OKX Failed Relative-Price Auctions: Volume-Shock Reversal Against a Three-Alt Hedge

Hypothesis

Test whether an unusually large, high-volume asset-specific daily move that fails to persist reverses over the following 2–7 days. Trade BCH, ETC, LINK and ATOM perpetuals against an equal-dollar basket of the other three instruments. This is an event-driven failed-auction hypothesis, not a low-volatility ranking factor or a claim of cointegration. Daily OHLCV supplies synchronized returns, volume and closing-location confirmation. Only one four-leg cohort may be active. Positions use capital-relative sizing, 0.5% equity risk per cohort and at most 0.60x gross exposure. The proposed universe comes from the supplied brief; aligned catalog coverage must be checked before implementation.