XMR–ZEC Cross-Venue Participation Migration Before Relative Repricing

Hypothesis

Test whether opposing changes in normalized trading activity between privacy-focused crypto assets predict subsequent relative performance before their relative prices move substantially. Trade XMRUSD.HYPERLIQUID against ZECUSDT.OKX using synchronized 4-HOUR bars, either direction. Execute market orders at the completed signal bars' closes, the supported equivalent to next-bar-open execution on continuous markets. Compare activity within each instrument, never raw volumes between venues. Exact catalog directories exist; filenames indicate common coverage beginning 2025-11-06, subject to continuity and volume-unit validation. This is an original participation-migration hypothesis, not cointegration reversion, funding carry or an established trading edge. Intrabar protective stops are matched by the platform. No preliminary backtest was run.