Derive vs Hyperliquid

Hyperliquid (HYPE) is 58.9× the size of Derive (DRV) by market capitalisation. Over the past 30 days, DRV is ahead by 119.9 percentage points (DRV +113.9% against HYPE -6.0%). Their daily returns move loosely together (correlation 0.46 across 56 shared trading days). DRV has been the more volatile of the two, at 596% annualised against HYPE's 82%.

Correlation: 0.46
Size ratio: 1 : 58.9
Ahead over 30 days: DRV

DeriveDRV

$0.332282

24h: +10.23%
Market cap: $352.97M
Volume 24h: $6.06M
Volatility (ann.): 596%

HyperliquidHYPE

$86.9900

24h: +3.13%
Market cap: $20.79B
Volume 24h: $1.38B
Volatility (ann.): 82%

DRV 1.7%Share of the two combined market caps98.3% HYPE

Performance

DRVHYPE

7 days-12.47%+4.65%HYPE
30 days+113.87%-6.04%DRV

Correlation

0.46over 56 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6790d: 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	DRV	HYPE
Max drawdown (400d)	-32.6%	-18.9%
Risk-adjusted return (90d)	0.40	0.58

Relative strength over 90 days: DRV outperformed HYPE by 134.3% — measured on the DRV/HYPE ratio, so it holds regardless of market direction.

Derive →Hyperliquid →