Cypher vs Hyperliquid

Hyperliquid (HYPE) is 647456.7× the size of Cypher (CYPH) by market capitalisation. Over the past 90 days, HYPE is ahead by 78.6 percentage points (CYPH -33.3% against HYPE +45.3%). Their daily returns move loosely together (correlation 0.37 across 40 shared trading days). Both have run at a similar volatility, around 80% annualised.

Correlation: 0.37
Size ratio: 1 : 647456.7
Ahead over 90 days: HYPE

CypherCYPH

$0.000242

24h: —
Market cap: $30,874
Volume 24h: —
Volatility (ann.): 79%

HyperliquidHYPE

$83.1700

24h: -1.29%
Market cap: $19.99B
Volume 24h: $1.36B
Volatility (ann.): 81%

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

Performance

CYPHHYPE

7 days+5.32%+3.87%CYPH
30 days-15.09%-11.01%HYPE
90 days-33.35%+45.28%HYPE

Correlation

0.37over 40 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0290d: 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	CYPH	HYPE
Max drawdown (400d)	-77.4%	-18.9%
Risk-adjusted return (90d)	-0.51	0.56

Relative strength over 90 days: HYPE outperformed CYPH by 42.0% — measured on the CYPH/HYPE ratio, so it holds regardless of market direction.

Cypher →Hyperliquid →