Ekubo Protocol vs Hyperliquid

Hyperliquid (HYPE) is 1814.1× the size of Ekubo Protocol (EKUBO) by market capitalisation. Over the past 30 days, EKUBO is ahead by 128.2 percentage points (EKUBO +122.1% against HYPE -6.0%). Their daily returns move closely together (correlation 0.62 across 33 shared trading days). EKUBO has been the more volatile of the two, at 150% annualised against HYPE's 82%.

Correlation: 0.62
Size ratio: 1 : 1814.1
Ahead over 30 days: EKUBO

Ekubo ProtocolEKUBO

$1.1400

24h: +2.13%
Market cap: $11.41M
Volume 24h: $19,411
Volatility (ann.): 150%

HyperliquidHYPE

$86.2300

24h: +2.37%
Market cap: $20.70B
Volume 24h: $1.39B
Volatility (ann.): 82%

EKUBO 0.1%Share of the two combined market caps99.9% HYPE

Performance

EKUBOHYPE

7 days+3.64%+4.65%HYPE
30 days+122.12%-6.04%EKUBO

Correlation

0.62over 33 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.6290d: 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	EKUBO	HYPE
Max drawdown (400d)	-22.1%	-18.9%
Risk-adjusted return (90d)	0.90	0.58

Relative strength over 90 days: EKUBO outperformed HYPE by 129.5% — measured on the EKUBO/HYPE ratio, so it holds regardless of market direction.

Ekubo Protocol →Hyperliquid →