Hyperliquid Downside-Beta Asymmetry Spread

Hypothesis

Test whether asymmetric sensitivity to market declines predicts subsequent relative underperformance across BCH, LTC, ADA and DOT Hyperliquid perpetuals. Using synchronized 4-HOUR bars, buy the instrument with the lowest downside-minus-upside beta and short the highest, holding equal entry-dollar notionals for seven days. This tests persistent downside fragility rather than cumulative-return momentum, price-pattern reversal or funding carry. Market entries execute at the completed signal bar's close; protective stops trigger intrabar through platform matching. Request up to the available approximately 2.3 years of 4H history, using only dates when all four instruments exist. No current market-regime assertion or preliminary performance test is used.