Hyperliquid Volatility-Feedback Transitions on XLM, ETC, TRX and XMR

Hypothesis

Original research hypothesis: test asymmetric volatility-feedback episodes independently on four Hyperliquid perpetuals using synchronized 4-HOUR bars. Short when a multi-day volatility expansion accompanies falling prices; buy only when volatility contracts after a previously elevated-volatility state and prices have begun recovering. The proposed mechanism is delayed risk-budget selling during expansion and gradual risk re-entry during normalization, not a claim that an isolated crash candle must reverse. Market orders execute at the completed signal bar close, the capability-registry equivalent of next-bar-open execution on a continuous venue. Protective stops trigger intrabar in the platform; no exchange-hosted protection, hedge mode, atomic basket fills or selectable same-bar policy is required. Use all available joint history, reporting each instrument and directional arm separately. All capture figures and event rates below are untested predictions.