AirSwap vs Hyperliquid

Hyperliquid (HYPE) is 12990.6× the size of AirSwap (AST) by market capitalisation. Over the past 30 days, HYPE is ahead by 14.8 percentage points (AST -20.8% against HYPE -6.0%). Their daily returns move loosely in opposite directions (correlation -0.36 across 25 shared trading days). Both have run at a similar volatility, around 80% annualised.

Correlation: -0.36
Size ratio: 1 : 12990.6
Ahead over 30 days: HYPE

AirSwapAST

$0.026100

24h: +3.28%
Market cap: $1.55M
Volume 24h: $10,903
Volatility (ann.): 79%

HyperliquidHYPE

$84.4300

24h: -1.20%
Market cap: $20.18B
Volume 24h: $1.36B
Volatility (ann.): 82%

AST 0.0%Share of the two combined market caps100.0% HYPE

Performance

ASTHYPE

7 days-4.28%+4.65%HYPE
30 days-20.83%-6.04%HYPE

Correlation

-0.36over 25 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.3690d: insufficient data1y: insufficient data

Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.

Risk & extremes

Metric	AST	HYPE
Max drawdown (400d)	-27.5%	-18.9%
Risk-adjusted return (90d)	-0.26	0.58

Relative strength over 90 days: HYPE outperformed AST by 17.4% — measured on the AST/HYPE ratio, so it holds regardless of market direction.

AirSwap →Hyperliquid →