ETHGas vs Hyperliquid

Hyperliquid (HYPE) is 496.5× the size of ETHGas (GWEI) by market capitalisation. Over the past 30 days, HYPE is ahead by 1.0 percentage points (GWEI -7.0% against HYPE -6.0%). Their daily returns move barely together (correlation 0.21 across 48 shared trading days). GWEI has been the more volatile of the two, at 116% annualised against HYPE's 82%.

Correlation: 0.21
Size ratio: 1 : 496.5
Ahead over 30 days: HYPE

ETHGasGWEI

$0.020676

24h: +1.21%
Market cap: $41.73M
Volume 24h: $2.86M
Volatility (ann.): 116%

HyperliquidHYPE

$86.7800

24h: +2.85%
Market cap: $20.72B
Volume 24h: $1.35B
Volatility (ann.): 82%

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

Performance

GWEIHYPE

7 days-2.39%+4.65%HYPE
30 days-7.03%-6.04%HYPE

Correlation

0.21over 48 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: 0.2790d: 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	GWEI	HYPE
Max drawdown (400d)	-33.2%	-18.9%
Risk-adjusted return (90d)	-0.06	0.58

Relative strength over 90 days: HYPE outperformed GWEI by 18.6% — measured on the GWEI/HYPE ratio, so it holds regardless of market direction.

ETHGas →Hyperliquid →