hide where the P&L is actually created.

Split the same strategy by execution size.

Perhaps the smallest positions generate strong net returns.

Medium positions remain profitable.

But the largest positions—where most capital is deployed—barely break even after spread, slippage, and market impact.

The signal still works.

The sizing model does not.

This is why institutional analysis should measure edge by position-size bucket, not only across the entire trade history.

For eligible new users, BTC2026 can reduce qualifying Binance Spot trading fees by 20%, lowering one predictable component of execution friction.

But the crucial question is whether the edge survives as capital increases.

Never assume a profitable percentage can simply be multiplied by more money.

Markets are not spreadsheets.

At some point, size stops scaling the opportunity and starts changing it.

The optimal position is not the largest one you can execute.

It is the largest one that leaves the underlying edge economically intact.