There's a lot going on in this chart. During the crash, correlations spiked (see clustering on the top plot). A few symbols were more idiosyncratic, plausibly for mechanistic reasons. 1. HYPE has price drivers besides market beta, perhaps assistance fund purchases fueled by fee revenue during the frenzy. This has showed up in previous selloffs too. 2. YZY price action looks suspicious. No further comment. 3. MON is a pre-launch perp for the Monad token. Two reasons it's different: (a) It's expensive to move prices on Hyperliquid's pre-launch markets. Without a mark price, funding comes from lagged contract price. When beta already explains most variance, traders prefer something cheaper. That's why it moved late: it "should" load heavily on PC1, but wasn't worth shorting until it was rich compared to the rest of the market. Or people just forgot about it. Because I'm using 5 minute bars, the lag makes price movement appear idiosyncratic. (b) MON contract holders aren't trading any kind of spread. It's not listed anywhere else (except negligible OI on Polymarket), so there is less pressure to exit as spreads blow up and collateral tightens.