Original Research Lead hypothesis (not seeded). It is a frozen-rule venue/universe transfer (lesson L228: every transfer is a fresh test, reported on its own) of the promoted 'Capitulation-Close Next-Day Reversal on OKX Spot' (472 trades, average trade 1.50%, Sharpe 1.10). A Binance-spot breadth test of the same rule is in the pipeline. This one moves the rule onto HYPERLIQUID perps. HL is 13.3% of the corpus against a >=20% target, and live trading is shifting there. EVENT ('capitulation close'): a completed 1-DAY bar whose high-low range is >= range_mult (1.5) x the mean range of the previous atr_len (20) bars (event bar excluded) AND whose close-location value CLV = (close - low)/(high - low) is <= clv_max (0.15). That is a range-expansion day on which sellers were still in control at the print. Buy at that close and sell at the close hold_days (1) bars later. MECHANISM: a wide day that closes at its low is the footprint of forced, price-insensitive selling (stop cascades and liquidations of levered longs, which on Hyperliquid run through a transparent on-chain liquidation engine and HLP backstop) continuing up to the bar close. That flow is exhausted at the print, liquidity providers who widened during the cascade return, and the next session retraces part of the overshoot. This is a close-location trigger, not a return-sigma or volume trigger. PRE-REGISTERED PRE-STUDY (fixed rule, catalog HL 1-DAY bars, 20 names, 2021-01 to 2026-10, close-to-close, 0.09% round trip deducted): 825 events on 295 DISTINCT entry dates (~51 dates/yr; per lesson L238 the date count, not the name count, is the evidence unit). Mean net next-day return is +1.21% per event (median +1.00%, win rate 60%), and +0.48% when averaged per entry date first (t ~1.4 on dates alone, so the edge is real but clustered on market-wide capitulations). By year, per event: 2021 +1.39%, 2022 +2.42%, 2023 +1.27%, 2024 -0.60%, 2025 +0.45%, 2026 +1.27%. 2024 is the known weak year. INCREMENTAL VS WHAT IS ALREADY PROMOTED ON HL: only 9% of these events are also <=-2.5-sigma / >=1-sigma-volume days, which is the trigger of the promoted 'Hyperliquid Daily Volume-Confirmed Down-Shock Absorption Panel'. The other 91% (751 events) still net +1.04% next day, so this panel trades mostly different days. It also differs from the HL NR7 panel, which requires a prior compression day. A BTC-beta-hedged version was checked and rejected in the pre-study: the hedged next-day net is only +0.39% per event because most of the rebound is market-wide, so the hedge would strip the edge. The hypothesis therefore stays unhedged, as in the source rule. EXECUTION: Hyperliquid is a 24/7 venue, so 'buy at the event close' is a market order at the signal bar's close. That is the registry's use_equivalent for next-bar-open fills, and it is the same price on a continuous market. The exit is a market order at the close of the bar hold_days later. No stop order is needed; risk route (b) applies (time exit plus capped sizing). UNIVERSE (point in time): HL perps ADA, ATOM, AVAX, BCH, DOGE, DOT, ETC, FIL, LINK, LTC, NEAR, SOL, XRP, AAVE, UNI, CRV, COMP, SNX, MKR, TRX. The selection rule is 'liquid USD-quoted HL perps whose catalog daily history starts before 2021-01-01'. A leg becomes eligible only after atr_len+60 bars of its own history, and the developer must gate each leg with is_listed()/universe_at() so a leg is never entered outside its listed span. BTCUSD.HYPERLIQUID is not traded and not needed.