As of the latest market snapshot, the implied probability of "Yes" is 90.1%. This outcome resolves to Yes if Spain wins the Game.

HYPERLIQUID · HIP-3 PREDICTION MARKET · OUTCOME #294

Spain

Primary · Yes

90.1¢

Counter · No

9.9¢

▸ Advanced metrics · M2M bundle

hyperliquid · pred-spain-294 · fresh · feed 5s old

24h sparkline · 60 pts▼ —

realized vol (ann.)

53.32%

max drawdown

0.91%

sharpe

—

ulcer index

0.53%

RMS drawdown

pain index

0.48%

mean drawdown

mod. VaR 95%

0.00%

Cornish-Fisher

martin ratio

—

ret / ulcer

CDaR 95%

0.83%

cond. drawdown

gain/pain

0.86

Σgain / Σ|loss|

sterling

—

ret / CDaR

omega (θ=0)

0.86

upside/downside

roll spread

2.8 bps

implied (price-only)

bars used

2000

store

spread

—

24h Δ

—

flow lean

—

carry

flat

signalNEUTRALconfidence 20%

Same bundle via M2M API: /api/m2m/hl-pred-spain-294/bundle · venue execution: hyperliquid →

LIVEPOLL0SRCFRESH5.4s⏱--:--:-- UTCNEXT8.0sUP0s--:--HIST0/30

▶ STREAMING·HYPERLIQUID·POLYMARKET·0 POLLS·SRC FRESH·UPTIME 0s·NEXT POLL 8.0s·CC0 OPEN DATA·HYPO.MARKETS·▶ STREAMING·HYPERLIQUID·POLYMARKET·0 POLLS·SRC FRESH·UPTIME 0s·NEXT POLL 8.0s·CC0 OPEN DATA·HYPO.MARKETS·

Yes mid · live

90.1¢

No mid · live

9.9¢

Yes · live 24h price

24 bars · close 90.52¢ · 24h -3.10%

Probability split · live

Σ 100.00% · fair

Σ-sides total = 100.00% (tight rounding)

H(p) entropy = 0.465 / 1.00 bits (46%) · informative — one side favoured

Yes

90.1%90.1¢1.11×▬ +0.00pp

9.9%9.9¢10.13×▬ +0.00pp

primary vs counter implied %

Volume · per-hour contracts · live

Σ 14617 · peak 3597

Live numerics · pulse on poll

LIVE NUMERICS8 metrics·POLL 0

⏱snapshot age

5.4s

▲Yes mid

90.126¢

▼No mid

9.874¢

ΣΣ sides

100.00%

Σarb gap |1 − Σ|

0.00pp

Δ24h candles

24 bars

Δ24h close

90.52¢

Δ24h change

-3.10%

§1 · 24h time-series

Mid price · Yes (24 hourly observations)

range [90.10¢, 93.42¢] · span 3.32pp · MA(5) latest 90.88¢

Candlestick · open / high / low / close per hour

24 bars · last close 90.52¢

Hourly traded contracts

Σ vol = 14617 · peak 3597 · mean 609.0

§2 · Distribution of one-bar increments Δp = pₜ − pₜ₋₁

Histogram of Δp

n=23 · positive 8 · negative 8

Q-Q plot · standardised Δp vs N(0,1)

reference line = identity (perfect normality). Heavy upper-right tail = fat positive tail.

§3 · Sample moments (prices)

Descriptive statistics · 5-number summary · shape diagnostics

SAMPLE MOMENTS · N=24LEPTOKURTIC · FAT TAILS (G₂=6.85)

μ MEAN91.14¢95% CI: [90.90¢, 91.38¢]

σ STD DEV0.59ppσ² = 0.354 · CV = 0.65%

med MEDIAN91.20¢Q₁ 91.00¢ · Q₃ 91.26¢

FIVE-NUMBER SUMMARY · BOX PLOTrange 3.32pp · IQR 0.26pp (1.349σ→0.80pp)

SKEWNESS · G₁1.886right-skewed

−3−10+1+3

EXCESS KURTOSIS · G₂6.846leptokurtic · fat tails

−30+2+4+6

μ ↔ medianμ < med · left-tailed|μ−med| / σ = 0.11

σ × 1.349 ↔ IQRdiverges from normalratio = 3.12

range ↔ σwide tails (range > 4σ)range / σ = 5.59

μ = mean · σ = standard deviation · CV = coefficient of variation · skew (G₁): >0 right-tail · kurt (G₂, excess): >0 leptokurtic. 95% CI uses 1.96·SE around μ. σ × 1.349 ≈ IQR under normality.

§6 · Time-series structure

Regime & autocorrelation diagnostics

TIME-SERIES STRUCTUREREGIME: MEAN-REVERTING · ρ(1) -0.34 + ADF rejected

ρ(1) AUTOCORR-0.344within white-noise band

ρ(2) AUTOCORR+0.177lag-2 not significant

H · HURST EXPONENT0.652persistent

OLS TREND · t-STAT-3.070significant @ α=0.05

HURST EXPONENT [0, 1]persistent · H = 0.652

H = 0.652PERSISTENT

0
anti-persistent0.45
mean-reverting0.5
random walk0.55
persistent1
strongly trending

AUTOCORRELATION FUNCTION · ρ(k) for k=1..5WHITE NOISE · no significant lags

OLS TREND · t-STAT · [-5, +5]SIGNIFICANT @ 1% (|t|=3.07)

−5 reject−1.960 retain H₀+1.96+5 reject

REGIME CLASSIFICATIONMEAN-REVERTING · ρ(1) -0.34 + ADF rejectedfrom Hurst + ρ(1) joint diagnosis

PREDICTABILITY · score 0.65very high · strong structure|ρ(1)| + 2·|H − 0.5| heuristic

TREND SIGNIFICANCESIGNIFICANT @ 1% (|t|=3.07)α=0.05 critical |t|=1.96 · α=0.01 |t|=2.58

ρ(k) = lag-k sample autocorrelation · H = R/S Hurst exponent · t = OLS-trend t-statistic. Significance bands at ±2/√n approximate the 95% white-noise envelope. α=0.05 critical |t|=1.96; α=0.01 |t|=2.58.

§7 · Microstructure

Market quality · two-sided pricing · activity

MICROSTRUCTURE · MARKET QUALITYPERFECT · ARB-FREE Σ=100.00%

OUTCOME ID#294

SLUGspain-294

QUOTE TOKENUSDC

TWO-SIDED PRICINGFAVOURS YES (90¢)

PRIMARY · YES90.13¢implied prob 90.13% · decimal odds 1.11×

COUNTER · NO9.87¢implied prob 9.87% · decimal odds 10.13×

90.13¢

9.87¢

Σ-SIDES ARBITRAGE TESTPERFECT · ARB-FREE Σ=100.00%

0%50%100% · target110%

Σ = 100.00% · |1 − Σ| = 0.000pp

24H ACTIVITY · LIQUIDITYACTIVE

24H VOLUME14.62k contracts

MARKET QUALITYPERFECT · ARB-FREE Σ=100.00%|1−Σ| ≤ 0.5pp ⇒ fair · > 2pp ⇒ inefficient

PRICING SKEWFAVOURS YES (90¢)|primary − counter| = 0.803 · entropy 0.465 bits

LIQUIDITY DEPTHACTIVE100k+ deep · 10k+ active · 1k+ modest · 100+ thin

Σ-sides = primary + counter implied probabilities. Perfect arb-free Σ = 100%. |1−Σ| > 2pp suggests synthetic outright arbitrage.

§8 · Position sizing & edge analysis

Yes vs No · Kelly · entropy · arbitrage

FAIR MARKET · no edge

Probability scale (Yes)

0%25%50%
fair75%100%

Implied decimal odds

Yes1.11×(90¢)No10.13×(10¢)

Kelly bet-size (% of bankroll) K* = 0.00%

K* full

0.00%

½K half

0.00%

¼K quarter

0.00%

Entropy H(p̂) = 0.465 bits (46% of max) · informative — one side strongly favoured

0 (certain)0.250.50.751.00 (max)

Σ-sides = 100.00% · |1 − Σ| = 0.00pp · tight cross-venue rounding

K* full = (b·p − q)/b where b = (1−p̂)/p̂ are the net odds implied by p̂. ½K and ¼K are industry-standard conservative fractions.

§9 · Resolution criteria

This outcome resolves to Yes if Spain wins the Game.

§10 · Hourly return heatmap

24-hour signed Δp grid · green = up · red = down

8 up bars · 8 down · best 0.93% · worst -2.16% · typical |Δ| 0.355%

§11 · Equity curve & underwater drawdown

Cumulative compounded return + running peak-to-trough

final equity 0.9710 (-2.90%) · max DD -3.30% · time-under-water 23/24 bars

§12 · Rolling-window statistics (w = 5 bars)

Rolling annualised Sharpe ratio · green positive · red negative

latest -25.965 · range [-41.98, 34.34] · μ -7.070 · positive Sharpe = excess-return-per-risk earned by buying-and-holding through this window

Rolling annualised volatility (%)

REJECT H₀**

H₀: Δp is a random walk · VR = 1

STATISTIC

-2.8041

p-VALUE (log scale)

0.0050

10⁻⁴10⁻³10⁻²10⁻¹1

Each row states an explicit null H₀, the test statistic, an approximated p-value, and the decision. REJECT means evidence against H₀. KPSS complements ADF (rejecting both ⇒ ambiguous; rejecting one ⇒ clean verdict).

§14 · Spectral analysis (DFT periodogram)

Power spectrum of Δp · ‖X̂(k)‖²/n

dominant period ≈ 2.30h (freq 0.435) · concentrates 24.2% of total energy · Σ|X̂|²/n = 4.512e-4

▸ Depth section using sovereign-store price series (5000 bars · effective 5257847 bars/year) — annualisation reflects native polling cadence, not upstream timeframes.

§15 · Honest position analytics

A binary-market analytics module framed in horizon time (days to resolution, not annualised). Estimators that need a model probability q as a first-class input (Kelly, KL divergence, Bayesian posterior, Mark-to-Market MC) only render when q is provided externally. Sweep an exploratory q at the interactive simulator →

§16 · Horizon returns

Returns · per bar / per day / per horizon

Horizon 7.0 d · σ/bar 0.379pp · expected |Δp| over horizon 4.92ppterminal variance p(1−p) = 0.0890 · n = 5000✓ n = 5000

μ per bar

-0.000pp

average Δp · drift

σ per bar

0.379pp

one-bar volatility · logit-free

Per-day movedaily

1.86pp

σ × √24

Per-horizon move7d

4.92pp

σ × √168

Terminal variancebinary

0.0890

p(1−p) at resolution

Current pricep

90.1¢

latest snapshot

Note: annualised Sharpe/Sortino are omitted — they are not meaningful for a bounded fixed-horizon binary contract that snaps to {0, 1} at resolution.

Annualised metrics are intentionally omitted — they don't apply to bounded probability series that resolve at a fixed date.

§17 · Tail risk

VaR · ES · max drawdown

VaR₉₅ 0.62pp · ES₉₅ 0.78pp · method parametric · drift-correcteddrift -0.000pp/bar · quantised: yes · median step 0.00pp · unique ratio 0.13✓ n = 5000

VaR 95%

0.62pp

1.645·σ (parametric) of Δp

ES 95%

0.78pp

mean of the tail

Max drawdown

1.9pp

peak 91.8¢ → trough 90.0¢

Median step

0.00pp

price bucket granularity

Price series is bucketed (cent grid). Empirical quantiles collapse to grid points — parametric N(0, σ²) used instead.

Empirical quantiles unless the price series is bucketed (PM cent grid), in which case parametric N(0, σ²) is used to avoid grid collapse.

§18 · Odds conversion

Odds conversion · every dialect a bettor thinks in

Implied probabilityP

90.1%

= price

Decimal oddsEU

1.110

total return per $1

AmericanUS

-913

risk $913 to win $100

FractionalUK

0.11 / 1

profit per $1 risked

Profit per $100stake

+$10.96

clean dollar framing

underdog (+)favorite (-)your price

Price → implied probability → decimal odds → American moneyline → fractional. Five views of the same number, plus the moneyline curve.

§19 · Binary entropy

Binary entropy · uncertainty as bits of information

Market entropyH(p)

0.465 bit

max 1.0 at p = 0.5

Your entropyH(q)

0.465 bit

Δ +0.000 bit vs market

Surprise · YES−log₂ p

0.15 bit

self-information

Surprise · NO−log₂(1−p)

3.34 bit

self-information

Market entropy only — model entropy requires an external q.

§20 · Model-dependent surfaces

§ Edge / Kelly / KL · no model probability provided

External model required

The position-economics, Kelly, KL-divergence, Bayesian and Monte-Carlo surfaces require a model probability q as input — a number independent of the market price p.

The previous build defaulted q to a tape-momentum heuristic derived from p; that produces apparent edge that is structurally guaranteed to be small and is not a useful skill signal. The auto-derived path has been removed.

To explore these surfaces with a hypothetical q, open the interactive simulator and drag the MODEL P(YES) slider. To wire a real model, POST to the NOSTRADAMUS hook (TBD) or pass ?q=… on the simulator URL.

§∞ · Provenance & attestation

Upstream: https://hyperliquid.xyz
Snapshot fetched: 2026-06-14 10:11:08 UTC
Snapshot age: 5.4s
Page rendered: 2026-06-14 10:11:13 UTC
History points: 24 closes · 24 counter-side closes
Storage policy: no persistence — fetched on every request
SHA-256 attestation: 22f7d128501bace2da07f2d39b280f37a1e86f44594b5c614ba79a67f9c44d6e · deterministic hash of source snapshot
Open data licence: CC0 / public domain

§∞-2 · Related markets · explore more

HL PREDGermany94.4¢HL PREDUruguay67.7¢HL PREDBelgium59.8¢HL PERPBTC-USD perpetual$64,535 HL PERPETH-USD perpetual$1,676.1 HL PERPHYPE-USD perpetual$60.63

Also see: /arb opportunities · RSS feed

Risk metrics

▸ sovereign store · 5,000 barsperiods/year ≈ 5.26M

Realized vol (annualised)

953.96%

σ per bar = 0.004160

Mean return (annualised)

-494.81%

μ per bar = -0.000001

Sharpe (rf=0)

-0.52

annualised; risk-free assumed zero

Max drawdown

1.90%

peak 0.92 → trough 0.90 over 3487 bars

/api/asset/hl-pred-spain-294/risk · same metrics, JSON