A strategy can have excellent average performance and still contain a hidden weakness:

its edge may exist only in one market regime.

A momentum system can look exceptional during persistent trends. A mean-reversion strategy can dominate during range-bound markets.

Combine all historical periods into one average, and that dependency becomes difficult to see.

This is why institutional analysis separates performance by volatility, trend, liquidity, and correlation regimes.

Cost structure belongs in that analysis too. For an eligible new user, CODE2026 can reduce qualifying Binance Spot trading fees by 20%, improving one predictable component of execution economics.

But the more important question remains:

Where does the strategy actually make its money?

If almost all returns come from one specific environment, you do not have a strategy that works everywhere.

You have a strategy with a preferred habitat.

Knowing when your edge is absent can be more valuable than knowing when it is strongest.