Why can two Hyperliquid HIP-4 markets on the same underlying trade differently?

Two HIP-4 contracts can reference the same asset while asking different things about it. One contract might care about crossing a level by a near-term expiry while another cares about a different level or a later deadline. Those are different questions, so they deserve different prices.

Time-to-expiry is often the biggest reason two similar-looking contracts trade differently. More time means more paths remain open. Less time means the current state carries more weight.

Even when the contract logic is similar, one market may have deeper quoting, tighter spreads, or more urgent one-sided flow. That can make one price look cleaner and the other noisier.

Do not collapse related HIP-4 contracts into one generic underlying bucket. The right habit is to preserve each market's wording, threshold, expiry, and side-specific liquidity so later analysis compares like with like.