I don't think this means Hyperliquid magically predicts the S&P 500
Instead @HyperliquidX traders might be reacting to new information a bit faster than the actual S&P 500 market does.
The thesis:
Perp moves up fast → S&P 500 follows
Perp moves down fast → S&P 500 follows
Aggressive buyers → S&P 500 moves up next
Aggressive sellers → S&P 500 moves down next
What's more interesting:
A small group of wallets carried most of the predictive edge.
My guess is either whales with early signals or insider trading ¯\_(ツ)_/¯
https://twitter.com/stacy_muur/status/2039377002910937199

Twitter

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