Bubble Protocol vs Hyperliquid

Hyperliquid (HYPE) is 63234.9× the size of Bubble Protocol (BPL) by market capitalisation. Over the past 30 days, BPL is ahead by 6.2 percentage points (BPL +0.1% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.52 across 23 shared trading days). BPL has been the more volatile of the two, at 130% annualised against HYPE's 82%.

Correlation: 0.52
Size ratio: 1 : 63234.9
Ahead over 30 days: BPL

Bubble ProtocolBPL

$0.016265

24h: +1.68%
Market cap: $325,295
Volume 24h: $669
Volatility (ann.): 130%

HyperliquidHYPE

$86.3200

24h: -1.76%
Market cap: $20.57B
Volume 24h: $1.32B
Volatility (ann.): 82%

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

Performance

BPLHYPE

7 days-0.76%+4.65%HYPE
30 days+0.13%-6.04%BPL

Correlation

0.52over 23 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: insufficient data90d: 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	BPL	HYPE
Max drawdown (400d)	-23.4%	-18.9%
Risk-adjusted return (90d)	0.00	0.58

Relative strength over 90 days: HYPE outperformed BPL by 7.9% — measured on the BPL/HYPE ratio, so it holds regardless of market direction.

Bubble Protocol →Hyperliquid →