CrossSwap vs Hyperliquid

Hyperliquid (HYPE) is 197678.4× the size of CrossSwap (CSWAP) by market capitalisation. Over the past 90 days, HYPE is ahead by 39.6 percentage points (CSWAP +5.7% against HYPE +45.3%). Their daily returns move barely together (correlation 0.05 across 31 shared trading days). CSWAP has been the more volatile of the two, at 396% annualised against HYPE's 81%.

Correlation: 0.05
Size ratio: 1 : 197678.4
Ahead over 90 days: HYPE

CrossSwapCSWAP

$0.004959

24h: +2.47%
Market cap: $99,180
Volume 24h: $2
Volatility (ann.): 396%

HyperliquidHYPE

$81.6900

24h: -3.61%
Market cap: $19.61B
Volume 24h: $1.22B
Volatility (ann.): 81%

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

Performance

CSWAPHYPE

7 days-9.95%+3.87%HYPE
30 days-4.97%-11.01%CSWAP
90 days+5.72%+45.28%HYPE

Correlation

0.05over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0590d: 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	CSWAP	HYPE
Max drawdown (400d)	-89.0%	-18.9%
Risk-adjusted return (90d)	0.01	0.56

Relative strength over 90 days: HYPE outperformed CSWAP by 23.5% — measured on the CSWAP/HYPE ratio, so it holds regardless of market direction.

CrossSwap →Hyperliquid →