DeepBook vs Hyperliquid

Hyperliquid (HYPE) is 511.1× the size of DeepBook (DEEP) by market capitalisation. Over the past 30 days, DEEP is ahead by 12.3 percentage points (DEEP +6.3% against HYPE -6.0%). Their daily returns move closely together (correlation 0.69 across 46 shared trading days). DEEP has been the more volatile of the two, at 119% annualised against HYPE's 82%.

Correlation: 0.69
Size ratio: 1 : 511.1
Ahead over 30 days: DEEP

DeepBookDEEP

$0.015829

24h: +0.85%
Market cap: $39.57M
Volume 24h: $4.47M
Volatility (ann.): 119%

HyperliquidHYPE

$84.6100

24h: -1.47%
Market cap: $20.23B
Volume 24h: $1.27B
Volatility (ann.): 82%

DEEP 0.2%Share of the two combined market caps99.8% HYPE

Performance

DEEPHYPE

7 days-5.89%+4.65%HYPE
30 days+6.27%-6.04%DEEP

Correlation

0.69over 46 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.7390d: 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	DEEP	HYPE
Max drawdown (400d)	-36.0%	-18.9%
Risk-adjusted return (90d)	0.14	0.58

Relative strength over 90 days: DEEP outperformed HYPE by 8.6% — measured on the DEEP/HYPE ratio, so it holds regardless of market direction.

DeepBook →Hyperliquid →