Hyperliquid Low-Participation Impulse Drift: Six-Asset Event Panel

Hypothesis

Derived by the Research Lead from Lee and Swaminathan, Price Momentum and Trading Volume: test whether multi-day price displacement on unusually low participation predicts delayed directional adjustment in crypto perpetuals. Source: [publisher abstract](https://doi.org/10.1111/0022-1082.00280). Only the abstract was consulted; it establishes a volume–momentum interaction in equities, not this symmetric crypto rule. Trade six Hyperliquid perps independently on synchronized 4-HOUR bars, entering only at a fresh qualifying event and otherwise remaining flat. This is not a continuous cross-sectional ranking, a high-volume shock reversal, or a low-volume pullback after a prior high-volume impulse. Market orders execute at signal-bar closes, the capability registry equivalent of next-bar-open execution on continuous venues. Intrabar protective stops are platform-matched. Use full available overlapping history, respecting the roughly 5000-candle Hyperliquid limit; do not claim prelisting or synthetic history.