Hyperliquid (HYPE) is 112475.1× the size of ERIS Arbitrage LUNA (ARBLUNA) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 21 shared trading days). ARBLUNA has been the more volatile of the two, at 100% annualised against HYPE's 81%.
ARBLUNAHYPE
0.72over 21 shared trading days
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.
| Metric | ARBLUNA | HYPE |
|---|---|---|
| Max drawdown (400d) | -16.6% | -18.9% |
| Risk-adjusted return (90d) | 0.12 | 0.56 |
Relative strength over 90 days: ARBLUNA outperformed HYPE by 7.3% — measured on the ARBLUNA/HYPE ratio, so it holds regardless of market direction.