Hyperliquid Dispersion-Release Episodes: Dollar-Neutral Relative Repricing

Hypothesis

Original research hypothesis: after unusually compressed cross-sectional returns, a sharp expansion in dispersion may mark token-specific information diffusing over several days. Trade a dollar-neutral relative-performance basket on synchronized 4-HOUR bars, not the common market direction. Baselines: formation_bars=6, history_bars=180, compression_quantile=0.30, expansion_multiple=1.8, holding_bars=18. Market orders execute at the completed signal-bar close, the registry equivalent of next-bar-open execution on a continuous venue. Intrabar protective stops are platform-matched. No queue advantage, exchange-hosted protection, selectable same-bar policy or inverse contracts are required. Use all available actual history; do not assume that Hyperliquid supplies more than approximately 5000 candles per interval. This is an unvalidated mechanism, with no preliminary performance study.