dYdX vs Hyperliquid

Hyperliquid (HYPE) is 4106.0× the size of dYdX (ETHDYDX) by market capitalisation. Over the past 30 days, HYPE is ahead by 73.7 percentage points (ETHDYDX -79.7% against HYPE -6.0%). Their daily returns move barely together (correlation 0.01 across 31 shared trading days). ETHDYDX has been the more volatile of the two, at 645438% annualised against HYPE's 82%.

Correlation: 0.01
Size ratio: 1 : 4106.0
Ahead over 30 days: HYPE

dYdXETHDYDX

$0.101038

24h: -0.09%
Market cap: $4.91M
Volume 24h: $2.49M
Volatility (ann.): 645438%

HyperliquidHYPE

$84.5400

24h: -1.17%
Market cap: $20.18B
Volume 24h: $1.42B
Volatility (ann.): 82%

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

Performance

ETHDYDXHYPE

7 days-12.73%+4.65%HYPE
30 days-79.74%-6.04%HYPE

Correlation

0.01over 31 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.0190d: 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	ETHDYDX	HYPE
Max drawdown (400d)	-99.9%	-18.9%
Risk-adjusted return (90d)	0.00	0.58

Relative strength over 90 days: HYPE outperformed ETHDYDX by 77.6% — measured on the ETHDYDX/HYPE ratio, so it holds regardless of market direction.

dYdX →Hyperliquid →