Hyperliquid Matched-Winner Information-Path Spread

Hypothesis

Derived by the Research Lead from Da, Gurun and Warachka's Frog in the Pan hypothesis: test whether gradual advances subsequently outperform equally large jump-driven advances. Source: [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; its equity findings do not establish a crypto edge. Trade one equal-dollar long-short pair selected from six named Hyperliquid assets using 4-HOUR bars and internally aggregated UTC daily returns. Execute at completed signal-bar closes, the supported equivalent of next-bar-open execution on continuous venues. Risk-control route (b): fixed-clock exits, 15% MTM-equity notional per leg, 30% gross exposure and leverage 1. Request all available history, acknowledging Hyperliquid's approximately 5000-candle limit. No preliminary performance test was run.