/hi:'per-spays/ A memory location that is *far* away from where the program counter should be pointing, often inaccessible because it is not even mapped in. (Compare jump off into never-never land.)

This usage is from the SF notion of a spaceship jumping "into hyperspace", that is, taking a shortcut through higher-dimensional space - in other words, bypassing this universe. The variant "east hyperspace" is recorded among CMU and Bliss hackers.

[Jargon File]