Derived by the Research Lead from Da, Gurun and Warachka (2014, RFS), 'Frog in the Pan: Continuous Information and Momentum' (https://academic.oup.com/rfs/article-abstract/27/7/2171/1578455; only the published abstract was consulted). The source finding: investors underreact to information that arrives in many small pieces (a 'continuous' path) more than to the same total news arriving in a few large jumps, so gradual winners keep drifting while jump-driven winners do not. The equity result does not establish a crypto edge. This is a fresh-universe, fresh-venue test (lessons L228 and L237): the mechanism was promoted at low confidence on six Hyperliquid perps (HlMatchedWinnerInformationPathSpread: 30 trades, average leg 2.09%, holdout Sharpe 1.17, but pooled OOS t 0.21 on only ~17 pairs). That run is underpowered, and its HL 4H history stops at about 2.3 years. This hypothesis tests the same signal on a DISJOINT 22-name Bybit universe with daily history from 2021, to find out whether the effect exists or the HL result was luck. None of the six HL names (BCH, LTC, ETC, XLM, DOT, ATOM) is in the panel. Universe (point in time): LINK, ADA, XRP, DOGE, TRX, FIL, UNI, AAVE, XTZ, ALGO, VET, THETA, COMP, NEAR, AVAX, SOL, AXS, SAND, CRV, ICP, HBAR and CHZ, all as <SYM>USDT.BYBIT. A name is eligible at a rebalance only when it has a complete 22-day window of daily closes before that rebalance (universe_at / is_listed; point_in_time_universe=true). Residual survivorship: Bybit serves no bars for closed contracts, so the panel is limited to names that are still listed, all listed by Dec 2021. Pre-registered sample size (lesson L238), counted from bar availability and the frozen signal rule, without looking at returns: of the 301 Monday rebalances from 2021-01-18 to 2026-10-19, 188 have a qualifying matched pair. That gives about 188 distinct entry dates and about 376 legs. Execution: decisions use the completed UTC daily bar stamped Monday 00:00 (Sunday's close). Orders are market orders at that bar's close, the supported equivalent of a next-bar-open fill on a 24/7 venue. Risk-control route (b): a fixed 14-day clock exit, 12% of equity per leg, at most 2 overlapping cohorts (48% gross), leverage 1. No intrabar stop is used: the source has none, and the pair is dollar-neutral. Fee arithmetic: one leg costs 0.11% round trip on Bybit taker fees, about 0.13% with modeled impact. The HL run averaged about 2% gross per leg. This test assumes a capture several times smaller, 0.6% per leg, which is still about 4.5x the cost. Funding is paid and received on both legs and largely nets out in a dollar-neutral pair. No preliminary performance test was run.