A LONG-SHORT, BETA-NEUTRAL, MULTI-INSTRUMENT relative-value strategy on Hyperliquid perpetuals that harvests the low-volatility / low-beta anomaly — the persistent tendency for LOW-beta assets to deliver better risk-adjusted returns than HIGH-beta assets, which in crypto is amplified because high-beta alts structurally bleed via leverage-decay, liquidation churn, and negative convexity while low-beta majors compound more cleanly. This is a THIRD, ORTHOGONAL cross-sectional factor distinct from the two pending HL baskets (funding-carry uses funding; short-horizon-reversal uses recent return) — here the selection signal is REALIZED BETA/VOLATILITY, not price momentum, not funding, not recent return, so it satisfies L52's demand for a non-momentum-rank selection edge and does not spray any dead template. Every week, estimate each universe perp's 30-day realized beta to BTC (and realized vol); go LONG the 3-4 LOWEST-beta names and SHORT the 3-4 HIGHEST-beta names. Legs are inverse-vol weighted, then the SHORT sleeve is scaled so the book is BETA-neutral to BTC (not just dollar-neutral), removing directional crypto exposure so the residual return is the defensive factor premium, not market beta or a lucky outlier day (the specific failure mode that killed prior 'composite' baskets, kurtosis 18.5). It also fills the most under-represented HORIZON bucket (macro_1w_plus at 0.5%) plus HYPERLIQUID venue (6.7% vs >=20%), long_short direction (13.6% vs long_only 86.4%), and multi-instrument scope. Daily bars over HL's full history; betas are slow-moving so turnover — and therefore fee drag — is very low. Minimal fixed parameters (universe, beta lookback=30d, names/sleeve, rebalance=weekly) to resist overfitting.